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Competitive yacht & boat quotes & consultation, we offer an array of convenient services for watercraft including competitive yacht and boat insurance quotes and expert advice..

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We have the information you need to find the insurance coverage that best fits you and your boat., looking to apply, we can customize coverage for your yacht, mega yacht, or sailboat including crew and navigational needs. simply complete the application and someone will get back to you within 24 hours..

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W.R. Hodgens Marine Insurance, Inc.

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Thank you for visiting W.R. Hodgens Marine Insurance, Inc., the yacht insurance specialists. Please contact us via the info below or go straight to the Yacht Insurance Quote Form to get the insurance quote your deserve.

We Specialize in all forms of Yacht Insurance

Over 30 years of providing yacht insurance, and we’re still going strong!

Yacht Insurance Experience

Insured Yachts

Satisfied Owners

1,000,000's

Insured Miles

What's Happening

Wr hodgens marine insurance covers all kinds of yachts, including motor yachts, trawlers, sailboats, catamarans, cruisers, go fasts, sportfish and more ..

Our Insurance Service is rated Excellent!

• Yacht Insurance- Worldwide or Local Navigation
• Boat Dealers Insurance including Flooring and Commercial General Liability Coverage
• Sightseeing and Excursion Vessels
• Commercial Vessels
• Marinas Insurance including General Liability Insurance
• Charter Fleets
• Liveaboards

Key Feature

When you obtain a quote and insure your yacht through w.r. hodgens marine insurance, inc. you receive great support. check out what w.r. hodgens marine insurance, inc. offers. best in class support.

Your yacht insurance support continues long after you purchase a policy. Hodgens Marine Insurance, Inc. is here to answer all your questions with satisfactory answers to what your policy covers, where coverage is offered and much more.

Long Term Services

We want your business long term.

W.R. Hodgens Marine Insurance, Inc. is here for many years to come.

Fill out the Quote Form which we will send to Marine Insurance companies. We will help you analyze the coverage you need and additional coverage for cruising areas, trans-ocean, tenders and crew.

Get the insurance policy you want. Call us toll free at 1-800-990-9283 or Contact Us through our website,  we'll discuss the details.

Get A Quote

Get a Competive Quote from leading insurance companies with A ratings.

Buy A Policy

Consult with us to make a decision which is the best insurance policy with coverage you want .

W.R. Hodgens Marine Insurance, Inc. is here to answer questions, adjust your coverage and make sure you have peace of mind. In the unlikely event you have a claim, W.R. Hodgens Marine Insurance, Inc. is here to walk you through the claim process from start to finish. Contact Us

Yacht Insurance Specialists!

1425 South Andrews Ave Suite 250 Fort Lauderdale FL 33316 Ph: 954-523-6867 · Fax: 954-523-6488 Toll Free USA: 800-990-WAVE (9283)

Marine Insurance Protection Above and Beyond Since 1989.

Since 1989, Anchor Marine Underwriters has been providing exceptional service to our clients throughout the United States. Our clients include boat and yacht owners, charter operators, commercial vessels, floating property owners, personal lines clients and owners of marine-related businesses. Our knowledgeable staff has over 75 years’ worth of combined experience in marine insurance and related fields.

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Yacht and Boat Insurance

Insurance Coverage for Yachts and Boats Around the World

Southeast Insurance Group works to secure their clients the broadest coverage available.

When protecting such valuable assets, it is important to find customized coverage most suitable for a client and our highly qualified agents are some of the best in the industry to do so. Our services do not stop at providing coverage for your vessel. Southeast Insurance Group agent, Tom Andersen, is a master claims expert who can help you in the unlikely event of a claim in a timely manner with the up-most ease.

Mega-Yacht Insurance

Our team’s expertise and knowledge for yachts range from cabin cruisers to the giants of the sea. Not only will we protect your investment against damage while on the sea or storage, but will also protect you against liability from using your yacht or mega yacht.

When selecting Southeast Insurance Group as your agent, you will be able to enjoy navigating the seas knowing you are in great hands.

