American Agent & Broker
March 2010: Boat/Yacht


Blaze destroys UNH boathouse, 55 boats
Officials report the fire was ruled as arson. The University of New Hampshire sailing team uses the boat house, and the club sport is scheduled to start practice at the end of March. Read more here.

Widow, sailboat maker reach settlement
The Texas A&M University racing sailboat capsized June 6, 2008, when its keel and a portion of the hull surrounding it broke off during a race. Read more here.

June 10 trial set for tour boat lawsuit
About 20 minutes into the cruise, the boat capsized, throwing the 47 passengers and the captain into the water. The lawsuit involves the families of the victims and the owner of another boat, whose wake allegedly contributed to the tour boat capsizing. Read more here.

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Contributed by Foremost Insurance

What your customers don't know about boat insurance
Many boat owners don't have proper insurance coverage for their craft. Some aren't covered at all. It's not until claim time that owners find out the hard way they weren't insured correctly. That's why it's so important for agents to inform their customers and make sure they help them get the right coverage. Read more here.


Floating away
AA&B spoke with three wholesalers/program administrators specializing in boat, yacht and marina insurance about what they're seeing in the current market and how retail agents and brokers can "shore up" this specialty business until the seas are calm. Read March's feature story here.

Staying afloat: Tips for anchoring yacht coverage in a down market
Despite below-average boat sales and cost-conscious weekend sailors, agents and brokers selling boat and yacht insurance should keep their focus on the same sales techniques that are effective in both calm seas and rough waters. Read more here.

All hands on deck
One word sums up recreational boating life: passion. Understanding this passion is key for agents and brokers who want to tap into the boater's marketplace. And while there are vast differences in the purchase price of watercrafts, agents who want to grow their businesses in the affluent marketplace can improve their successes by working with carriers to help navigate the softer market. Read more here.

Think toys to enhance retentions
Most people do not properly insure the toys—motorcycles, boats, jet skis, all-terrain vehicles (ATVs), snowmobiles, recreational vehicles. Providing your customers the proper advice and coverage may not only add to your bottom line and retention rate, but can enhance your reputation, as well. Read more here.

Market Directory: Boat and Yacht
Check out the insurers, managing general agencies and wholesalers specializing in boat and yacht insurance. Listings include Global Marine Insurance Agency, National Boat Owners Assn., National Marine Underwriters Inc., Old United Casualty Co. and more. Read more here.

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