Blog Novamar Insurance

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.

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.

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.

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.

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.