Interviewed on Sep 20, 2022
Laura is a 5th Generation Floridian with deep roots in yachting. Growing up in Miami and learning the ropes from her family's legacy, she now specializes in insuring yachts valued from $2 million and up. With a wealth of experience as both crew and captain, she navigates the complexities of yacht insurance, forging strong client relationships and mentoring newcomers in the industry. Fun fact: Laura's family history includes founding the Merrill-Stevens Shipyard, a testament to her maritime heritage.
Full Podcast Interview on YouTube
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Can you introduce yourself by sharing your name, where you're from, your role in the yachting industry, and the company you work for?
I was born in Miami, a 5th-generation Floridian, and grew up in the yachting industry. My mother’s family founded the Merrill-Stevens Shipyard in Jacksonville and Miami.
My father was a yacht insurance specialist (when there wasn’t even such a thing) with an agency that catered to yacht insurance – C.A. Hansen, founded in 1931. I started working for that agency in the summers and later earned my degree, working as a broker at Lloyd’s, hoping I could eventually work in yacht insurance. I got my wish!
I have always loved sailing and boating. I’ve been running boats since I was a teenager and captained all of our boats growing up, as well as the ones I’ve owned.
I currently work for Newcoast Insurance Services as the Director of the Yacht Division. We specialize in insuring yachts valued at $2,000,000 and up.
Can you share how you first got involved in the yachting industry?
I've been in it forever. My first job was as crew for the owner of the Coconut Grove Hotel. He had three boats: a 45' Irwin Ketch, a 38' Cigarette, and a 65' custom sportfish. I was the brightwork kid and got a great tan.
Can you describe your role and the key tasks you handle? What does your job entail on a daily basis?
Yacht insurance is a “hot” topic right now (pun intended)...
Four years ago, I started an insurance agency in partnership with an international yacht brokerage. We were acquired by MarineMax just two years ago. My partner and I grew the agency from 2 to 29 employees in that time. It has been a struggle in the insurance market for boats and yachts lately.
New people entering yachting – great for the industry but difficult to insure (like handing the keys to your Ferrari to your 17-year-old son – what could go wrong!)
Many insurers have exited the market after Hurricanes Irma and Maria in 2017. Insurance markets are still trying to determine if yacht insurance can be a profitable business, and many are staying out.
My role is to find solutions for the insurance needs of my clients. This involves understanding their needs, developing a comprehensive program, and finding a carrier willing to insure them for those specific needs.
Could you walk us through a typical workday, including your main tasks and projects?
A typical day for me starts with checking in with my wonderful team to see what they are working on, going through what I can help them with, and letting them assist me with what I may need at that point. We are all remote, so our interaction is via phone or Zoom.
We have an office in Antibes, so they are already at work a few hours before I wake up. Then, we have teams in Fort Lauderdale, Clearwater, FL, Birmingham, Alabama (the yachting capital of the world), Iowa, and San Diego. The 9-hour time difference means we are available for our clients wherever and whenever they need us.
I spend a lot of my day working with clients, carriers, and building relationships with our various sources of business.
What would you consider your biggest accomplishment or proudest moment in the yachting industry?
Working for my father for 13 years is something I cherish more as I grow in my career. He taught me the business. Today, I take great joy in teaching new people in the industry about the business. My joy comes when I hear from a 'student' that they have created their own career. The best gift of all is when they thank me for getting them started and teaching them the business.
Get in touch with Laura Sherrod
Website: https://www.newcoast.com
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