Saturday, November 26, 2022

Who Writes Commercial Boat Insurance

/ Nick Shaw Incoming Chief Executive International Group

Understanding Commercial Inland Marine Insurance (Commercial Lines 101) | School For Insurance

ITS all change in the world of marine insurance trade associations. Not only has Richard Turner replaced Dieter Berg at IUMI, but industry veteran Andrew Bardot is due to step down at the International Group of P& I Clubs, handing over to Nick Shaw.

Like Mr Bardot, Mr Shaw is a lawyer and joins from Reed Smith, where he was group industry leader.

He has worked with a number of IG-affiliated clubs in his career, with extensive experience of P& I and defence claims.

/ Helle Hammer Managing Director Cefor

CEFOR, the Nordic Association of Marine Insurers, is the main representative body for what is the largest single marine market outside London. Helle Hammer has been running the show since 2007.

Her CV includes early jobs in politics and the civil service, and a stint working in Houston for a state-owned investment institution.

Shipping posts have included various roles at the Norwegian Shipowners Association, Det Norske Veritas and Oslos prestigious Shippingklubben shipping club. Ms Hammer is also active in IUMI.

Why Choose Anchor Marine

  • The agents at Anchor Marine have extensive marine insurance experience, and also have experience as charter boat operators. In short we know your business and will do what it takes to get you a policy that not only suits your needs, but one that is cost effective. We are independent agent and will actively shop the market place to make sure you are getting proper coverage at the right price.

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Best For Emergency Services Coverage: State Farm

State Farm

  • No. of Policy Types: 1
  • Coverage Limit: Varies

State Farm is a well-known insurance provider that offers additional coverages including emergency services reimbursement.

  • Coverage for houseboats and jet-skis

  • No online quotes for boat insurance

  • Website needs more detailed information

  • Need to contact agent for policy details

In business since 1922, State Farm is one of the best-known names in insurance in the United States. They offer boat liability and property damage insurance for common risks like storms, collision, theft, and more, with add-on coverage options available . Their property damage coverage extends protection not only to equipment permanently attached to your boat but also to accessories such as detachable canopies, life preservers, and seat cushions. State Farm has resources available for boat owners including articles on boat trailer safety tips, boat safety, and water safety. Boat insurance is available for a multitude of watercraft: runabout/sport boats, cruisers/yachts, sailboats, bass boats, jet skis, houseboats, and kayak/canoes.

Do I Need To Have Boat Insurance

What Kind Of Insurance Coverage Do I Need?

Though boat insurance is not required in every state, you shouldnt go without it in most cases. If you end up in an accident or stranded out in the ocean somewhere, youll be glad you have it.

Its recommended that you obtain boat insurance if you own one of the following types of boats:

  • Personal watercraft
  • Motorboats

Conversely, if youre just using a canoe, a small-engine boat, or an inexpensive boat worth less than $1,000, you may not need boat insurance.

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Best Bailee Insurance: Great American Insurance Group

Great American Insurance Group

If you regularly have customers property in your possession, Great American Insurance Group provides the most comprehensive policy options to protect you from being held liable if they are damaged or stolen. For this reason, Great American was picked as best bailee insurance in this review.

  • Bailee insurance tailored to B2B and B2C companies

  • Can be purchased alone or with other policies

  • Available in all 50 states and Canada

  • Limited policy information available online

  • Must call to purchase

  • Flood and earthquake requires additional coverage

Bailees customers insurance, or simply bailee insurance, is a crucial type of inland marine insurance for any type of business that takes temporary possession of customers property. A few common examples are dry cleaners, valets, storage units, and electronics repair shops. This type of policy protects you from financial responsibility if a customers belongings are damaged or stolen while in your care, a liability that is excluded from your commercial property insurance policy.

While many commercial insurers offer bailee insurance as optional riders to other policies, Great American Insurance Group stands out with both standalone and combined coverage. The provider offers two different types of bailee insurance: Bailee Legal Liability Coverage, which applies to B2B companies, and Bailees Customer Coverage for businesses that offer retail services.

