Archive for » March 13th, 2013«

Got Yacht? Watch for These 4 Coverage Issues


By Branden Helton, American Modern Insurance Group

Yachts make up just a small percentage of the overall boat market, but carry larger-than-average premiums that make them a lucrative market for agents and brokers who understand the market and know how to write this business. Higher premiums also give you an opportunity to focus on customer service and position yourself as a trusted expert in this exclusive niche.

Generally defined as recreational sailing and powerboats ranging in length from 33 feet to hundreds of feet, yachts may come with multimillion-dollar price tags for “mega yachts” or “super yachts.” Most, however, run from several hundred thousand dollars to about a $1 million and are found in large bodies of water, from the West Coast to the Gulf, Great Lakes and hurricane-prone East.

Sales trends generally follow the overall boat market, which still lags pre-recession numbers. In 2012, boat sales recorded a 10 percent increase, the first significant jump since the recession, according to the National Marine Manufacturers Association (NMMA). In 2013, the NMMA forecasts another 5 to 10 percent increase. There may be an additional bump in sales on the East Coast as owners seek to replace some of the estimated 65,000 boats destroyed by Superstorm Sandy.

Read related: “4 Sandy Lessons.”

Insurance coverage for yachts (some cabin cruisers and houseboats fall under similar policies) is standard in some ways: they are best protected by an agreed value policy with physical damage protection for the hull, comprehensive coverage for other kinds of damage or loss, and liability coverage. Yet there are significant differences in yacht policies that need to be addressed to fully protect your customer and their investment.

Here are four things to consider when placing yacht coverage:

1.     Consequential Damage

The first coverage to consider is consequential damage. This applies when a yacht is disabled by engine failure and suffers resulting hull damage. Although hull damage is covered in most policies as a result of a storm or other event, it may not be when it is a “consequence” of mechanical failure. That makes it important to ask for consequential damage coverage.

With this coverage, the initial cause of the damage, including any type of mechanical failure, does not void the coverage. This is a must for your clients with older yachts like much of the 15- to 20-year-old inventory on the West Coast right now. Even on the East Coast, where inventory turns over faster due to windstorms, pre-owned sales still dominate the market.

2.     Parts Depreciation

For many of these older boats, yacht owners experiencing a loss often deal with depreciation in the value of parts. That is, the parts lose value as the boat ages, and most insurers will cover only the depreciated value of the part and not the full cost of replacing it. Different parts depreciate in value at different rates, and insurers also vary in how they factor depreciation for a part.

For customers, this means costs can fluctuate greatly in the event of a loss. One solution is an endorsement that waives depreciation for a specific period of time, up to about 10 years old. This means your customers will have lower out-of-pocket expenses at the time of a loss.

 


Similar news:

Author, Circumnavigator, and Adventurer Lois Joy Hofmann Announces Release of " Sailing the South Pacific" and Spring …

Hofmann‘s book is the second in her nautical series, “In Search of Adventure and Moments of Bliss.”

San Diego, CA (PRWEB) March 13, 2013

Award-winning author Lois Joy Hofmann announces the release of the second book of her nautical trilogy, “In Search of Adventure and Moments of Bliss: Sailing the South Pacific.” Hofmann will kick off her spring author tour with three San Diego presentations and book-signing events. “Sailing the South Pacific” is the story of Lois and Günter Hofmann’s eight-year sailing circumnavigation on board their 43-foot catamaran, “Pacific Bliss.” The Hofmanns embarked on their 62-country adventure after turning 60 years old.

Hofmann’s 2013 San Diego spring author tour commences with a presentation at the Southwestern Yacht Club on Thursday, March 14 at 6 p.m. that is open to the public; make a reservation by calling 619-222-0438. Hofmann’s second appearance is at the Pacific Beach Taylor Branch Library on Saturday, April 6 at 1 p.m. Hofmann will also be at Upstart Crow Bookstore and Coffee House in Seaport Village on Thursday, May 2 at 7 p.m. Hofmann’s presentation, “Come Away with us to the Islands,” is a South Pacific-themed multimedia presentation highlighting adventures and culture she experienced during the voyage from San Diego to Australia.

