As summer approaches, boat owners look forward to spending weekends cruising lakes and waterways. However, this past winter served as a reminder that a boat doesn't have to be at sea to be at risk: January snows collapsed docks and boat slip roofs at marinas in Kentucky, severely damaging hundreds of boats and even pushing several craft past the point of reclamation.
Fortunately for insurers, these types of claims have not been enough to turn the tide of profitability they have enjoyed in recent years. “We had just a phenomenal season [in 2015] for boating, with no significant catastrophes,” says Todd Shasha, managing director of Travelers' personal insurance boat and yacht unit.
“Overall, we have seen a very manageable amount of claim activity,” says Mike Pellerin, vice president of underwriting at BoatUS, a boat-owners' association that underwrites insurance for its members through Geico Marine Insurance Co. “We are seeing more usage-type claims because more people are on the water — hitting an object, running aground, road accidents from trailering, and so on,” he adds.
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