Newsletter Issue 1

It's in the Blood:
Boat Insurance

From running the "Betty C." dance excursion boat departing what is now known as the Branson Landing, to operating the Kimberling City ferry while Table Rock was becoming a lake, Robert "Bob" Connell and his wife Lisbeth (the Betty of the Betty C.) were familiar figures on the waterways of southwestern Missouri. Coupling their boating passion with an entrepreneurial spirit, Bob and Betty went on to build the Kimberling Cove Resort Marina, which is now part of What's Up Dock, and founded Waterhouse Houseboats, which was to become the third largest houseboat manufacturer in the U.S. in the 60's.

Tragedy struck Waterhouse in the late sixties as fire engulfed the manufacturing facility. But the real disaster came in the form of insurance difficulties after the fire. As a result, the company sank – never to fully recover.

Sometimes life comes full circle! Bob's sons, Pat and Tim, who grew up on the water with their dad, dedicated themselves to helping others avoid the economic disaster that befell their father. Pat founded Hollister-based Connell Insurance, the largest provider of marine-related insurance in southwestern Missouri. Pat's younger brother Tim and Pat's son Chad, both joined the agency and are now the agency's primary ownership partners. Although Pat sold his ownership to them, he remains active in the agency.

All three spent their early years working at marinas in the area and remain avid personal boaters today. Based on the family's long-time boating history and experience, Connell Insurance is constantly working with the major marine insurers to provide clients with insurance packages that are designed to cover all the associated risks in boat ownership – particularly high-value boats.

As Chad Connell put it, "It's more than just insuring a boat. Other concerns include pollution resulting from underwater sinkage, items that are on the dock, additional watercraft on the boat and the contents of the boat, including personal effects."

Some other items that Chad recommends discussing with your insurance agent include:

1. Return of premium on a total loss (or transfer of premium to another boat).
2. Policy limits based on "agreed value" (versus actual cash value).
3. Recovery costs (and pollution exposure) for a boat that sinks.
4. Coverage during layup (including winterization requirements and concerns).
5. Ice and snow damage (collapse).

Due to the unique risks and exposures related to marine insurance, the Connells strongly recommend that you seek out insurance professionals that fully understand the marine industry. According to Tim Connell, "If you've never owned a luxury boat, you'll never fully understand the protection that a client truly needs."

Connell Insurance represents all the national marine markets for insuring boats, manufacturers, rental operations and marinas. For a free review of your marine coverages, contact Connell Insurance at 800-356-8140. Connell specializes in high-value houseboats and yachts -- no amount is too high.

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