Skip to main content

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 currently open only to California recreational businesses (boat dealers, marinas, boat repairers), profitable groups for Westmar — in this case, boat dealers and boat repair workers — received dividends based on a percentage of their premium.

Westmar, along with policy underwriter Zenith Insurance Company and the USL&H Safety Services Association announced the combined dividend payment of $43,776.80 to members of the boat dealer and boat repair groups for the period of July 1, 2007 through June 31, 2008.

Westmar, the retail arm of Western Marine Insurance Services, says it is the only recreational marine workers' compensation insurance program in California paying back its customers. Profitability is determined by each group's loss ratio. The marina group does not qualify for dividends at this time, according to Lam.

Rich Armstrong



Inflation Stymies Boat Sales

Inventories of new and used boats are improving at the retail level but are still considered comparatively lean, according to the results of the monthly Pulse Report survey.


Ho, Ho, Ho, You Better Watch Out

It may be too early to decorate the showroom, but it’s not too early to hatch a marketing plan to profit from the holiday selling season.


Industry reacts to IBEX cancelation

With Ian expected to hit Florida’s west coast as a major hurricane, the consensus among those who spoke with Trade Only Today say it was the correct decision.


Ready for a Revolution

Electrification has been an increasingly common buzzword in the marine industry, especially in the past four to five years.


MarineMax Makes Appointment to its Board

Mercedes Romero has expertise in global procurement and strategic planning, working with such companies as Procter & Gamble and Starbucks.


DEALERS: Are Interest Rates Impacting Demand?

This month’s Pulse Report survey asks dealers whether interest rate increases are causing a downturn in boat sales. Take the survey here.


Spot Zero Announces Expansion

The Fort Lauderdale-based reverse osmosis systems manufacturer is adding a 20,000-square-foot production facility.

1_Seakeeper Ride 450_2023 Sportsman Open 232 Center Console

Seakeeper’s New System Targets Pitch

Seakeepeer, whose gyroscopic stabilizers set the marine industry standard for eliminating as much as 95 percent of a boat’s roll, is now turning its attention to eliminating pitch with their Seakeeper Ride system.


Propeller Precision

Yamaha’s new $20 million foundry produces about 100,000 propellers a year