I have a program for cats up to 160 mph through a licensed,admitted,A rated U.S. carrier and what will soon become common knowledge the only other company that was writing these boats has shut their program down.I can insure hull values up to $1,000,000 and including an industry exclusive $50,000 personal accident coverage for all named operators.I can be contacted @ 856 767 8134 and I will be able to offer instant quotes if you meet our program guidelines, so if you recieve a non renewal or cancellation of your present policy give me a call.

Sy, not so sure about your statement above. The truth is that the company that is SUPPOSEDLY closing their program was not the only company in the industry writing coverage on fast boats. Right now, that is all rumor until it is announced by the company or their representatives.

I'm pretty aware of all the programs out there and the carrier you use at Total Dollar is just one of 4 that still remain in the insurance industry as an option for people who have boats capable of over 130mph.... Some of these programs can cover speeds far beyond 160mph in nearly all states.....

I stand by Sy’s statement above that we appear to be the only program that is offering a licensed and admitted AM Best A Rated Insurance Company in the industry for boats over 130MPH. This is also the same carrier which we use on vessels under 130MPH.

Based on Stacy’s state of the market a few weeks ago besides Markel, the only other option would have been a surplus lines carrier that carries a rating of B+ and is not protected by state guarantee funds should they go bankrupt. Who is the 4th?

Total Dollar continues to offer an innovative product through the State National Insurance Company that offers coverage on a yacht form with a performance endorsement. We offer the broadest form of liability written with Protection and Indemnity as opposed to Watercraft Liability. We also are the only program automatically offering $50K Personal Accident Insurance to the owner and named operators of the vessel which is payable to the injured insured or their estate in the event of an injury while using the vessel.

Please contact either Sy Goldberg or myself to make sure you have the best policy in the industry. Total Dollar has been a specialist in performance boat insurance for over 20 years, we have seen programs come and go alleging they bring a superior product and service when in reality they bring a product that does not last.

Insure in a stable market, Insure through Total Dollar.

I understand you standing behind Sy's statement. However, he said that he is the only agency capable of insuring those boats. Which just simply is not a true statement.

To correct the statement aboved, there is another licensed and admitted insurer insuring over 130mph in the marketplace. I'll be happy to tell anyone who wants to know who our admitted carrier is if they call me up and ask me on the phone or send me an email. (My number is below if you want to call me to ask me). However, the carrier strictly prohibits promoting their name in public forums such as OSO. I cannot break their marketing and advertising rules....sorry.

As far as surplus lines carriers, they are not bad carriers. Surplus lines carriers often times pick up where admitted carriers stop and/or reach their capacity or underwriting limits. They are especially great for high risk situations, such as in the commercial insurance marketplace and/or personal lines marketplace that involves "high risk". So, I wouldn't say they are bad or undesirable. Sometimes Surplus lines is a good option and other times it's not, just depends on the situation at hand for that particular client and their needs.

There are currently two different Lloyd's syndicates writing coverage (I do not write for both of these, just know they exist because I've quoted against them for the past 5 years). The last time I checked they were rated A and have been for years.

There also is a B+ rated insurer that has proven to have excellent claims service for our high performance boaters. This B+ rated carrier is also backed by a A rated insurer with a cut-through clause in their reinsurance contract. You are correct, no surplus lines insurer is backed by the State's guarantee fund. The fact of the matter is that, the "B+ rated" carrier is backed (reinsured) by a very large A rated carrier with significant financial assets. Within the reinsurance contract between the two carriers there is a cut-through clause that states the following with respects to a situation in the event of the primary carrier (in this case the B+ carrier) becomes insolvent (goes bankrupt)....

Here is the definition of a cut through clause: •a clause in a reinsurance contract which clarifies that, should the primary insurer becomes insolvent, the reinsurer is still liable for its stated share of the loss and that payment will be made directly to the insured, not to the insolvent insurer. ...

Bottom line. Just because you have a surplus lines carrier doesn't mean that in the event of insolvency.... nothing gets paid. That is just not a factual statement.

So, I stand behind my statement. Your program isn't the only program in the US for these boats. Seems like there are still are 5 options for fast CAT insurance not counting Markel.. who would make 6 since they are still in the market as of today's date....

Acutally Sy makes no such statement, his statement was that we have the only admitted A rated carrier insuring vessels to 160MPH. That statement by your response is correct from 140 to 160 as you allege that there is a mystery A rated carrier that will insure up to 140.

We have not said anything bad about Surplus Carriers as we will use them as a last resort. Do you endorse a surplus carrier over a licensed and admitted carrier if they are offering terms? Would you offer a surplus company if you had an admitted carrier offering terms?

The B+ carrier with the cut through clause is obviously better then a B+ carrier with no cut through clause but still B+. What percentage is reinsured on the cut through? If it is not 100% then in the case of insolvency the insured would be paid only a percentage of the loss or pennies on the dollar.

