New Markets

High Performance Boats

Nuts & Bolts: Markel American Ins. Co. has teamed up with Elton Porter Marine Insurance Agency to offer a new ultra high performance boats program. This program provides hull and liability coverage for boats with speeds ranging between 120 mph and 150 mph.

Dollars: Limits are $750,000 on the hull, $500,000 for liability. Deductible is 10
percent.

Carrier: Markel American Insurance Co., admitted.

Contact: Tom Conroy, (800) 236-2862 ext. 3355, tconroy@markelcorp.com or Ken Collier, (800) 759-2628, ken.collier@businessinsurancegroup.com.

Specialty Ship Repairers and Marine Contractors

Nuts & Bolts: St. Paul Travelers introduced the Shipwright Program for specialty ship repairers and marine contractors with annual gross receipts of $350,000 or less. A single policy combines marine general liability, ship repairers’ legal liability and miscellaneous property coverage for this specialty market. The new program utilizes a highly automated and simplified rating approach to offer competitive pricing, flat premiums, low deductibles and comprehensive coverage. The Shipwright Program offers features to small businesses, such as: Coverage for products and completed operations liability and contractual liability; premises liability coverage; worldwide liability coverage; automatic $5,000 miscellaneous property coverage limit for tools; and no errors and omissions exclusion. Shipwright is immediately available to employee-owned or owner-operated ship repairers and marine contractors that are primarily involved in marine repair work and have been loss-free for at least three years. Must have gross receipts of $350,000 or less.

Dollars: Limits are $1 million per occurrence, $2 million on aggregate and $500,000 for miscellaneous property. There is a minimum premium of $2,000. Deductibles are $1,000 on miscellaneous property and $2,500 for marine general liability.

Carrier: St. Paul Fire and Marine, admitted.

States Available: All.

Contact: St. Paul Ocean Marine Field Operation, George Butler, (732) 321-5623 or gcbutler@spt.com.

Big Boat Insurance For Racers And Cruisers

Nuts & Bolts: U.S. Sailing Assoc., the national governing body for the sport, and Gowrie Barden & Brett, have teamed up to offer a new big boat insurance program for U.S. Sailing members. The program offers comprehensive, customized coverage for sailboats larger than 30 feet on and off the racecourse. The big boat insurance program is available for most types of boats, including new and older boats, PHRF and Grand Prix racers, as well as cruisers. Some coverage highlights are: Captain and crew, paid and unpaid; containers and equipment onshore; overland transportation; worldwide navigation optional; “A+” rated paper.

Dollars: Premiums and deductibles vary by risk based on sailboat type, loss history and use. Policy limits go up to $5 million for hull and P&I.

Carrier: Several domestic carriers rated “A+” or better, admitted.

States Available: All.

Contact: Rod Clingman, (800) 262-8911 ext.177.

To submit information to this department,
e-mail bwells@insurancejournal.com.