We Insure Over 1 Million Watercraft And We Can Help Insure Yours Too

With over 35 years of boat insurance experience, we know how to keep you afloat. So, as long as your boat or personal watercraft is valued at no more than $500,000 and is up to 50 feet long, well most likely insure it. Dont see your watercraft listed here? Call us at and well do what we can to get you covered.

Some of our coverages

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What Type Of Coverage Does A Commercial Boat Need

Although many types of coverage are provided by a commercial boat insurance policy, there are two primary or basic coverages that should always be considered:

  • Liability coverage: Often called protection and indemnity coverage, it provides coverage for legal obligations to third parties. Your legal liability typically arises from bodily injury, loss of life, or damage to another’s vessel or other property as a result of operation of your vessel. The liability coverage is also available for defense costs if an action is brought against you or your business.
  • Hull coverage: This part of a commercial boat policy pays for physical damage to your vessel and is best purchased on an all-risk basis, which means that if the cause of the loss is not excluded under the policy, it will be covered. The coverage will provide protection for the hull, attached equipment, and unattached equipment and belongings. It’s important to note, however, that the owner is responsible for maintaining the vessel, which means normal wear and tear is typically excluded.

Along with the basic coverages available for your commercial boat insurance, there are additional coverages that should be considered as well:

How Much Does Boat Insurance Cost

Boat Insurance Commercial

Boat insurance costs vary greatly based on the type of boat youre insuring, the size of the boat, what you plan on doing with the boat, and how much coverage you need. The generally accepted estimate on insurance costs for all motored boats is that youll end up paying between 1% and 2% of the value of your boat per year, broken up into equal monthly installments.

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How We Chose The Best Boat Insurance Providers

When selecting the best boat insurance providers, we compared policies and discounts for more than 20 nationally recognized insurance companies that offer boat policies. We also looked at each companys financial strength, customer satisfaction ratings, and reviews. We feel confident that our evaluations provide a useful guide to help you select a boat insurance company, but we always encourage you to shop around and compare quotes before signing on the dotted line for any insurance policy.

The 7 Best Inland Marine Insurance Companies Of 2022

The Hartford offers unrivaled scope, coverage, and terms through its broad spectrum of inland marine policies and is best overall in our review.

  • Wide range of inland marine policies

  • Comprehensive policy terms

  • Can only be purchased through an agent

  • Quotes not available online

Modern inland marine insurance is a loose categorization of many different types of policies, and The Hartford offers just about all of them. The provider groups its inland marine coverage into five categories: construction, technology, transportation, equipment, and miscellaneous inland marine, which includes items from collectibles to vending machines.

Within each category, youll find highly specific policies that target industries at a micro-level. Just to name a few: renewable energy companies, vending machine operators, and art and entertainment companies all get their own inland marine policy with The Hartford.

As a well-known business insurance provider, The Hartford offers its clients 24/7 customer phone service and easy online claims. The company didnt fare well in the 2020 J.D. Power U.S. Small Commercial Insurance Study. It does, however, hold solid A+ ratings from both AM Best and the Better Business Bureau.

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/ Lucy Clarke Global Chief Executive Jlt Specialty

AFTER 16 years with Jardine Lloyd Thompson, Lucy Clarke was appointed to global chief executive of JLT Specialty in April this year. She remains chief executive of its marine and energy teams, and chair of northern Europe.

In 2019, Ms Clarke is set to become president of Marsh-JLT Specialty, the new operating unit to be formed following Marshs takeover of JLT. This will include responsibility for marine, as well as several other classes.

Ms Clarke, raised in the US, is arguably the most important woman in marine broking.

Best For Accounts Receivable: Nationwide

Marine Insurance

Selected as best for accounts receivable in our review, Nationwides inland marine policies cover a broad range of perils to help you protect your cash flow and grow your business faster.

