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Tight Yacht Insurance Market

Tight Yacht Insurance Market

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!
Written By Craig Chamberlain of Novamar - January 03/2022
Tight Yacht Insurance Market. Part 2

Tight Yacht Insurance Market. Part 2

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.
Written By Craig Chamberlain of Novamar - February 03/2022
Understanding Yacht Insurance

Understanding Yacht Insurance

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.
Written By Craig Chamberlain of Novamar - March 03/2022
What Should Yacht Owners do to Make the Best Presentation to their Age?

What Should Yacht Owners do to Make the Best Presentation to their Agent?

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.
Written By Craig Chamberlain of Novamar - April 03/2022
Hurricane Boat

Preparing your Boat for a Hurricane

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.
Written By Craig Chamberlain of Novamar - May 03/2022
july blog image

Boat Prep Reminders

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.
Written By Craig Chamberlain of Novamar - July 03/2022
september blog

Interesting Boat Insurance Claims

Most of the claims that pass through the Novamar Insurance claims department are pretty standard. But after insuring boats for nearly 40 years, we've seen plenty that are anything but.
Written By Craig Chamberlain of Novamar - September 03/2022
october blog image

Yacht insurance. Got Mexico navigation?

Halloween is just around the corner signaling it is almost time to point the bow south to sunny Mexico for the winter cruising season. With the tightening of the yacht insurance industry over the last few years it is important to have your yacht insurance in place before crossing the border into Mexican waters.
Written By Craig Chamberlain of Novamar - October 03/2022
december image blog

WHY ARE YACHT INSURANCE PREMIUMS INCREASING?

Clients often ask our Novamar Insurance staff “why are my premiums increasing? I’ve never filed a yacht insurance claim”. To start with, think of a premium pool as just that, a pool full of money that all insured boatowners contribute to available to pay claims. If the pool level gets low, premium dollars need to be added or claims don’t get paid and, depending on the size of the default, people’s financial lives can be ruined.
Written By Craig Chamberlain of Novamar - December 03/2022