By Branden Helton, American Modern Insurance Group
Yachts make up just a small percentage of the overall boat market, but carry larger-than-average premiums that make them a lucrative market for agents and brokers who understand the market and know how to write this business. Higher premiums also give you an opportunity to focus on customer service and position yourself as a trusted expert in this exclusive niche.
Generally defined as recreational sailing and powerboats ranging in length from 33 feet to hundreds of feet, yachts may come with multimillion-dollar price tags for “mega yachts” or “super yachts.” Most, however, run from several hundred thousand dollars to about a $1 million and are found in large bodies of water, from the West Coast to the Gulf, Great Lakes and hurricane-prone East.
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