According to early indicators, the marina and boat dealer insurance market is hardening because of 2011’s increased losses. For that reason, you need to get marina and boatyard insurance submissions in as soon as possible to receive the best quotes possible and get access to the HarborGuard marina insurance program.
Due to the large losses carriers sustained during 2011’s storm season, carriers are increasing rates and deductibles across the entire class of business. In addition, many well-known carriers have vanished from the marketplace altogether and those that remain have a decreased appetite, especially in weather-prone regions.
“To get the most competitive quote, agents need to submit a HarborGuard application immediately,” said Kerry Stuckey, COO of Stuckey & Company. “The hardening of the market is gathering steam so time is of the essence if you want to ensure access to the HarborGuard program for your clients."
HarborGuard offers comprehensive insurance coverage tailored to the unique risks of the marine industry. The program is available to qualifying inland risks in 46 states (excluding Alaska, Hawaii, New Hampshire and Florida). We have in-house (same-day) quoting authority for many risks, and offers 24-hour turn-around for others.
Liability can be given up to $1 million per occurrence / $2 million aggregate, for general liability, marina operators legal liability (MOLL), watercraft liability for rental boats and work boats, non-owned auto liability and liquor liability. Minimum annual premiums for $1 million / $2 million limits are $2,500.
Property coverage is written on a special coverage form and the valuation of the property can be replacement cost or actual cash value. A $5 million TIV property capacity is available for onshore, floating, vessels, miscellaneous equipment and boat dealers’ inventory. Deductibles start as low as $1,000.
If you are interested in writing HarborGuard policies, submission requirements include a completed HarborGuard application, expiring premium (if possible), pictures of any docks, and three years of loss runs for the business. If you have not worked with us in the past, you will also need to request and complete a brief application to become an appointed agent.
Contact Kerry Stuckey at 800-828-3452 x14 (firstname.lastname@example.org) for all the details.