From Canal Cruising to the Open Seas, We Help You Feel at Ease

Get your yacht insurance costs under control.

• Mega Yacht Insurance
• Small Boat Insurance
• Yacht Tenders and Toys
• Offshore Risk & Delivery
• Charter Yacht Insurance
• Competitive Insurance Rates
• Custom Luxury Yacht Programs
• Coastal Cruising & International Waters Insurance
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• A1 Class Insurance Provider Options
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• South America Insurance Coverage
• Bahamas & Caribbean Insurance Specialists
• Yacht Crew Insurance
• Crew Liability Insurance

Talk to a Southeast Yacht & Boat Insurance Specialist

We understand yacht and boat insurance markets and we can provide marine asset protection nationwide and internationally. Contact the Insurance Experts

the atlass insurance group PORTFOLIO OF INSURANCE SERVICES insurance risk managers & brokers

+1 800.330.3370, 954.525.0582, insurance agents login.

A RISK STRATEGIES COMPANY

Yacht and Boat Insurance | Mega-Yacht Specialists

We represent the finest insurers. offering “a” rated company coverage from the united states and europe..

The Atlass Insurance Group has direct access to most of the leading U.S. and London recreational marine boat insurance and yacht insurance underwriters. Because of our constant communication with the marketplace and ability to access those underwriters, we are able to provide the broadest coverage at the best terms to our clients.

Most importantly, in time of loss, the Atlass Insurance Group is ready to advise and assist in the settlement of claims. We are constantly in touch with surveyors and claims adjusters worldwide, and are fully committed to fair and equitable claims settlements for our insured.

Customized Coverage & Exclusive Yacht & Boat Insurance Product Solutions

Atlass specialists can arrange insurance coverage for all categories of yachts and pleasure craft worldwide. We provide the finest and most affordable marine boat and yacht insurance products available. Our insurers represent the yachting spectrum from coastal cruising small boats to mega yachts worldwide.

Motor Boats & Sailing Boats Covered, Including High Performance Boats

Headquartered in fort lauderdale florida, atlass insurance group is engaged continuously, in the marine insurance markets of the united states and abroad.,    get-a-quote   |   yachts & boats.

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Yacht Insurance

We understand your yacht isn’t a typical boat, and your insurance policy shouldn’t just be a typical boat policy. Each yacht insurance policy can be customized to fit your yacht, your needs, your budget, and your style – whether that means medical payments, hull and watercraft protection, boat house coverage, business entertainment coverage, pollution liability, or just plain saving you some money.

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Yacht insurance

The marine insurance leader for over 45 years.

Find a Markel marine agent and get a free, no-obligation quote today.

If you love your yacht, you’ll love our insurance.

We’ve been the yacht insurance leader for over 45 years because we provide coverages that fit your yacht and your lifestyle. Markel yacht insurance can offer distinct advantages in coverage features, options, knowledge and experience.

Why do you need yacht insurance?

Whether you own a yacht or a houseboat, we understand it’s not a typical boat and shouldn’t be covered by a typical boat insurance policy. That’s where we come in—each Markel yacht insurance policy can be customized to fit your yacht, your needs, your budget and your style.

Still not sure?

Here’s a few of the potential advantages to insuring your yacht with us:.

More complete coverage than any other carrier at no additional cost.

Experienced yacht underwriters and marine claims specialists who provide prompt, responsive service.

Discounts and cost-effective coverage options to save you money.

Flexible payment options.

Save money by customizing your yacht insurance

Actual cash value coverage (ACV) Reduce your coverage to ACV, which factors in depreciation of your yacht should you have to file a claim.

Lay-up option We’ll discount your yacht insurance premium during the winter months when your yacht is not in use.

Higher deductibles If you can manage minor repairs to your boat on your own, selecting a higher deductible will reduce your premium.

Windstorm exclusion Live in an area that isn’t at risk for a hurricane? You may consider removing windstorm coverage from your policy.

