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Insurance & Financial Services
Ann Becker

Request A Yacht Insurance Quote

Some tips on coverage for your vessel:

  1. Restrict your navigation area to what you realistically expect to use. Don't cover for East coast if you stay on Long Island Sound or Chesapeake Bay.
  2. Take a USCG or USPS boating course- it can help in premium determination.
  3. Make sure you understand exactly the coverage you are getting as well as what's not covered. If the policy doesn't make sense, ask for an explanation in laymen's terms- not insurance speak
  4. Agreed Value vs. Actual Cash Value: These are the two main choices for boat insurance and depreciation is what sets them apart. An "Agreed Value" policy costs more but it pays more - it will cover the stated value of the policy in the event of a total loss. For example, a total loss on a $50,000 agreed value policy would pay you $50,000. More importantly, a partial loss an Agreed Value policy replaces most items on a "new for old" basis - with little or no depreciation, depending on the carrier. Hence, a claim for a stolen four-year-old GPS would get you a new, comparable replacement GPS.
    "Actual Cash Value" policies cost less but only pay up to the actual cash value at the time the boat or property were lost - depreciation is factored in on all losses. Actual Cash Value policies are better suited to less expensive boats or when you aren't so concerned about a total loss.
  5. Windstorm Deductible: This can be good or bad. It provides incentive for the owner to take precautions to avoid a storm, or minimize potential damage in a storm. The owner assumes a level of risk if the vessel is damaged by a named storm. The addition of a Windstorm deductible can decrease premiums by sharing the risk- they are often in the 5-10% range.
  6. Tell your agent all your concerns- let him work for you to obtain the right carrier for your personal situation. If you have significant assets, you may want to obtain a personal umbrella policy that can cover you both on and off your vessel, if you have the proper underlying coverage on your boat.
  7. Surveys: Older boats will most likely need a survey, at least no more than two years old. Carriers like to see a well found vessel in good condition.

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