Insurance is one of those things nobody pays much attention to – until there is a claim! Over the past forty years, we have had a lot of opportunities to watch our owners learn the hard way; it’s important to plan for insurance with some care and forethought. Guiding you in this critical area is just another service we provide to our owners at Hargrave.
Yachting is our business so we know where many of the hidden exposures are for you down the line. We know the right questions to ask about where and how you intend to use you boat, and what special coverage you might want to ask for upfront. Like so many other things in life, if you know to ask up front, it is almost free, but if you ask for it after the policy is written the up-charge can be substantial. Sometimes people buy far more coverage than they need only to learn later they could have scaled it back, reduced their cost, and then swapped coverage as they move around the country and around the world.
Getting three bids from the same agent is the industry standard approach. Usually the client assumes the coverage is all the same and the difference is only the price, and they select the lower of the three. The reality is the actual underlying written policies can vary widely, and when you then investigate the payment histories of specific underwriters and specific insurance agents involved, you may find a much different picture. While no insurance company wants to pay claims, some pay claims a lot faster and a lot more fairly than other companies.