Boat Insurance Tips: No. 1
March 15, 2012
In this series on boat insurance, New England Boating consulted with Jay Kay, president of Stafford Marine Insurance (a New England Boating sponsor), who explained some of the benefits of choosing a company that specializes in marine insurance over other insurance providers.
Underwriter Connections Are Key
One advantage of using a boat-insurance specialist is that few mainstream agencies have direct contact with the underwriters who specialize in boats. “There used to be over 100 marine underwriters to choose from; now that’s down to 3 or 4 serious companies,” says Kay. “We have deep ties with the right underwriters, and we’re able to negotiate the best rate due to the volume of policies we hold.”
One of the biggest drawbacks to using a non-marine insurance company is that the policy terms can vary widely from one underwriter to another. “You could get 10 totally different policies for the same price,” Kay notes. “It’s not like a homeowner’s policy, which is very standardized. Boat insurance policies are extremely varied.”