Liability only Coverage in case you damage another yacht and/or person (doesn’t require a survey—even for older boats).

What we offer

We offer coverage for a variety of watercrafts over 26 feet in length, including:.

• Sport fishing boat

Our coverages can include:

• Coverage for your yacht
• Coverage for you
• Optional coverages

Hull and equipment insurance protection including:

• Protect and recover can cover reasonable costs incurred when trying to protect your yacht from further damage after an accident
• Consequential damage for non-wood yachts–normal wear and tear and deterioration is not typically covered under a yacht insurance policy. However, if your yacht suffers damage from fire, explosion, sinking or collision because of one of these conditions, you may be protected
• Ice and freezing damage coverage if you contracted with a commercial marina or repair facility
• Agreed value for total loss
• Deductible waived on most total losses
• No depreciation on most partial losses
• Automatic tender coverage

Windstorm extra expense If there is a named storm, watch or warning, we will share the expense with you to help protect your yacht before the storm makes landfall.

Personal effects coverage For all the “extras” you physically bring onto your yacht. (i.e., smart phone, camera, etc.)

Emergency towing and assistance Coverage for towing expenses if your yacht happens to get stuck in or out of the water, including the delivery of gas, oil and parts.

Rental reimbursement coverage Coverage for when your yacht is being repaired from a covered loss.

Uninsured boater Unfortunately, not all boaters on the water have insurance. This coverage helps protect you and your family members if you are injured in an accident caused by an uninsured boater. Coverage is automatically included if watercraft liability is purchased.

Pollution liability Pollution coverage helps protects you if you are held legally liable due to an oil pollution leak or spill.

Medical payments Coverage for injuries suffered during an accident on your yacht.

Paid crew (Jones Act) Protection for you if you are legally responsible for injuries to a paid captain or crew member while on your yacht.

Protection and indemnity Coverage in the event that you are responsible for injuries to another person, or damage to their boat or property. Wreck removal is included with purchase of hull coverage.

• Boat trailer coverage
• Boat lift and boat house coverage
• Fishing tournament reimbursement for fishing boats
• Fishing equipment protection
• Transit and storage coverage
• Trip coverage
• Trip interruption reimbursement
• Personal liability coverage if you live aboard your yacht

Frequently asked questions about yacht insurance

General questions.

How much coverage do I need? Each boat, person, location and situation is different. There isn't a good way to give a "ballpark" figure for how much coverage you need. It’s best to evaluate your comfortable level of risk when protecting your boat, assets and passengers. Your best option is to call our boat specialists at +1.800.236.2453 to discuss the best coverage for you.

Can I insure my yacht for liability only? Yes, we offer protection and indemnity (liability only) coverage to help protect you in case you are responsible for injuries to another person or damage to another boat or property. Many carriers do not offer liability-only policies for yachts, or if they do, require a survey. However, Markel’s protection and indemnity coverage does not require a survey, so you’re able to do what you love without worries out on the water.

Will my policy cover normal wear and tear of my yacht? Most insurance policies will not cover normal wear and tear of your yacht and the deterioration or the resulting damage. However, if your yacht is damaged from fire, explosion, sinking, collision or stranding, you may be protected under our consequential damage coverage.

Can I use my yacht for chartering? We know that sometimes yacht owners charter their yacht for sightseeing tours or even sport fishing to help offset some of the costs of owning a yacht. Markel offers an optional limited charter coverage for these situations provided the captain of the watercraft has a minimum of 2 years loss-free experience of yachting. Additional restrictions may apply.

I live on my yacht. Am I covered? Markel provides live aboard coverage. Be sure to disclose that you live aboard to your agent.

My yacht is in a corporation's name. Can I still insure it with Markel? Our yacht insurance policy can cover corporately titled boats for both personal use and client entertainment. We do require all corporately titled boats designate a designee of the watercraft. Contact your agent to learn more.

