Ahoy! Insurance enters Florida market with innovative marine insurance solutions

FinTech News [New York, NY - February 7, 2025]

Ahoy! Insurance, a technology-driven InsurTech provider specialising in marine insurance, has announced its expansion into the Florida market.

This move aims to provide Florida’s boating community with flexible and user-centric insurance solutions, according to FF News.

Florida is home to the world’s largest boating community, making it a crucial market for marine insurers.

The state’s growing demand for tailored insurance solutions, combined with traditional insurers raising premiums and scaling back offerings, has created an urgent need for alternative coverage options.

Ahoy! Insurance’s foray into the market comes at a pivotal time, addressing this gap with its comprehensive and technology-driven policies.

The firm is a boater-focused InsurTech company leveraging advanced technology to simplify and enhance the marine insurance experience. Built by boaters for boaters, the company aims to deliver seamless policy management, proactive risk-reduction technology, and a user-friendly platform for both consumers and agents.

The company’s new offerings include two flexible insurance options: a government-backed policy and an Excess & Surplus (E&S) coverage plan designed for larger vessels or those outside traditional insurance limits.

Coverage extends to vessels up to 95 feet in length and valued at up to $2.5m. By streamlining the search for coverage, Ahoy! Insurance ensures that both consumers and agents can easily find the right policy at the right price.

A key differentiator of Ahoy! Insurance is its technology-driven approach. The platform eliminates the need for multiple brokers by acting as a one-stop shop for marine coverage.

Additionally, its seamless onboarding process enables boat owners and agents to quickly access and customise coverage. The company’s proactive risk-reduction tools further enhance the boating experience, allowing policyholders to enjoy more time on the water with peace of mind.

As an E&S broker, Ahoy! Insurance also simplifies the process for agents by eliminating the need to search for alternative coverage when clients are rejected by other carriers.

Since November, one agency has reported a 40% increase in its close ratio, while others have seen similar improvements. The company’s rapid growth underscores the demand for its innovative approach in Florida’s boating insurance sector.

The move follows the recent launch of its yacht underwriting program, which extended coverage to larger vessels nationwide.

This milestone aligns with the company’s broader mission to modernise marine insurance and provide boaters with flexible, tech-driven solutions.

“Florida is the epicenter of recreational boating, and our entry into this market represents a significant milestone for Ahoy! Insurance,” said Bob Jones, Ahoy!’s VP of Distribution and Business Development. “Our ease of quoting is refreshing and provides peace of mind and coverages tailored to the policyholder and agent’s needs and expectations”

Credit: FinTech Global - https://fintech.global/2025/02/07/ahoy-insurance-enters-florida-market-with-innovative-marine-insurance-solutions/