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The One Thing Missing in Your Portfolio

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The 1 Thing Likely Missing in Your Portfolio

She starred in the Hollywood blockbuster Mutiny on the Bounty as well as two Pirates of the Caribbean movies. And she was worth millions. “She” was a historic replica of the HMS Bounty: an iconic tall ship that fell victim to Hurricane Sandy.

To boaters, the sinking of the HMS Bounty goes deeper than any ocean. As watercraft enthusiasts, they can empathize with its owner. These people live and breathe boats, spending a considerable amount of time and money on their own vessels. In fact, it’s been said that boaters make the most loyal clients, that they will readily refer their friends to professionals they trust.

The key to running a successful watercraft division is securing specialty markets and having marine underwriting expertise. The Burns & Wilcox Marine Center of Excellence makes it easy for brokers and agents without watercraft experience to open new opportunities for growth in numerous ways:

  • Access to multiple markets with the ability to handle a wide variety of boats in geographic areas important to an agent’s customers.
  • The capability to place all types of risks, including high-performance boats, yachts, older boats, high-value vessels, sailboats, coastal mooring and those that navigate outside the United States.
  • Like most enthusiasts in a particular sport or hobby, boaters frequently talk amongst themselves. This can position an agency to tap this potentially fruitful market.
  • With a limited number of insurance options available to them, they appreciate professionals who understand watercraft and will refer them to their peers.
  • With nearly 13 million registered pleasure watercraft in the U.S., it’s a market whose size alone makes it worth investigating.
  • By working with a wholesale specialist who neither owns nor supports another retain distribution channel, brokers and agents don’t have to worry about cross-selling. They can have the ability to share in the commission revenue.

Working with a watercraft partner can also quickly benefit an agency’s bottom line. Given a choice, most consumers prefer to deal with a single agent for all their insurance needs.

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