PLEASURE CRAFT

Presented by Ted Macaulay
Boats We Insure
Fishing Boats
•
•
•
•

•

•

Small leisure boat
or fishing boat
Aluminum hull
Outboard engine
May have a second
small kick...
Bass Boats
•
•
•

•

Low, sleek profile boat
Built to fish with 2-3
anglers on board
Equipped with a live
well and an elec...
Runabouts
•
•
•
•
•

Typical cottage or trailer
boat
Either closed bow or
bowrider
Bowrider models allow for
extra seating...
Jet Boats
•

•

Uses conventional
hull, and an
inboard engine
powering a water
pump/impeller vs.
a propeller
Same uses as
...
Water Ski-Wakeboard Boats
•

•

•
•

Specialty built vessel
intended
to quickly lift a water
skier or wakeboarder
Designed...
Pontoon Boats
•

•
•
•
•

Round aluminum
tubes (2 or
3)attached to a large
flat deck
Very stable
Trailerable
Speeds of 25-...
Sail Boats
•

•
•
•

•

Vessel uses wind as
its primary means
of propulsion
Small cottage
sailboats 14-20’
Some can be
tra...
Cruisers
•
•
•
•
•
•

Powerboat with a cabin,
head, galley, etc.
Trailerable up to 30 feet
Weekender 24-28’
w/single engin...
Trawlers
•

•
•

So named as they are
similar to commercial
fishing vessels
Much like a cruiser, but
much slower 8-12 mph
...
House Boats
•

•
•

•

Recreational boat
with large open
space on one level
above the waterline
Designed for use as
a dwel...
Classic/Wooden Boats
•
•
•
•
•

Primarily made of
wood
Built 1920's to 50’s
Owners are meticulous
Most will have a
survey ...
Tender or Dinghy
• A small boat carried
aboard a pleasure craft
• Provides transit from
anchorage to shore,
other vessels ...
Boats We Do Not Insure
•
•
•
•
•
•
•

High Performance Boats – Cigarette Boats
Tunnel Hull Boats
Performance Catamaran’s (...
Performance Boats
Tunnel Hull
Tri-Maran’s
Catamaran’s - Power
Catamaran’s
Perfomance Sail
PWC’s
Engine & Propulsion Types
•
•
•
•
•

Outboard Motor
Inboard/Outboard Motor
Inboard Engine – Shaft/V Drive
Inboard Engine –...
Outboard Motors
•

•

•

Engine mounted with
clamps or through
bolted on the transom
of the boat
Some boats may have
2 or ...
Inboard/Outboard Motor
•
•

•

Drive portion provides
trim and steering
The engine is mounted
inside the boat at the
trans...
Inboard Engine Shaft Drive
•

•

Engine is mounted
inside the boat in the
best location for weight
distribution
Fixed prop...
Inboard Engine Pod Drive
•

•

On some newer boats
with Diesel engines an
option is to connect to
pod drive systems
mounte...
Jet Pump Drive
•

•

•

Water enters
through a grate
mounted on the
bottom of the
hull
An impeller inside
the housing
forc...
Why Have a Separate
Marine Policy?
•
•
•
•

Coverage is more comprehensive
Claims will not affect property policy
Liabilit...
BEWARE!

Not all policies are the same.
Be sure to compare the “Fine Print”
Coverage
•
•
•
•
•

Boat & Equipment (Agreed Value basis)
Liability Coverage (1 or 2 million)
Uninsured Boater Liability (...
Tenders, Tender Outboards
& Trailers
•
•
•
•

Our policy provides coverage for tenders, tender outboards, and
trailers.
Th...
Deductibles
Boat & Equipment:
• Deductible can be between 1 – 4% of the boat value
• Same deductible applies for above & b...
Resultant Damage due to
Breakdown-Wear-Deterioration
mechanical breakdown
wear, tear, marring, scratching
superficial dent...
Total Loss
Actual Cash Value* vs. Agreed Value**

Insured Amount

$ 30,000.00

Insured Amount

$

Less Depreciation

$-

4...
Extended Navigation
We can provide coverage for the following destinations

Coastal U.S - Bahamas - Eastern Caribbean - Be...
Claims
Most Common Claims (by frequency)

1.
2.
3.
4.
5.
6.

