วันจันทร์ที่ 19 ธันวาคม พ.ศ. 2554

Industry leaders gather for boating summit

Approximately 160 marine industry leaders from around the country gathered Tuesday and Wednesday in Chicago for a first-of-its-kind Recreational Boating Stakeholder Growth Summit.

The summit was hosted by the National Marine Manufacturers Association and attended by leaders from all industry segments, including bankers, big-box retailers, consumer organizations, dealers, distributors, insurance companies, boat, engine and accessory manufacturers, marinas, boatyards, trade associations, publishers, yacht brokers, marine representatives and government groups.

It was the largest and most diverse all-industry discussion ever for the recreational boating industry, the NMMA said.

Prior to attending the summit, participants completed an extensive survey, answering questions and providing information to help the facilitators create a foundation that the group worked from to begin the all-industry dialogue.

Out of the survey came four “vision statements” for the industry to work on during the summit, including: “Visions for our industry in 2021: Unified Industry Cross Sector Collaboration Brings Results — Boating Now the Preferred Recreational Choice,” “Boating Participation Soars — New Generation, Highly Diverse, Family Friendly Lifestyle and Consumer Friendly,” “Expanded Access to the Water and the Lifestyle Has Been Achieved” and “Smarter and Fewer Regulations and Better Boating Education Results in Safe, Affordable and Enjoyable Boating.”

“I think a lot of participants were shocked at some of the missed opportunities, industry trends and overall need for our industry to adjust to the changing population in the U.S.,” NMMA president Thom Dammrich said in a statement. “The summit opened a lot of eyes and created a sense of urgency throughout all industry segments to put something in motion to build recreational boating that we can all work toward.”

Dammrich opened the summit with a presentation on “Trends in U.S. Recreational Boating,” which was followed by a presentation on “Changing U.S. Demographics and the Boating Industry,” from Steve Murdock, professor of sociology at Rice University and former director of the U.S. Census Bureau.

Over the course of two days, topics addressing each vision included, but weren’t limited to: existing and future demographics of the boating consumer; marketing and communication strategies; the boating experience; innovation and technology; industry collaboration; and legislation and regulation.

As a result of the summit, a universal recognition developed among all participants that all segments of the industry have an important stake in working together to develop approaches to grow the recreational boating industry.

During the next six weeks, the facilitators from the Consensus Center will compile a report of action items and focus areas agreed upon by summit participants that will act as a blueprint for the industry to work against.

วันอังคารที่ 29 พฤศจิกายน พ.ศ. 2554

Safeguard your boats with Boat Insurance

When it comes to Boat insurance, many people are confused mainly due to doubts regarding insurance. The confusion drives them to get policies which don't provide several coverages. So, it's very important to clarify all your doubts before getting a policy. For example, your homeowner's policy may not include specialized coverages, such as Agreed Value or Total Loss Replacement, Personal Effects or Fuel Spill Coverage. There are several ways to avail boat insurance in a beneficial way, but most of them are unaware of this ways. Moreover, you won't get several benefits such as liability limits up to $500,000, a wide selection of deductibles, medical payment coverages and much more, if you insure your PWC on your homeowner's policy.

Are you asking, how to find a better solution for boat insurance? It's possible. At first you must find a reputed insurance company which has several years of experience in the field of insurance and moreover, get feedbacks from the insurance companies clients about that company. After selecting the insurance company, get the details regarding the benefits which the company provides and check whether it meets your expectations. Make sure that the insurance company would review your specific needs whether all business, pleasure or somewhere in between and design an insurance package to meet them and when you have a loss, check whether there would be an expert claim department. If you get all your expectations fulfilled then you can contact that insurance company and can get the best policy for your boat. You can also avail yacht insurance along with hull coverage in many insurance companies.

