Cruising World

4 TIPS FOR REDUCING YOUR PREMIUM

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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.

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