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Recent Hurricane losses in Mexico cause changes in the Mexican Yacht insurance market

Published Date: Feb 03, 2024

Recent Hurricane losses in Mexico cause changes in the Mexican Yacht insurance market

Dear Boaters,

Today, we want to share with you important information about how the events of the past year, particularly devastating Hurricane Otis, are impacting boat insurance premiums and the measures to take to protect your yacht.

Hurricane Action Plan:

One of the main measures that insurance companies will require is a written hurricane action plan. We understand that every boat and its environment is unique, so by providing a written plan of action, the insurance company can assess your storm preparation to reduce the risk of serious damage or a total loss to your yacht or neighboring yachts from a “Named Windstorm”. This plan should include measures such as hauling the boat out of the water and strapping it down to jackstands and to the ground in advance of the storm making landfall. Also removing windage such as dodgers, biminis, sails and on deck tenders. Make sure cockpit drains are clear and all hatches and portholes are shut tight. For yachts kept in the water, the boat must be in a well protected marina, not on a mooring or at anchor. Additional docklines with good chafe protection and fenders should be added as necessary. All through hulls other than drains and bilge pump exhausts should be closed.

Primary Marina:

One of the most significant measures insurance company underwriters are requiring is that your yacht must be in the marina that is described in your hurricane action plan at the time of a hurricane's arrival. This means that if you decide to change your marina location during hurricane season, you must update your hurricane action plan and notify us of this change. This will ensure that your vessel is in the best possible position to withstand the effects of a hurricane. This information is also critical for insurance companies to monitor how much aggregate hull exposure is at risk in a given location.

Restriction of Navigation:

In order to ensure that your yacht is close to your permanent marina, insurance companies will place restrictions on navigation areas during hurricane season, which are designed to ensure that vessels are as close to a safe place as possible in the event of a hurricane. We strongly encourage you to review the areas affected by these restrictions and adjust your cruising plans accordingly.

We understand that these changes may raise questions and concerns. But at Novamar we want our clients to know we are here to help them every step of the way. Our customer support team is available to answer your questions, guide you through the new requirements, and provide advice on how to comply with the new measures.

At Novamar we are committed to protecting your investments and your peace of mind. Implementing these measures is essential to ensure that we can continue to meet this commitment, especially in times of natural disasters such as hurricanes.

We sincerely appreciate your understanding and cooperation in this process. Working together, we can strengthen the protection of your yacht and ensure its safety in the event of extreme weather events.

If you have any questions or need more information, please do not hesitate to contact our customer service team. We are here to help you at all times.

Thank you for trusting us as your yacht insurance broker. We look forward to continuing to be your trusted partner in protecting your marine assets as they navigate exciting and sometimes challenging seas.

See you soon on the water, and may all your travels be safe and full of adventure.

México Insurance

México - 322-297-6440
USA / CANADA - 949-274-4111