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
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.
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
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
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
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 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