Marlin asked Capt. Skip Smith of Smith Merritt Insurance to share some ways to make the purchase of a good insurance policy for a sport-fisher a less expensive and hassle-free proposition. Luckily for us, he came up with 10 great tips for navigating the rocky shoreline of boat insurance.
1. Use an experienced yacht insurance agent, not an auto or homeowners insurance agent. Seasoned marine-insurance professionals can explain the differences in the policies and advise you on which companies offer the best claim service.
2. Try to find an agent who knows your risk. There will be less chance of coverage being overlooked, and the agent can help you identify various exposures, such as crew, navigation, manufacturer's defect and more.
3. Remember that you are paying for a claim that you hope won't happen. It isn't just a bunch of paper to shove in a drawer or show to your dockmaster.
10. Most specialty yacht insurance agents utilize the same insurance companies actively writing yacht policies. Pick an agent or two and let those agents work to find you the most comprehensive coverage at a competitive rate.