Insurance

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!

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.

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.

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.

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 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.

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.

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.

Clients often ask our Novamar Insurance staff “why are my premiums increasing? I’ve never filed a yacht insurance claim”. Think of a premium pool as just that, a pool full of money into which all insured boatowners pour premiums to pay claims. When the pool level gets low, premium dollars need to be added or claims don’t get paid, and people’s financial lives can be ruined.

Yacht owners generally agree that speaking with knowledgeable, helpful & experienced marine agents benefits their understanding of what is covered and what is not covered in a yacht insurance policy when deciding where to spend their premium dollars. In today’s market, the handful of yacht insurance companies still insuring yachts are focused on profitability more than ever. If these marine insurance programs do not make a profit, they too will close their doors to the marine industry like the 20 plus insurers that have preceded them in the last several years.

With an enjoyable 2023 boating season already well underway in southern latitudes and now launching into full swing for the rest of us, this means the start of hurricane season for 2023 is also just around the corner beginning on June 1st.

As boatowners, boat/yacht insurance provides piece of mind. We all know Murphy is there waiting to wreak havoc on us boaters. To minimize the chance of a problem aboard your boat, planning and prevention is the key to having a pleasant experience with family and friends. Whether for an afternoon cruise or on a passage at sea for several days.

We would like to remind you that you are required to have a boating license while you are navigating your boat in Mexican waters. Every boat owner, operator, and captain at the helm of a vessel must have a valid boating license that states you are qualified to operate the vessel.

The Great Loop is a 6,000 mile journey through waterways along much of the Eastern USA and a bit of Canada, primarily on protected inland waters. It attracts around 150 boats each year, with some completing the entire loop over a couple of years while others choose to do portions of the trip. The journey requires careful planning, navigation, and preparation, and there is valuable information available online about boat choices, routes, limitations, weather concerns, and interesting towns to visit. Novamar Insurance has seen an increase in clients interested in insuring their boats for the Great Loop. To get insurance coverage, boat owners need to provide a detailed boating resume, a rough 12-month itinerary, caretaking plans, and meet certain risk criteria set by insurers. Insurance claims for boats on the Loop are often related to striking submerged objects or accidents while unattended. Overall, a flexible attitude, preparedness, and proper maintenance are crucial for a successful and memorable Great Loop experience. For yacht insurance inquiries, interested individuals can contact Keith Sargis, Novamar's Mid-Atlantic regional manager.

Novamar: 2023 Insurance Agency of the Year. A testament to excellence, trust, and industry leadership. Client-centric, innovative, and dedicated team propels future growth

As a boat owner, comprehending marine insurance is crucial to safeguard your investment and enjoy the water with peace of mind. From types of coverage to navigation limits and additional options, this text emphasizes the importance of regularly reviewing and updating your policy to adapt to your changing needs. Furthermore, it underscores the relevance of consulting with insurance experts to ensure adequate protection

The Pacific Northwest is renowned for a few things- seemingly constant rain (a rumor spread to keep folks away :), spectacular mountain ranges, and fantastic outdoor opportunities including hunting, crabbing, and salmon fishing....