Entries tagged with: Marine Insurance

The ups and downs in the Marine Insurance marketplace

The ups and downs in the Marine Insurance marketplace

Posted on by David Graham

Why you may be seeing rate increases in the Marine Insurance Marketplace. We hear clients asking why are my rates going up….I’ve never had a claim; Or, Why is it going up 20% or 30%.  Some policies are being non-renewed by the insurance company and the agency, (Gallagher Charter Lakes is a Specialty Marine Agency) is letting the insured know they are being non-renewed and are searching for alternative companies to offer coverage. Marine insurance stated back in the 1680’s in a little coffee shop in England; Edward Lloyd’s coffee shop.  From there, Lloyd’s became the world’s leading market for... Continue Reading

5  Considerations when researching Boat Insurance and Yacht Insurance

5 Considerations when researching Boat Insurance and Yacht Insurance

Posted on by David Graham

1st, as with all insurance products, find a company with a strong financial outlook.  Is the policy from an “A rated” company?  Standard and Poors, Moodys and A.M. Best, provide letter ratings on insurance carriers; ‘A’ being the top rated and it goes down from there.  The insurance is only good if the company can financially stand behind the product, even in the case of a catastrophe.  That means, paying claims. Also, will you speak with people when you call claims or have to follow endless prompts, only to leave messages on a machine and wait for a return call?... Continue Reading