Securing Yacht Insurance in 2022: Market Dynamics & Smart Strategies
By Gowrie Group, Brewer Yacht Sales’ Marine Insurance Partner
Today’s marine insurance marketplace is complex. The dramatic increase in boat purchases amid the pandemic during 2020 and 2021, by both new boaters and current owners looking to upsize, has significantly impacted the marine supply chain and the insurance market. The increase in demand for new yacht insurance policies from first-time boat owners and current boat owners is resulting in substantial pressure on an already complex and competitive marine insurance market.
To successfully navigate today’s insurance marketplace, Gowrie Group strongly recommends that boat owners and prospective buyers align with an experienced marine insurance advisor early in their boat buying process. Gowrie Group, one of the nation’s leading yacht insurance agencies, and John Wenz, a marine insurance specialist at Gowrie Group, are dedicated to helping Brewer Yacht Sales clients navigate the insurance process. While the reality of today’s insurance marketplace can feel overwhelming, John Wenz is available to help every step of the way. John and his team at Gowrie Group are not only experienced in marine risk management but also have access to a wide range of marine insurance carriers and solutions. Engaging an insurance expert early in the boat buying process allows for ample time to explore multiple options and secure the best insurance solution possible.
Creating an Attractive Insurance Application for Submission. John works with clients to navigate through even the most challenging insurance placements. His goal is to obtain the right insurance solution for each client, so they can get out on the water and enjoy their boat! In addition to the yacht insurance application, John helps clients to assemble the following supplemental materials and details to make each yacht insurance submission as attractive as possible to the insurance companies and underwriters.
Ten Important Supplemental Materials & Factors for Obtaining Yacht Insurance:
- Partnering with an experienced yacht insurance agent early in your boat buying process
- Boating Resume that details your boating experience, certifications, prior ownership history, expertise areas, etc.
- Information about prior boat ownership of similar sized vessels (if no prior ownership, a captain may be required initially)
- Captain and/or Paid Crew resumes and claims history (if applicable)
- Recent accredited NAMS/SAMS marine survey (less than 3 years old), including confirmation of survey recommendation completion
- Detailed Hurricane/Storm Plan if your boat will be in areas prone to Hurricanes or severe weather patterns
- Absentee Owner Plan – if your boat will be left unattended for periods of time
- Maintenance service records, as these may be needed in the event of a claim or if an insurance company asks for proof of improvements
- Boating safety and claims record is an important underwriting factor
- Consider including your personal insurance portfolio (homes, autos, valuables) as part of a packaged submission with your request for marine insurance
Request an insurance review and quote from Gowrie Group:
- Contact John Wenz directly at [email protected] or 860-399-3653
- Request a quote online by completing this form at www.gowrie.com/boatquote (use promocode = BYS)