Why Jet Ski Insurance is Different

Jet Ski Insurance is different in some ways to other types of boat insurance. As with all insurance you should be aware of what is being quoted to you in the form of cover. Personal Watercraft (PWC) or Jet Skis are very popular and are often seen around the coast not only at weekends but also on summer evenings. With the increase of these craft being used there is also an increase in the number of accidents. Collisions between jet skis and other boats happens on a regular basis. Many PWC users are new to boating and because these craft are fast over the water there is little time to avoid obstacles in their way. This is why it is important to insure your jet ski.

There are basically two forms of insurance cover, Comprehensive which provides against accidental damage, vandalism, fire and theft. As well as third party liability. The other is Third Party Liability which covers you if cause injury to other people or damage their property, for example their boat. Many places will not allow you to launch your Jet Ski, if you do not have at least 2,000,000 pounds Third Party Liability Insurance.

Jet Ski insurance differs from other boat insurance with regard to its theft cover. PWC are fairly easily stolen if they are left unsecured. So most policies will require that your Jet Ski is always under lock and key when not in use. Your insurance quote would normally be a lot less if you state your Jet Ski is stored in a locked garage, for instance. Anywhere that is well away from the possibility of thieves is the best place to keep your PWC. Be clear as to what your policy covers, before you agree the cover.

Another difference with this type of cover is the need to list all the possible users of the Jet Ski. All will need to be at least 16 years of age and some policies may ask for a minimum level of experience or certificate of proficiency.

If you have an accident or your PWC is stolen or damaged it is necessary for the police to be informed of the incident. If a repair is required, at least one estimate is usually needed. Sometimes a Loss Adjuster or Surveyor will visit to assess the damage. So keep everything as it was at the time of the incident and do not be tempted to fix it yourself before the claim is settled.

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Why You Need Jet Ski Insurance

Some of the latest water toys have performance that was unheard of just a decade ago. Zero to 60 miles an hour on the water in under 8-seconds, try it once and all you can say is wow. Some of the latest jet boats can go even faster and that is just insane as you are skipping over the cresting waves hanging on for your dear life and if you have a passenger you'll feel a death grip of fear and excitement, but have you ever considered what would happen if they fall off the back during one of these rocket accelerations?

What if you make a mistake or a boat runs over the top of you? You might live and then decide you'd rather be dead, still the medical bills will be out of control, as our health care system is quite broken. Between the paramedics on the water to the airlift to the hospital, you are looking at $20,000 or more before you even hit the hospital emergency room and it just keeps getting more expensive from there. It's no laughing matter when you get the bill either.

But, what if you are not the one that gets hurt? What if one of your friends or a friend of one of your kids is the one that ends up in the hospital, well, there is a really good chance no matter how good of friends you are there will be a lawsuit. If you do not have insurance, you may find yourself and your family completely bankrupt just because you wanted to save a little money on insurance premiums for your water craft. Please be thinking here, it is serious.

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Vessel & Rig Construction Insurance Options - What You Must Know

Builder's All Risk (BAR):

What is it? BAR coverage is first-party coverage which is essentially an all risk property policy, plus liability and protection and indemnity (P&I) extensions to it.

Who is to be included within the Named Assureds? The parties to be included within the Named Assured Clause include Builder, Sub-Contractors, Owners, Lenders if applicable, and other parties with insurable interests if applicable

Who is to have subrogation rights against them waived? All parties with whom the Named Assureds have agreed in their negotiations, in either a written or verbal contract, to waive the rights of subrogation should benefit from waiver of subrogation. Usually, Manufacturers of major equipment are not amongst the parties who receive the benefit of this waiver of subrogation; instead, they are held accountable for their product and uphold their warranties provided to the shipyard and are prepared to allow recourse against them for failure or defects in their product / equipment.

What is the period? We recommend that BAR coverage is in place during the entire course of the vessel's / rig's construction; i.e., that coverage commence upon contract signing, remain in place during design and engineering phase, throughout construction, and cease upon delivery to owner, be it ex-Yard or at final Site following a transit.

