New recreational boating insurance launches in USA

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Ahoy!, the new digital insurance MGA for recreational boating, has launched a technology-driven insurance product for the boating industry. In partnership with Spinnaker Insurance Company, a national property and casualty insurer, and with backing from specialist reinsurers Greenlight Re and Topsail Re, Ahoy!’s insurance policies will be available directly and through agents, to boat owners in Michigan, Arizona, Ohio, Wisconsin, and Illinois, with plans to expand across the US in the coming months.

Legacy insurance companies have failed to adapt to the unique needs of the modern boater and tend to bundle boat insurance with other home insurance offerings, says the company. Ahoy!’s sole focus will be on this underserved segment, ‘using technology to help protect boater’s vessels and providing them peace of mind, turning what was previously viewed as financial security into a proactive and protective asset’.

Ahoy! has also assembled an advisory board full of insurance luminaires, including Matthias Weber, former chief underwriting officer at SwissRe.

“A boat isn’t just another piece of property, it’s a lifestyle choice. It’s where you create memories, where you escape to when you need a little serenity or the place to run to for some excitement. We’re boaters, we get that,” says Ahoy! CEO and co-founder, Amit Nisenbaum. “Ahoy! offers a new kind of boat insurance, not only insuring boats but providing technological tools that help boaters proactively avoid risk. Ahoy! gives boaters peace of mind knowing their needs and concerns are addressed by fellow boaters and they can rest assured that their treasured vessels will be protected and ready to enjoy at any time.”        

Ahoy!’s customers receive an onboard smart boat kit, which works alongside a proprietary mobile app to offer advanced telemetry features that the company says will proactively help reduce risk and prevent damage or injury and comes with a phone overboard protection policy. The mobile app offers alerts such as grounding avoidance, theft recovery assistance, and micro-targeted weather alerts and forecasts, and will soon include a digital logbook and data collection for future trips.

“At Spinnaker, we provide strategic insurance solutions to our partners and deliver a range of services that help high-growth businesses like Ahoy! reach their full potential,” says Spinnaker’s president and CEO Torben Ostergaard. “We are very excited to work with Ahoy! in bringing their new insurance product to market to serve recreational boaters across the country.”

“We are excited to provide agents with a product that keeps boaters safe on the water,” comments Ahoy! chief insurance officer and co-founder, Kaenan Hertz. “Understanding that ease of use is a critical factor, Ahoy! makes it easier for agents to offer their customers boat insurance that is tailored to their needs, making issuing and managing policies as easy as possible.”

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This article was written and/or edited by the UK-based MIN team.

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