New Performance Program available to the Boating Community
05-19-2012 | 11:03 AM
#1
Thread Starter
HP Marine Ins. Specialist
Joined: Mar 2008
Posts: 985
Likes: 0
From: Insuring any kind of boat
New Performance Program available to the Boating Community
The purpose of this post it to inform the boating community of the addition of yet another performance boat insurance product. The program accepts boats up to 138mph and will write in FL and include windstorm.
The program claims to have great rates on center console boats (including triple and quad engine boats) which until now, there haven't been many insurance avenues for these boats due to adverse loss history.
The program writes in all states but I believe that it brings a new carrier to a much needed area of the country who is truly lacking a "choice" of carriers... Florida.
As with all insurance programs, the program has different guidelines and parameters that they set when reviewing/quoting a risk.
The limits available in the program are not your typical limits and should be taken into consideration based on your unique situation. We know that not every program is a good fit for everybody, that is why it is great to always have options when insuring your boat.
This program is A rated and is written through a Lloyds of London syndicate. The program is owned by a wholesale brokerage out of FL and therefore you need a retail agent/broker to obtain a quotation for you for this program. Wake Zone is not the only agency that can write this product. Wake Zone has been working with this Wholesaler for several years and can assist you with obtaining a rate for this new program should you wish to get a quote.
If you have a center console boat in FL, it would be worth your while to obtain a quote. You can request a quote from our website (www.wakezoneinsurance.com) or you can call me directly. 866-728-9757 ext 101. I will work with you, review your exposures and make sure that you are insured properly with no gaps in coverage between your new boat policy and any existing policies you have in force.
We write for many other carriers so if this particular program doesn't "fit" your situation, we will have other options to bring to the table.
Here are just a few of the parameters for the program that will help determine if you pass the baseline eligibility requirements:
Hull Values
Minimum $50,000
Maximum $750,000
Requirements:
Will Write:
Will Not Write:
The program claims to have great rates on center console boats (including triple and quad engine boats) which until now, there haven't been many insurance avenues for these boats due to adverse loss history.
The program writes in all states but I believe that it brings a new carrier to a much needed area of the country who is truly lacking a "choice" of carriers... Florida.
As with all insurance programs, the program has different guidelines and parameters that they set when reviewing/quoting a risk.
The limits available in the program are not your typical limits and should be taken into consideration based on your unique situation. We know that not every program is a good fit for everybody, that is why it is great to always have options when insuring your boat.
This program is A rated and is written through a Lloyds of London syndicate. The program is owned by a wholesale brokerage out of FL and therefore you need a retail agent/broker to obtain a quotation for you for this program. Wake Zone is not the only agency that can write this product. Wake Zone has been working with this Wholesaler for several years and can assist you with obtaining a rate for this new program should you wish to get a quote.
If you have a center console boat in FL, it would be worth your while to obtain a quote. You can request a quote from our website (www.wakezoneinsurance.com) or you can call me directly. 866-728-9757 ext 101. I will work with you, review your exposures and make sure that you are insured properly with no gaps in coverage between your new boat policy and any existing policies you have in force.
We write for many other carriers so if this particular program doesn't "fit" your situation, we will have other options to bring to the table.
Here are just a few of the parameters for the program that will help determine if you pass the baseline eligibility requirements:
Hull Values
Minimum $50,000
Maximum $750,000
Requirements:
- Minimum operator age 25
- Named Operator only
- Additional Operator Supplemental sheet required for each operator
- GPS satellite tracking device installed and operational for all Triples and Quads
- If speed capabilities in excess of 69 MPH the operator must be tethered to a kill switch
Will Write:
- Vessels up to 138 MPH
- Private pleasure use
- Trailers at ACV- coverage for entire continental US
- Poker runs
- Occasional Charter for fishing outboards
- Fishing Equipment- must be scheduled
Will Not Write:
- Vessels for Hire, Lease or any other commercial use
- Racing
- Racing Trails
05-20-2012 | 08:58 AM
#2
Thread Starter
HP Marine Ins. Specialist
Joined: Mar 2008
Posts: 985
Likes: 0
From: Insuring any kind of boat
Brief overview of policy form
Policy Review Highlights. Don't want to bore you with all of the details since that is our job to make sure we know the fine writing in a policy.....
There is a lanyard requirement
The boat may not be transported on land outside the United States.
If your boat is being hauled by a common or contract carrier, they must carry cargo insurance with limits in excess of the value of your boat. They must provide you with a current certificate. Their insurance becomes primary and yours secondary.
In the event of cancellation by insured, there is a 25% minimum earned. Unearned premium calculated on a short rate basis
General Exclusions:
1. Radioactive Contamination
2. War or any warlike operation
3. Acts of Terrorism
4. Seizure by a civil authority
5. Biological warfare
6. Racing
7. Intentional acts of insured/criminal or illegal activity including BAC over legal limit.
Physical Damage Coverage
1. Partial losses paid on ACV basis
2. Agreed value in event of total loss for boats UNDER 10 years of age
Marine Environmental Damage – Will pay fines up to $25,000
Oil Pollution Liability – Limit on the dec page
Liability limits have per person aggregates. Most umbrellas if they even cover a boat capable of over 65mph, will require either 100/300 or 300 CSL OR 250/500 or $500k CSL. So, if your umbrella is applicable to the boat you’re looking to insure, then you would need to account for the per person sublimits. I have seen insureds get special approval from their umbrella carriers for different limits if they were not available, but this is rare that an umbrella carrier would do this. So, if your umbrella policy does extent over the boat, then we would look for a different excess policy for the policy to avoid any potential gaps.
The sublimits of $200,000 per person on the liability are quite honestly low. Someone’s bodily injury can easily exceed $200,000 in no time, so that is something to consider when comparing quotes.
Remember, not all policies are written the same so it is important to be open with your agents with respects to what you need protected. The more aware an agent is about your situation the more they can help you.
There is a lanyard requirement
The boat may not be transported on land outside the United States.
If your boat is being hauled by a common or contract carrier, they must carry cargo insurance with limits in excess of the value of your boat. They must provide you with a current certificate. Their insurance becomes primary and yours secondary.
In the event of cancellation by insured, there is a 25% minimum earned. Unearned premium calculated on a short rate basis
General Exclusions:
1. Radioactive Contamination
2. War or any warlike operation
3. Acts of Terrorism
4. Seizure by a civil authority
5. Biological warfare
6. Racing
7. Intentional acts of insured/criminal or illegal activity including BAC over legal limit.
Physical Damage Coverage
1. Partial losses paid on ACV basis
2. Agreed value in event of total loss for boats UNDER 10 years of age
Marine Environmental Damage – Will pay fines up to $25,000
Oil Pollution Liability – Limit on the dec page
Liability limits have per person aggregates. Most umbrellas if they even cover a boat capable of over 65mph, will require either 100/300 or 300 CSL OR 250/500 or $500k CSL. So, if your umbrella is applicable to the boat you’re looking to insure, then you would need to account for the per person sublimits. I have seen insureds get special approval from their umbrella carriers for different limits if they were not available, but this is rare that an umbrella carrier would do this. So, if your umbrella policy does extent over the boat, then we would look for a different excess policy for the policy to avoid any potential gaps.
The sublimits of $200,000 per person on the liability are quite honestly low. Someone’s bodily injury can easily exceed $200,000 in no time, so that is something to consider when comparing quotes.
Remember, not all policies are written the same so it is important to be open with your agents with respects to what you need protected. The more aware an agent is about your situation the more they can help you.
