JACKSONVILLE, Fla. - SeaSafe Group's insured and re-insured Marine Extended Warranty Program has been modified to include coverage manufacturers "desperately need in the quest for stem-to-stern coverage," the company reported in a recent statement.
The Marine Retailers Association of America (MRAA) issued in January a position paper that called for a "bold, new bow-to-stern warranty philosophy," something SeaSafe believes it can help manufacturers offer their dealers.
Many of the components that fail during the first few years of a boat's life carry minimal warranties, the company reported. SeaSafe's coverage now addresses these issues by including customized groups of components that can be covered for up to six years. The coverage can be custom built by a manufacturer to cover components only, engines, or both.
"Today's longer manufacturer warranty terms on engines have resulted in a coverage gap that must be addressed," stated Jamie Gaskins, senior vice-president of the SeaSafe Group. "Boat builders include hull warranties for structural coverage, engines now carry up to 7 year factory warranty terms, but components are often times left out of the mix. Components coverage, including labor charges, must be included to achieve a stem-to-stern warranty and provide customers peace of mind."
Gaskins explained that a $25 component failure in year two can lead to an unhappy customer because the labor charges can be so much higher than the parts, and customers are notorious for wanting everything covered.
SeaSafe said it builds coverage based on the manufacturer's needs, which includes paying for 100 percent of the parts and labor charges. This eliminates the need for a manufacturer to set aside large amounts of revenue for future claims, according to the company.
SeaSafe's administration is over 20 years old, is a Forbes Magazine ranked company and has over 130 employees, 50 of which are dedicated to claims, it reported. The SeaSafe Group, LLC is a marine warranty administrator and consulting company headquartered in Jacksonville, Fla.