Argo Insurance, a member of Argo Group International Holdings, Ltd., will offer a private and pleasure watercraft program through its Commercial Programs unit in partnership with Osprey Special Risks Ltd., a global marine insurance underwriting agent. The program, which launches in Minn., Mich. and Wisc., will offer protection and indemnity (P&I) and hull coverage.
The target risk for Argo Insurance’s Private and Pleasure Watercraft Program is fishing boats and sailboats valued at $25,000 to $250,000. Unlike Argo Insurance’s other programs that are offered through retail agents, this program will be offered primarily via an interactive website managed by Osprey. To complement this program, third-party administrator Condon Claims Management will provide 24/7 claims service.
“Until now, our core business focus has been on vessels based in the southeast U.S. and the Caribbean,” said Osprey Special Risks Managing Director Tony Usher. “This is a new style of business acquisition and new geographic area for Osprey.”
As program administrator, Osprey will underwrite, rate and issue policies for the private and pleasure watercraft program from the Miami headquarters of its U.S. subsidiary, Osprey Special Risks Ltd. Inc. All policies will be underwritten on Argonaut Insurance Co. paper.
Osprey Special Risks Ltd. insures yachts and boats, from small runabout pleasure craft to bareboat charter fleet, dinner cruise vessels and sightseeing ships. It is a coverholder for Lloyd’s and also has underwriting authorities with a number of major insurance companies in London and Europe. Osprey currently has a large non-admitted watercraft program in the U.S. and worldwide, targeting vessels up to $2 million in value.