Striking a submerged object
Theft of boat, equipment or perso...
Striking Submerged Object
Collision
Falling Objects
Fire
Sinking
Road Accident
No Safety Lanyard/Tether
Forgot to Steer
Grounding
THANK YOU
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RIBO - CE - Broker Presentation

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Broker Training Presentation - Ted Macaulay - RIBO C/E Accredited

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RIBO - CE - Broker Presentation

  1. 1. PLEASURE CRAFT Presented by Ted Macaulay
  2. 2. Boats We Insure
  3. 3. Fishing Boats • • • • • • Small leisure boat or fishing boat Aluminum hull Outboard engine May have a second small kicker/trolling outboard engine Many have a bow mounted electric motor Easy to trailer, launch, retrieve and operate
  4. 4. Bass Boats • • • • Low, sleek profile boat Built to fish with 2-3 anglers on board Equipped with a live well and an electric trolling motor Can reach speeds in excess of 65 mph
  5. 5. Runabouts • • • • • Typical cottage or trailer boat Either closed bow or bowrider Bowrider models allow for extra seating in the front Primarily made of fiberglass Many uses including fishing, water skiing, wakeboarding and tubing
  6. 6. Jet Boats • • Uses conventional hull, and an inboard engine powering a water pump/impeller vs. a propeller Same uses as runabouts
  7. 7. Water Ski-Wakeboard Boats • • • • Specialty built vessel intended to quickly lift a water skier or wakeboarder Designed for driver to hold set speed over a course Typical speed 45 mph They create wake or no wake depending upon the purpose
  8. 8. Pontoon Boats • • • • • Round aluminum tubes (2 or 3)attached to a large flat deck Very stable Trailerable Speeds of 25-40mph New models have lifting strakes for higher speeds
  9. 9. Sail Boats • • • • • Vessel uses wind as its primary means of propulsion Small cottage sailboats 14-20’ Some can be trailered up to 28’ Medium local cruising boats 2432’ Long range cruising sailing yachts 40’+
  10. 10. Cruisers • • • • • • Powerboat with a cabin, head, galley, etc. Trailerable up to 30 feet Weekender 24-28’ w/single engine Mid size 32–40’ w/twin engines Large 42’+ typically with twin diesel engines Speeds of up to50 mph
  11. 11. Trawlers • • • So named as they are similar to commercial fishing vessels Much like a cruiser, but much slower 8-12 mph Typically powered by single diesel engine with a large fuel capacity allowing for long range cruising capabilities
  12. 12. House Boats • • • • Recreational boat with large open space on one level above the waterline Designed for use as a dwelling Best suited for rivers, lakes and coastal waterways Stay away from pre 2000 models
  13. 13. Classic/Wooden Boats • • • • • Primarily made of wood Built 1920's to 50’s Owners are meticulous Most will have a survey or valuation Usually not the primary or only vessel owned
  14. 14. Tender or Dinghy • A small boat carried aboard a pleasure craft • Provides transit from anchorage to shore, other vessels or for use in an emergency • Usually less than 10’ in length • Usually with a small outboard motor
  15. 15. Boats We Do Not Insure • • • • • • • High Performance Boats – Cigarette Boats Tunnel Hull Boats Performance Catamaran’s (Power & Sail) Tri-Maran’s PWC’s Small cottage type Rowboats, Canoes or Kayaks Boats capable of speeds in excess of 70 MPH
  16. 16. Performance Boats
  17. 17. Tunnel Hull
  18. 18. Tri-Maran’s
  19. 19. Catamaran’s - Power
  20. 20. Catamaran’s Perfomance Sail
  21. 21. PWC’s
  22. 22. Engine & Propulsion Types • • • • • Outboard Motor Inboard/Outboard Motor Inboard Engine – Shaft/V Drive Inboard Engine – Pod Drive Jet Drive
  23. 23. Outboard Motors • • • Engine mounted with clamps or through bolted on the transom of the boat Some boats may have 2 or 3 outboards for redundancy Range in size from 2.5 hp to 350 hp
  24. 24. Inboard/Outboard Motor • • • Drive portion provides trim and steering The engine is mounted inside the boat at the transom Also called a stern drive, out drive or leg
