MTOA Yacht Insurance Program
We are pleased to offer a marine insurance program exclusively for MTOA members.
Members can read and download the program documents and apply for a quotation online.
Please note that MTOA is not an insurance agency, is not legally responsible for the program in any way, and is only making the program available as a member benefit.
The MTOA program emphasizes good, reliable coverage rather than price.
Initially we negotiated favorable coverage with Travelers.
Their policy is excellent; however, underwriting restrictions make many of our members (especially those in Florida and Canada) ineligible.
Subsequently we approved Falvey Yacht Insurance as a second insurance partner.
While worded differently, both Travelers’ and Falvey’s policies meet our requirements for fairness, and both companies are competitive on price.
Please examine the descriptions below and choose the market best suited to your circumstances – or get quotes from both!
Travelers
Here’s an outline of the most important elements of the Travelers program:
- The “MTOA Endorsement” provides increased limits and reduced deductibles for certain items. A $50 premium applies.
- The Consequential Damage Endorsement makes it clear that serious losses (fire, sinking, collision, and grounding) will be covered even if they arise from certain excluded causes. This very important wording is not found in most policies today. A $50 premium applies.
- The Mechanical Breakdown Endorsement deletes the mechanical breakdown exclusion from the basic policy.
- The Waiver of Subrogation Endorsement grants you the right to sign slip rental and maintenance contracts which include hold-harmless clauses without voiding your liability insurance. Such clauses are becoming common in transient dockage forms as well as annual slip rentals.
- The Captained Charter and Paid Crew Endorsements are available if you have exposure in these areas.
- The Marina as Additional Insured Endorsement is available in case your marina requires it.
- 5% premium credit after two policy terms with no claims.
Underwriting Guidelines for Travelers MTOA Program:
- LENGTH: Vessels 30' & above
- AGE: Up to 35 years. Exceptions will be made for reconditioned vessels over 35 years
- HULL MATERIAL: Fiberglass only (Other materials would be considered on a case by case basis)
- HULL VALUE: Agreed Value. No minimum hull value required
- MTOA ELITE ENDORSEMENT: vessels $1,000,000 and above
- USE: Private Pleasure Only.
- LIVEABOARD COVERAGE: Coverage for MTOA members can be extended for certain liveaboard risks. Discuss your circumstances with our agent.
- WINDSTORM DEDUCTIBLE: Standard policy deductible for mooring locations north of the NC/VA line. Vessels with a mooring location stated on the application in NC, SC, or GA will have a 10% windstorm deductible.
- SURVEY REQUIREMENTS: Coastal waters vessels more then 10 years old, and non-tidal waters vessels more then 15 years old, will need a survey prior to binding coverage. A survey will be accepted up to 5 years old for vessels more then 10 years old as long as it has been the same owner the entire time and no claims have occurred during this time.
- NAVIGATION: All of USA & Bahamas. Navigation limits regarding Atlantic Coast Windstorm Dates depend upon the vessel’s "summer" mooring location. If the summer mooring location is north of North Carolina, the Cape Hatteras restriction applies. If the vessel has a summer mooring location in NC, SC, or GA, the St. Mary's, Georgia restriction applies. This is to manage concentration of risk in seaboard areas during hurricane season.
- WINDSTORM DATES: Normal dates of restricted navigation are 6/15 to 11/1. Exceptions cannot be automatically added to a policy, but would be considered if requested no more then 2 weeks ahead of time.
Our agent for Travelers is Christine Hartge Wilson of Hartge Insurance Associates, Ltd., P.O. Box 250, Galesville, MD 20765-0250.
Christine’s phone number is 800-999-5251. Her email is chwilson@hartgeinsurance.com.
MTOA Members can read and download the program documents and apply for a quotation online.
Falvey
Here’s an outline of the most important elements of the Falvey program.
- The items from the “MTOA Endorsement” to the Travelers policy have been incorporated into the Falvey policy.
- Consequential Damage is included so that serious losses (fire, sinking, collision, and grounding) will be covered even if they arise from certain excluded causes. This very important wording is not found in most policies today.
- Mechanical Breakdown is included.
- Waiver of Subrogation grants you the right to sign slip rental and maintenance contracts which include hold-harmless clauses without voiding your liability insurance. Such clauses are becoming common in transient dockage forms as well as annual slip rentals.
- Captained Charter, Paid Crew, and Additional Insured Endorsements are available if you have exposure in these areas.
Underwriting Guidelines for Falvey MTOA Program:
- LENGTH: Vessels 27' & above
- AGE: Up to 35 years. Exceptions will be made for reconditioned vessels over 35 years.
- HULL MATERIAL: Fiberglass only (Other materials would be considered on a case by case basis).
- HULL VALUE: Agreed Value. No minimum hull value required.
- MTOA ELITE ENDORSEMENT: vessels $1,000,000 and above
- USE: Private Pleasure Only.
- LIVEABOARD COVERAGE: Available. Discuss your requirements with the underwriter.
- WINDSTORM DEDUCTIBLE: Standard policy deductible (2%) for mooring locations north of Cape Hatteras; 5% from Cape Hatteras to Florida; 10% for Florida insureds.
- SURVEY REQUIREMENTS: Surveys required at 20 years, good for 5 years with same owner.
- NAVIGATION: All of USA, Canada, Mexico, Gulf of Mexico, Bahamas and Caribbean. No seasonal change in navigation limits.
Our principal contact for policies is Marc Robinson marc@falveyyachts.com / 401-675-9254.
MTOA Members can read and download the program documents and apply for a quotation online.
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