Specialty

As carriers introduce new targeted exclusions and restructure existing special event policies, agents who want to grow their business must stay up to date.

Record sales of recreational boats mean more inexperienced people are taking to the waters, raising concerns for agents and carriers.

There have been numerous changes in the special events insurance industry. Here are three ways agents can assist clients to become better prepared.

While special events are expected to continue to be scheduled through 2022, the ramifications from the pandemic may continue to haunt the industry.

As some companies physically reopen and look to have employees return to work in some form or other, there are numerous logistical matters to consider.

“Contractors pollution liability terms and pricing continue to remain competitive, but site pollution liability is another story,” says independent agent Bill Howard. “Markets are certainly more conservative and carriers are offering short-term policies.”

The advent of environmental, social and governance (ESG) programs has created opportunities for agents as the information for evaluating such risks is more readily available.

Technological improvements make taking to the water safer. Such modernization brings a variety of boat insurance considerations for agents and clients.

“Seek out an agent that specializes in personal marine insurance and learn the business,” says independent agent Roger Beale. “In a marine policy, one line removed out of the policy can change the coverage.”

From hurricanes to lightning strikes, extreme weather events can lead to significant financial loss if a boater is not adequately prepared or insured.