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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