With the threats of terrorism and piracy on the high seas, fewer sailors are completing a circumnavigation of the globe. In the second book of the nautical trilogy, “In Search of Adventure and Moments of Bliss,” the couple faces adversity, but gains renewal and reward as they continue their action-packed sailing circumnavigation. The oversized paperback book contains 212 full color photos and illustrations, and 11 maps. For the geography buffs, there are magazine-style “Did you Know” sidebars to outline the geography, history, and cultures from each of the countries visited by the Hofmanns. For the sailing enthusiast, Hofmann includes a “Messing with Boats” column written by her husband Günter.

Lois Joy Hofmann lived a life at the top of the corporate ladder as a CEO of a publicly traded biomedical company. Hofmann and her husband Günter then escaped the corporate world for a life on the high seas, embarking on a sailing trip that would change their lives. After sailing the world, Hofmann began to write her nautical trilogy, “In Search of Adventure and Moments of Bliss.” Her first two books, “Maiden Voyage” and “Sailing the South Pacific,” are available on Amazon and locally in San Diego at Seabreeze Books, Traveler’s Depot, and Upstart Crow Bookstore and Coffee House.

Hofmann’s first book, “Maiden Voyage,” was the recipient of the 2011 San Diego Book Award for Published Books, Nonfiction, in the Travel Category. Lois is available for speaking engagements and book signing events at yacht clubs and other organizations. Hofmann spoke at the Point Loma Optimist Club in January and MOAA (Military Officers Association of America) in February. When not traveling, Lois resides in San Diego, California, and Balsam Lake, Wisconsin. Visit http://www.loisjoyhofmann.com to learn more and order a signed copy of her two books.

Lois Joy Hofmann
PIP Productions
(858) 333-1946
Email Information


Similar news:

Broker will open office at Maine shipyard

Broker will open office at Maine shipyard


Posted on 12 March 2013


Share

DiMillo’s Yacht Sales is opening a brokerage office on the Belfast, Maine, waterfront in one of the Front Street Shipyard’s newest buildings, where the company will sell new and used yachts.

The new relationship with DiMillo’s will allow the shipyard to enhance its offering to current and new customers living in and visiting the Mid-Coast region.

DiMillo’s will have 600 square feet of waterfront office space, with land space and dockage to display brokerage yachts, as well as new Sabre and Back Cove boats. The new office will open May 1.

DiMillo’s said it hired Scott Kinney to start up the office. Kinney has a 35-year history in the yacht sales field and he has been national sales manager at Hatteras Yachts, a yacht broker at Norwalk Cove Marina and sales manager at Hinckley and Grand Banks Yachts. Kinney will be offering brokerage services for power and sail boats and representation for new Sabre and Back Cove yachts.

“In our continuing effort to grow the boating business in Mid-Coast Maine, we’re happy to host a reputable brokerage office like DiMillo’s Yacht Sales that will service our region,” Front Street Shipyard president JB Turner said in a statement.

Among the yachts initially represented in Belfast by DiMillo’s are a 2005 47-foot Sabreline named Sunshine, a 2010 41-foot Grand Banks Europa named Island Runner and a 2005 35-foot Duffy.

“We’re eager to get DiMillo’s Yacht Sales established in our new facility at Front Street Shipyard,” DiMillo’s Yacht Sales president Chris DiMillo said in a statement. “In its relatively short time in business, Front Street Shipyard has created a full-service facility with a talented work force that has high standards of craftsmanship.”

Front Street Shipyard recently received the American Boat Builders and Repairers Association’s annual Boatyard of the Year award for 2013. The yard has 72,555 square feet of space for yacht storage and 10,320 square feet of shop space on a 6-acre property with 1,500 feet of waterfront.

There is an additional 7 acres of off-site storage space. Front Street Shipyard employs more than 100 people.

Add your comment

Your name:

Required, screen names acceptable

Your email:

Required, will not be published

Comments are moderated and generally will be posted if they are on-topic and not abusive. For more information, please see our Comments Policy.:

 

Word verification:


<!–

If you would like to use this article on your website, please contact us.

