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.

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

Progressive Insurance offers new propulsion coverage

Progressive Insurance recently introduced a new coverage option for boaters. Called Propulsion Plus, the policy pays to repair or replace the lower unit of an outboard or the outdrive of a sterndrive engine in the event of mechanical breakdown. The coverage is available for boats as much as 10 years old and can be kept…more

C.L. Hanson & Associates joins credit network

Wolters Kluwer Financial Services announced that C.L. Hanson & Associates, a specialty marine finance and insurance agency, joined the AppOne platform. AppOne helps automate the credit approval, document preparation and financing processes for lenders and the dealerships they work with. C.L. Hanson will use AppOne to simplify the preparation of loan documents, automate credit application…more

Norman-Spencer unveils marine insurance coverage program

As U.S. boat dealers, marinas and boat-related industries gear up for the summer boating season, the Norman-Spencer Agency is launching First Marine, a new, A+ rated, nationally admitted property and casualty coverage product. “First Marine is a new proprietary program available through Norman-Spencer’s Marine Insurance Division,” Norman-Spencer Agency president Brian Norman said. “We believe this…more

Classic-boat price guide debuts online

Hagerty Insurance Agency announced a new online resource center to help classic boat owners more effectively determine the value of their vessels and understand the vintage marine marketplace. The Classic Boat Price Guide was compiled by valuation experts, utilizing a number of sources, including private sales, auction data, insured values and contributions from classic boat…more

Company expands marine insurance program

The Norman-Spencer Agency announced that its AquaPac Boat/Yacht Insurance Program will be available to boat owners, boat dealers and insurance agents nationally, beginning March 1. AquaPac provides broad, affordable coverage that accommodates the full spectrum of boats. “We’re building on the tremendous success that AquaPac has had over the last 30 years in the West…more

Insurer adds megayacht underwriting

Brit Insurance is launching a service to become a major underwriter at Lloyd’s in the megayacht insurance sector. The underwriting team is led by industry veterans John Higham, who recently joined Brit Insurance, and Mike Wimbridge. The pair have more than 50 years of yacht underwriting and broking experience gained with Travelers, Chartis, Marsh and…more

New insurer enters the marine market

Aspen U.S. Insurance is entering the recreational marine insurance market, focusing on marinas, yacht clubs, boat dealers, boatbuilders and boat component manufacturers, the company announced. Aspen will distribute these products through an exclusive arrangement with Axiom Insurance Management Ltd., a specialty marine MGA and wholesaler in Atlanta. “Introducing new capabilities to our select distributors is…more

‘Insurer’ guilty of fraud in maritime tragedy

The head of a company that sold an insurance policy to the owner of the ill-fated Ethan Allen cruise boat that capsized on New York’s Lake George in October 2005 pleaded guilty to insurance fraud and now faces 20 years in prison. In October 2005, the Ethan Allen cruise boat took 47 passengers on a…more

Police say Florida company sold illegal boat insurance

An insurance business owner in Port Charlotte, Fla., is accused of selling invalid boat insurance policies. Insurance Depot owner Jack Alexander and former employee Kristin Decker-Hopkins were arrested after a state investigation, WBBH-TV reported. Detectives allege that the two knowingly sold policies for a company that was not licensed in the state. Alexander told the…more

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