Battered by rising gasoline prices and a sinking economy, the insurance market for small recreational boats is facing rough waters, while smooth sailing continues for the mega-yacht sector, both brokers and insurers in various sectors of this specialty market report.
“Increased gas prices are killing the boat industry,” according to Mike Cracco, president of Completely Covered Insurance Agency, a Long Island firm based in Massapequa, N.Y.
Mr. Cracco said he has been receiving requests from boat policyholders who want to increase the time their boats are laid up on shore without coverage, which his agency cannot accommodate.
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