  25. 25. Inboard Engine Shaft Drive • • Engine is mounted inside the boat in the best location for weight distribution Fixed propeller shaft protrudes through the bottom of the boat and is attached inside to the transmission
  26. 26. Inboard Engine Pod Drive • • On some newer boats with Diesel engines an option is to connect to pod drive systems mounted directly below the transmission Pod drives or Azimuth drives are designed to shear off in the event of a collision with a submerged object.
  27. 27. Jet Pump Drive • • • Water enters through a grate mounted on the bottom of the hull An impeller inside the housing forces the water out through the nozzle propelling the boat The nozzle is steerable and a flap is mounted to allow for reverse
  28. 28. Why Have a Separate Marine Policy? • • • • Coverage is more comprehensive Claims will not affect property policy Liability Coverage is P&I vs. General Liability Includes Wreck Removal, Accidental Pollution coverage • Knowledgeable team of marine underwriters, adjusters, and surveyors at your service
  29. 29. BEWARE! Not all policies are the same. Be sure to compare the “Fine Print”
  30. 30. Coverage • • • • • Boat & Equipment (Agreed Value basis) Liability Coverage (1 or 2 million) Uninsured Boater Liability (1 million) Accidental Pollution Wreck Removal • • • Medical Payments (limits based on boat value/type) Personal Effects (limits based on boat value/type) Commercial Towing (limits based on boat value/type)
  31. 31. Tenders, Tender Outboards & Trailers • • • • Our policy provides coverage for tenders, tender outboards, and trailers. The current market values of each item are listed separately on the Declaration Page with a separate deductible. We will pay up to the Limit of Coverage show on the Declaration Page, subject to the deductible, for these items. Claims settlement is on an ACV basis for tenders, tender outboards, and trailers once they are 5 years old.
  32. 32. Deductibles Boat & Equipment: • Deductible can be between 1 – 4% of the boat value • Same deductible applies for above & below the waterline • Deductible waived on a total loss Separate Deductibles for: • • • • • Electronics - $250 Tender - $150 Tender Outboard - $150 Trailer - $50 Personal Effects - $50
  33. 33. Resultant Damage due to Breakdown-Wear-Deterioration mechanical breakdown wear, tear, marring, scratching superficial denting deterioration, mold, wet or dry rot rust, corrosion, weathering electrolysis, galvanic action blistering, delamination, osmosis lack of maintenance IF: Fire Sinking Submersion Rigging Failure Collision or Stranding Example: Engine fails due to lack of maintenance & collides with another boat. Outcome: Engine damage is not covered. Boat damage is covered. **Note: Some policies may not cover the engine or the boat. results from one of these causes, we will provide coverage for the direct loss.
  34. 34. Total Loss Actual Cash Value* vs. Agreed Value** Insured Amount $ 30,000.00 Insured Amount $ Less Depreciation $- 4,000.00 Less Depreciation $- 0.00 Less Deductible $- 500.00 Less Deductible $- 0.00 Payment $ 25,500.00 Payment $ 30,000.00 *Replacement cost less depreciation 30,000.00 **Value agreed upon by the insured and insurance company – no depreciation Which would you rather provide to your client?
  35. 35. Extended Navigation We can provide coverage for the following destinations Coastal U.S - Bahamas - Eastern Caribbean - Bermuda **No Named Storm coverage between June 1st – November 30th
  36. 36. Claims Most Common Claims (by frequency) 1. 2. 3. 4. 5. 6. Striking a submerged object Theft of boat, equipment or personal effects Heavy Weather Grounding Machinery Breakdown Collision with another boat 45% 15% 15% 8% 7% 5%
  37. 37. Striking Submerged Object
  38. 38. Collision
  39. 39. Falling Objects
  40. 40. Fire
  41. 41. Sinking
  42. 42. Road Accident
  43. 43. No Safety Lanyard/Tether
  44. 44. Forgot to Steer
  45. 45. Grounding
  46. 46. THANK YOU

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