What is the Sum Insured? This sum is usually specified in the construction contract between Builder and Owner, and should include the estimated Final Contract Value (FCV) plus the Owner-Furnished Equipment (OFE) [plus it can include the value of the incoming hull in the event of a conversion].

The inclusion of an Escalation Clause allows for coverage up to a certain percentage above the Estimated Total Sum Insured, the standard provision being 25% escalation.

In theory, the Builder's All Risk Underwriters reserve their capacity to ensure that they can pay four times (4x) the limit multiplied by the escalation provision. With an escalation provision of 25%, this means that Underwriters would require capacity to pay a claim of 500% of the Estimated Sum Insured, or 125% four times, i.e., once for physical damage, once for collision liability, once for protection & indemnity, and finally once for sue & labor expenses. We say "in theory" because in practical application, Underwriters would likely come to a point of ceasing to pay sue & labor charges and instead pay the full amount of the physical damage / replacement costs.

An example wherein each coverage section is used is this:

During construction, an oily rag falls into the engine room sparking a fire which burns out of control and burns the lines mooring the vessel to the dock. The vessel breaks free from her moorings, and then collides with another vessel at an adjacent shipyard which causes damages in the hulls of both vessels. Then, the insured vessel keeps on floating away out of control. The shipyard personnel quickly hire a nearby tug in an attempt to slow the vessel and get in close enough proximity to fight the fire. The fire is not brought under control and the vessel eventually sinks in a shipping channel. What is recoverable under a broad Builder's Risk policy?

First party physical damage to be recoverable under the All Risk main section Damage to the other vessel at the adjacent shipyard to be recoverable under the Collision Liability section Wreck removal costs to be recoverable under the P&I section Sue & Labor costs incurred by the hire of the tug boat and any fire fighting expenses to be recoverable under the Sue & Labor section What are the Situation / places of coverage? We recommend that the Situation is territorial coverage which includes the movement of material and equipment between yards and various contractors' yards. Additionally, we recommend ensuring the adequate distance that will be required during sea trials is specifically expressed within the coverage. (This is usually 250NM.)

If required, coverage can include items to become part of the vessel / rig under construction while in storage at Suppliers' warehouses - usually those in relatively close proximity to the shipyard or else those specifically declared to Underwriters.

Coverage for Owner-Furnished Equipment (OFE) usually commences under the BAR section from the point whereby a Named Assured inspects and accepts delivery of same at the port near the relevant shipyard (either on land or at sea).

What comprises the Interest that is covered? We recommend that all contract works that are to comprise the new construction are included within the covered Interest. This includes all Contract Works of the Shipyard plus Sub-Contractors in respect of the construction in all its phases, including design, engineering, procurement, strike steel, keel-laying, fabrication, construction, dry-docking, undocking, installation of equipment, fitting out, supply of all materials pre-commissioning, testing, commissioning, sea trials and all works until delivery of the unit.

What are the parts of coverage usually afforded under BAR coverage?

a. Property All Risk - Subject to specific terms, conditions & exclusions, marine builder's risk insurance (BAR) covers the builder / owner (others with an insurable interest - as specified in the policy) of a vessel / rig under construction against physical loss of, or damage to, the vessel / rig caused and discovered during the period of insurance. We recommend that any restrictions be removed; common ones in standard policies include those for earthquake, volcanic eruption, faulty design, and faulty welds.

b. Collision Liability - Sums paid by the respective Yard to any other person(s) arising out of the Yard's legal liability to pay sums for the following damages, as consequence of any vessel the Yard is working on coming into collision with any other vessel:

Loss or damage to any other vessel or property thereon Delay to, or loss of, use of any other vessel or property thereon General average, salvage of, salvage under contract of, any such other vessel or property thereon. c. Protection & Indemnity (P&I) -

Sums paid by Yard to any other party arising out of Yard's legal liability to pay sums for the following damages, as a consequence of an accident or occurrence during the policy period:

