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Posts Tagged ‘coverage’

Know the ropes: 5 ways to reduce risk and 5 coverage considerations for boat …

Thursday, March 5th, 2015

Know the ropes: 5 ways to reduce risk and 5 coverage considerations for boat …
News from PropertyCasualty360:

Millions of boaters in the U.S., particularly those who have been suffering through an unusually harsh winter, are looking forward to the approaching spring season. As boat owners prepare to take their boat out of winter storage and launch it in the water for another season, insurance advisers have an opportunity to help their clients properly protect their prized possessions, keep their families safe and maximize their time on the water. So before your clients launch for the season, use the following as a guide to make sure their boats and their insurance policies are properly tuned up.

Reduce risk between bow & stern

By spring, many boats have been sitting idle for at least three or four months, some exposed to salt air and extreme temperatures. Such inactivity after a long winter hibernation can actually accelerate wear and tear by drying out hoses and other rubber parts, or even contribute to rust and corrosion.

Prolonged periods of inactivity during the previous boating season also creates additional risks. For example, one Chicago family’s yacht sunk while secured to its mooring in early September. Unfortunately, a drained battery resulted in a pump failure, leaving the boat no chance to compete with the massive rainfall that inundated the Midwest that weekend. Like many losses, this one could have been…………… continues on PropertyCasualty360

… Read the full article


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This book provides a comprehensive overview of the theory, functioning, management and legal background of the insurance industry. Written in accessible, non-technical style, Insurance Theory and Practice begins with an examination of the insurance concept, its guiding principles and legal rules before moving on to an analysis of the market, its players and their roles and relationships.
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Charting the Course: Watercraft Reversal Spells Coverage Opportunity

Tuesday, March 3rd, 2015

Charting the Course: Watercraft Reversal Spells Coverage Opportunity
News from PropertyCasualty360:

The Great Recession was expectedly rough on boat sales, which saw widely reported declines of 50% or more in revenues as the economy sank. However, that tide is now turning—and producers who understand the exposures can make hay by writing coverage on new watercraft.

Sales of recreational boats (up to 26 feet in length), which account for 95% of craft on the water, were up about 10% in 2014. Sales of yachts (over 26 feet) were reportedly flat compared to 2013, but brokers and underwriters are finding smoother waters in the large-craft sector than in recent years.

“In the mid-range—vessels from 60 to 90 feet—there is definitely an uptick in sales and an increase in vessels scheduled to come off the [assembly] line,” says John Gaffney, senior vice president and yacht practice leader within Marsh Private Client Services. “With mega-yachts over 100 feet, we have seen delivery times being extended, which is normally a very good indicator that yards are busier than they had been.”

“We’ve heard some good things at boat shows in terms of sales being made,” says Todd Shasha, managing director in Travelers’ personal insurance boat and yacht division. “We’re also seeing increases in values across the board—larger outboard motors, center consoles increasing in size, some nice new features in vessels coming into the market.”

There is plenty of capacity w…………… continues on PropertyCasualty360

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Al Roker and Hoda Kotb Ring in the New Year Hosting NBC’s Live Coverage of …

Monday, December 1st, 2014

Al Roker and Hoda Kotb Ring in the New Year Hosting NBC’s Live Coverage of …
News from TVbytheNumbers:

via press release:

AL ROKER AND HODA KOTB RING IN THE NEW YEAR HOSTING NBC’S LIVE COVERAGE OF THE ‘126TH ROSE PARADE’ ON JANUARY 1, 2015

“Inspiring Stories” Will be the Theme as Parade Honors Grand Marshal, Olympian and World War II Prisoner of War Louis Zamperini Posthumously

Universal City, Calif. – December 1, 2014 Al Roker, the weather anchor for NBC’s “Today,” and Hoda Kotb, co-host of “Today’s” fourth hour, will welcome the new year co-hosting NBC’s live, high-definition coverage of the “126th Rose Parade” from Pasadena, California, on Thursday, January 1 (11:30 a.m. – 1:00 p.m. ET/8:30-10:00 a.m. PT).*

This will be Roker’s eighteenth year hosting the popular annual event, and the second year for Kotb.  NBC has been broadcasting the New Year’s Day parade for 88 years, beginning on radio in 1927 and then televising the event beginning in 1954.

