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Baldwin Krystyn Sherman PartnersLaura Sherman, Partner Lowry Baldwin, Partner Elizabeth Krystyn, CEBS, Partner

South Florida Leading Insurance Advisor

Is your yacht properly protected?

NAVIGATING THE UNCERTAIN SEAS OF RISK:Owning a yacht provides endless op-portunities for exciting adventures on the open seas. Purchasing the wrong yacht insurance, however, might disrupt your course. And when you choose your policy based on price alone, you run the risk of being surprised at your lack of coverage in the wake of a claim. It is, therefore, important to perform due diligence to protect your vessel.

CHOOSE A MARINE SPECIALIST.Partner with a broker who has exten-sive marine experience. Someone with access to the world’s leading marine insurers can ensure your vessel is protected with excellent financial strength, breadth of coverage and fair claims practice.

REVIEW YOUR CONTRACT.It is crucial that you understand your coverage, to prevent any surprises in the event of a claim. If you are unclear about something, ask your insurance advisor to explain your options.

All Risk vs. Named Peril. All risk coverage is more comprehensive and puts the burden on the insurance com-pany to prove the peril causing the damage is not excluded. Named peril covers only specific perils, with the burden on the insured to prove one of the named perils caused the loss.

Resulting Damage. If your vessel sinks due to wear and tear or corro-sion, your entire loss might be excluded unless you have consequential loss coverage. This coverage is offered only by a few insurers but protects your vessel in the event of a fire, sink-ing or collision—even if the cause of loss is excluded.

Mechanical Breakdown. What hap-pens if the engine on your yacht breaks down, but not from wear and tear or lack of maintenance? Many insurers exclude mechanical breakdown regard-less of the cause. Make sure your policy includes this coverage.

Navigation Limits. Review your itinerary annually with your captain and insurance broker to ensure that your navigational limits meet your needs. Some policies include cover-age for unintentional navigation beyond policy limits.

Umbrella Coverage. High net worth insurance companies generally will not provide umbrella coverage for your yacht, and the umbrella does not cover crew members. You should have liability coverage that is at least higher than the hull value and matches the liability limits on your personal umbrella.

Toys, Tender and Towed Water-craft. Depending on the policy, JetLev Aquaflyers, Seabobs, diving compressors and submersibles may be excluded from your hull and

liability coverage. These items must be addressed and an endorsement added to the policy to provide cover-age. If you tow additional watercraft, make the insurer aware and establish a towing plan. Every policy differs in its limitations.

Named Operator Warranties. Your insurance coverage may specifically name who may operate a high-speed vessel. Every policy varies regarding limitations like nighttime towing and the installation of a GPS track-ing system.

CONSIDER RISK MANAGEMENT BEYOND STANDARD INSURANCE. A Severe Weather Plan. Develop a plan of action to secure your vessel in the marina or take your boat to a pre-viously identified hurricane hole.

First Aid Training and Response Planning. Your crew should be up to date on training as well as the vessel response plan in the event of a crisis. Training should also include role-playing.

Preventative Maintenance. Ensure there is time between trips for normal and routine maintenance. Systems should be scheduled for care at various intervals.

From stem to stern, purchasing proper yacht insurance will give you peace of mind that you and your invest-ment are fully protected. Using good judgment and taking proper precautions is the best way to avoid accidents.

By Frank Baker, Managing Advisor, Marine Divison

1http://www.rd.com/advice/parenting/is-your-college-student-safe-at-school/

BKS_Partners_WOR30.indd 84 7/17/14 4:57 PM

Baldwin Krystyn Sherman PartnersLaura Sherman, Partner Lowry Baldwin, Partner Elizabeth Krystyn, CEBS, Partner

South Florida Leading Insurance Advisor

Is your yacht properly protected?

NAVIGATING THE UNCERTAIN SEAS OF RISK:Owning a yacht provides endless op-portunities for exciting adventures on the open seas. Purchasing the wrong yacht insurance, however, might disrupt your course. And when you choose your policy based on price alone, you run the risk of being surprised at your lack of coverage in the wake of a claim. It is, therefore, important to perform due diligence to protect your vessel.

CHOOSE A MARINE SPECIALIST.Partner with a broker who has exten-sive marine experience. Someone with access to the world’s leading marine insurers can ensure your vessel is protected with excellent financial strength, breadth of coverage and fair claims practice.

REVIEW YOUR CONTRACT.It is crucial that you understand your coverage, to prevent any surprises in the event of a claim. If you are unclear about something, ask your insurance advisor to explain your options.

All Risk vs. Named Peril. All risk coverage is more comprehensive and puts the burden on the insurance com-pany to prove the peril causing the damage is not excluded. Named peril covers only specific perils, with the burden on the insured to prove one of the named perils caused the loss.

Resulting Damage. If your vessel sinks due to wear and tear or corro-sion, your entire loss might be excluded unless you have consequential loss coverage. This coverage is offered only by a few insurers but protects your vessel in the event of a fire, sink-ing or collision—even if the cause of loss is excluded.

Mechanical Breakdown. What hap-pens if the engine on your yacht breaks down, but not from wear and tear or lack of maintenance? Many insurers exclude mechanical breakdown regard-less of the cause. Make sure your policy includes this coverage.

Navigation Limits. Review your itinerary annually with your captain and insurance broker to ensure that your navigational limits meet your needs. Some policies include cover-age for unintentional navigation beyond policy limits.

Umbrella Coverage. High net worth insurance companies generally will not provide umbrella coverage for your yacht, and the umbrella does not cover crew members. You should have liability coverage that is at least higher than the hull value and matches the liability limits on your personal umbrella.

