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.

‘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

Marine insurer buys Florida agency

Celedinas Insurance Group announced the acquisition of Palm Beach Insurance Group, which was founded in 1998. “Our goal is to offer Palm Beach Insurance Group clients the convenience of a local insurance firm that incorporates the breadth of products, expertise and market strength of one of America’s oldest and largest insurance advisory brokers,” Celedinas president…more

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

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