Total Dollar continues to offer through its Full Throttle Insurance Program underwritten by State National Insurance Company (ADMITTED and RATED A by AM Best) a fantastic product with great rates. Included in our coverages are the following:

1. Agreed Value Hull
2. All Risk Form (subject to exclusions) not Named Peril
3. Broadest form liability with Protection and Indemnity (P&I) to $1 Million (higher limits available through separate excess policy)
4. Fuel Spill Liability of $1 Million included
5. $50K Personal Accident Coverage automatically included at no charge (EXCLUSIVE TO OUR PROGRAM)
6. Uninsured Boaters matches P&I Limit to $1 Million
7. Towing and Emergency Services Coverage
8. Medical Payments Coverage
9. Personal Effects Coverage

The Full Throttle Program offers a Yacht Form for you to protect your boat and your assets.

Insure in a stable market, Insure through Total Dollar.

This thread is no longer serving any productive purpose. The carrier that we write through for 130mph - 140mph that is admitted is no mystery or secret. ANYONE, including you, can pick up the phone and call me and I'll be happy to disclose who that carrier is. It's not trying to be hidden, we are simply following their marketing and advertsing guidines.

The reinsurance for our program is 100%.

Surplus lines is used at our agency when the need for it fits. Often times, we encounter a lot of risks that do not fit into the standard market. We write for 10 admitted carriers and 3 surplus lines. I think it is important for clients to have choices when it comes to their insurance and that is the philosphy I stand behind.

If you would like to continue this discussion via phone or email, I am open to talk to you today. I do not think that it needs to be contiinued here. You've made your point and I've made mine.

I am not sure why you think this thread is not serving any purpose, I think it is doing a good job of educating the members of this board on the different carriers that are available. While many of the ultra high performance vessels used to have to be insured in the surplus market, the fact that there are now two additional ADMITTED A rated carriers insuring vessels to 140 and the one going to 160 is important.

Also it is perhaps a good venue to address my previous post and that is to look at the forms these carriers are offering. Far too often rates are posted on these boards with no clarification of what type of policy form has been obtained. Often times when the surplus market is utilized it also results in a policy form which may not be the best available.

Be aware of the following and know what you are buying -

1. Agreed Value vs. Actual Cash Value - Agreed Value states that if you have a total loss on your vessel you will be paid the agreed amount on your policy, this is what you want. Actual Cash Value means you will be paid for the replacement cost of your vessel minus depreciation, this valuation is gray and can amount to fights with the carrier as who knows where they will get that depreciated value.
2. All Risk vs Named Peril - All Risk is somewhat of a misnomer but it can be explained simply. If you have a loss and there is no specific exclusion in the policy then there is coverage, this is what you want. Under Named Peril if you have a loss and that peril is not named as a covered peril then you have no coverage. Generally all exclusions found under the all risk form are also included in the Named Peril Form.
3. Protection and Indemnity vs. Watercraft Liability - Protection and Indemnity is the broadest form of marine liability offered, this is what you want. It covers for both bodily injury and property damage which is what is offered under Watercraft Liability and then also includes coverage for a whole host of additional admiralty coverages you may become liable for with the ownership of your vessel. Email me and I will gladly send you a piece we have which points out the differences in detail.
4. Fuel Spill Liability - Under the Oil Pollution Act of 1990 vessel owners can be liable for up to $854,400 as of the most recent US Coast Guard release on July 31, 2009. This is a federal statutory requirement and one that some policies do not cover or sublimit below this amount.

Total Dollar's Full Throttle Insurance Program gives you Agreeed Value, All Risk, P&I and a limit of $1 Million on Fuel Spill regardless of liability limits. We offer club discounts for OSO Members to support this forum. We also offer a 5% DECREASE IN PREMIUM Claims Free Continuity Bonus for your first two renewals. See previous posts above for all our included coverages.

Insure with a stable market, Insure with Total Dollar.

Great info. Every program is different and every program doesn't fit every boat. I know that not every boat will fit the Total Dollar program, just as not every boat is good for Markel or American Reliable or AIG or any of the other carrires for that matter. There are pros and cons to every program out there and it is our job as agents to coach our clients BASED ON THEIR NEEDS, not just what is good for the agency. One size (insurance program) doesn't fit all.

People who have called me know that I will be the first to tell them if one of our program doesn't fit or if there might be another option out there that will fit their needs better. There are other performance agents here that will tell you that I will gladly refer business over to them to help out the client.

We CHOOSE to represent more than one program, because we believe that clients should have options when it comes to their insurance coverage, options that include all types and variations of coverage. Our agency models differ and therefore I do not believe that we will ever see eye to eye on certain things (not necessarily what was posted in this thread) and you know what?!?!?! That's OK!!!!! The shared mission of all of us agents is to help boaters to understand insurance and how it pertains and fits for THEIR particular situation.

More policy enhancements will be provided shortly in addition to the newly announced $1,000,000 pollution liability coverage for all of our policies.I will advise as soon as our increased limts on medical payments,personal property,and on water towing are in place.

sounds great Sy ,p.m. me your email address were in need of some Cat ins