When you contact a reputed insurance company you would avail several benefits along with personal watercraft insurance. It would cover benefits such as: you won't have any time or location restrictions on your PWC insurance, you would get help with accidental fuel spills that are your legal responsibility, your sunglasses, clothing and cameras would also be covered under PWC insurance, you can get help if your towing vehicle or trailer breaks down, wreckage removal and your water skis would be covered at no additional cost. The most common mistake made by people when purchasing yacht insurance is the assumption that all policies are the same and price is the only difference. There are no standard yacht policies, and most owners discover the gaps in their policy when they have a loss.

Homeowner's or render's policy does cover your personal watercraft insurance, but it probably doesn't offer the total coverage you need, especially if you own any jet driven watercraft. Most of the time, physical damage coverage to the craft is not covered. So, get a best shield for your boat in the form of boat insurance and relieve your worries regarding the boat completely.

วันจันทร์ที่ 12 กันยายน พ.ศ. 2554

Obtain Sufficient Boat Insurance Before Exploring Britain's Waterways

Each year, more and more boat enthusiasts decide to set off on Britain’s canals to enjoy some precious time away with friends and family whilst exploring all that Britain’s rivers and canal routes have to offer. Insure My Boat strongly advise boat lovers to take out appropriate boat insurance to give peace of mind so they can enjoy what they love most, free from the financial burdens that can arise if something goes wrong whilst on board an uninsured canal boat.

With Britain boasting more than 4,800 kilometres of beautifully tranquil canals and rivers, it is no surprise that more and more people are giving in to the temptation of exploring everything Britain’s great outdoors has to offer by boat. After all, canal boats provide an ultra-convenient method of exploring, doubling up as a reliable method of transport as well as providing cosy accommodation for you and your comrades. To give an idea of the sheer volume of people taking to Britain’s waters each year, currently canal boats are among 2 million boats in the waters in and around the UK. Worryingly, large proportions of boats are uninsured and are therefore completely unprotected in the unfortunate scenario that theft or accidental damage occurs.

“Canal boat owners up and down the country will be setting off in their boats this summer and autumn but unfortunately many people ignore the importance of boat insurance and an increasing number are falling victim to the excessive financial demands placed on them when they have an accident or suffer theft. Investing in boat insurance is vital to ensure Britain’s boat lovers are covered against all possible eventualities.” David Quick, Managing Director of Insure My Boat explains.

Statistics reveal that the top three reasons for boat owners making insurance claims in recent years are: accidental damage caused by hitting a submerged object, theft and collisions with other boats.

No matter how careful boat enthusiasts are when travelling on Britain’s canals, clearly accidents are as widespread as ever. The damage caused to canal boats in accidents can be extremely expensive to repair especially when another boat is involved. With this in mind, it is vital to ensure appropriate insurance is gained before taking to Britain’s waters.

In terms of theft, the stealing of canal boats remains relatively rare. However Britain has seen a recent surge in the number of thefts of brass ornaments and other high value materials from canal boats as well as personal possessions being targeted. Without a sufficient boat insurance policy, victims are not covered financially in the unfortunate event that they too fall victim to these opportunists.

To protect all boat enthusiasts against the potential problems that can occur when travelling on Britain’s waters, Insure My Boat have devised an extensive database that is easy to use in order to help find and compare boat insurance policies. This ensures customers get the very best value for money. For more information don’t hesitate to visit their website and get in touch via the contact page.

With fall just around the corner, many snowbirds are itching to finalize their travel plans to warmer climes. If you count yourself among these lucky-

There's nothing quite as exhilarating as boating: the wind in your hair, the thrum of the wake against the hull, the snap of the mainsail and the buzz of an outbound fishing line.

It's no wonder 75 million people in the U.S. participate in recreational boating, according to 2010 data from the National Marine Manufacturers Association.

Where there are boaters, insurers will surely follow. A wide range of property and casualty companies offer boat insurance, including Allstate, Geico, The Hanover Insurance Group, Progressive, State Farm and Travelers.

It's easy to feel over your head when it comes to obtaining the proper insurance for your boat. That's because boats are a bit of an odd duck in the insurance world: Insuring a runabout has much in common with buying auto insurance while insuring a million-dollar yacht more closely resembles buying home insurance for a small house.

