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.

Boat crew indicted on insurance fraud charges

A New Jersey fishing boat owner and crew were indicted Wednesday and charged with conspiring to sink their vessel off the coast of Cape May, N.J., to collect a $400,000 insurance payment, U.S. Attorney Paul J. Fishman said. The indictment charges the boat’s owner, Scott Tran, 38, of Cherry Hill, N.J.; his right-hand man, Manh…more

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Group names certified marine insurance pros

LIG Educational & Consulting Services, in conjunction with the International Institute for Marine Insurance Studies, announced the recent award of the Certified Marine Insurance Professional designation to 21 insurance professionals. The certified designation requires attendance at four 2 1/2-day seminars on the Fundamentals of Marine Insurance, Commercial Marine Insurance, Insuring Marine Employees and Recreational Marine,…more

Insurer pays out workers’ comp dividends

Westmar Marine Insurance recently announced it paid out the first dividends under its Workers’ Compensation USL&H Group dividend-paying insurance program. “In one of the worst times in economic history, we’re able to pay back money to our customers,” Westmar marketing director Kelly Lam told Trade Only Today. Under the state program, launched in 2007 and…more

Gowrie Group receives national honor

For the third year in a row, Gowrie Group of Westbrook, Conn., was named to a national list of the Top 100 privately-held property/casualty agencies. The firm also was ranked as the top agency in Connecticut for the second year, and was among the 45 companies on the list that actually grew its business, year…more

Company adds liveaboard insurance

Maritime General Agency of Westbrook, Conn., launched a new program for liveaboard boats and yachts. MGA’s Liveaboard Yacht Coverage Endorsement will be attached to the firm’s New Hampshire Insurance Company Yacht Policy. The endorsement adds coverage for personal property, personal liability and additional medical payments, while retaining the coverage already afforded by the yacht policy.…more

Companies form alliance for classic-boat insurance

Heritage Marine Insurance formed an alliance with ACE Recreational Marine Insurance to provide insurance for classic boats throughout the United States. Heritage Marine’s longstanding Classic Coverage ProgramSM is now exclusively underwritten by ACE Recreational Marine Insurance. Classic boats require extensive insurance expertise because of their unique construction, materials, usage and difficulty to replace parts, according…more

Travelers offering insurance for antique boats

Boat and yacht experts from Travelers Insurance have created products specifically for antique and classic runabout owners. “Insuring an antique and classic runabout is unlike covering any other type of boat or yacht,” said Chantal Cyr, vice president of Travelers Boat and Yacht Division, in a statement. “Preserving the boat’s history, especially in the repair…more

Stimulus bill removes longshore insurance requirements

The U.S. House and Senate recently voted to modify the Longshore and Harbor Workers’ Compensation Act as part of the American Recovery and Reinvestment Act. The bill, which awaits President Obama’s signature this afternoon, removes longshore insurance requirements for recreational marine service and repair businesses. This relief will save small businesses on average of more…more

Marine insurance specialists merge

Tom Haut recently bought the John G. Alden Insurance Agency and merged it under one name. The new company, Haut Insurance, is based in Andover, Mass. Haut was president of the Alden Agency from 1996-2008, prior to buying the company. He also served as the senior project manager at Alden Yachts from 1987-1996. Haut Insurance…more

Allianz merges marine insurance subsidiaries

Allianz Global Corporate & Specialty, the industrial insurance arm of the Allianz Group, and Fireman’s Fund Insurance Company, an Allianz general insurance unit, are combining their marine insurance businesses. The two Allianz subsidiaries will merge their marine portfolios to create one unified global marine insurance organization under the AGCS brand. Art Moossmann will lead the…more

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