Recreational Marine

Many of your clients know the thrill and joy of being out in the open water, wind in their sails, cruising to the next adventure. In fact, there are nearly 12 million registered recreational boats in the US alone.

While luxury boat owners may feel the bold call of the horizon, we know in the insurance industry that adventure comes with risk, and therefore, adventure should also come with a policy. Though the majority of recreational boats can be written in the standard market, craft above 27-feet in length have elevated risks and a greater need for an insurance specialist who understands the intricacies of the market.

Burns & Wilcox now offers agents and brokers online access to the ACE Recreational Marine Insurance Program—an online quoting system launched April 1 that allows the company to expand into personal marine coverage for smaller recreational watercraft.

As the general economy continues to improve, insureds are making more purchases in discretionary areas, including boats. “We’ve seen an uptick in the boat market and the price of boats is starting to go back up again,” says Bill Gatewood, corporate vice president and director of personal insurance for Burns & Wilcox.

The personal marine market is flourishing.

As the general economy continues to improve, insureds are making more purchases in discretionary areas, including boats. “We’ve seen an uptick in the boat market and the price of boats is starting to go back up again,” says Bill Gatewood, corporate vice president and director of personal insurance for Burns & Wilcox.

In the absence of any major catastrophes since Superstorm Sandy, the personal marine insurance market has settled into a stable pricing period. What segments are gaining in popularity? And what coverage options will be required to address the associated risks?

The nautical know-how you need to make marine a lucrative part of your business. With spring upon us, the thoughts of many who live in America’s colder climes turn to the water, and in particular, to boating. In 2013, some 88.5 million of the 242 million adults living in the United States — about 37 percent — engaged in fishing, sailing or other recreational watercraft uses at least once, according to the National Marine Manufacturers Association’s 2013 Statistical Abstract for Recreational Boating. The organization estimates almost 16 million recreational boats were in use that year.

As winter transitions into spring, your boating clients will be itching to get back on the water for days full of fishing, swimming and water sports. Help them make the most of the season by ensuring they have the right coverages in place.

Whether your insureds own a small, personal watercraft, or a yacht or charter boat, recreational marine vehicles have a unique set of risks and require highly specialized coverage.

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.

It’s been said that boaters make the most loyal clients, that they will readily refer their friends to professionals they trust. If you want to be the broker or agent who secures insurance coverage for your nautical customers, there’s reason to get to know producers at the Burns & Wilcox Marine Center of Excellence.