Boat Insurance Tip: The Right Underwriters
May 16, 2013
With boating season upon us, we figured it would be a good idea for boaters to consider their current insurance policies. Here to offer some advice is Jay Kay, president of marine insurer (and New England Boating sponsor) Stafford Insurance:
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.”
- Website: Stafford Insurance
- Call: (800-491-5347)
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