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.

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

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

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