At Maritime Insurance International, we know that marine carriers in the market have changed their guidelines and appetites year over year or have closed their yacht divisions conclusively. As a result, boat owners are receiving notices of non-renewal at no fault of their own. As an independent marine agency that writes policies with all major carriers, we too have had companies close or change course and felt the impact of these non-renewals.
We understand the process of remarketing and are able to shop insurance to offer the best replacement yacht insurance policy available for our clients. Whether your insurance needs are changing or remaining the same, we can help you get the coverage you need as quickly as possible.
What is a Non-Renewal Notice?
You may have been insured with a company for years, paid on time, and have not filed a claim, just to get a non-renewal notice in the mail. A non-renewal notice typically comes as a 30-60 day notice that you will not be offered renewal coverage from your carrier. The notice means that your carrier will no longer insure your boat and you could be left high and dry.
Find Better Coverage at Maritime Insurance International
Whether you need to switch carriers due to a non-renewal notice or are simply shopping around for better rates, Maritime Insurance International is here to help. We are a premier provider of marine insurance across the United States, offering comprehensive coverage and competitive rates from top-rated carriers. Our expert agents are available to answer all of your questions, and we can often provide quotes and binders in 24 hours or less.
FAQs
Why Did You Receive a Non-Renewal Notice?
An insurance carrier can issue a non-renewal for a number of reasons. However, in recent years in the yacht insurance market, there have been two primary reasons leading to non-renewals:
- Program Closure. Many companies are closing their yacht programs and exiting the yacht insurance market conclusively.
- Underwriting Policy Changes. Some companies have changed their underwriting guidelines and are no longer willing to write your particular exposure—whether it is based on Age of Boat, Hull Value, Navigation Area/Primary mooring Location, or type of use. As an example, recently fewer and fewer carriers are willing to write boats in the Caribbean Islands. While they may have offered policies for this area in the past, they could have changed their guidelines throughout the year which is the reason for a non-renewal. We have also seen more carriers not insuring boats over 20 years old.
Will a Non-Renewal Notice Impact My Rate with a New Carrier?
If you receive a non-renewal due to a carrier changing guidelines or exiting the yacht insurance market, then this will not impact new carriers offering future coverage. However, the prior carrier changes were likely made based on rates, claims, and profitability which may mean their rate was lower than the rest of the market. If this is the case, your new insurance company may have higher rates that are more in line with the rest of the market.
Things to Consider Should You Receive a Non-Renewal
- When was the last hauled survey on the boat? If over 3yrs old you will need a new one.
- Age of the boat
- Annual navigation and primary location of the boat
- Is my agent able to access numerous boat insurance carriers for my replacement coverage?
Good Time to Consider Switching Agents
In a non-renewal situation, however, it is not typically an agent’s fault or decision causing the carrier to drop coverage. If you’ve received a non-renewal notice on your policy, the expert agents at Maritime Insurance International can help you find alternative solutions at competitive rates. Request a quote today!
© Copyright 2020