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Navigating the recreational boating insurance market

RECREATIONAL boating is a multibillion-dollar industry and represents one of the most popular pastimes in the country. Whether for fishing, water-skiing, cruising or sailing, boat ownership and use have held remarkably steady during the recent

By Jerry P. Simon | Updated on February 29, 2004

RECREATIONAL boating is a multibillion-dollar industry and represents one of the most popular pastimes in the country. Whether for fishing, water-skiing, cruising or sailing, boat ownership and use have held remarkably steady during the recent turbulent economic times. But the same enjoyable recreational activities associated with boating also expose its participants to a myriad of financial risks. Those risks create significant opportunity for personal-lines agents.

While boating presents both need and opportunity in the marketplace, many agents find themselves navigating “uncharted waters” when venturing into the pool of private watercraft insurance. The agent-and the boat owner-may run “hard aground” or, even worse, financially “sink” if the insurance needs are not handled properly. Fortunately, there are some “channel markers” and “lighted buoys” that can help agents navigate through the opportunities and pitfalls of insurance for boats.

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