INAMAR, the marine marketing and underwriting division of ACE USA, announced it will cover fees for both haulout and storage when necessary to protect its insured boats and yachts during a named storm(s). This is the second time this year in which INAMAR has issued a policy expansion specifically designed to assist its customers in this unprecedented storm season.
INAMAR reportedly determined that clarification of the policy’s storage benefit was needed to better serve its clients. INAMAR’s intent with the INAMAR Pleasure Boat and Yacht insurance program’s haulout endorsement is to encourage clients to safeguard their vessels, including transporting them out of harm’s way when necessitated by extreme weather conditions.
In some cases, proper and diligent protection has meant that storage and haulout fees have been charged by marinas. INAMAR, therefore, will consider both storage and haulout fees for the duration of a named storm(s) to be covered expenses, up to the policy limit of $1,000. Customers eligible for this benefit include those who have added the Hurricane Haulout endorsement to their INAMAR Boat and Yacht insurance policy.
“This action can provide our clients some additional relief during a very trying storm season,” said Judith Kraft, INAMAR’s vice president of Underwriting. This past fall, INAMAR waived a time constraint in its Hurricane Haulout endorsement. 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.
Previously, compensation for these covered expenses was made only if protective action was taken within 24 hours of an official watch or warning. INAMAR has issued these favorable policy enhancements in recognition of the extraordinary 2004 storm season affecting the state of Florida, and to assist conscientious customers who sought to protect their vessels in the face of this unprecedented storm activity.
To learn more about INAMAR and obtain information on a wide range of safety and loss prevention topics, visit www.INAMARmarine.com.
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