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MRAA reports growth in AquaPac insurance program

The Marine Retailers Association of the Americas said members who participated in the AquaPac Boat & Yacht Insurance Program earned more than $215,000 in combined revenue in 2013 — with the average dealership bringing in more than $3,700 — demonstrating that the program generates revenue for dealers.

The MRAA also said program participation rose 146 percent in 2013 from the previous year and growth in revenue earned jumped 145 percent.

Participation in AquaPac is an MRAA members-only benefit offered through Norman-Spencer Marine Insurance, MRAA’s preferred marine insurance provider and partner for more than 25 years.

Two AquaPac programs are available to MRAA members, one for referral dealers and one for commissioned dealers (for those members with an insurance license). In 2013, AquaPac referral dealers averaged more than $1,000 in revenue and the most effective took in more than $3,200 in revenue for their program participation. AquaPac commissioned dealers saw revenue jump last year to more than $9,600, on average.

"This program is easy money for dealers, while at the same time it provides a quality insurance product for boat buyers and boosts a dealership’s customer satisfaction,” MRAA president Matt Gruhn said in a statement.

"It’s a win-win-win proposition. It takes two or three minutes for dealers to endorse the AquaPac insurance program for their customers’ benefit; dealers simply refer customers to Norman-Spencer, and Norman-Spencer takes the reins from there. We hope more dealers see the value in AquaPac and become MRAA members in order to take advantage of this profitable program. Just 10 AquaPac referrals cover the cost of an MRAA membership.”

The MRAA said AquaPac offers consumers broad, affordable insurance coverage that accommodates the full spectrum of boats, from personal watercraft to large yachts.

Each AquaPac policy is tailored to meet individual boaters’ needs and includes standard coverages traditionally available only with higher-end yacht policies. Coverage through the program is among the best and most comprehensive in the industry, the MRAA said.

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