Toys, Tender and Towed Water-craft. Depending on the policy, JetLev Aquaflyers, Seabobs, diving compressors and submersibles may be excluded from your hull and

liability coverage. These items must be addressed and an endorsement added to the policy to provide cover-age. If you tow additional watercraft, make the insurer aware and establish a towing plan. Every policy differs in its limitations.

Named Operator Warranties. Your insurance coverage may specifically name who may operate a high-speed vessel. Every policy varies regarding limitations like nighttime towing and the installation of a GPS track-ing system.

CONSIDER RISK MANAGEMENT BEYOND STANDARD INSURANCE. A Severe Weather Plan. Develop a plan of action to secure your vessel in the marina or take your boat to a pre-viously identified hurricane hole.

First Aid Training and Response Planning. Your crew should be up to date on training as well as the vessel response plan in the event of a crisis. Training should also include role-playing.

Preventative Maintenance. Ensure there is time between trips for normal and routine maintenance. Systems should be scheduled for care at various intervals.

From stem to stern, purchasing proper yacht insurance will give you peace of mind that you and your invest-ment are fully protected. Using good judgment and taking proper precautions is the best way to avoid accidents.

By Frank Baker, Managing Advisor, Marine Divison

1http://www.rd.com/advice/parenting/is-your-college-student-safe-at-school/

BKS_Partners_WOR30.indd 84 7/17/14 4:57 PM

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“All risk coverage is more comprehensive and puts the burden on the insurance company to prove the peril causing the damage is not excluded.”—Frank Baker, Managing Advisor, Marine Division

How to reach BKS-Partners

Any member of our team may be reached at 866.279.0698. We look forward to speaking with you.

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Left to right: Laura Sherman, Lowry Baldwin, Elizabeth Krystyn

Insurance Services Experience 60+ years (combined)

Offices Tampa, Naples, Sarasota, Ft. Myers and Tallahassee

Total Colleagues65

Website www.bks-partners.com

Professional Services Provided Specializing in private risk management, commercial risk management, employee bene� ts, marine insurance and wellness & safety programs

Accomplishments 2014 Tampa Bay Times Top Workplace; 2014 Tampa Bay Business Journal Best Places to Work; 2014 Tampa Bay Business Journal Healthiest Employer; 2013 IIABA Best Practices Agency; 2014 Gulfshore Business Best of Business; Inc 500 | 5000

Email lsherman@bks-partners.com ekrystyn@bks-partners.com lbaldwin@bks-partners.com

Baldwin Krystyn Sherman Partners (BKS) is an award-winning independent insurance brokerage firm providing private risk management, commercial risk management, employee benefits and Vitality™ programs to clients wherever life takes them throughout the U.S. and internationally. One of the largest privately held firms in Florida, BKS takes a holistic and boutique approach to insurance architecture and risk management. The firm builds personalized client relationships and utilizes a proprietary process called RiskMapping™ to examine client lifestyles, passions, professions and business ventures, generating a 360-degree view of each client’s unique risk profile. BKS Holistic Protection™ is then custom designed, providing integrated coverage for all areas of a client’s life. Headquartered in Tampa, with offices in Naples, Sarasota and Ft. Myers and Tallahassee, BKS is driven to make a difference in its communities, rewarding employees for their community involvement and supporting over 40 charitable organizations.

About Baldwin Krystyn Sherman Partners

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THE MOST OVERLOOKED ASPECT OF RISK MANAGEMENT.. .

There are several opportunities beyond our general assumptions that greatly reduce the costs associated with risk, including: • Eliminating • Transferring• Mitigating • Abating

OUR FIRM’S MOTTO THIS YEAR.. .

“The Power of One.” It’s amazing what an impact just one person can have. Whether it’s through community service or by finding ways to better serve our clients and insurance company partners, our colleagues are encouraged to make small changes that will have big impacts.

085W O R T H . C O M A U G U S T - S E P T E M B E R 2 0 1 4

Baldwin Krystyn Sherman Partners 4010 West Boy Scout Boulevard, Suite 200, Tampa, FL 33607 866.279.0698

BKS_Partners_WOR30.indd 85 7/17/14 4:57 PM

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Baldwin Krystyn Sherman Partners is featured in Worth® 2014 Leading Wealth Advisors™, a special section in every edition of Worth® magazine. All persons and firms appearing in this section have completed questionnaires, have been vetted by an advisory group following submission by Worth®, and thereafter paid the standard fees to Worth® to be featured in this section. The information contained herein is for informational purposes, and although the list of advisors presented in this section is drawn from sources believed to be reliable and independently reviewed, the accuracy or completeness of this information is not guaranteed. No person or firm listed in this section should be construed as an endorsement by Worth®, and Worth® will not be responsible for the performance, acts or omissions of any such advisor. It should not be assumed that the past performance of any advisors featured in this special section will equal or be an indicator of future performance. Worth®, a Sandow Media publication, is a financial publisher and does not recommend or endorse investment, legal or tax advisors, investment strategies or particular investments. Those seeking specific investment advice should consider a qualified and licensed investment professional. Worth® is a registered trademark of Sandow Media LLC. See “About Us” for additional program details at http://www.worth.com/index.php/about-worth.

Laura Sherman Partner

Lowry Baldwin Partner

Elizabeth Krystyn, CEBS Partner

Baldwin Krystyn Sherman Partners 4010 West Boy Scout Boulevard, Suite 200

Tampa, FL 33607

9140 Corsea del Fontana WayBuilding 110, Suite 2

Naples, FL 34109

1990 Main Street, Suite 750Sarasota, FL 34236

Tel. 866.279.0698

lsherman@bks-partners.comlbaldwin@bks-partners.comekrystyn@bks-partners.com

www.bks-partners.com