Marine FAQ's
Details can make a big difference:
Cost for Insurance - based on the vessels value either purchase or survey value and navigation requirements
Experience - "more is better"
Training - completing a Safe Boating course reduces the annual premium
Boat Ownership - many insurers like to see past ownership
Operating Experience - operating the family's boats, Chartering or Cruising with friends Experience - all is important. Vessels operated during training courses like ASA certifications.
Other Operators & Their Experience - a spouse with operating and training experience is a plus.
Unattended Vessels - vessels moored in another state than your residence generally require an authorized person to monitor the vessel in you absence.
Buying a New Boat - increasing in length more than 10' may be a concern for the underwriter
Boat Construction - Fiberglas has the least concerns for the underwriter. Wooden hulls generally need to have fastening pulled during the survey and Aluminum or Steel hull vessels will generally need an Ultra-Sound inspection during a survey. Applying Fiberglas to an existing wooden hull vessel is generally not acceptable to the underwriters - a good wooden hull is preferred
Surveys - out of the water NAM's or SAM's Survey are preferred. Some Yacht Insurers require a survey for vessels five years old, but most Insurers only require a survey after the vessel is ten years old. For new business, Yacht Insurers require the surveys to be less than one or some three years old; however surveys are only good for five years; hence - if the boat is out of the water and you are thinking of a change - get a survey while the vessel is out of the water.
Equipment - various policy's give a credit for automatic fire extinguishers and other equipment to protect the vessel.
Vessel Usage - some insurers will not permit living aboard or chartering, racing or paid crew.
Vessel Mooring - north of the NC/VA border premiums are less, but navigation to the Bahamas, Turks or Caicos is generally available through most coastal policies. Very few Yacht Insurers can extend navigation to the Caribbean.
Vessel Moored - north of Cumberland Island or Savannah, GA for the Hurricane season have more options for coverage.
West Coast Mooring - Navigation to the Northwest or Mexico require special consideration and many Yacht Insurers will not permit the vessel to be left outside of US waters.
East Coast Mooring - Vessels planning the Great Loop or Bermuda Navigation. Some Insurers will not permit navigation east of Quebec City or for Bermuda the vessel may need to be 40' or greater in length and may not be permitted to travel offshore in the first policy period.
Plans to Move Aboard - many companies will not permit, may void the policy or will not cover Personal Liability Ashore
Coverage - over insuring a vessel is not cost effective and many policies add depreciation to some partial losses at as little as five years even though it is an Agreed Value Policy. However - don't be over optimistic, surveyors compare the fair market value with value added improvements with other similar vessels for an intended use or navigation.
Double Coverage - or additional coverage from another yacht insuring source to cover a trip outside the cruising area of the existing yacht policy is not recommended. In the event of a loss; upon investigation most likely neither yacht insuring company will pay the claim and both would probably cancel the policies
With over 20 years experience in the marine industry, trust B&R Marine. Contact us to find out how we can help you today!
