Selective Insurance Sets Sail with Enhanced Coverage

PRODUCT: Watercraft endorsement

COMPANY: Selective Insurance Company of America

BEST RATING: A (Excellent)

AVAILABILITY: Coverage is available through independent agents with mainline business owners policy-writing authority.

FOCUS: In 2015, the U.S. Coast Guard reported more than 4,000 recreational boating accidents involving about 625 deaths, 2,600 injuries and approximately $42 million of damage to property. Considering more than 11.5 million recreational vessels are currently registered in the U.S., coverage for these boating accidents is vital.

“Response is everything,” says Allen Anderson, senior vice president, personal lines, Selective Insurance Company of America. “And because of this, Selective must respond to the needs of watercraft owners. That’s where our expanded coverage comes in.”

For Selective, the ultimate goal “is to give boat owners peace of mind so they can get the most out of their time on the water,” Anderson says.

UNDERWRITING: Coverage includes watercraft towing and assistance expense, with a $10,000 limit but no limitation on the number of disablements per policy period. It also includes watercraft agreed value, which provides physical damage coverage for watercraft when the age of the hull is five years old or newer, and watercraft haul-out expense, which provides $500, $1,000 and $2,000 limits for expenses incurred to protect a covered watercraft from physical damage in the event of an impending hurricane.

Additional coverage encompasses uninsured watercraft, which provides coverage for damages an insured is legally entitled to recover from the owner or operator of an uninsured watercraft; watercraft joint ownership, which affords coverage to individuals who jointly own a watercraft, outboard motor or watercraft trailer; and personal watercraft, which makes available liability, medical payments, physical damage and uninsured watercraft coverage to owned personal watercraft, such as Jet Ski®, Sea-Doo® and Wave Runner®.

Selective has expanded its underwriting guidelines to increase physical damage limits from $35,000 to $50,000, acceptable boat age from 20 to 25 years and acceptable boat length from 26 to 35 feet, or 40 feet for sailboats. Personal watercraft coverage is now available with prior approval.

MINIMUM PREMIUM: None.

TARGET: Customers who have a homeowners policy with Selective, as well as customers with watercraft, trailers and equipment valued up to $50,000 per watercraft.

COVERAGE TERRITORY: IL, IN, IA, MD, MN, NJ, OH, PA, RI, SC, TN, VA and WI.

CONTACT: Allen Anderson, senior vice president, personal lines; Selective Insurance Company of America, 40 Wantage Ave, Branchville, NJ 07890; 973-948-3000.

Ronimarie Acord is an IA contributor.