“Inspiring Stories” will be the theme for this year’s Rose Parade, the most popular New Year’s Day celebration in the world.  Perfectly capturing this theme is the life of Grand Marshal Louis Zamperini, who will be honored posthumously this year.  Zam…………… continues on TVbytheNumbers

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Boat insurance may be necessary even after homeowners coverage

Thursday, May 29th, 2014

Boat insurance may be necessary even after homeowners coverage
News from Live Insurance News:

Although the season for watercraft has had its unofficial start and people have been flocking to their local lakes to be able to get as much out of this year’s warm weather as they possibly can, but many don’t realize that they will likely require additional boat insurance to provide them with the coverage that they need.

It isn’t uncommon for people to think that their homeowners insurance or cottage policy is enough.

AAA has now released a reminder to all boaters to make certain that they have the boat insurance coverage that they believe themselves to have, and to understand exactly how much coverage will be provided to them in the event that they are involved in an accident while on the water. While the primary concern is always to make certain that everyone is safe, once that has been accomplished, the added financial protection is the next most important thing.

Proper boat insurance coverage is especially important on weekends and holidays.

The reason, according to AAA spokesperson for the Auto Club Group, Mark Jenkins, is that the risk of a boating accident rises on holidays such a…………… continues on Live Insurance News

… Read the full article


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Homeowners Insurance May Not Provide Enough Coverage for Your Boat.

Tuesday, May 27th, 2014

Homeowners Insurance May Not Provide Enough Coverage for Your Boat.
News from WBBJ-TV:

Story Created: May 23, 2014 at 2:56 PM CDT

Story Updated: May 23, 2014 at 7:02 PM CDT

TAMPA, Fla. – The unofficial start of summer brings us the beginning of boating season. AAA wants to make sure you’re covered in the event you’re involved in an accident on the water.

Being safe is a primary concern, but it’s also important to have the proper insurance coverage in case of an accident.

“The likelihood of a boating accident increases on Memorial Day weekend,” said Mark Jenkins, spokesman, AAA – The Auto Club Group. “Rivers and lakes are loaded with boats, and the boaters are oftentimes loaded on alcohol.”

In 2013, there were 4,062 accidents with 560 deaths, 2,620 injuries, and approximately $ 39 million dollars of property damage as a result of recreational boating accidents, according to the US Coast Guard. There are an estimated 12 million recreational vessels registered in the United States. However, only seven in ten owners in Florida, Georgia and Tennessee have boat insurance, according to a recent AAA survey.

“Unfortunately, not everyone has a proper insurance policy to cover the cost of any injuries or property damage that may occur,” Jenkins continued. “Many people wrongly assume their homeowner’s insurance is all the coverage they need for thei…………… continues on WBBJ-TV

… Read the full article


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Ironshore Personal Lines Launches Boat, Watercraft Coverage for High-Net …

Saturday, May 10th, 2014

Ironshore Personal Lines Launches Boat, Watercraft Coverage for High-Net …
News from Insurance Journal:

Ironshore’s Personal Lines unit now offers an endorsement option for personal watercraft coverage for high net worth insured homeowners.  Ironshore’s watercraft program provides “all risk” coverage for watercraft, including jet skis and boats.  Coverage can be obtained for multiple boats and personal watercraft for Ironshore homeowner insureds with primary coverage on property valued at $ 1 million or more in selected states nationwide.

Ironshore coverage is underwritten on an agreed-value basis for personal watercraft of up to $ 750,000 in value, with hull deductibles ranging from 1 to 5 percent.  High value homeowner insureds can secure protection for vessels of higher value if so qualified under Ironshore’s Luxury Yacht program, which provides coverage for vessels valued above $ 750,000 and up to $ 10 million.

Ironshore provides broker-sourced specialty property and casualty insurance coverages for varying risks on a global basis through its multiple international platforms.

… Read the full article


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Summer Raises Garage Insurance Coverage Questions for Boat …

Thursday, June 21st, 2012

Summer Raises Garage Insurance Coverage Questions for Boat …
News from Virtual-Strategy Magazine:

The first day of summer begins June 20th, but Wolpert Insurance located in Worcester, Mass., is already seeing an increase in auto repair shops asking if their garage insurance will apply when it comes time for a boat to be worked on.

