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.

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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