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With the devastation of Superstorm Sandy still fresh in the minds of boat owners, many on the Atlantic and Gulf Coasts have sought affordable ways to protect their vessels in the event of another severe storm. ACE Recreational Marine, one of the nation’s largest recreational marine insurance providers, and part of ACE Group, today announced the introduction of a unique optional endorsement that waives coverage for storm surge damage for those boat owners who are willing to move their vessels out of harm’s way, and rewards them with a potentially substantial reduction in their insurance premium.
“Owners who keep their boats on coastal waters from Maine through Texas will save the most with this new option,” said Damon R. Hostetter, Senior Vice President, ACE Recreational Marine. “We foresee our optional Storm Surge Exclusion endorsement appealing to boat owners who are passionate about their boats, and willing to move their vessels beyond the reach of a storm surge, waves or high tidal waters caused by a severe storm. In return, they can enjoy an opportunity to save what could be a considerable amount of premium dollars.”
Conscientious boat owners have a number of methods for preventing damage from storm surges. When size allows, they can keep their boat on a trailer and drive it to a safe location. They can also store a smaller boat in “high-and-dry” storage, or make arrangements for their watercraft to be hauled ashore at a facility with sufficient elevation to be beyond the reach of a storm surge. Owners of larger vessels may have a captain and crew to navigate their yachts out of an approaching storm’s path. By addressing the risk of damage from storm surges in advance, these boat owners can feel more comfortable excluding the coverage in their policy, thus reducing their premiums. This distinctive insurance option is yet another example of ACE continuing to lead the way in offering highly tailored protection to families and individuals who own boats, homes, and other tangible assets.