Worcester, MA (PRWEB) June 21, 2012

June 20th marks the start of summer, and boat owners everywhere are making sure their favorite mode of marine transportation is in top condition. Since many boats have an automotive-type engine, it would seem to make sense to have it repaired at an auto repair shop that services automotive engines. But will repairs be covered by their garage insurance? According to Wolpert Insurance Agency, this is the most frequently asked question they receive in the early summer months.

Such was the case of am individual who owned an inboard-outboard boat and wasn’t happy with the engine work being done by his boat dealer. The client chose instead to have his boat tuned up by his local auto service station who had done great work previously on his cars.

Shortly after the boat tune-up was completed, the client took his boat out and upon returning to the docking…………… continues on Virtual-Strategy Magazine

… Read the full article


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The main focus of this book is the impact of maritime fraud on contracts for sale and carriage, documentary credits and marine insurance. It covers all varieties of maritime fraud, from the most serious downwards, describing the methods employed and the risks to traders and carriers. At the serious end of the spectrum, pirates capture an entire ship, often murdering the entire crew, in order to sell the cargo (to which of course they have no title), later to use the “innocent” ship to pose a

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Archbishop: Networks ‘missed the boat’ on coverage of church’s ObamaCare lawsuits

Monday, May 28th, 2012

Archbishop: Networks ‘missed the boat’ on coverage of church’s ObamaCare lawsuits
News from Fox News:

The archbishop of Washington on Sunday accused the network news programs of having “missed the boat” by largely ignoring lawsuits filed this past week by Catholic institutions challenging the Obama administration’s so-called contraception mandate. 

Cardinal Donald Wuerl, speaking on “Fox News Sunday,” was responding to an analysis by the conservative Media Research Center of how the networks’ evening newscasts treated coverage of the dozen federal lawsuits filed Monday. According to the center, CBS spent 19 seconds on the story after it broke, while the other networks gave it no coverage. 

“It is puzzling, particularly since they’re focusing so much attention right now on the pope’s butler,” Wuerl said, in reference the scandal in which the pope’s butler Paolo Gabriele was charged with stealing sensitive documents and is suspected of leaking them. 

“It seems to me that somehow they’ve missed the boat. They’ve missed the story,” Wuerl said. 

The story, the archbishop said, is “religious liberty.” 

Wuerl adamantly defended the lawsuits, which were filed by dozens of Catholic-affiliated institutions including schools, charities and the Archdiocese of Washington. 

Asked about speculation that the suits were just a vehicle for conservative members of the church to go after President Obama — considering dozens of dioceses did not jo…………… continues on Fox News

… Read the full article


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What should you ask your boat insurer to get the best coverage?

Sunday, March 25th, 2012

What should you ask your boat insurer to get the best coverage?
News from Live Insurance News:

As you get ready to launch your boat for the first time this year, it’s important to make sure that you start by purchasing your boat insurance and that you obtain the right level of coverage for the best price.

To accomplish this goal, you’re going to want to make sure to ask the boat insurance company a few questions before you make your final purchase:

• How much coverage is there for someone who borrows the boat? Different policies provide varying degrees of coverage for passengers, crew, and people who borrow the boat with your consent. Choose the insurance that provides an equal amount of coverage to anyone who is aboard the vessel.

• How much of the boat’s equipment and gear is covered by the policy? Carefully go over the types of equipment that will be covered by a policy you are considering. You will want to make sure that you will not be paying too much if your boat has very little equipment –f or example, if it is simply a dinghy – or that you will have enough coverage to protect your investment if you have a larger boat such as a luxury yacht.

• Does your boat coverage include a “new for old” element? Though some policies will replace damaged equipment with its new equivalent, others will only cover the second hand/depreciated value of the equipment.

• Is there a limit in the insurance policy for the amount of damage th…………… continues on Live Insurance News

… Read the full article


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Omani CMA approves insurance coverage for fishing boats

Thursday, January 5th, 2012

Omani CMA approves insurance coverage for fishing boats
News from Zawya.com:

By Jaidev Majumdar

Nearly 14,000 Omani fishermen will benefit from a new insurance cover for fishing boats as the government urges companies to sell tailor-made policies for the sector. The new policy has been devised by the Oman Chamber of Commerce and IndustryOman Chamber of Commerce and Industry (

… Read the full article


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