Marine Insurance Tips..............................................18

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.

South Florida is one of the most vulnerable areas on the United States coast for a hurricane. In 1992, Hurricane Andrew, the most powerful storm in Miami-Dade County, registering as a Category V, and the third strongest in U.S. history with sustained winds in excess of 155 mph, came ashore and destroyed many marinas in south Miami-Dade County. Hurricanes that exceed 110 mph can be expected to occur in south Florida about once every 10 years. The population of Miami-Dade County continues to increase, bringing many boaters with little hurricane experience.

The wind will be the biggest enemy. There are several things to do to help minimize its overwhelming affects. Knowing how to secure your boat and where to keep your boat are the two primary concerns. The most important thing to remember is DON’T WAIT UNTIL THE LAST MINUTE! Being prepared in advance by having a plan and practicing your plan will help to protect your life and property.