Right now, marina and boatyards in the Mid-West (Illinois, Indiana, Iowa, Kansas, Michigan, Minnesota, Missouri, Nebraska, North Dakota, Ohio, South Dakota and Wisconsin) might be having trouble finding insurance coverage that meets all their needs. With the huge surge in tornado claims in 2011, many carriers have either stopped offering coverage in the Mid-West or raised the deductibles to upwards of $100,000. So, where does that leave your customers? One thing to make sure you do when quoting this type of insurance for your customers is to shop around. Here are few things to consider:
- Deductibles: Look at the deductibles to ensure that you are getting the most coverage for your customer’s money.
- Covered Docks/Property: Confirm that covered docks are adequately insured, including collapse from snow/ice and wind/hail.
- Specialty Insurance: Underwriters: Since rates are going up at all the major carriers, check with some of the specialty underwriters for better coverage options.
- Co-Insurance: Beware! Some carriers only offer ACV.
If you concentrate on these four things, you can grow your marina business and get better deals for your customers.