Blog Novamar Insurance

An ounce of prevention plus another ounce of preparation is worth a pound of cure when it comes to keeping your boat afloat, seaworthy, and safe. Here a few items to make sure you have on your pre and post boating checklist.

The start of hurricane season is already just around the corner on June 1st. Below are standard precautionary measures to put into place to prepare a boat kept in any storm prone areas.

An experienced underwriter knows the quality and reputation of the builder of your vessel. Presenting a clean out of water survey less than 12 months old on a yacht more than 10 years old, is a good place to start. If you plan to cruise where palm trees wave in the breeze, that usually means there will be additional risks, including hurricanes and lightning.

Yacht insurance is an unregulated line of business which means there is great latitude for insurance companies to write into their policy contract what is, or more importantly, what is not covered by the policy.

A second reason boat insurance premiums are on the rise is that yacht insurance is a costly line of business to write. This is because underwriters, claims adjusters, and surveyors all need to know boats, insurance contracts and be familiar with jurisdictional issues that arise as yachts cruise around the globe. And lastly increases in loss frequency & severity due to damage from hurricanes, lighting strikes, groundings, fires and litigation have affected the bottom line for yacht insurers.