Do I need to insure my yacht in the winter? It may seem that since you don't use your yacht in the winter you don't need to insure it. This is a risky way of looking at insurance and one that we have seen cost far too many people far too much money. Your yacht is at risk for damages at all times of the year, not only when it's on the water. For example, if your yacht is placed in storage for the winter and is damaged, you will not have any assistance in paying for those repairs without an active insurance policy.

Do you cover unique boats? We offer coverage for various kinds of boats that other insurers may shy away from, including: high performance boats, airboats, hovercraft, etc. Not sure if your watercraft will be covered? Give us a call at +1.800.236.2453 to speak with one of our marine insurance specialists.

What kind of fishing equipment is covered? Your rods, reels and tackle are automatically covered under your personal effects coverage up to the limit purchased. If that coverage isn't sufficient, our fishing equipment coverage provides insurance protection at replacement cost. Please contact one of our marine insurance specialists at +1.800.236.2453 to find out more.

Claims questions

How do I file a claim? We understand that no one wants to file a claim. That's why we do everything we can to make the process as painless as possible. You can report your yacht insurance claim by calling our office at +1.800.236.2453 or submit your claim online and we'll take it from there.

How long will it take for my claim to be processed? We are committed to investigating, evaluating and resolving marine insurance claims in a timely manner.

Is there anything I can do to help speed up the claim process? Yes, you can help streamline the claims and settlement process and avoid delays by providing the following information when you file your claim:

• Policy number
• Date, time and location of loss or damage
• Description of loss or damage
• Digital photos (if possible)
• Phone number to reach you

Additional resources

Related articles.

From boat safety tips to breaking down yacht insurance, find the information, advice, and resources you’ll need all in one place.

Warrior Sailing

Markel is a proud supporter of Warrior Sailing, an organization dedicated to healing and strengthening the lives of veterans through sailing. Visit warriorsailing.org to learn about Warrior Sailing and how you can donate to the program so they can continue to help the lives of wounded veterans.

Related products

Specialized coverage designed specifically for boats 26 feet or less, such as pontoons, runabouts, fishing boats and more.

High performance boat

Insure your high performance watercraft with a high performing policy for all your specific needs.

Personal watercraft

Fit your budget and boating style with affordable and customizable coverage for your personal watercraft.

Charting a Smooth Course for Recreational and Commercial Marine Insurance

Find out more about our insurance programs.

Merrimac Marine: The Marine Insurance Experts

For over 35 years, Merrimac Marine Insurance has been a beacon for the recreational marine insurance industry, providing the expertise and experience required to assist the various segments that make up this market in mitigating and transferring risk. When your agency partners with Merrimac, you will be working with seasoned professionals delivering a comprehensive insurance program with broad coverage forms, consultative loss control, and proactive claims management along with exceptional customer service to ensure that your clients’ needs are being served. Your clients can be assured that we will be there with them in the event of a claim.

Our mutual goal with our agency partners is to help you obtain and keep your clients year after year through solid insurance protection and responsive service.

We work with more than 15 top-tier admitted and non-admitted insurers in the insurance market backed by stability and financial strength to secure the coverages that will address the various exposures recreational marine and commercial marine insurance customers face. From losses due to natural catastrophes, fire, and other hazards, to accidents and injuries to product liability claims, and errors or omissions in providing professional services, Merrimac will assist you in getting your insureds covered.

Marine Insurance Policies

We provide critical coverages for the recreational marine and commercial or light marine industries to protect against financial losses in the event of an incident or accident. We offer a portfolio of optional coverages, as well.

Liability coverage to help transfer risk for business operations

General Liability, Product Liability, Protection and Indemnity, Marine Liability/Operators Legal Liability, Professional Liability, and others.

Property coverage to cover businesses against physical damage and other risks

Real and Personal Property, Yacht Dealer, Equipment & Tools, Business Income, and others.

Inland Marine insurance

Equipment floater, Installation floater. and others.

Employee coverage

Workers’ Compensation and Jones Act/MEL/USL&H, United States Longshore and Harbor Workers Act (we understand the law with regard to providing coverage for workers on land and on or near the sea).