We assembled three knowledgeable insurance experts to answer six important questions about boat insurance.

Why Do I Need Boat Insurance?
If you're new to boating, you may be under the impression that your homeowners insurance will magically stretch to cover your boat. Sadly, in most cases it won't.

"Many homeowners policies will have a minimal amount of coverage for really small boats with either no engine or a very small engine, like a sailboat," says Mitch Jawitz, vice president of marketing and distribution at The Hanover Insurance Group. "But if you're buying a $10,000 or $20,000 boat, your homeowners policy is not going to cover you for what you need."

Lynne McChristian, the Florida representative for the Insurance Information Institute, says boats are unique and require their own policy.

"Your boat has nothing to do with your home, any more than your car can be covered under your homeowners insurance," she says. "Your home isn't mobile. Your boat, like your car, can go anywhere, so it requires a separate policy."

That said, you may save money by bundling your boat policy with your home or auto insurance.

"There's often a cross-sell discount," says Chantal Cyr, vice president of product management for Travelers. "At Travelers, if your boat is less than 30 feet and you have one or more policies, you can save 10% for one policy and 15% for the second."

How Does it Differ From Home or Auto Insurance?
In some ways, boat insurance is a mash-up of home and auto insurance.

Like home insurance, a boat policy covers you for liability if someone is injured on your craft and gives you the choice between replacement cost or cash value in a total loss.

Like auto insurance, boat coverage typically includes coverage for bodily injury that your boat inflicts on others, property damage your boat inflicts on docks and other boats, and physical damage to your boat should you hit something or run aground. You can also purchase comprehensive coverage against theft, vandalism, fire and flood, personal property coverage for your fishing gear, uninsured boater insurance and even roadside assistance in the event you need a tow.

Unlike home and auto, a boat policy may allow you to "lay up" or suspend coverage for specified periods when you're not using the boat.

"Sometimes boaters aren't aware of that and (on) some nice day in November, they take the boat out for the day and have an unfortunate incident, only to find out that their boat was to be out of the water from Oct. 15 to April 1," says Cyr.

How Do 'Agreed Value' and 'Market Value' Policies Differ?
"A boat is a lot like a car. The moment you drive it off the lot, it starts depreciating," says Cyr.

To help boaters save money on insuring older vessels, insurers offer the option of "agreed value" (think sticker price) versus "market value" (think depreciation) in the case of a total loss.

"With agreed value, the insured and insurer agree on the value of the boat upfront. If something happens to the boat, you're going to get paid up to the agreed value," says Jawitz.

"With market value, the boat depreciates; so if the boat is destroyed, you're going to get enough money to replace the boat's (current) value. If you bought the boat in 2005, you're not going to get enough money to buy a 2011 model; you're going to get enough to buy a 2005 model," he says.

Like most insurers, Travelers offers a steep discount (25%) with market value policies.

"Owners of newer boats typically go with agreed value. As the boat ages and the value depreciates, and they don't have a loan on the boat, you'll see them switch to cash value," Cyr says.

Strangely enough, yes -- but not by your boat policy.

"When the boat is attached to your car or truck, you are covered by your auto policy should you back into somebody," says Jawitz. "Anytime you're trailering something, the car policy overrides."

The bad news is it's covered solely by your auto policy, and only to the limits contained therein.

"A yacht policy will not pay for loss of life, bodily injury or property damage that occurs when the insured property is being transported on land," says McChristian.

Your homeowners insurance may provide limited coverage if the boat is damaged while parked on your property, but it may not stretch to cover stolen contents or vandalism.

To protect your boat (and your assets) from terrestrial liability, Jawitz recommends an umbrella policy.

"If someone gets injured, the umbrella policy would come on top of your auto and homeowners and cover you to the additional limits. If you have a boat, it's not only one more asset but it's another opportunity for risk. You want to make sure you're covered," he says.

Is My Boat Covered Everywhere?
Novice boaters may be unaware of the navigational limits on their boat insurance policy.