  • Provides extensive accounts receivable coverage

  • Industry-leading business insurance provider

  • Only available as a policy add-on

  • Not included in online quote tool

  • Unavailable in Hawaii

Accounts receivable coverage is a perfect example of how inland marine insurance has evolved throughout the years. This type of policy covers losses typically caused by damage to accounts receivable records. While accounts receivable insurance is a fairly common type of coverage for businesses to carry, many people dont know that it technically falls within the inland marine family.

Nationwide offers an inclusive accounts receivable policy that covers not just damaged records, but also additional named perils like the unexpected cancellation of import/export permits. This coverage is offered as part of a top-rated lineup of business insurance products, which is good news since this particular insurer wont allow you to purchase an accounts receivable policy on its own. Nationwide typically offers accounts receivable as optional coverage that can be added to a business owner policy.

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Helpful Information About Boat Insurance

Its every boat owners nightmarewhat starts as a beautiful day in your boat with friends or family can take an unexpected turn, ending up in a collision with another boat, a reef, or a buoy. This could result not only in liability expenses and boat repairs, but in medical expenses if someone onboard gets hurt.

In 2019 the US Department of Homeland Security and the National Coast Guard reported a total of 4,168 boat accidents and an estimated $55 million dollars in property damage as a result of recreational boating accidents. The same annual report shows that the top five factors contributing to accidents had to do with operators’ inattention, improper lookout, inexperience, excessive speed, and alcohol use.

Boat owners also encounter other non-accidental incidents in the water such as breakdowns, motor malfunctions, or even fuel spillageevents that may leave you stranded, and requiring specialized services that boat insurers can cover for you.

So while sailing is full of adventures, it also poses many hazards for you and your boat. Therefore, the matter in question is not whether you need boat insurance or not, rather what type and how much coverage you should get.

Boat Insurance For Yachts Sailboats And Powerboats

Our experienced staff will work with you to make sure you get the boat insurance coverage thats right for you, no matter what type of boat you have and how you use it. We also specialize in hard to insure boats including classic yachts, mega yachts and racing sailboats.

We represent many quality marine insurance companies and our experienced maritime professionals know where to obtain the best rates for your yacht, sailboat or powerboat, depending upon variables such as size, value, age, construction and navigation area.

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How Much Does Inland Marine Insurance Cost

Inland marine insurance is most often offered as an add-on or rider to other commercial insurance policies, most commonly a business owner policy. Business owner policies can cost as little as $299 per year for small businesses, although adding inland marine coverage will typically increase that price. The biggest determining factor in the cost of inland marine insurance is the total value of items you want to protect.

Do I Need Usl& h Coverage

How can Marine Cargo Insurance Protect Your Business? [Full Webinar]

This is an area in which corporation owners can have their personal assets exposed to jury awards. Florida is surrounded by water most inland waterways are navigable. If a land-based employee is injured, he/she may qualify for this federal benefit, which is excluded by a state workers compensation policy. Department of Labor fines of up to $10,000 and an owners personal assets are at risk. As a safeguard, take our brief survey to determine if you face exposure.

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Comparing Boat Insurance Providers

Owning a boat is a major expense and you should choose your boat insurance provider with care. Remember to research the company and check out its ratings and reviews. Some other things to keep in mind when comparing providers include:

  • Coverage options: What type of coverage is offered? Make sure you understand the different plans and if things like running aground or hitting the dock are covered.
  • Pricing: Know how much youre paying for coverage and what that includes. Also, keep due dates in mind and if a downpayment is required.
  • Discounts: What discounts does the provider offer? Some things to ask about are bundling discounts, safe boater discounts, age-based discounts, and discounts for experienced boatmen
  • Specializations: Know if the provider specializes in marine coverage and make sure the agents are knowledgeable because it is much different than auto insurance. Some companies specialize in recreational boating and others specialize in commercial boating and yachts.
  • Coverage Exclusions: Research ahead of time what is not covered so you know before you choose a policy. Some providers wont insure boats that go above a certain amount of knots and others wont insure boats with aftermarket parts.

