Looking toward future personal marine trends, the market “will continue to get harder,” says Patrick Kudlich, independent agent, and it “will only continue to get harder as natural disasters increase in strength and number each year.”
Between large-scale vessel losses, back-to-back years of heavy catastrophes and an overabundance of capacity, the commercial marine insurance market has had a tough couple of years.
Due to a recent string of high-profile losses, an overabundance of capital and a lack of underwriting discipline, as well as the increasing frequency and severity of natural catastrophes, commercial marine is currently an unforgiving place to do business.
Pricier technology on boats, fewer younger buyers and stagnant rates lead independent agent and marine insurance specialist Brain DeSousa to believe that “the marine insurance marketplace is probably less profitable today than ever.”
At least 35% of registered boats in the U.S. are uninsured. Here’s how to reap the benefits of a lucrative market that’s hiding in plain sight.
As personal lines face more disruption from directs, captives and InsurTechs, every policy counts. Have you been neglecting personal lines prospects and clients who have marine exposures?
After discovering he shared a common passion for waterskiing with his current agency owner and mentor, Elliot Leitenberg traded in his teaching career to become an independent agent.
Burns & Wilcox’s recreational yacht program offers an assortment of coverages, from personal watercraft up to mega and super yacht classes.
Novamar, which has specialized in marine and yacht insurance since 1987, now offers an endorsement that covers yachts with U.S. crews navigating Cuban waters.
To help protect the 11.5 million recreational watercraft vessels currently registered in the U.S., Selective offers expanded coverage.