4 TIPS FOR REDUCING YOUR PREMIUM
Morgan Wells, from Jack Martin & Associates, offers these suggestions for more-affordable coverage:
1. Do not overinsure. Consider reducing the insured value of the vessel to a reasonable fair market value or a bit less.
2. Consider higher vessel-physical-damage deductible options.
3. Make sure that your policy’s stated Navigation Limits are the most compatible/economical for your cruising plans. Your policy might be able to be revised or endorsed to the minimum Navigation Limits you require.
4. If you have two to three consecutive months or more of no use of the vessel—afloat and fully decommissioned or hauled ashore—inquire if a lay-up-period credit is available.