INAMAR responds to yacht owners

Boating Industry, Tuesday October 5, 2004

PHILADELPHIA – Recreational marine insurer INAMAR will waive the time period in the Hurricane Haulout endorsement of its pleasure boat and yacht insurance program in recognition of the extraordinary 2004 storm season affecting the state of Florida, the company said in a release yesterday.

The Hurricane Haulout endorsement allows customers who act to protect their vessels within 24 hours of a hurricane watch or warning for the area where their vessels are located to be compensated for covered expenses.

However, INAMAR said that as a result of the unprecedented series of hurricanes that have affected Florida, it will waive the 24-hour requirement in acknowledgement that the circumstances of these multiple storms necessitated advance action to move vessels out of harm's way.

“Those policyholders who acted to protect their vessels prior to 24 hours before a hurricane watch/warning was issued will be compensated, subject to the remaining policy terms and conditions,” INAMAR stated.

INAMAR will pay 50 percent of the reasonable expenses customers incur to have their insured vessel hauled out of the water and subsequently launched in the same general area after the watch or warning has ended; or to hire a qualified individual, someone other than the insured, to navigate the insured vessel to a safe harbor when necessary as a result of a hurricane watch or warning. INAMAR will pay up to $500 for any one hurricane, and up to $1,000 for any one-policy period, the company said.

"We want to recognize the efforts of our clients who sought to protect their vessels from the unprecedented storm activity Florida has suffered," said Judith Kraft, INAMAR's vice president of underwriting.