Our Specialties

Merrimac specializes in providing insurance solutions to key marine industry segments:

• Boat Dealers
• Marinas & Yacht Clubs
• Personal Watercraft/Pleasure Craft Rentals
• Boat & Yacht Builders
• Shipping Industry/Ship Repairers
• Marine Manufacturers
• Manufacturing: Parts & Accessories
• Commercial Marine
• Marine Contractors (construction projects involving port authorities, bridges, docks, dredgers, seawalls)
• Marine Repairers
• Marine Surveyors
• Marine Employee Liability (MEL)
• Protection & Indemnity (P&H) Crew Seaman

For three decades Merrimac Marine Insurance has been a beacon for the recreational marine insurance industry by providing the expertise and experience required to assist the various segments that make up this market in mitigating and transferring risk.

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Marine Insurance Is What We Do, All Day, Every Day

Our focus is on the recreational and commercial marine industries, with our clients ranging from middle-market to large global companies within the specialized marine industry. We are available to assist agents in safeguarding your clients against risk and expanding your footprint in this market. We can help your review your clients’ and prospective businesses’ existing coverages and each insurance policy to assess if their insurance program properly addresses their risks. Our specialists will also review their cost of their program to determine if we could save your clients money. Give us a call at 800.681.1998 or complete the form on this page for more information.

Call us today! 727-202-0290

YACHT INSURANCE

Legacy Underwriters, Inc in St Petersburg offers Yacht Insurance throughout Florida and the Gulf Coast States, with our Wholesale Marine Insurance Representatives having many years’ of experience helping Yacht Owners and operators insure their vessels.

When you call Legacy Underwriters to discuss your Yacht Insurance , we will ask you a series of questions designed to help us identify the right coverage for your vessel. In addition to the age and value of your Yacht or Charter Boat, we will ask about how you use it and what waters you will navigate. This allows us to give you a charter boat insurance quote from our many insurance providers that will provide you with the most coverage for the least amount of money.

BENEFITS OF OUR YACHT INSURANCE:

Our Partnership with A Rated Carriers help us build you a Custom Yacht Insurance Plan including:

• Personal Yachts
• Corporate or Charter Yachts
• 27′ in Length or Greater
• Values to $5 Million – See our Mega Yacht Insurance Page for values greater than $5 Million
• Cost-saving, Enhanced or Custom Coverages offered to fulfill specific needs
• Broad Navigation Limits
• Physical damage caused by a collision with a submerged object
• Damage caused by a collision with another vessel
• Liability for bodily injury or damage to the property of others
• Damage to personal property on the Yacht
• Gas delivery, towing and assistance if your Yacht is stranded
• Theft of Yacht
• Accidental Damage

PROTECT YOUR INVESTMENT

Don’t risk having inferior Yacht Insurance coverage in Florida by choosing the wrong policy. Our Yacht Insurance providers have a variety of levels of coverage depending many factors, including the size, age, and how you plan to use your Vessel. We will guide you through this process to make sure you get the right coverage and nothing is left unprotected.

• Personalized Yacht Insurance
• Yacht Hull Insurance
• Personal Property Insurance
• Liability Insurance

PROTECTION IN CASE OF ACCIDENT OR INJURY

In addition to protecting the value of your Vessel, we also offer Yacht Insurance coverage to protect you in case of accident or injury. From bodily Injury to property damage, we have the Yacht Insurance policies to provide coverage for medical expenses and loss of personal effects.

FILL OUT OUR YACHT INSURANCE APPLICATION ONLINE

Download our Yacht Application

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MAILING ADDRESS

Legacy Underwriters PO Box 55279 St Petersburg, FL 33732 727-202-0290 [email protected] www.legacyunderwriters.com

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Yachts & Cruisers

Yacht insurance for the emerald coast.

Get here the coverage you need for your yacht or cruiser.

What Does Yacht Insurance Cover?

