NACO Insurance Program Update

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2011 marks the 20 year anniversary for the NACO Group Insurance Program. For the past 20 years Charter Lakes has administered the program and the St Paul Travelers has underwritten the insurance coverage. In the insurance industry this longevity is rare and is testimony to mutually beneficial relationships that have been forged by all stakeholders. We are grateful to NACO and the membership for their trust and support.

Over the past 20 years our mission at Charter Lakes has been to deliver the best overall value to our clients on their charter boat insurance. We have done this by keeping premiums low, improving our service and continual improvements to the policy. Our hull and liability premiums are actually lower today than they were in 1991. Today the NACO Charter policy is the industry standard for insuring any type of small passenger vessels on a countrywide basis.


New for 2011 is the introduction of the Disappearing Deductible for NACO Member policies. This new coverage feature will reduce your Physical Damage Deductible after one year of loss free operation by 25% each year until the fifth year when your deductible will be zero. You have to continually insure your boat with the NACO Charter Policy during this time. If we pay a physical damage claim during this 5 year period of time, the Physical Damage Deductible will return to 100% of the initial deductible until consecutive loss free terms are accumulated.

Current clients will receive information regarding the Disappearing Deductible with their renewal policy. We want to reward loss free operation and believe this the best way to do so. This new coverage feature begins in the 2011/12 policy period for all NACO member policies insured through Charter Lakes.


We have clients who for one reason or another are not concerned about physical damage to their boat. They perform all their own repairs or may have an older boat that is not worth a great deal. For these captains their primary concern is from catastrophic hull loss and liability coverage for their passengers and crew. Or they may want liability only.

We want all NACO members to know that we have options available to you that can satisfy any insurance need. We can customize a charter policy to meet any coverage need. Please contact Charter Lakes to discuss the best solution for you.