Boating & Charter Industry Review Post COVID-19

As many of you know, we sailed off to Key Largo when the COVID-19 issue became real just over 30+ days ago. Two of our brokers, Terry Singh and Thea Koshman decided to take off with us along with a group of seven of our clients in tow, each couple in their own catamarans. The plan was to stay anchored off the island of Key Largo for the next month or so while we figured out how this lock-down will affect all of us.

Like so many people, we had planned to catch up on projects on our boat as well as in business during this lock down period. While we did do that, we also realized very quickly a few weeks into this, that when the lock-down was extended beyond the initial two weeks, and more countries shut down for all travel, that things were about to get difficult for many of our boat owners, especially our owners in the charter fleets.

After all charter was suspended across the globe, we knew that our owners may have some problems with little or no revenue in the charter fleets for months to come. We immediately got to work to help them. We mobilized every contact we have in the industry to help our owners with various issues and so far, we have had great responses from everyone. Boat owners received mortgage deferments from the various lenders that we had contacts for, and we have managed to help sort out some insurance issues for them with the help of Hugo from Hanham Gross Insurance Agency.