Protection & Indemnity Insurance In Louisiana

Protection & Indemnity typically accompanies hull insurance, but also protects vessel owners in the following situations:

  • Personal injury
  • Third-party damage

AWS can provide you access to the top carriers for Commercial Marine & Longshore Insurance.

Contact one of our Marine Insurance professionals today. AWS is located in Metairie and serves New Orleans, Mandeville, Lafayette, Cut Off, Galliano, Houma, and surrounding areas.

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Passenger Vessel Insurance Checklist

  • Pick a U.S. domestic company, with at least an “A” rating.
  • Get a Hull and Machinery policy that pays on agreed value.
  • Determine whether Hull and Machinery coverage is all risk or named hazards. The former is more inclusive and usually a better deal.
  • Check deductibles. The higher the deductible the lower the premium, but in the case of minor damage you may end up paying most or all of the claim.
  • Check operating limits, and mandatory lay-up. Five months is typical.
  • Try to check the underwriting company’s claims payment history with other operators.
  • Remember that policy terms are flexible and negotiable.

What To Expect With Boat Dealer & Marina Insurance

Commercial boat insurance

Contingency planning should be the wind force behind your sails. In your risk profile, well consider factors like marina maintenance, inventory, property damage liability, pollution concerns, and many more. The insurance products that protect your investment are all based here through W3 Marine.

Our advisers expert guidance and access to high-level markets set us apart from other marine insurance agencies. When you contact W3 Marine for a commercial marine quote, expect maximized personalization. Well help reveal your potential risks and safeguard your investments against them.

We make the process as easy as a maritime breeze. When you contact W3 Marine, expect the following:

  • A W3 adviser will ask specific questions regarding your exposures.
  • After forming a general picture of your commercial marine coverage needs, specialized coverage may be advised. Coverage is then quickly bound to offer you protection as soon as possible.

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Nationwide: Best For Policy Bundling

  • Multi-policy discount for those who bundle boat insurance and at least one other policy with Nationwide

  • Boat insurance packages to help customers save money

  • No online quote tool for boat insurance

  • Not all coverages and discounts available in all states

Nationwide offers lots of options for boat insurance coverage, including:

  • Bodily injury and property damage liability
  • Collision coverage
  • Roadside assistance
  • On-water boat towing and labor
  • Fishing equipment insurance
  • Personal effects insurance

Furthermore, there may be additional savings on your boat insurance when you select one of Nationwides boat insurance packages. The company offers a wide range of packages for different types of boaters, such as:

  • Weekenders For those who simply take gear onto their boat and remove it when theyre done, Nationwide offers an affordable package that includes up to $1,000 for fishing equipment, $3,000 for personal effects, and $500 for towing.
  • Overnighters For those who take short boating trips, Nationwide offers up to $2,500 for fishing equipment, $5,000 for personal effects, and $2,500 for towing.
  • Light Tackle Anglers For customers who own a bass boat or smaller fishing boat, Nationwide offers up to $5,000 for fishing equipment, $2,000 for personal effects, and $2,500 for towing.
  • Deep Water Pros For those who fish big waters, gulfs, bays, and oceans, Nationwide offers up to $10,000 for fishing equipment, $5,000 for personal effects, and $2,500 for towing.

Discounts

Limitations

How Much Is Boat Insurance

Your price for boat insurance is based on numerous factors, including:

  • Location: Watercraft insurance is generally more expensive if you boat in a coastal state. You may pay less for boat insurance in states where boating is not a year-round activity.
  • Boat type: The year, make, and model of your watercraft will affect your policys cost.
  • Boating history: Experienced boaters are less likely to have an accident on the water and will often pay less for boat insurance compared to inexperienced boaters.
  • Prior claims: If you have a history of boat insurance claims, you could pay more to insure your boat and for liability protection.

Boat insurance policies are generally affordable. More than 75% of Progressives boat insurance customers pay their policies in full.

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