ACE Recreational Marine, a nationwide recreational marine insurance provider and part of ACE Group, has introduced an optional endorsement that waives coverage for storm surge damage for those boat owners who are willing to move their vessels out of harm’s way, and rewards them with a potentially substantial reduction in their insurance premium.
“Owners who keep their boats on coastal waters from Maine through Texas will save the most with this new option,” said Damon R. Hostetter, senior vice president, ACE Recreational Marine. “We foresee our optional Storm Surge Exclusion endorsement appealing to boat owners who are passionate about their boats, and willing to move their vessels beyond the reach of a storm surge, waves or high tidal waters caused by a severe storm.”
Conscientious boat owners have a number of methods for preventing damage from storm surges. When size allows, they can keep their boat on a trailer and drive it to a safe location. They can also store a smaller boat in “high-and-dry” storage, or make arrangements for their watercraft to be hauled ashore at a facility with sufficient elevation to be beyond the reach of a storm surge. Owners of larger vessels may have a captain and crew to navigate their yachts out of an approaching storm’s path. By addressing the risk of damage from storm surges in advance, these boat owners can feel more comfortable excluding the coverage in their policy, thus reducing their premiums.
ACE also offers free preparation guides for “Hurricanes and Severe Storms,” along with “Hurricane Preparation Tips for Boaters,” which include recommendations for owners of trailerable and non-trailerable boats to undertake prior, during and after a storm.
ACE Recreational Marine Insurance is part of the ACE Private Risk Services business of ACE Group. ACE offers all-risk insurance coverage to protect the entire spectrum of pleasure yachts and boats, including cruisers, luxury mega-yachts and sailboats, sport fishing boats, classic and vintage vessels, ski boats, personal watercraft and select charter vessels.
ACE Private Risk Services is ACE Group’s high-net-worth personal insurance business, which provides specialty coverage for homeowners, automobile, recreational marine, umbrella liability and collections insurance for individuals and families with emerging and established wealth. Policies are issued by Bankers Standard Insurance Co., Atlantic Employers Insurance Co., and ACE Insurance Co. of the Midwest.
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