American Agent & Broker
November 2009: Boat and yacht


Madoff yachts bring in more than $1 million at auction
Proceeds from the sale of Bernie Madoff's yachts will benefit victims of his $65 billion Ponzi scheme. Read more here.

Hassle-free solution: Own boat, share it
Owners of mid-sized motorboats only use their vessels 50 hours per year on average, according to Boat U.S., a trade organization. Yacht owners, on average, enjoy their investment an average of 75 hours per year. Agents may provide coverage for "fractional ownership," programs that are becoming more popular. Read more here.


All hands on deck
One word sums up recreational boating life: passion. Understanding this passion is key for agents and brokers who want to tap into the boater's marketplace. And while there are vast differences in the purchase price of watercrafts, agents who want to grow their businesses in the affluent marketplace can improve their successes by working with carriers to help navigate the softer market. Learn tips and tricks for this line of business from Susan Vella, senior vice president, Chubb & Son. Read more here.

Staying afloat: Tips for anchoring yacht coverage in a down market
Despite below-average boat sales and cost-conscious weekend sailors, agents and brokers selling boat and yacht insurance should keep their focus on the same sales techniques that are effective in both calm seas and rough waters. In any market, customer service is often the key factor that keeps a relationship strong despite the variations in pricing, coverage and other considerations. When it comes to boat insurance, customer service can be translated into four action tips. Learn about the four action tips from Peter Arndt, vice president at International Special Risks (ISR). Read more here.

Market Directory: Boat and yacht insurance
Check out the insurers, managing general agencies and wholesalers specializing in boat and yacht insurance. Listings include Charter Lakes Insurance Agency Inc., Hull & Co., Marine Underwriters Agency, National Marine Underwriters Inc. and Russell Bond & Co. Find more listings here.

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5081 Olympic Boulevard | Erlanger, KY 41018 | 1-800-543-0874

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