Blog Novamar Insurance

Any experienced boater has likely felt the pinch of higher premiums and tighter underwriting requirements than in past years. With inflation affecting every aspect of our lives, we should not be surprised. Specific to yacht insurance rate hikes, greater frequency and severity of hurricanes and tornados, higher vessel repair costs, supply chain disruptions causing delays increasing claims costs, and higher litigation expenses play their role in the tight insurance market.

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....

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

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

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.