You wouldn’t know it by the weather but spring is here and that means that the Club’s insurance once again renews on May 1st. The Insurance Committee has been hard at work filling out and submitting insurance applications for the Club’s renewal.
Last year we were able to save considerable money on the Club’s insurance premiums and still maintain the coverage we need. This year we again completed and submitted three applications to three bidders. The goal of the Insurance Committee is to continue providing our Club with the best insurance value.
Thus far, we have had one broker give us their proposal. This was M3Co., who represents and offers Chubb insurance. Last year, M3Co. quoted about $85,000 and when we told them they were not competitive, dropped their quote to about $75,000. They lost our business to our current broker Ansay which represents Hanover Insurance, which quoted about $64,000 for the same coverage this last year.
The Committee is finding it interesting how the bidders for our Club’s Insurance are responding now that they have to compete. In addition, so far this year the Club has had no major claims and this has helped control our premiums and insurance costs as well.
The Committee still has two more bids to review and evaluate. Our continuing goal is make sure that we spend the Club’s money wisely and obtain the best insurance value for our Club.
On another issue. For those that race, due to an incident last year involving two boats racing, you need to check your boat owner’s insurance policy and contact your insurance agent to make sure that your insurance coverage includes liability coverage while racing. It is important that your boat owner’s policy include an endorsement for racing because some insurance companies do not provide coverage when you race your boat, unless you specifically request coverage in your policy when completing your insurance application or renewing your existing policy.
Please make sure that if you race, you have the necessary coverage included in your policy and that on your certificate South Shore Yacht Club is named as: “also insured” or “additional insured”. Also, please make sure that you or your insurance agent sends to the Club office your current proof of insurance or certificate of insurance which the Club keeps on file. It’s also a good idea to always keep a copy on your boat.
I would like to thank the Insurance Committee for all of their hard work and wish everyone a safe and fun boating season.