Blog Novamar Insurance

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.

Times are changing. In the marine insurance world, there has been a shift in the underwriter’s approach to approving policies and their available coverage. Premiums are increasing and underwriters are asking more questions, resulting in a longer and sometimes more difficult insurance procurement process than it was just a few short years ago!