Loss or damage to any fixed, movable, property or any other thing or interest whatsoever Any attempted or actual raising, removal, destruction of any fixed movable object or property or other thing, including the wreck of a vessel, or any neglect to raise, remove or destroy same Liability assumed by the Yard under contracts of customary towage for purpose of entering or leaving the port or maneuvering within a port Loss of life, personal injury, illness, and payments made for life salvage. d. Sue & Labor - Sums paid for the following expenses, as a consequence of an occurrence during the policy period, incurred in attempts to minimize recoverable loss:

In case of any loss or misfortune, it is the duty of the Assured and their servants and agents to take such measures as may be reasonable for the purpose of averting or minimizing a loss which would be recoverable under this insurance. Subject to the provisions of this clause, the Underwriters will contribute to charges properly and reasonably incurred by the Assured their servants or agents for such measures. General average, salvage charges, collision defense or attack costs and costs incurred by the Assured in avoiding, minimizing or contesting liability. Measures taken by the Assured or the Underwriters with the object of saving, protecting or recovering the subject-matter insured shall not be considered as a waiver or acceptance of abandonment or otherwise prejudice the rights of either party. What else should be considered / looked at with BAR policy?

Deductibles - Are they at levels that the Assureds can comfortably absorb? Do they apply per occurrence and/or in the aggregate? Complete, detailed list of security and the ratings of the insurance companies and/or Syndicates participating on the risk Wording in detail - including endorsements, exclusions, qualifications, subjectivities, sub-limits, Warranties (Conditions Precedent), adjustment factors applicable to premium, cancellation provisions Confirmation that accurate and proper underwriting information, including loss histories, was presented to Underwriters who are providing coverage for the risks Why Windsurfers Need Insurance   Choosing a Yacht Insurance Company   Examining Jet Ski Insurance   Affordable Boat Insurance For Beginners - What Factors Do You Need To Consider With Boat Insurance?   Facts About Rowing Boat Insurance   

Insure Your Boat - Get Protection From 2 Dangers

Doesn't every boat owner love the feeling you get when you cruise out on the river or ocean in your very own boat? Boating is such a great way to unwind and relax to get free of the tensions of the day. But have you considered the importance of getting your boat insured? Unfortunately many people tend to overlook the vitality of the insurance factor until it's a little too late. Insuring your boat is just as important as having your motor vehicle (car or bike) insured. It is good to be covered with insurance when you meet with an accident that causes damage to the boat.

1. Boat mishaps

This is probably the primary reason why people make sure their boat is covered by insurance. In the event of an accident, the boat can get damaged as can somebody handling or traveling in it. An accident can at times happen when two or more boats collide. At times, the boats collide with swimmers or water skiers. This can understandably result in serious injuries and even death in some cases. An insurance policy can help you pay for the damages your boat may have caused to itself, to you or to a third party even. It is great to know that you are covered for any such expenses you may have.

The ocean is tricky business - one minute the water could be calm and the next it could be choppy as hell. In extreme situations rough water could even upturn your boat. Of course it is much more likely that it happens in the ocean than a lake or a river. Tornadoes and hurricanes are a serious threat in certain regions. Such hazards could destroy a boat even if it were on the land. If you are not covered by insurance you would have to bear the burden of paying for all these damages.

2. Theft

Boats can and do get stolen at times. It can happen to anyone and it can happen to you too. If you see the day when your boat is stolen, unless you get it back without damage you are out of luck. If you do not recover the boat all the money you spent on it is basically just lost.

Most owners feel that getting an insurance policy is a huge expenditure but it is not always the case. On the contrary it is supposed to save you money in the long run. Just take a little time to consider the reasons we have put down in the article. Then you will understand the importance of being covered for expenses by an insurance policy. More often than not, the same company that has insured your car will offer you boat insurance as well

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What is Personal Watercraft Insurance?

Outdoor enthusiasts will tell you that watercrafts are a fun and great way to enjoy the outdoors. Boats, Sea Doos, Wave Runners and other watercraft are enjoyed by many people. However, statistics show that the use of these recreational vehicles leads to thousands of injuries each year. Because of the risk of injury, acquiring personal watercraft insurance is essential to anyone using these devices.

