There are lots of potentially hidden issues in a boat. I have seen engines destroyed by the use of aluminum and iron together. I have seen stringers with saturated, rotten plywood cores; hulls full of soaked balsa coring and massive delamination caused by improper foam cores or improper installation of foam cores. These sorts of issues lead to severe losses and sleepless nights. For new boats under warranty, these losses will first be the responsibility of the builder. For the rest, the main question will be whether there is any coverage from the marine insurance.

When a boat owner reports a loss that is not obviously due to a collision, the adjuster and surveyor will certainly be looking for evidence of an excluded manufacturer's defect. In the case of core problems, the insurer is very likely to deny coverage on that basis unless there is clear evidence of a collision that punctured the outer hull.

The Yacht Brokers Association of America (YBAA) recently bestowed their highest professional honor, posthumously, to former association president and industry veteran, Bruce Brakenhoff, Sr. The 2013 Paul W. Bennett Award was presented to his widow, Noel Brakenhoff and his son, Bruce Brakenhoff, Jr. at a recent Yacht Broker University event held in Providence, RI.

In honor of the memory of a visionary industry leader, consummate yacht brokerage professional and dedicated YBAA board member, officer and president, the Paul W. Bennett III Memorial Award is bestowed upon qualified and deserving professionals who best exemplify Mr. Bennett's commitments to Strategic Mindedness; International, Industry-Wide Focus; Selflessness; Mission-Driven Purpose; Thirst for Knowledge; Commitment to Professionalism; and, Active Contributor to Community and Industry.