Yacht and cruiser insurance typically covers physical damage to the vessel, including hull damage, engine damage, and electronics damage. It can also cover personal belongings on board the ship, towing and emergency service, and liability if someone is injured while on board your yacht or cruiser. Several types of coverage are available under a yacht and cruiser insurance policy.

Some of the most common include:

Liability Coverage

Collision coverage, comprehensive coverage, medical payments coverage, uninsured/underinsured boater coverage, personal property coverage, towing and labor coverage, frequently asked questions, why choose us, affordable coverage options, superior customer service, reach us now.

Are you looking for reliable and affordable Yacht & Cruiser Insurance? If so, you’ve come to the right place. At Term Brokers Insurance Services, we understand the importance of protecting your yacht & cruiser Insurance. We’re here to help you find the perfect policy for your needs. Contact us today at 850-864-2000 to learn more!

Term Brokers Insurance Services

Get a free quote for your yacht & cruiser insurance.

• 348 Miracle Strip Pkwy SW Ste 30-A, Fort Walton Beach, FL 32548, United States

What Is Yacht & Cruiser Insurance?

Yachts and cruisers are luxury watercraft that require specialized insurance coverage. These vessels can be expensive to repair or replace, so protection is essential in case of an accident. Yacht and cruiser insurance can provide financial peace of mind should something happen to your vessel. Term Brokers Insurance Services is a leading yacht and cruiser insurance provider in Emerald Coast We can help you find the right coverage for your needs and budget. With our years of experience, we can find the right policy to protect your investment.

We'll Make Sure You're Protected On The Open Sea

If you’re looking for yacht or cruiser insurance > 30 feet in Emerald Coast, our Term Brokers Insurance Services experts are here to help. We’ll ensure you have the coverage you need to stay safe and protected on the open sea. We know how important this is for you and your investment, so we will work with you to create a policy that fits your needs and budget.

Whether you are a first-time boat owner or a seasoned sailor, we can help you find the right insurance for your yacht or cruiser. We understand the ins and outs of boat insurance so that we can find you the best coverage at the most affordable price.

Ready to Request a Free Quote?

Term Brokers Insurance Services is an expert in finding the right insurance for our clients. We take the time to get to know you and your family to find the best coverage for your needs.

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348 Miracle Strip Pkwy SW Ste 30-A,Fort Walton Beach, FL, United States

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Call 850-864-2000, send us a message, request a quoute, home owners insurance quote, auto insurance quote, something else, personal insurance.

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Marine Industry Insurance. Expert Advice. Personal Service.

We pride ourselves on the expert advice and exemplary service we have been providing since 1991.

How Can We Help You

Unrivaled expertise, flexible solutions, and personal service. No matter what the situation, MHG can find the right solution for you.

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Offer the right benefits, keep the best crew.

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As life happens, we’re here for you.

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Life is an adventure. Take MHG with you.

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Building a business is hard work. Insuring it doesn't have to be.

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Whether you are living, working, or hiring from abroad.

Ocean Marine Insurance

Marine related liabilities shouldn't stop your business. Let us help.

Learn more about our personalized insurance solutions

Get to Know Us

We build personal relationships with our clients in order to best understand their unique circumstances and lifestyle.

Clayton Swart

Manager, business development.

Clayton is one of the most recognizable members of our team.

As the Manager of Business Development, Clayton is always on the go. If he isn’t traveling to a boat show, he is meeting or following up with our marine clients. A seasoned international traveler, Clayton brings a decade of experience working in the yachting industry, both on board and onshore. He is dedicated to his industry and cofounded the non-profit Young Professionals in Yachting to educate and promote ethical business practices, and ultimately facilitate success for young professionals within the worldwide yachting business community.

Sherry Wertz

Director, cruise division.

Conor McDonald

Sr account executive.

Nadia Bedasse-Francis

Nadia makes insurance fun and easy!

Nadia understands how overwhelming insurance can be and loves to make the process easier for clients. Whether clients have questions about the plan or need assistance with a claim, Nadia is always ready to help!