Personal watercrafts are not usually covered by a homeowner or vehicle insurance policy. People will usually have to purchase a special insurance policy.  The insurance you purchase should cover an injury to you or a third party, property damage, passenger liability, medical costs, and theft.  The least expensive choice is liability only coverage. This is much like a car liability policy that covers another person in the event of an accident or injury.

Insurance policies can vary among providers but usually covers a set maximum limit payment for an injury to another person and damage to your own or another person's property. There will also be a set deductible for medical coverage and theft that is determined by the provider. There are also providers who offer water sports liability, which covers risks related with recreational activities such as waterskiing. If you want to ensure that you are completely protected, there are liability packages available that will cover up to $1 000,000 and can cost about $300 per year. There are also insurance policies that will offer discounts if you insure more than one watercraft.

There are two main types of watercraft insurance overage. The insurance can either provide coverage based on the Actual Cash Value of the property, or on the Agreed Amount Value. Policies based on the Actual Cash Value rely on the current value of the equipment at the time of loss or damage. It will be based on the market value found in watercraft pricing guides. The Agreed Amount Value covers policies that are based on the set amount agreed by the client and the insurer. If a watercraft is damaged or completely destroyed, the purchaser will be compensated for the amount that was agreed on at the time of signing the policy. If there is a fractional loss that does not result in depreciation of the watercraft, you may be able to replace the watercraft.  For an additional cost you can insure your personal watercraft with extra options such as coverage for sinking, towing and assistance, damaged vehicle removal, and pollution liability coverage.

Eligibility and costs for watercraft insurance is based on a number of factors that can include, but may not be limited to, the following: the operator and owner must be over 16 years old and hold a valid driver's license, there must be no previous major driving violations for a specified number of years, and there must not be a history of repeat claims.

Personal watercrafts are a great way to enjoy the water. Unfortunately, many people think they are covered under their homeowner's policy until there is an accident. Before you hit the water, make sure you have personal watercraft insurance. There are many personal watercraft insures on the market, so it pays to shop around to get the best coverage at the best rate. Make sure that you talk to the insurance provider about your specific requirements to make sure you are completely covered. You never know when a serious accident will happen. With the right insurance coverage, you will be able to have a fantastic time on your watercraft knowing you are protected.

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Choosing the Right Marine Boat Insurance

If after seeking boat insurance quotes for the latest pleasure craft, it can be difficult to decide on that one policy that offers the best in terms of cover, conditions, and restrictions. Both the cover and services offered by the different marine boat insurance companies will vary.

In order to make that informed decision its important to look at the different types of cover that might be offered. Also, it can help to understand the legal requirements, as this varies from one state to the next, with some requiring more cover than others.

Full Coverage (also known as all risk or comprehensive cover) is the widest form of insurance coverage. It provides cover for the vessel against accidental damage, theft, vandalism, fire, and collision, whether its on the water or laid-up ashore.

These all risk policies also include a liability section (also called Protection & Indemnity (P&I)). This section covers a boat owners legal obligations to a third party, such as damage to property or bodily injury. Cover is limited to the amounts stated in the policy.

Also look towards the potential restrictions and benefits that might be offered your way.

How is a claim settled in the event of a claim - is it 'Actual cash value' - the market value is determined by the condition & age of the vessel at the time of the loss. Or 'Agreed Value' - the sum insured is determined by the boat owner & underwriter at the time of taking out the policy, so in affect the insured value. This can make a considerable difference when it comes to settling a claim, so be certain to ask how the insurance policy operates.

Often insurance companies offer benefits or discounts. If having auto and boat insurance with the one company, this might result in 10 - 15% discount or more. And if the boat owner has competed a boat course or qualification this can result in a further discount. Remember to ask for these discount when getting the boat insurance quotes.

If a vessel is 10+ years of age, over a certain length or amateur built, a insurance company might ask that a survey report is carried out ashore prior to offering cover.

Is the navigational limits suited to where you intend on using the vessel. Also, if you decide on making a trip outside those limits at a later date, how is that going to affect the premium. Be sure to ask all relevant question at the time of the quotation so that there is no nasty surprises later on.

