Boating Insurance Educational Article Index
 

As a sponsor here on the OSO forum for the past several years, I believe that I have helped to portray the goals and mission statement of my company, Wake Zone Marine Insurance, and that is:

"TO BE THE PREMIER PROVIDER OF INSURANCE TO THE BOATING COMMUNITIES OF THE U.S. BY PROVIDING THE MOST COMPETITIVE PRODUCTS, EDUCATION AND HIGHEST LEVEL OF CUSTOMER SERVICE POSSIBLE."

My main focus here on OSO has always been to try to educate the forum members and keep them informed and current on the insurance industry. I truly belive that the best client any agent can have is an informed and educated client. It makes the relationship easier on both sides. I would be lying if I said that we aren't here to sell insurance but I believe that if we work to educate boaters FIRST, then we in turn earn your confidence and trust thus resulting in selling insurance. :)


I have developed a plan of action for this year. Each week, I will post about one of the following topics. As the threads are posted on each topic a new link will appear in this main post to take you to that specific topic. This thread will serve as an index of educational articles on boat insurance and the boat industry. Here are just some of the topics we will cover weekly throughout 2011 (I will add more as we produce more).

• Performance Boat Insurance Terms
• What are the different types of insurance agents and brokers?
• Current rates
• The performance boat insurance market overview and offerings
• Towing a boat - Where does the liability fall? Click Here
• Salvage Coverage - What is it?
• Discounts available
• Common policy exclusions - Click Here
• Boat repair facilities and your insurance coverage - "CCC"?
• Winter Storage Advice
• Package insurance for performance boats?
• What is a lay up? Why do some carriers have them and some don't? - How it affects your rate.Click Here
• Insurance advice for first time performance boaters
• Carrier guidelines and requirements
• What is named operator vs. permissive use? Limitations on named operators.
• Poker runs, speed contests - What is and isn't covered by most?
• Loss settlement options and partial loss settlement options Click Here
• Condition and Value Surveys Can be Valuable - Click Here
• Boat Insurance 101 - Basics of a Marine Policy - Click Here

I am open to hearing thread topics from all of you that we can add to this list. Please post your idea and I will add it to the list above. Any topic is great. There is no topic too basic or too complex.

Thank you very much! Your feedback is greatly appreciated.

Stacy

This is going to be like 10th grade. I had a pretty home room teacher and could not wait to get to school.

Just found this thread. Great info! I will be following it from now on. Keep it comming Stacy, there's still people interested. Thanks

It is really informative thanks Wakezone

Really wish OSO didn't stop us from editing our posts. I can't update/add the links to the articles any longer!! :(

I am sure if you put in your request to a moderator, they will edit it for you.

We contacted you about insurance for our 501c3 we started last year and you knew more about that facet of the buisness than all the other people we had talked to previously combined. Plus you plugged us in with the only other person in the galaxy who was doing the same thing ,over at dana wharf.that was a key part of this finally operating .
So in a nutshell your knowledge of the buisness is great enough to also reach out and touch childrens lives .
Thats impressive .

THANK YOU FOR THIS. Your comment made my day! :) I appreciate it :)

You Raised a Very Important Issue... Salvage Coverage
 

You Raised a Very Important Issue... Salvage Coverage
‘Excellent post, Stacy. Thanks for being so thorough. I’m glad you brought up salvage in your discussion because the term is sometimes used loosely in maritime law. The word salvage can bring to mind something along the lines of recovering gold coins from a sunken galleon lying off a reef. However, the term salvage also covers the act of saving a vessel from peril.

An attribute of this type of salvage is that the persons doing the rescuing can legally be entitled to a monetary award for their troubles. That award could be a percentage of the rescued vessel’s value. The percentage is determined by a number of factors established under maritime case law. These include the difficulty of the salvage action and risk to which the rescuers exposed themselves, among other things.

When one sees the stakes involved, such as a 25% salvage claim against the value of a $100,000 vessel, the importance of salvage coverage in a policy is clear. Being assisted after running out of fuel on a calm day is likely to be treated as a tow, but pulling a boat away from a steel bulkhead during a ferocious squall could give rise to a bona fide salvage claim.

Like many maritime law concepts, salvage can apply to all vessels, large or small. In 1978, the tanker Amoco Cadiz foundered off the coast of France. In the hours before the disaster, the captain of the tanker was trying to negotiate terms for salvage with the large ocean-going tug on the scene. The tug’s efforts were futile, and we all know what happened afterwards on that fateful March afternoon. But the communications back and forth between the bridges of the two ships demonstrates the anxiety that can result from negotiating salvage terms.

Tim Akpinar

Stacy,
Thank you for the quick response. If WakeZone ever can cover a Kitty Cat, let me know.
Thanks for the info on this post it was very informative, and will be very useful when Im shopping in the near future.