–>


Similar news:

Broker will open office at Maine shipyard

Broker will open office at Maine shipyard


Posted on 12 March 2013


Share

DiMillo’s Yacht Sales is opening a brokerage office on the Belfast, Maine, waterfront in one of the Front Street Shipyard’s newest buildings, where the company will sell new and used yachts.

The new relationship with DiMillo’s will allow the shipyard to enhance its offering to current and new customers living in and visiting the Mid-Coast region.

DiMillo’s will have 600 square feet of waterfront office space, with land space and dockage to display brokerage yachts, as well as new Sabre and Back Cove boats. The new office will open May 1.

DiMillo’s said it hired Scott Kinney to start up the office. Kinney has a 35-year history in the yacht sales field and he has been national sales manager at Hatteras Yachts, a yacht broker at Norwalk Cove Marina and sales manager at Hinckley and Grand Banks Yachts. Kinney will be offering brokerage services for power and sail boats and representation for new Sabre and Back Cove yachts.

“In our continuing effort to grow the boating business in Mid-Coast Maine, we’re happy to host a reputable brokerage office like DiMillo’s Yacht Sales that will service our region,” Front Street Shipyard president JB Turner said in a statement.

Among the yachts initially represented in Belfast by DiMillo’s are a 2005 47-foot Sabreline named Sunshine, a 2010 41-foot Grand Banks Europa named Island Runner and a 2005 35-foot Duffy.

“We’re eager to get DiMillo’s Yacht Sales established in our new facility at Front Street Shipyard,” DiMillo’s Yacht Sales president Chris DiMillo said in a statement. “In its relatively short time in business, Front Street Shipyard has created a full-service facility with a talented work force that has high standards of craftsmanship.”

Front Street Shipyard recently received the American Boat Builders and Repairers Association’s annual Boatyard of the Year award for 2013. The yard has 72,555 square feet of space for yacht storage and 10,320 square feet of shop space on a 6-acre property with 1,500 feet of waterfront.

There is an additional 7 acres of off-site storage space. Front Street Shipyard employs more than 100 people.

Add your comment

Your name:

Required, screen names acceptable

Your email:

Required, will not be published

Comments are moderated and generally will be posted if they are on-topic and not abusive. For more information, please see our Comments Policy.:

 

Word verification:


<!–

If you would like to use this article on your website, please contact us.

–>


Similar news:

Hunterdon Sailing Club meeting , Learn-to-Sail talk

Location

Spruce Run Reservoir Clinton NJ


Posted: Monday, March 11, 2013 4:06 pm
|


Updated: 9:51 am, Tue Mar 12, 2013.


Hunterdon Sailing Club meeting , Learn-to-Sail talk


0 comments

The Hunterdon Sailing Club (HSC), which sails on Spruce Run Reservoir in Clinton, will hold a pre-season meeting on Sunday, March 24 at Riley Jake’s Restaurant (formerly the Sunset Inn), 1831 Route 31, Clinton.


Meetings are open to anyone interested in sailing, and in the club’s adult and youth sail-training programs that are held in June and July, respectively.  

The meetings will begin with socializing at 12:30 p.m. and  called to order at 1:30 p.m. The agenda will include an overview of HSC fleets, activities, sail training and social events for the 2013 season.

About HSC

HSC is a not-for-profit group dedicated to promoting the sport of sailing and is starting its 49th year of sailboat racing, training and fun sailing on Spruce Run Reservoir in Clinton. Club sailing events are scheduled from the first week in May through mid-October.  HSC runs sailboat races for several classes of boats every Sunday afternoon and for Sunfish on Wednesday evenings. The Club also sponsors adult and youth learn-to-sail training sessions.  

This year, the Youth Learn-To-Sail class will be offered in early July in consideration of the late school calendar. Throughout the season, there are special sailing events, cook-outs and social gatherings. 

The annual HSC membership fee is $95 per family and the sail training fee is $75 per person per class. New members and learn-to-sail students will find opportunities to crew aboard the larger Flying Scot, Jet 14, and other sailboats owned by club members.

For more information, visit the club’s website at www.sailhsc.org.

on

Monday, March 11, 2013 4:06 pm.

Updated: 9:51 am.


Similar news: