Global Marine Insurance: How to Find a Yacht Broker

Aug 28, 2012 | Blog Post | 0 comments

Finding the right yacht broker is an important step in buying or selling your vessel. They will have access to a wealth of resources and information and all the right contacts. You want to establish a relationship with a knowledgeable, reputable, well connected broker that can not only help you expedite the process of buying or selling your boat at a fair price but who can also provide you with valuable recommendations regarding boat insurance coverage and quotes, marinas and storage.

If you are a buyer that doesn’t have the time to find your dream boat or are uncertain about what boat would best fit your needs a yacht broker can offer unbiased opinions and invest the necessary time to procure a vessel as well as provide recommendations for boat insurance and other needed resources. On the other hand if you are looking to sell your yacht a yacht broker may be able to assist you in spreading the word to interested shoppers. The Internet helps in providing a wealth of information on possible brokers in your area and you can sift through these to find the one that is a good fit for you. Here’s a list of yacht brokerage firms in the U.S. listed by state https://www.yachtworld.com/byp/categories/BrokerageSales/YachtBrokerageFirms.html.en.

After you have identified a few brokers that may be a good fit set up an appointment to meet with them or at least spend a few minutes on the phone asking a few questions about their business practices.

Here are a few questions to ask a potential yacht broker if you are selling.

• Are you a full-time broker? You should always choose a professional broker rather than a hobbyist, as buying or selling a yacht can be a complex process and the broker will need to have been operating for some years and be able to offer a full service to their customers.

• What is the duration of your listing agreement? What are the terms of terminating the agreement? Similar to working with a REALTOR you will likely be committed to your yacht broker for a specific duration. Make sure you understand the terms of your agreement.

• If you are selling a boat. Ask them what they will do to market your boat. The majority of yachts are found online so make sure your boat will have a strong online presence.

• Ask for a list of the boats that your broker has sold in the past year.

These are some great questions to ask a yacht broker if you are shopping.

• Ask for a list of yachts the broker has procured for buyers in the last year.

• See how well connected the broker is. Ask for a recommendation to a boat insurance company and/or a specialized marine lender. Your broker may also be able to identify boat features that may create discounts on boat insurance coverage or tax benefits.

• Do they use an escrow account for client’s funds?

• Will they attend the sea trial and provide the survey to your boat insurance company?

If you are selling a boat, your broker contract could be crucial in matching you up with the right sort of buyers without wasting time on general advertising, which could take months. If you are buying a boat your yacht broker’s expertise could be instrumental in helping you identify any problems and negotiating a fair deal. Follow the steps mentioned above to ensure that you select the best yacht broker for you.

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