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Anyone heard of North American Marine Ins. Co?

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Old 11-21-2003, 05:16 PM
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Question Anyone heard of North American Marine Ins. Co?

I have been having a very difficult time trying to get insurance for my 1100+ hp, 25' cat. A local broker says he can get me a policy underwritten by a company out of Quebec called North American Marine Insurance Company. Has anyone had any experience (or even heard of this company)? Thank you, Keith
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Old 11-21-2003, 05:24 PM
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Nope, but what are they offering?
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Old 11-21-2003, 05:30 PM
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They were offering $100/$300K Liability, with a replacement value of $80K with a $1,900 deductible for $2,365 per year. That's about $500 per year less than what I was paying with Jefferson (through Buzz at PMA) before they got out of the business. So, the price is not bad but I have some concerns about not ever hearing of this company.
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Old 11-21-2003, 07:13 PM
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Default NORTH AMERICAN INSURANCE COMPANY

DO NOT GET INVOLVED WITH THEM THEY ARE A TOTAL SCAM AND SOME BROKERS HAVE BEEN FINED HEAVILY FOR DEALING WTH THEM.I WOULD CHECK WITH YOUR STATE INSURANCE COMMISSION AND WARN YOUR BROKER THAT HE COULD BE JEOPARDIZING HIS LICENSE. THIS COMPANY ALSO USES A REFERENCE TO A MARINE SAFETY FOUNDATION IN THEIR SCAM.
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Old 11-21-2003, 07:20 PM
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wow, good thing you asked R racer, just goes to show what could happen there
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Old 11-21-2003, 07:52 PM
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Default INSURANCE SCAM

I found the article in the website of the TEXAS DEPARTMENT OF INSURANCE.The article shows a fine of $700,000 against this company on September 12, 2000.
The phone number for TEXAS INSURANCE DEPARTMENT concerning this matter is 1 800 252 3439. I also know a New Jersey insurance agent that had the FBI kick his door in and seize his computer and records.This former agent as a result of dealing with these lowlifes is now selling cars,has had his insurance license revoked ,and paid a heavy fine.
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Old 11-21-2003, 07:52 PM
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You got that right H2. Thanks for the heads up Sy. I guess I got a little suspicious when the broker said that if I gave them the go ahead within 24 hours of the quote, they would offer an additional $200 off the policy. That set off some alarms in my mind too. Thanks again, R/R
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Old 11-23-2003, 11:36 AM
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good thing you asked Keith before you got into the deal. I saw your thread on hot boat and looked over here. have a good one and good turkey day.
 
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Old 11-23-2003, 07:03 PM
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Shameless, thanks. Same back to you.

Cat, yeah I tried to convince Sy that my 25'-7" Carrera was closer to 26' than 25' but he still wouldn't touch it. Same with Bob. It might have been the 1100+ hp or the 120+ mph. I can't remember for sure which it was that caused them to turn me down. I was only able to find one insurer that would take me on and that was Alliance Marine through Lloyds of London with a $3,600 premium, if I remember correctly. OUCH!!!!
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