Top 10 Most Important Boating Safety Tips

May 8, 2023 By W3 Insurance

As the weather warms up, many of us head to lakes, rivers, or the ocean to fish, waterski, cruise, and relax onboard a boat, yacht, or other personal watercraft. With nearly 12 million registered recreational boats in the United States, it’s no wonder the waterways are a popular place to go. But, before you head out with friends and family, take note of a few important safety tips.

1. Choose the right life jackets and make sure everyone wears one.

In approximately 80% of fatal boating accidents the cause of death was drowning. Of those, 83% weren’t wearing a life jacket. Insist that your crew and guests all wear a life jacket that fits them well. This can help them stay afloat in rough waters, protect them against hypothermia, and in some cases, keep their head above water.

All boats must be equipped with at least one Type I (off-shore life jacket), Type II (near-shore buoyancy vest), Type III (floatation aid), or Type V (special use device) personal floatation device for each person on board. Boats that are 16 feet or longer must have an additional Type IV throwable device as well.

2. Assemble a boat safety kit.

Having the right tools when you need them can spell the difference between a problem and an emergency. That’s why you should prepare a boat safety kit with common items you might need if something goes wrong. Some items to include:

First Aid Kit – For treating minor wounds and injuries.
Bucket – For bailing out water that’s come over the side.
Flashlight – For seeing in the dark if you’re stuck out at night without power.
Fire extinguisher – For putting out fires.
VHF Radio – For calling for help.
Personal Floatation Devices (PFDs) – For keeping people afloat if they’re stuck in the water.
Flares – For signaling your location in an emergency.
Duct Tape – For temporarily patching leaks.
Rope – For securing your craft or tying down loose objects in bad weather.
Whistle – For signaling your position or intention to other boats.

3. Never drink alcohol and go boating.

Alcohol use is a leading contributor to fatal boating accidents, causing approximately 15% of deaths each year. Stay sharp when you’re on the water by leaving the alcohol on dry land.

4. Take a boating safety course.

Only 13% of boating deaths occurred on vessels where the operator had received a nationally approved boating safety education certificate. You may even qualify for a reduced insurance rate if you complete a safety course. Contact your local Coast Guard Auxiliary, U.S. Power Squadron chapter, or visit uscgboating.org for details.

5. Act before a storm hits.

Storm and hurricane forecasts and warnings are issued by the National Hurricane Center. Boaters can get information from VHF marine radios, commercial radios, television stations, and newspapers. As a boater, you need to be aware of these types of advisories and take action before a storm hits. Warnings range from small craft advisories, with winds of 18 knots or less, up to hurricane warnings with winds of 74 miles per hour (64 knots) or greater.

6. Register for a Maritime Mobile Service Identity (MMSI) number and get a VHF radio equipped with Digital Selective Calling (DSC) connected to your GPS.

When in coastal and inshore waters, these preparations help take the search out of search and rescue. DSC allows the VHF radio to transfer information digitally, and to instantly send a digital distress alert, which includes your exact position, to the Coast Guard upon activation of the emergency button. Part of the alert is the MMSI number, which will identify your vessel automatically.

7. Drive at a safe speed and follow all boating and safety navigation rules.

Excessive speed and improper lookout are two of the top contributing factors to boating accidents. Make sure you understand the local rules and laws of the waterway and follow them closely. Take note of visibility, traffic density, and proximity to navigational hazards such as shoals, rocks, or floating objects.

8. Put down the cell phone.

One of the top five contributing factors to boating accidents is inattention. Just like distracted driving on our highways, talking, texting, and other use of cell phones while boating is a growing problem on the water. Don’t contribute to this problem. Keep your eyes on the water ahead and around you.

9. Use a carbon monoxide detector.

All internal combustion engines emit carbon monoxide, a poisonous gas that can sicken you in seconds and kill you in minutes. Remember, you can’t see, smell, or taste CO, so know the symptoms (they’re similar to seasickness or alcohol intoxication).

10. Get a free vessel safety check.

Boats are complex machines and need regular maintenance to stay running smoothly and safely. The U.S. Coast Guard Auxiliary and U.S. Power Squadron offer Vessel Safety Checks at no cost, so let their certified vessel examiners check your boat’s equipment and provide you with safety information before you go out on the water. Check with your marina or yacht club to find one in your area.

Protect Yourself and Your Vessel

At Wallace, Welch & Willingham, we specialize in marine insurance. We offer flexible plans for almost every type of boat or personal watercraft. Contact us online or call us at 727-522-7777 to find out what you need to stay safe in rough waters.

