Created by a life-long sailor and insurance expert for fellow classic boat enthusiasts, this is the paramount insurance policy for classic watercraft.

After conducting research and having discussions with various underwriters at top-rated insurance carriers, Jim Grundy, the president and CEO of Grundy Insurance, was able to formulate a specially-tailored Agreed Value insurance policy for classic boats.

Beginning in May 2010, The Grundy Agency now provides Grundy Insurance for Classic Boats.

While the Grundy family is recognized as being collector car enthusiasts and the first to write Agreed Value insurance on antique vehicles, Jim Grundy Jr. is equally as dedicated to the classic boat hobby as he is to collector vehicles.

“I am very excited to make this insurance program available to fellow classic boat owners across the country,” says Jim Grundy.

Throughout the years, Jim has built a collection including: a 60 ft. 1934 L. Francis Herreshoff Ketch named “Arrluuk”; a 1968 Columbia 50, known today as a plastic classic, called “Grundoon”; and, a Riva that was once owned by Brigitte Bardot. Jim’s most-coveted classic watercraft is his 1926 Dodge named “Horace,” which was the racer/tender to the Dodge family steam yacht “Lady Delphine.” With a history that includes competing in at least three Gold Cup contests as D37, winning the 1926 Potomac River Championship race and finishing second in the 1926 President’s Cup, “Horace” is one of the ultimate classics.

As an expert in the insurance industry, Jim Grundy knows that proper insurance for classic boats of this caliber is a necessity. After buying the “Horace” at an auction, Jim says that even he encountered a problem when shopping for insurance for his new vessel— due to the age and the rarity of the boat, and its 650-horsepower Wright Typhoon V-12 engine, Jim could not find insurance underwriters that would give him Agreed Value coverage or replacement cost on the engine. As The Grundy Agency was the first company to ever offer Agreed Value coverage, Jim knew the importance of finding such a policy for his watercraft.

Presented with this predicament, Jim began to research classic boat insurance and formulated a special Agreed Value policy for classic boat enthusiasts, like himself, that includes all the coverage a boat-lover could want. And, to make his insurance program convenient for his customers, he incorporated a simpler approach to setting the Agreed Value on classic yachts, runabouts and daysailers.

“As a sailor, myself, I understand that these boats require specialized Agreed Value coverage,” says Jim Grundy. “I also understand that sometimes the process of attaining this insurance can be burdensome, when a marine survey is required. To eliminate inconvenience, we decided that, in most cases, Grundy Insurance will not require marine surveys. And, this makes our insurance program totally, entirely unique.”

With their expertise in classic boats, the underwriters at Grundy can approve coverage by reviewing a description of the condition and maintenance from the owner, captain or yard owner. Instead of requesting a survey, Grundy simply asks for pictures and the description of the maintenance plan. This saves hundreds of dollars, time and inconvenience; in many cases, this also eliminates the need for a special haul-out.

In addition to providing Agreed Value coverage on the hull, equipment and engines, Grundy’s Classic Boat policies include the following coverage highlights:

* Surveys are Not Required
* Restoration Shop of Choice
* Coverage During Restoration or Construction
* Search and Rescue
* Marine Environmental Damage Coverage
* Government Action Coverage
* Wreck Removal Expenses
* Emergency Expenses including Towing, Delivery Costs of Fuel and Essentials, and Cost of Repairs and Labor at time of Breakdown
* Uninsured Boaters
* Medical Expenses
* Longshoremen’s and Harbor Workers’ Compensation Act Coverage