Audrey Quaggin

Manager, claims services.

Joanna Drysdale

Manager, underwriting services, articles and upcoming events, how cruise line crew members can better understand their medical coverage, what kind of insurance do yacht crew need, what is yacht charter cancellation insurance, not sure where to start let's work on it together..

No waiting or confusing buttons to press: our Insurance Specialists pick up the phone!

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Call +1 954 828 1819 or +44 (0) 1624 678668 to speak with a broker about your specific insurance needs or fill out this form and we will get back to you within one business day.

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Marina operators, boat dealers, premier boat builders/manufacturers, yacht brokers, and yacht clubs must protect against risks that can occur both in water and on land. Our flexible solutions can provide insurance protection for your full scope of marine operations.

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Marine Facilities Recommendations

Marine Facilities insurance must not only protect against risks that occur in water, but also on land. Chubb’s Marine Facilities team offers these recommendations to help marina/yacht club owners, boat dealers, and boatbuilders navigate those risks effectively.

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AJG Acquires Florida’s Specialty Risk Management Agency

The global insurance brokerage Arthur J. Gallagher has acquired Fort Myers-based Specialty Risk Management Services and its affiliate agency, Private Client Insurance Services, the broker announced Monday.

Specialty Risk provides commercial property insurance services in Florida, including workers’ compensation, auto, general liability, as well as claims management. Private Client specializes in commercial risk, condominium association coverage and in personal lines, including homeowners, flood, auto and yacht insurance.

Terms of the deal were not disclosed.

Elaine Hawkins, Wes Brewer and other Specialty personnel will remain in their current locales, reporting to Bumpy Triche, head of Gallagher’s Southeast property/casualty brokerage operations, Gallagher said in a news release.

Topics Florida Mergers & Acquisitions Excess Surplus A.J. Gallagher Risk Management

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Business | South Florida yacht brokers hit with lawsuits…

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Business | south florida yacht brokers hit with lawsuits that claim 10% commissions violate antitrust laws.

Two newly filed federal lawsuits claim that 10% sales commissions required by South Florida’s yacht broker industry are anticompetitive and violate antitrust laws.

The claims follow an October finding by a federal jury in Kansas City, Missouri, that the National Association of Realtors conspired with brokers to artificially inflate commissions paid to real estate brokers. The ruling, and a March 15 settlement by the Realtors, is expected to radically change how homes are sold in the United States.

Both lawsuits involving yacht brokers name as defendants the International Yacht Brokers Association, based in Fort Lauderdale, the Yacht Brokers Association of America, Boats Group LLC and YATCO LLC.

Also listed as defendants in both suits are a who’s who of South Florida-based yacht brokers, including Denison Yacht Sales, MarineMax Inc., Galati Yacht Sales Inc., Allied Marine Inc., Tournament Yacht Sales LLC and Northrop & Johnson Yacht Ships, among others.

Nearly all of the defendants are headquartered in South Florida.

The most recent suit, filed on March 22, proposes a class of plaintiffs that includes anyone who listed vessels on certain Multiple Listing Services using a listing agent or broker affiliated with one of the defendants and paid a buyer’s broker commission since March 22, 2020.

The lead plaintiff in the lawsuit is Kip Lamar Snell, identified as an Alabama resident. Snell entered into an agreement with Galati to sell a 41-foot Express Cruiser Sea Ray in July 2020 and ended up paying a $12,000 commission on the $120,000 sale price, the suit states. The lawsuit lists as defendants 15 brokers and six organizations that promote the yacht trade or operate Multiple Listing Services.

That lawsuit follows one filed on Feb. 29 that proposes a class of plaintiffs that includes anyone who paid a commission to a listing broker affiliated with the defendants since Feb. 19, 2020. It lists as defendants 11 brokers and five organizations that promote the yacht trade or operate Multiple Listing Services.

The lead plaintiff in that suit is Ya Mon Expeditions, a Wyoming company that paid a “substantial broker commission” when it sold a vessel in January 2023 while represented by Tournament Yacht Sales of Tequesta.

