Marine Insurance Tips..........................................................30

safety course, or obtaining a Captain’s license, are both good ways. On smaller vessels most insurance companies give credit for having prior insurance, having favorable credit, being claim free, owning a home, and having a safe place to moor/store the vessel.

On larger vessels and those over 10 years of age, an in and out of water survey is most often required every three years (some carriers require within the last 18 months). It is important to keep this in mind, next time you have the vessel hauled out for annual maintenance, in case it is time for a new survey. On high value vessels and most importantly vessels with multiple outboard engines, it is normally required that the vessel have a GPS theft tracking device—and that the device have a current monitoring contract in effect at the time of a loss.

3) Hurricane Preparedness

It is vital to have a hurricane plan in place. Most seasoned boat owners and those who have been through a hurricane are more familiar with the process than newer boaters. Hauling a vessel out of the water and securing it inside a building or next to a house on a trailer is a good idea. If a vessel will remain in the water, remove all loose covers & canvas, lower or remove outriggers, antennas, etc. Some insurance carriers exclude coverage if a vessel is on a lift during a storm (check your policy). Plan in advance and have a backup plan if needed.

4) Things not to claim:

Insurance is meant to provide protection for catastrophic loss, and is not designed to be a maintenance plan. A small scratch in the gelcoat or a minor dent on a prop should be taken care of out of pocket. It often saves a significant amount of money to carry higher deductibles and self insure for smaller issues.

5) Why it is more expensive to title a vessel in a Corporation or LLC

Be aware that some insurance companies charge extra premium if a vessel is not titled in an individual name. A corporation/trust/LLC is a different type of entity, often with other exposures, and although these could be a way to protect assets and limit liability, this is not always the case. In addition to possible added premium, there is also a cost to setup and maintain a corporation, extra tax return, etc. Richard “Rick” Gibbs III Lauderdale Marine Underwriters, Inc.

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Interview with Capt. Rick Trussell

- Vulcan Charters

Y&SFG – TELL US A BIT ABOUT YOUR BOAT.

Capt. Rick – I had 4 Vulcans before I got this one. I had my heart set on a brand new Yellowfin over in Bradenton. I had a 26’6” Supersport Proline with twin 150 hp Dorados. It was too light, and I got beat on too much. So, I asked him if he wanted to do a trade out and he said nope! 30% down. Then someone there told me they had a Regulator over at Galati. The Regulator is known for its “Carolina Bow” – the flared bow design that keeps you dry in the boat. Plus, the Regulator has 30% more dense composite, so it sits lower (same as a Grady-White). I love the boat. The 29-footer does everything. It’s a very seaworthy boat, and it’s fully equipped with a satellite phone and an EPIRB.

Y&SFG – HOW IS THE FISHING OUT OF THE PONCE INLET THESE DAYS?

Capt. Rick – It’s getting better. Fishing is very equivalent to hunting. My specialty is trolling. Looking for pelagics like tuna, dolphin, kingfish, wahoo, cobia. You have to learn the best migration routes to cover the most live bottom to get out to where you’re going. It just so happens “The Party Ground” just off New Smyrna Beach 19 miles is one of the largest live bottoms on the East Coast. That’s what keeps a bunch of charter captains in the area. I caught a 71 lb. wahoo recently and my daughter caught a 54 lb. wahoo.

“If you want to catch a big fish go on the Vulcan!”

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