Insurance

The types of insurance a company needs depend on the kind of business it does and the regulations that apply to it. Trade Only follows developments in government and insurance that affect the marine industry.

Gowrie Group continues annual Newport show tradition

Gowrie Group, a New England independent personal lines and marine insurance agency, continued an annual tradition of bringing a fresh approach to the Newport (R.I.) International Boat Show. The Gowrie team delivered 60 custom bucket-bags filled with apples to marine industry clients and friends that were exhibiting boats and products at the show. In total,…more

Insurance policy covers repatriation costs for stranded seafarers

Willis Group Holdings, a London-based global risk adviser, insurance and reinsurance broker, launched a new liability insurance policy to cover the costs associated with repatriating stranded seafarers. According to the International Labor Organization’s database, there are 184 reported incidents of abandoned vessels and seafarers around the world. As a result of the economic downturn’s effect…more

Total Dollar adds to center-console coverage

Total Dollar Yacht Insurance expanded its product line under the Full Throttle Insurance Program to include multi-engine center consoles. The product is available in all states and will be able to accommodate engine configurations as large as five outboards. The coverage will be written with both State National Insurance Co. and National Specialty Insurance Co.,…more

Scottish cruise ships buy Loch Ness Monster insurance

The Scottish cruise ship company Jacobite Cruises, based in Inverness, is in line for a six-figure payout if the Loch Ness Monster damages one of its boats. “I don’t know what the odds of this actually happening might be, but this is Loch Ness,” Jacobite’s owner, Freda Newton, told The Daily Mail. “How silly would…more

Falvey Insurance Group adds new division

Falvey Insurance Group formed a new Safe Harbor Pollution Insurance division. Offering insurance in the commercial market, Safe Harbor’s global vessel pollution policy provides comprehensive protection for any vessel, owner or operator, Falvey said. Veteran insurance professionals Russ Brown, Tony Gerone and Sean Quinn bring more than 35 years of experience in underwriting marine pollution…more

Marine insurer buys Florida underwriter

Total Dollar Yacht Insurance of Port Washington, N.Y., acquired World Marine Underwriters of Fort Lauderdale. World Marine Underwriters is a marine insurance specialty agency that was founded by Harry Wardlow in 1960. Its main location is in Fort Lauderdale with a satellite office in Stuart, Fla. Total Dollar Yacht Insurance is a division of Total…more

Marine public relations firm adds two clients

Falvey Insurance Group and Panolin America signed with the public relations firm Martin Flory Group, which will handle both companies’ North American PR activities. Falvey has nearly 20 years of experience, and is composed of Falvey Yacht Insurance, which offers recreational boat and charter programs, and Falvey Cargo Underwriting. Panolin produces Greenmarine gear oil and…more

Atlass Insurance offers high-performance boat policy

Marine insurance provider Atlass Insurance Group is offering the Prime Time Boat Insurance product, available through Atlass and other independent insurance agents nationwide. “There is a significant need for a customized boat insurance product designed for the high-performance and special-risks market,” company founder and CEO Frank Atlass said in a statement. “This is a market…more

Veritas Insurance revamps website

Veritas Insurance Group, which specializes in insurance for boats, RVs, motorcycles and snowmobiles, redesigned its website. The new website includes information about the company’s insurance for all recreational products. Veritas is a division of Priority One Financial Services Inc. “Our old site didn’t clearly communicate that Veritas is an industry leader in providing specialized insurance…more

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