Restrictions that are seen often on marine boat insurance policies include - date restrictions, does the craft need to be laid-up at any time of the year. Also, are there restrictions on who can operate the vessel.

Its important that when seeking out boat insurance quotes it is tailored to suit your individual needs. This can have a dramatic effect on how a potential loss is handled. So, be certain that the right marine boat insurance is in place.

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Boat Insurance - The Essentials Of Insurance In Florida!

When you think about taking out a boat insurance policy you may think that all of them are basically the same. However, this is not true. Even where you live will make a difference in the type of policy that you need. This is because your geographical location puts you in a different environment that creates special needs and concerns. For example, a person living near the Great Lakes will require a completely different type of boat insurance from a person living in Florida.

So what makes Florida boat insurance different? Well, for one thing you have the threat of hurricanes when you live in Florida. Flooding is a big factor due to the large amounts of rain that you will be subjected to. You also have to take into consideration that the salt air can have a negative effect on your boat. If you are a boat owner in Florida here are a few suggestions on what to look for in a Florida boat insurance policy.

Qualities of a Good Florida Boat Insurance Policy

First of all, as mentioned above hurricanes are a real threat, so you need a policy that protects you in the event your boat is damaged or destroyed by a hurricane. You also have to take into consideration that boats depreciate in value very quickly. This means that instead of searching for a policy that will pay you for the amount your boat is worth, search for one that will replace the boat in the event it is badly damaged or destroyed. This way you will receive the full value.

If something does happen to your boat, then you also want to be covered for the personal possessions that you have onboard. This could be anything from fishing equipment to safety equipment. Just imagine how much it would cost you to replace all of these items if they are not included in your policy. Therefore, a good Florida boat insurance policy will include these items as well.

Ask a Lot of Questions

The more information that you can obtain up front will help you make a better decision when it comes to buying Florida boat insurance. For instance, some policies have a lay-up period in which your boat may not be completely covered. This is a very important piece of information that you need to know ahead of time.

Some policies offer discounts if you have safety equipment installed on your boat. Others will give you a discount if you have taken part in safe boating classes. The more questions you ask the better choice you can make when it comes to Florida boat insurance. Use this information to help you search for the best possible boat insurance available.

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Ontario Marine Insurance - Does Your Boat Have Replacement Cost Coverage?

Boat Insurance in Ontario does not have to be complicated, nor does it have to be difficult. It is actually a simple process to insure your personal watercraft, boat or Yacht. Do you have replacement cost included on your boat insurance policy? Check your watercraft policy and be sure! Stay above the waterline by staying on top of your marine insurance policy.

When you make a watercraft purchase you should review all your boat coverages in the same sense you would when buying home insurance or car insurance policies. Don't always rely on cheap insurance; double check everything about your boat policy! Marine insurance is a very broad business and there are a lot of insurance brokers that carry watercraft insurance coverage. However, some brokers may not have the right boat insurance coverage for you and your boat; should you need to use your coverage.

I have had the opportunity to buy marine insurance and work in the marine insurance business for several years and know that there are many policies out there with many different limits.

I recommend you shop around and review the policy coverages, after all sometimes $50 in your pocket matters, but it matters even more if you are not getting the coverage you want.

Guaranteed Replacement Cost-This feature is an extremely important coverage to have and it works along the same lines as a homeowners policy. Does your broker offer replacement cost? Will they repair, replace or rebuild your boat with a like kind quality of the same materials. This indemnifies an insured back to their financial situation they should be.

Professional Staff- As an experienced broker working in Ontario, I have had the experience and knowledge of working with brokers in the Marine Insurance business. I have had first hand experience to review the thorough training program every boat insurance broker needs to receive. Some brokers train their staff with more than just general insurance knowledge, which is extremely important when dealing with a million dollar yacht. Most brokers do not have the best markets to quote yachts, PWCs, fishing boats, pontoon boats and runabouts with inboard or outboard engines, however there are a lot of brokers who do have this capacity.

Emergency Towing- Some marine insurance companies will pay for towing of your vessel in the event of a claim situation without having to pay your deductible.