Updated on May 8, 2023. Read the original article on Chubb.com.

The Impact of Hurricane Ian on the Boating Industry

April 14, 2023 By W3 Insurance

When Hurricane Ian made landfall on Caya Costa Island, Florida on September 28, 2022, it unleashed more than just immediate harm to life and property. Well into 2023, the Florida boating industry is still experiencing lasting changes and challenges brought on by the category 4 storm. “Hurricane Ian insurance” is still a top search phrase on Google, and Florida boat owners and property owners alike are left wondering: How can I properly cover my belongings to protect against damages from such a storm?

The marine insurance sector was drastically affected by Hurricane Ian. Winds of over 155 miles per hour damaged many insured vessels. So many claims were filed after the storm that many insurance companies opted to leave the Florida market, cease writing new policies and/or impose new terms, which may impact future boat policy renewals. This leaves boat owners with fewer coverage options today than they had a year ago. In addition, underwriting requirements are now stricter than before, and homeowners insurance in the Sunshine State is following a similar trajectory.

On the marine side, some premiums have skyrocketed. Boats damaged by Hurricane Ian, essentially broken crafts, bobbed in the surf for months after the storm fizzled. Salvage crews worked for weeks to meet immense demand. Not long after, a large number of used boats started to appear on the resale market “as is.”

What does this have to do with you, and how do you navigate the post-Hurricane Ian insurance marketplace? By understanding the impact Ian had – and continues to have – on Florida boating and related sectors, you can find coverage options that are still available for most vessels.

The following snapshot of the post-Ian insurance market will reveal why it’s more difficult today to find a comprehensive policy.

Hurricane Ian and the Insurance Market

The aftershocks of Hurricane Ian range from the tangible (wrecked vessels and property wind damage) to the intangible (premium rate hikes and fewer marine insurers in the marketplace). Damage estimates from the storm are on par with those of Hurricane Katrina in their brutality, significance, and overall price tag.

This affects consumers in myriad ways. Not only is it more difficult now to secure a policy that protects a boat or a home in Florida, but the policies on offer are now significantly more expensive. Florida homeowners insurance, for example, has undergone rate hikes ranging from 6 to 11% or more..

This affects commercial and residential property owners alike who have no choice but to pay the increased costs. After all, you never know when the next hurricane will form over the Atlantic, aimed for the Florida coastline. It’s imperative to elect insurance before a tropical system exists, because once a storm is identified as a threat, insurers historically will not allow the public to purchase insurance for protection. Going even further to protect themselves post-Ian, some insurers now won’t even offer a new policy for protection once a tropical depression is spotted on the radar.

Meanwhile, the coverage that is available should be closely scrutinized. While it’s possible to secure insurance coverage in today’s marketplace for home and marine vehicles in Florida, policies may carry exclusions for wind and named storms. To ensure that you carry the policy that best protects your investment, partner with an insurance advisor who understands the current marketplace and can offer personalized protection.

Hurricane Ian and the boat resale market

Used boat shoppers beware: Hurricane Ian boats with low sticker prices might be lemons – and they also might be uninsurable. Thousands of boats were damaged as Hurricane Ian swept boats from their moorings and devastated even secure-seeming harbors. Many of these crafts received patch jobs and were put up for sale at cheap prices. Before Hurricane Ian, it was sometimes possible to get insurance for repaired boats if they were carefully vetted for seaworthiness. Today, finding coverage is more difficult than ever before. So many damaged crafts have flooded the marketplace that insurers are wary of taking chances on them.

What about insuring property?

As of February 2023, data from the Office of Insurance Regulation indicated that 40% of property claims have either been stalled or rejected. This makes sense: according to reinsurer Swiss Re, Ian is to blame for $112.9 billion in damages. Only Hurricane Katrina has Ian beat when it comes to losses. Now more than ever before, it’s imperative that you work with an experienced insurance advisor to obtain coverage.

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about insuring against damages caused by flooding.

Trust a professional who understands the current insurance marketplace and can find you the best coverage for competitive premiums. Today, that’s no easy task. It takes an insurance advisor’s assistance in order to stay up-to-date with sector changes. Secure a solid policy to ensure you have the right coverage.

Has homeowners insurance been specifically affected?

Hurricanes have the ability to peel off roofs, break windows, and bring forth storm surges that destroy even the most sturdy abode. It comes as no surprise that homeowners insurance has been specifically affected by Hurricane Ian. Even homeowners who barely detected a raindrop from Ian can expect to pay much more for homeowners insurance than ever before.

