Based on my limited experience, 45years as a claims person, marine ins salesman, and the last 14 as a marine underwriter, this program will last a max of 2 years. I have seen it happen many times in the last ten years. Boat rental clubs, interval ownership, bareboat charters, the ability to underwrite is severely restricted, and the result is claims frequency, interlaced with some catastrophic claims and many with substantial injury or death to passengers and severe hull damage. In today’s litigious environment, $1 million P & I, with $25,000crew coverage,is seriously under-insured.
Based on my limited experience, 45years as a claims person, marine ins salesman, and the last 14 as a marine underwriter, this program will last a max of 2 years. I have seen it happen many times in the last ten years. Boat rental clubs, interval ownership, bareboat charters, the ability to underwrite is severely restricted, and the result is claims frequency, interlaced with some catastrophic claims and many with substantial injury or death to passengers and severe hull damage. In today’s litigious environment, $1 million P & I, with $25,000crew coverage,is seriously under-insured.