"Most policies contain a navigational warranty," says Cyr. "It's usually the inland waters of the U.S. and Canada or the coastal waters of the U.S. and Canada for smaller boats up to 26 feet. For larger craft, we have 22 territories that are defined by geographical points. For instance, one of them goes from Eastport, Maine, to Cape Hatteras, N.C.; another goes from Eastport, Maine, all the way around Florida to the panhandle."

Be sure your policy provides coverage where you want to roam. It may exclude certain areas for political or security reasons (think Somali pirates).

"If you want to do a one-time trip, we provide the ability for the one-time trip, but you need to check in with your agent to make sure you have the coverage provided," Cyr says.

Some policies offer an optional endorsement that helps pay to move your boat out of harm's way when a named storm approaches. Travelers pays 50% of the cost to move or haul your boat up to $1,000 per occurrence and $2,000 per policy term.

How Can I Save Money on Boat Insurance?
Now that you know the basics of boat insurance, let's dig for some savings.

Read more: http://www.foxbusiness.com/personal-finance/2011/08/18/dont-sail-off-without-boat-insurance/#ixzz1Xj5TQTVM

วันพุธที่ 9 มีนาคม พ.ศ. 2554

Boat Insurance

Shopping for boat insurance can be a very tricky task. Unlike car insurance, it is a very selective field, as the amount of people who are boat owners in the UK is relatively low, therefore providers can afford to keep the price of their premiums at a relatively high rate, although it does depend on the type of boat you own and wish to insure.

There are a number of insurance providers who offer quotations and cover online or by phone for most classes of dinghy, sailboard, yacht, speedboat, RBI, narrowboat, rowing boat, houseboat and Jet Ski (the different forms of boat insurance). A third party policy is the minimum level of insurance offered.

A typical insurance policy will include:
  • Cover against accidental loss or damage to your boat, including fire, theft and malicious acts.
  • Third party liability cover (amount depends on insurer).
  • No Claim Discount (amount depends on insurer).
  • Claims help lines open 365 days.
  • How to make a claim
  • Whenever an incident occurs and another boat is involved, take a note of the details of the other persons/boats involved. You will also need to obtain the details of any potential witnesses, which can prove to be difficult whilst afloat, but note the name of the boat or the sail number and make contact once you are ashore.

The information you might require would include:

  1. The name and address of the person who was in charge of the other vessel.
  2. Are they the owner of the boat? If not, the name and address of the boat's owners will be required.
  3. Their insurance company and policy number if is known.
  4. Their boat name and / or sail number.
  5. If possible, try and take photographs of the damage to the boat and email or post with your claim form.

You will also be required to arrange estimates for the repair or replacement items. Only one estimate may be required initially, but if the costs involved are large, further estimates may be required or a Surveyor may be appointed to inspect the boat or oversee the repairs.

Bear in mind it may be necessary to communicate with the other party involved, or their Insurers, before authority can be given to proceed with the repairs.

Important factors to remember when buying boat insurance:

  • Boat Insurance is not compulsory, but most owners do take out some boat insurance to help cover their large investment in the craft. It is important to remember that some harbours, marinas, or water authorities insist on third-party insurance cover of at least £1 million as a minimum if you are to be allowed to moor your boat.
  • First time boat users should be aware that boat insurance premiums can vary depending on their experience.
  • Type of boat, current value, and the current location of the boat can also affect the premium the boat owner should expect to pay.
  • Make sure all items within the boat are locked away as your boat insurance may not cover you for items stolen that were left on the deck.
  • Check through the small print of the boat insurance cover to make sure you are purchasing the cover that is right for you and doesn’t contain any unnecessary cover. Most policies will cover for damage, sinking, collision, theft etc, but make sure this is indicated in the policy document.
  • Commercial use of a boat is not normally covered, unless agreed at the time the policy was taken out.

Finally, remember to shop around when searching for your insurance and compare policies using online tools.

