An uptick in watercraft sales yields opportunity for agents and brokers looking to help boat and yacht owners navigate some risky waters.

The Great Recession was expectedly rough on boat sales, which saw widely reported declines of 50% or more in revenues as the economy sunk. However, that tide is now turning—and producers who understand the exposures can make hay by writing coverage on new watercraft.

Sales of recreational boats (up to 26 feet in length), which account for 95% of craft on the water, were up about 10% in 2014. Sales of yachts (over 26 feet) were reportedly flat compared to 2013, but brokers and underwriters report smoother waters in the large-craft sector than in recent years.

Want to continue reading?
Become a Free
PropertyCasualty360 Digital Reader.

INCLUDED IN A DIGITAL MEMBERSHIP:

  • All PropertyCasualty360.com news coverage, best practices, and in-depth analysis.
  • Educational webcasts, resources from industry leaders, and informative newsletters.
  • Other award-winning websites including BenefitsPRO.com and ThinkAdvisor.com.

Already have an account?


NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

PropertyCasualty360

Join PropertyCasualty360

Don’t miss crucial news and insights you need to make informed decisions for your P&C insurance business. Join PropertyCasualty360.com now!

  • Unlimited access to PropertyCasualty360.com - your roadmap to thriving in a disrupted environment
  • Access to other award-winning ALM websites including BenefitsPRO.com, ThinkAdvisor.com and Law.com
  • Exclusive discounts on PropertyCasualty360, National Underwriter, Claims and ALM events

Already have an account? Sign In Now
Join PropertyCasualty360

Copyright © 2024 ALM Global, LLC. All Rights Reserved.