Possibly the best kept secret in high end boat insurance
08-21-2007, 03:14 PM
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Possibly the best kept secret in high end boat insurance
We have been very successful writing high value boat insurance of varying types through AIG. They offer a special program to those with "significant" personal insurance needs
and will only write the boat/yacht insurance as part of a package of auto/home/jewelry/umbrella coverages. The minimum homeowner dwelling limit for example is $1 mill and the account needs to generate a minimum premium of $15,000. We're only working with them in NY so I can't speak for the rest of the country but we've done some pretty exotic stuff with them. The larger the premium, the more they will work with you. They are probably the best kept secret in high end boat insurance. They are accessed only through select independent insurance agents with a private client division.
and will only write the boat/yacht insurance as part of a package of auto/home/jewelry/umbrella coverages. The minimum homeowner dwelling limit for example is $1 mill and the account needs to generate a minimum premium of $15,000. We're only working with them in NY so I can't speak for the rest of the country but we've done some pretty exotic stuff with them. The larger the premium, the more they will work with you. They are probably the best kept secret in high end boat insurance. They are accessed only through select independent insurance agents with a private client division.
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09-09-2007, 10:51 AM
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AIG Private Client & Chubb Ins. Group
Gentlemen High Performance Boat Owners:
AIG & Chubb will consider writing high performance, if the existing account warrants it! The real question is warrants it? As most of you know, I specialize in Insurance for Power Boat Race Teams & Events throughout the US...Some of the Team Owners, I have written their high end Homeowners, Yachts, Vehicles, etc. with AIG & or Chubb, has proven to me, that both Companies are able to entertain risks that most Companies cannot accommodate....especially high end umbrella liability limits....
Hawaii is important Sy....I have three accts. with AIG....
It is my opinion that isolated high performance boats is still a difficult task to place with these Companies.....
Hawk Race Consultants RH Felsen 516-466-9760
AIG & Chubb will consider writing high performance, if the existing account warrants it! The real question is warrants it? As most of you know, I specialize in Insurance for Power Boat Race Teams & Events throughout the US...Some of the Team Owners, I have written their high end Homeowners, Yachts, Vehicles, etc. with AIG & or Chubb, has proven to me, that both Companies are able to entertain risks that most Companies cannot accommodate....especially high end umbrella liability limits....
Hawaii is important Sy....I have three accts. with AIG....
It is my opinion that isolated high performance boats is still a difficult task to place with these Companies.....
Hawk Race Consultants RH Felsen 516-466-9760
Last edited by hawkrace; 09-09-2007 at 10:54 AM. Reason: forgot to comment on Hawaii!
09-09-2007, 09:49 PM
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BB,
When you say "High End" do you mean "High Performance"? I believe you are talking about expensive / high dollar boats...
I have written a few high dollar homes (replacement cost 12M - 15M - not value) with AIG Private Client Group and they are very accommodating but I have never seen them entertain a boat that is capable of speeds over 100mph.
When you say "High End" do you mean "High Performance"? I believe you are talking about expensive / high dollar boats...
I have written a few high dollar homes (replacement cost 12M - 15M - not value) with AIG Private Client Group and they are very accommodating but I have never seen them entertain a boat that is capable of speeds over 100mph.
Last edited by Insurance God; 09-09-2007 at 09:53 PM. Reason: Added info
09-10-2007, 12:47 AM
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AIG Private & Chubb
Refering to high performance Boats $500,000. to $1,000,000.
Yachts are another ballgame....No problem....I assumed the topic was high performance, but after reading it again, maybe not...
I have made some exceptions with AIG Private, on existing accounts, entertaining a high performance Cat....but, account was in excess of $100,000. +....Other than that, I still think, if you market the account with high performance boat (new submission) + other support, it will be a hard sell....But, you never know which agent can do it!
I'll stick to Race boats * events....Good Luck....
RHF Hawk Race
Yachts are another ballgame....No problem....I assumed the topic was high performance, but after reading it again, maybe not...
I have made some exceptions with AIG Private, on existing accounts, entertaining a high performance Cat....but, account was in excess of $100,000. +....Other than that, I still think, if you market the account with high performance boat (new submission) + other support, it will be a hard sell....But, you never know which agent can do it!
I'll stick to Race boats * events....Good Luck....
RHF Hawk Race
09-10-2007, 07:58 AM
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I learned a long time ago that insurance is insurance. There's only a small handful of companies who write these policies and any one of the ten million insurance agents in the U.S. can write it.
The difference isn't really the insurer, it's the agent.
I wouldn't consider using anyone who hadn't been doing this for a very long time and was well-known and highly regarded in the performance boat community. Your relationship with the agent and his with the insurer are everything- both when it comes to getting rated and if you ever have a claim.
The difference isn't really the insurer, it's the agent.
I wouldn't consider using anyone who hadn't been doing this for a very long time and was well-known and highly regarded in the performance boat community. Your relationship with the agent and his with the insurer are everything- both when it comes to getting rated and if you ever have a claim.
