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previous page: A Grand Banks in New Orleans after hurricane Katrina this page: Boats burn at the South Shore Harbour Marina in League City, TX on March 25, 2007 KEITH EMMONS PHOTO While higher fuel costs and rising slip fees provide headwinds against boat ownership and operation, their impacts generally aren’t threatening the very decision to keep or sell one’s boat. The dramatically rising cost of insurance premiums combined with reduced coverage in the form of rising deductibles is doing just that for many boat owners around the country, especially on the Gulf Coast. Even those who don’t live in hurricane-prone areas are feeling the effects as insurers raise rates further afield to compensate for regional risks. 44
What to do? Recommendations from experienced agents can help you obtain the most coverage for your insurance dollar. Wood Boats Hire the best surveyor available Underwriters consider the experience of the surveyor and read surveys cover-tocover, looking for reasons to decline coverage. “Project boats” are not looked upon favorably since restoration work like onboard welding poses higher risks. Trailer Queens Boat insurance vs. yacht insurance Small boats that spend most of their time on trailers are easier to insure than yachts which are in the water most of the time. Store them out of the water whenever possible. Companies like Hagerty issue policies for classic trailerable boats on an "agreed value" basis, often waiving deductibles in a total loss. Change of Ownership Beware the catch-22 <strong>Yacht</strong> policies are often contingent upon satisfying surveyor recommendations. Buyers often flinch at making expensive repairs to a seller’s boat, but waiting until after the buyer takes delivery exposes them to a lapse in coverage. Reduce the price and have the seller make repairs before taking delivery. “It’s about the need for boat owners to take more responsibility for the well being of their vessels” says Scott Croft, director of public relations for BoatUS, when asked about rising deductibles and less “named storm” coverage. “It’s not all bad news”, he says. “Our policies cover half the cost of a haulout, or captain’s fees to move the boat”, if that manpower exists in the rush before the storm. Jill Landback is a marine insurance agent for Anchor Marine Underwriters in Seattle. She has been in the marine insurance industry for 14 45 classicyachtmag.com
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