Loss of Use (Rental) - You need to be covered for reasonable costs incurred should your vessel be disabled as a result of a claim, limits may vary so ask your broker.

Agreed Value-In the event of a total loss, you want to be indemified for the amount of insurance shown on the policy at the time of the loss (less any applicable deductible) without depreciation.

No Depreciation on Partial Loss-In the event of a partial loss, if no used replacement parts of like kind and quality are available, make sure your insurance company will repair your vessel with new parts.

Customized coverage - No matter what kind of vessel you own, you need to be in touch with the right broker to insure your personal watercraft or luxury cruiser.

Instant Approval - When consulting a marine insurance expert ensure you can get the quote in writing and that they can offer you coverage instantly.

Quick Claims Settlement - When it comes to insurance claims, you want the best possible solution when it comes to making a claim. Question your Ontario marine insurance broker's service and find out who will adjust your claim and if it is a 24 hour claims service.

Territory - Know your navigation limits.

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Helpful Tips On Getting Yacht Insurance

With the increasing popularity of owning a boat, more providers are able to offer yacht insurance; obviously the customer benefits from this competition as long as they know what they are looking for. Because competition can be fierce, insurance providers like to include aspects other companies do not have; individual requirements means it takes longer to decide. Below are some points you should look for which may help you with your choice.Ascertain how stable the company is financially and try to find their accounts submission for the previous tax year; this is necessary because if your yacht insurance provider is financially unstable, this could impact on your cover should need to claim. To start with, take a look on the internet for the top marine insurers; those with large customer bases are often rated highly by the industry watchdogs and probably the best to start with.You may at some point need to contact the company regarding a claim; this is when it pays to have a good and efficient customer service department. The more claim centers a marine insurance company has, the better; customers are more likely to receive a good service especially when they have made special arrangements with local service and emergency firms.Nothing beats a good reputation in business; this knowledge will create a feeling of confidence so look for companies that have pride in their reputation. There are usually a number of coverage options available with any type of policy; they should ideally meet your needs and not those of the insurance provider.The balance that should be sought with a yacht insurance policy is between the cost and services it provides; those providers that promise a low premium but superior service should probably be avoided. All marine policies are by their very nature complicated; finding the right policy will not be as straightforward as regular home cover, for example. Yacht insurance is a complex subject so the advice here is not comprehensive, but does provide the basics to be considered.The first thing to do is list the most important aspects of cover you require; it is far easier to look at all the tiny details when you have made a short list for yourself. Although it may seem complicated, it will save time and money in the long run; the last thing needed after signing the policy is too find there's a problem with the marine insurance company.

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Get Cheap Boat Insurance Rates

Many people believe that the best move is to stick to one insurance company that provides you with all your insurance needs. It may be true to some cases but this is not a general rule, especially if it's boat insurance you need.

If that is your situation, then the practical move for you is to get the best boat insurance rates that you can get your hands on.

In order for you to have a better idea on the rates that are available for you out there, you need to conduct some research. You need to exert time and effort for you to be in the know.

With you knowing this information, you can easily make a sound decision on which insurance plan is right for your lifestyle and is within your budget.

There are predatory insurance agents who will overwhelm your brain with so many boat insurance rates. If you are not good with numbers, this can be too confusing. Sometimes these predatory insurance agents are also scammers.

But not to disappoint you, there are still some insurance agents who provide you with real boat insurance rates. You just have to know where to look.

That is why we advice you to know as much as you can. Not a lot of insurance agents can pull their trick up their sleeves if you know what it is to know about boat insurance rates.

In fact, you can also get from them the lowest rates possible. This is what education can do for you. It protects you from the scammers.

If you want to be sure with the plan, you can research on the insurance provider. Read the reviews that are written about them. Read the testimonials from their clients.

You can compare the boat insurance rates from the other insurance providers because of the online insurance quotes that are also made available for you.

There are some sites that even include the policies of your boat insurance, thus giving you an idea of the coverage.

If the insurance plan allows you to contact the insurance company then this is a good sign that they are very credible.

If the insurance agents are knowledgeable and can easily answer your questions then you know that the boat insurance rates you read in this plan are accurate and are not scams.