This truism is because of the massive number of claims filed by homeowners who were affected by the storm. Paying out that many claims is bound to have an effect on future rates, as insurance companies are still scrambling to find the funds to make good on their coverage promises. It doesn’t matter, then, if your area of Florida has never had problems from hurricanes. The state is seen as a high coverage risk, from down in Key West up to Pensacola. And homeowners are going to pay the price.

Specific impacts to the marine insurance sector

There’s good news and there’s bad news. The good news is there’s never been a better time to find a used boat. The bad news is that virtually no insurance company is going to insure a sea craft totaled by Ian, no matter how great the restoration job. Before purchasing a used vessel, though, talk with your marine insurance advisor regarding your coverage options. That way, you won’t be stuck out on the water uninsured.

Deductibles are also steadily increasing, even for new vessels. The bottom line is this: understanding your coverage means avoiding unwanted surprises later. There are fewer companies insuring boats now, and most have changed their policies to reflect the ripple effect Ian continues to have on the insurance marketplace.

Shop for marine insurance wisely. Enlist an ally from W3 Insurance.

Is it safe to boat after Hurricane Ian?

The answer to that question depends on where you are. Certain areas are no longer safe. The hurricane dredged certain waterways and swept debris into others. Caution is always the best option when it comes to avoiding potentially changed seas. Hidden debris is best seen on a viewfinder, which is a handy tool to have on board.

Pollutants also linger in the waterways as a result of Ian. Florida’s Department of Environmental Protection received many reports about oil-slicked waters and more. Untreated wastewater was a common complaint. Aerial views of damage caused by the hurricane can be seen here.

To stay safe, visit the Environmental Protection Agency’s page before heading out on the water. You’ll be able to see updated waterway data and make an educated decision regarding where to navigate next.

Explore the best coverage and rates for your property

Whether you’re seeking homeowners insurance or marine insurance, it’s possible to find the best coverage and rates that meet your unique needs. No amount of scrolling the Internet is going to give you access to the experienced advice you’ll get from the insurance advisors at W3. Contact our team today to take the guesswork out of insurance coverage and get the protection you need. Whether a hurricane hits Florida next year or waits another 100, the W3 team will provide you with coverage that meets your unique needs.

What To Look For With Fishing Boat Insurance

December 15, 2015 By Ken Jones

If you’re like most fishermen, you’ve probably invested a lot of money in your sport – especially in your boat. When it comes to shopping for insurance for your fishing boat, there are some things you should know. Looking into the details now can save you from headaches later on. The time to discover you don’t have coverage is not when you have a loss. To keep it from getting too complicated, let’s start with the basics.

Choose an Agent: You should begin by using an agent who specializes in marine insurance. An agent who speaks to you in terms you understand is also desirable. If you don’t understand something, ask for an explanation in layman’s terms. Ask experienced boating friends for their insurance recommendations.

Actual Cash Value vs. Agreed Value: These are the two main choices for boat insurance and depreciation is what sets them apart. No two policies are the same.

An Agreed Value policy may cost more, but it pays more. It will cover the stated value of the policy in the event of a total loss. For example, a total loss on a $50,000 agreed value policy will pay you $50,000. It may be subject to a deductible. More importantly, a partial loss on an agreed value policy replaces most items on a “new for old” basis, with little or no depreciation, depending on the carrier. Hence, a claim for the theft of a three-year-old bottom machine would get you a new, comparable replacement.

Actual Cash Value (ACV) policies generally cost less, but only pay up to the actual cash value at the time the boat or property was lost or damaged. Depreciation is usually calculated on all losses. ACV policies are better suited to less expensive boats or when you are not as concerned about a total loss.

Other Coverage: Some policies extend coverage to include fishing gear that you carry on the boat such as rods and reels, electronics, trolling motors, tackle, etc. You might also participate in fishing tournaments from time to time. Make sure your policy provides the liability coverage required. Do you need hurricane haul-out assistance or fuel spill coverage? Are you planning a long trip away from home? What happens if someone else drives your boat and has an accident? A good agent will review all of your options so there will be no surprises.

Deductibles: There are several ways to reduce the cost of your boat insurance. The most common way is to select the highest deductible amount that you are comfortable with. In general, physical damage deductibles start at around 1% of the value of the boat and can sometimes be increased to as much as 5%.

Now that we’ve described some of the key elements, we hope that you are in a better position to ask the right questions when buying marine insurance. Please contact our marine advisors for more guidance or visit our website at marineins.com.