The holiday season is coming and with it winter weather. I hope you all have winterized your boat, RV or other systems that will be outside this winter. Even though it’s predicted to be a warmer than usual winter, it is always best to be prepared.
Around my house are mostly Evergreens, but the Cedars and that darn Maple tree seem to like to clog my gutters. So guess what I’m doing this weekend?
We have a new crew member at Bristol, Amy Mejia. Amy has over 20 years in the insurance business and was Senior Assistant Underwriter for International Marine Underwriters here in Seattle. She has a 2 year old daughter and is a local born resident. If you talk with her, please welcome her aboard.
In our day to day work this question often comes up. How much is enough boat insurance? What you should be asking is “how much do I have to lose”. You want to have enough insurance so your investment is fully protected. That means cover the hull and boat paraphernalia for the purchase cost or market value.
When considering liability coverage you should consider not only the boat but your car, house, personal belongings, future income, retirement savings and any other assets you may have. In our agency, we won’t write liability insurance for less than $500,000 on your boat and then recommend that our clients also get at least a $1,000,000 umbrella on top of that. Don’t forget how badly you could hurt others. Their loss could easily go higher than the $1,000,000. The additional cost of an umbrella is small compared to how well you’ll sleep knowing that your family and friends will be taken care of should something happen.
Okay, I’ve done my thing about insurance. I hope you all have a very happy Thanksgiving with friends and family. I am looking forward to a very happy weekend with our children and grandchildren.
Till my next newsletter.
Fred Kempe, President
Bristol Insurance Group
“A member of The Advantage Group”