A podcast designed to educate yacht sellers and yacht buyers, and to share what is happening in the yacht brokerage market. Produced by Current Yachts.
A podcast designed to educate yacht sellers and yacht buyers, and to share what is happening in the yacht brokerage market. Produced by Current Yachts.
In this episode of Full Displacement, Maryline Bossar, Amanda Haley, and guest Hugo Hanham discuss the intricacies of boat and yacht insurance. They cover essential topics such as the importance of marine insurance, the differences between agreed value and actual cash value policies, and the significance of third-party liability coverage. The conversation also delves into the nuances of hurricane plans, the impact of boat age and charter usage on insurance, and the role of brokers in securing the right coverage. Listeners gain insights into the claims process, the importance of reading policy details, and the factors affecting insurance premiums, as well as what questions to ask of their yacht insurance broker.
Contacts & Resources: 📩 Hugo Hanham-Gross, Hanham Insurance Agency hugo@hanhaminsurance.com | https://www.hanhaminsurance.com 📩 Get in touch with Current Yachts: https://currentyachts.com/contact Download the Yacht Insurance Checklist & Questionnaire: https://currentyachts.com/resources/i...
Key Takeaways:
✍🏼 Boat insurance is not always legally required, but marinas often demand it.
🛥️ Agreed value policies provide more certainty than actual cash value policies.
👩🏻⚖️ Third-party liability is crucial for covering damages to others.
🌪️ Hurricane plans are essential for boats in storm-prone areas.
📅 Older boats may face higher premiums and limited coverage options.
🤔 Brokers play a key role in navigating insurance complexities.
📄 Reading and understanding policy details is vital for boat owners.
💸 Experience and claim history significantly impact insurance rates.
🛟 Pollution and salvage coverage are important considerations.
🏠 Liveaboard status should be disclosed to ensure proper coverage.
💭 ABOUT CURRENT YACHTS Current Yachts revolutionizes yacht sales by offering a transparent, service-based pricing model that puts the consumer first. How?
1️⃣ We replace traditional high commissions in yacht brokerage with flat-rate selling expenses, and the buyer-side commission (co-brokerage) only gets paid when a co-broker is present -- saving our sellers money.
2️⃣ We are a full service yacht brokerage company with licensed and bonded professional brokers assisting yacht sellers and buyers every step of the way.
3️⃣ Current Yachts is also the first yacht brokerage company to offer a buyer representation agreement.
Discover the Current Yachts difference: professional service without the bloated pricing. Join us at https://currentyachts.com/