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. This is why it is important to work with an experienced yacht insurance firm you trust based on reputation and knowledge to help navigate through the differences in the contract wordings. It is important that your chosen yacht insurance firm has been in business for many years and that their team has a good understanding of which insurance carriers offer the best options. During the quoting process, your broker must understand your needs and plans in order to make a complete presentation to various underwriters. If an underwriter declines a risk due to an incomplete or inaccurate submission from one insurance agent, it is nearly impossible for a second agent to resurrect the account. “No” from an underwriter almost always means no to all agents on a given risk. As strange as it may sound, many underwriters will only quote to one agent which is why deciding on your insurance agent early in the process is important. Contrary to conventional thought “Shotgunning” information to multiple agents or via websites online may end up hampering an experienced agent’s ability to secure the best product with the best fit for your needs. If you want to use multiple insurance agents, we recommend that you ask each one which insurance companies will be approached and let each agent know ahead of time. This gives you, the boat owner, more credibility with your agent(s) and with underwriters. This theme is not about limiting competition but obtaining the best results for the client.
So always keep in mind that working with an experienced agent dedicated to marine insurance is a must. Whether it’s the experienced staff at Novamar Insurance or another provider that focuses on marine insurance, you should get to know passionate, experienced and knowledgeable marine insurance professionals and providers.
Written by: Craig Chamberlain
President for Novamar Insurance
March 03, 2022
