This is the story of Capt. Jack Hull. I use it to chronicle the path often taken by insurance agents in developing boat insurance coverages for clients. The boat in our story starts out as a small dingy in the backyard. It kind of looks like a canoe with an eggbeater, but it is Capt. Jack's first boat, and he needs insurance.
As with most products, with insurance you get what you pay for, and one size does not fit all. Fortunately, Capt. Jack is not shopping just for the lowest price. He welcomes his agent's counsel to ensure that he is covered properly.
You are his agent. Your first thought might be to consider adding an endorsement to his homeowners' policy. What is the limited coverage for the size or type of boat? Does it still fit into the limit of sailboats under 26 feet, outboards with less than 25 horsepower, or inboards with an outdrive of less than 50 horsepower? What about liability limitations, towing or assistance coverage, uninsured boater, pollution, or trailer coverage? Is Capt. Jack's homeowners' insurance company set up to handle boat claims?
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