Yacht and Marine Insurance

Small Cost, Major Impact

Higher-Premium Insurance comes with immense benefits. BKS’ helped a client save over $300,000 in coverage due to a higher-premium.

Background and Context

In the insurance and risk management industry, many individuals base their policy decisions solely on annual premiums. However, those who truly care about their watercraft might be pleasantly surprised by the diverse levels of coverage and personalized risk protection available to them. This is particularly relevant in the yacht and marine insurance sector, where numerous companies offer tiered protection packages with varying coverage options, as well as inclusions and exclusions.

Solutions and Tactics​

In this case, a client received expert advice on risk mitigation and wisely opted for a more advanced and slightly pricier policy. This decision proved to be a game-changer as it covered an engine malfunction claim that would have otherwise been excluded under a cheaper policy. This exceptional coverage ended up saving the client $300,000, showcasing the power of investing a few extra dollars each year to secure comprehensive protection. It serves as a prime example of how such a proactive approach can turn a potentially disastrous event from being excluded to being fully covered.

Value and Lessons

It’s not just about coverage – higher-premium policies offer more than just that. With higher coverage limits and additional perks, there are over $100,000 worth of differences in coverage. These policy features include enhanced coverage for tackle and transport costs, increased funding for search and rescue, and reduced or eliminated deductibles for covered losses. The unique lifestyles and risk exposures of successful individuals and families create a situation where policies with broader coverage instantly provide value from the very first occurrence.

Watch Case Study Video Here

BKS’ strategic approach provides value to insurance programs saving members money.

Ensure your protection is as distinctive as you are.

Get in contact with an advisor today to see how BKS can support you.