Regime’s NITC ship insurance cover hit by sanctions

NCRI – The Iranian regime’s biggest crude oil tanker operator NITC said on Friday its ship insurers had declined to renew policy cover for the coming year due to the impact of tightening sanctions in the European Union, Reuters reported on Friday.

The privately owned group said its four P&I clubs had declined to renew cover for the 2011/2012 policy year, Reuters said.

According to the news agency, Andrew Bardot, executive officer with the International Group of P&I Clubs, told Reuters while he was not privy to the specific negotiations he said that the clubs concerned had been liaising closely with NITC and with the UK Treasury “regarding the sanctions applicable to NITC's insurance arrangements.”

London ship insurers add Libya to high-risk list

LONDON, March 4 (Reuters) - London's marine insurance market has added Libya to a list of areas deemed high risk as violence escalates in Africa's third-largest oil producer, a senior market official said on Friday.

Heavily armed rebels clashed with forces loyal to Muammar Gaddafi on Friday on the outskirts of the key oil terminal of Ras Lanuf as the head of Libya's rebel council vowed "victory or death".

"The emerging risk had reached a level where as a matter of prudence insurers will require notification from vessels calling to Libyan ports or waters," said Neil Roberts, a senior technical executive with the Lloyd's Market Association (LMA), which represents the interests of all underwriting businesses in the Lloyd's market.

"On the issue of pricing, that's a matter for individual negotiation on a voyage-by-voyage basis. It's likely that things will change on a day-to-day basis," he told Reuters.

Marine insurance for shipping firms set to rise this year

SINGAPORE : Marine insurance for shipping companies has increased significantly over the last year and it looks set to rise even higher this year.

Analysts said that a typical bulk carrier valued at US$50 million will now have to pay an estimated additional premium of US$50,000 a month.

This is partly due to rising piracy risks and political unrest in the region.

But analysts said the higher shipping costs would only be passed on to consumers and this would further add to their inflation woes.

Analysts said the outlook for the shipping industry looks rough this year.

Marine insurers are charging shipowners, such as Rickmers Maritime, higher insurance premiums and this will raise shipping rates.

Analysts said this is due to rising piracy risks globally.

Thomas Preben Hansen, CEO of Rickmers Trust Management, said: "There is no doubt, (with) additional war-risk premiums, which (are) put in place in the piracy-prone areas, the typical container carrier is faced with up to 30,000 to 40,000 dollars additional premiums (when) going through the piracy area."

Analysts added that with the political uncertainty in Korea and unrest in the Middle East, the insurance premiums for ships will rise even higher this year.

Teddy Tsai, deputy head of research at DnB Nor Bank, said: "Cargo cover will be influenced by higher events around the world. Last year, we saw things like the Korean missile test and things like that; some of these things can continue this year."

Shipping analysts added that Egypt's popular Suez Canal of the Red Sea is now considered a "higher risk area" by marine insurers.

As the majority of trade from Asia to Europe passes through the Suez Canal daily, most Asian shippers will have to incur these higher insurance premiums.

A spokesperson for General Insurance Association of Singapore (GIA) said that there are two main types of marine insurance - cargo and hull insurance.

GIA added that piracy and hijacking risks would have a greater impact on hull than cargo insurance, and in general, ship owners have to bear the higher insurance costs.

This is particularly so when the piracy involves the kidnapping of the captain and crew members for ransom.

However, shipping experts said that as shipping companies struggle to keep afloat and watch their bottomlines, they are unloading the bulk of these higher costs to their customers instead.

Mr Hansen said: "Whether there is an increase in fuel cost or insurance cost, or charter rates, ultimately it will be priced in the freight rate and passed on the consumer. So our carriers, our customers are paying these additional premiums, for the trade on most of our ships."

As a whole, however, analysts pointed out that overall insurance costs for shipping companies are still relatively low at less than 5 per cent.

Shipping analysts said that shipowners are passing the bulk of these increased costs to the shipliner companies, by charging them higher freight rates. These higher costs will eventually be absorbed by the average consumer on the street.