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. Be prepared to pay higher premiums and accept higher Named Windstorm and lightning deductibles when cruising in the tropics. Some insurers will simply exclude all loss or damage due to a Named Windstorm or not insure in those areas. A detailed storm plan will also be required explaining what preparations will be implemented to minimize the chance of loss to your vessel due to a hurricane.
As a boat owner, your boating resume will also come into play when requesting a yacht insurance policy. You may face higher premiums if you are purchasing a larger vessel than you have owned in the past (more than a 10’-15’ jump in LOA) or if you plan to navigate in unfamiliar waters. Your best plan may be to hire a licensed captain to provide onboard training for a period of time to familiarize you with the operation of the boat and her onboard systems, which will signal to insurers that you are a diligent boatowner working to limit risk and less likely to incur losses.
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. Those of us fortunate enough to have grown up in and around boats appreciate what a great lifestyle boating is. Sharing that passion with important family and friends and enjoying some down time from our sometimes frantic world for a few days, weeks, or months, is what makes boating so special.