The most recent complaint accuses the trade associations of colluding with brokers to “enforce an anticompetitive restraint that requires (sellers of pre-owned yachts and boats) to pay a brokerage fee to the buyer’s broker and a total aggregate commission fee that is inflated as a condition for selling their yachts.”

The complaint states the typical commission is 10% and is shared between the seller’s broker and the buyer’s broker under terms spelled out in Central Listing Agreements provided by the brokers associations, including the International Yacht Brokers Association and the Yacht Brokers Association of America.

Only boat brokers are able to list boats and yachts on such Multiple Listing Services as YachtWorld.com, BoatTrader.com and Boats.com, and the Multiple Listing Services will not accept listings from owners who want to sell their vessels themselves, the lawsuit states.

Yacht owners are “severely disadvantaged” if they do not list their boats for sale on the listing services, while buyers suffer because their brokers are “financially incentivized” to show boats that will earn them standard “and inflated” commission rates of 4% to 5% through co-brokerage transactions, the complaint states.

None of the defendants contacted for this story responded to a request for comment, and no response has been filed yet in either case.

Robert Allen Jr., whose Miami-based law firm Robert Allen Law represents the International Yacht Brokers Association, did not respond to emails or return a phone call.

A woman who answered the phone at the International Yacht Brokers Association said, “We have no comment on that,” and hung up after a reporter asked for her name.

Of six brokers contacted for comment about the lawsuits, only Tournament Yacht Sales responded to emails. “No comment,” the company’s response stated.

Overall commissions have increased faster than the rate of inflation in recent years as the price of larger boats and yachts have increased, according to the lawsuit that lists Snell as lead plaintiff.

The result is that boat owners pay “hundreds of millions of dollars” in inflated commissions each year, the suit alleges.

Both lawsuits allege violations of the Sherman Antitrust Act that are upheld by “brokers who should be competing with one another but, instead, cooperate with each other to the detriment of pre-owned boat sellers.”

Some brokerages represent both buyers and sellers and retain the entire 10% commissions, the suits state.

The trade associations enforce rules requiring brokers to offer their boats through a listing service and to share commissions, the suits state, adding that they can impose significant penalties on members who do not comply with their rules.

Yacht purchasers are disadvantaged by the current system, the lawsuit alleges, because their agents would otherwise negotiate for their business by decreasing their commission rates.

But buyer brokers’ commissions have remained constant despite their diminishing role, the suits state. Many buyers today find boats they are interested in purchasing through online searches and enlist the services of a buyer’s broker only after identifying the yacht they want to buy, the suits claim.

The lawsuits seek an order declaring the commission structure to be illegal, a permanent injunction outlawing what they describe as anticompetitive conduct, plus damages and/or restitution, pre- and post-judgment interest, and attorneys’ fees.

Paul Geller, an attorney for one of two law firms representing the class that includes Snell, acknowledged “parallels between the allegations relating to commissions in the real estate and yacht markets.”

In the real estate matter, the National Association of Realtors on March 15 agreed to a $418 million proposed settlement that would free home sellers from paying commissions to brokers for both sellers and buyers.

After a jury ruled for the plaintiffs in the case against the National Association of Realtors in October, numerous lawsuits were filed across the country with similar allegations, including one in December against the Florida Association of Realtors and 16 brokerages.

“At bottom, the goals of (the suit against the yacht brokers) are similar: protecting consumers by challenging what we allege to be anti-competitive conduct,” Geller said by email. “We believe in the universal truth that consumers benefit by increased transparency and the competitive pricing that results from negotiated terms, including commissions.”

Geller is a partner at Robbins Geller Rudman & Dowd LLP, which specializes in securities litigation on behalf of investors. The firm has offices in 10 cities, including Boca Raton.

Ron Hurtibise covers business and consumer issues for the South Florida Sun Sentinel. He can be reached by phone at 954-356-4071, on Twitter @ronhurtibise or by email at [email protected].

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