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Higher Premiums Capsize Boat Owners

Hurricane exposure makes market hard to navigate for recreational

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Recreational boaters in catastrophe-prone coastal areas–much like homeowners in states exposed to hurricanes–have suffered sharp price increases for coverage in the past two years, while the rest of the country enjoyed a softening property-casualty insurance market.

Indeed, after the first round of storms in 2004, “there was still a lot of capacity, but the rates went up two, maybe three times,” according to Matt Anderson, vice president of Global Marine Insurance, a Traverse City, Mich.-based brokerage.

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