Check whether the insurance they can provide you is within your budget and can comply with your lifestyle. If you answer yes to both question, make the most out of this opportunity and sign up.

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Marine Insurance - Reinsurance Cost Pressures - 2009

Reinsurance, and in particular treaty reinsurance is a fundamental part of any insurers' internal risk management plan.

The protection of the company balance sheet and capital base from extremes in loss frequency and severity or aggregations is of critical importance to the viability of an insurer.

Reinsurance is a global business heavily intertwined with the trade, commerce and finance industries of most, if not every nation on earth.

Events of significance to, or which impact on the reinsurance industry will affect all insurers to some degree.

Recent events may combine to have a sizeable impact on 2009 reinsurance renewals.

Hurricanes Gustav & Ike

They did not have the same news profile as that attributed to Katrina and the subsequent flooding of New Orleans but, the most recent loss estimates suggest that Gustav & Ike will contribute significant claims to reinsurers. In particular, the oblique angle at which Gustav approached the Gulf Coast as it produced a greater than anticipated impact on the rather dense concentration of oil and gas facilities in that region.

Recently reported figures suggest a combined industry loss from Gustav and Ike in the US$20 - $25bn range (A$28 - 35bn). Losses of this magnitude will put pressure on many insurer and reinsurer margins.

Global Credit Crisis

The sub-prime mortgage problem in America has put the international banking industry in the spotlight. Some have failed and many forced to merge or seek funds from the State. The supply of credit has evaporated or become prohibitively expensive as inter-bank lending ground to a halt. In addition the dive in world share prices will bring ratings, valuation and capital adequacy pressures to many other companies across all market sectors.

Introduction Of more immediate concern to the Insurance Industry is the potential for capital to disappear or be re-directed away from reinsurance. In addition, poor investment decisions may have a profound impact on otherwise secure businesses and downgrades may result where ratings agencies are obliged to delve more fully into any affected company.

Impact on Reinsurance

Reinsurance cost pressures will develop due to:

o Reinsurer difficulties in sourcing new capital and/or an increased cost of capital.

o Capital Market demands for increased returns.

o Capacity restrictions.

o A flight to quality (of security) - cedants to reinsurers and vice versa.

o Reduced return on investments.P

o Write-downs in value of investments.

Recent comment from reinsurers suggests an upward pressure on treaty pricing for the December 2008 renewal season with flow on effects to insurance contracts during 2009.

Disclaimer: This bulletin is for information purposes only and is not legal advice.

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Tips For Choosing Insurance Companies

Responsible boat owners are faced with similar issues as car owners when it comes to choosing an insurance company. There is no shortage of boat insurance companies but sorting through them all can be overwhelming. So how do you choose? There really is no right or wrong answer to this question, but there are things that should be considered.

Priority one for any boat owner should be what kind of coverage you want. Many people just assume the agent knows their products and buys what he or she may suggest. The price of the premium should not be your main concern, however it will be a consideration.

The cost of insurance is one of those things that seem like a burden. That's is until you have a claim. Try to choose the maximum boat insurance coverage possible within your financial constraints. You will be glad you did when it is claim time.

Insurance companies are rated by various rating organizations such as Standard and Poor's, and those ratings will paint a financial stability picture of the companies you are trying to choose from. Essentially this is a documented track record of a way the company does business and should not be regarded lightly.

There are many insurance firms that provide insurance for your car, homes, health and just about any other insurance you will need. Sometime those vendors can give you a better price as they will bundle your coverage's and provide a package deal. Companies that specialize in boat insurance will generally have more options available. If you have financed your boat, your lender will likely have specific coverage that you must have before taking ownership of the vessel.

After sorting out and idea of how much your premiums will be it is time to sit down for some questions and answers with your agent. Present to your agent hypothetical situations that would require insurance coverage and ask "am I covered if that happens"?

Insurance policies can be complicated to read and understand. Speaking in real life language will real life scenarios can help you better understand your coverage's.

Everyday boating accidents occur. Sometimes they occur with catastrophic implications.Above all else make sure you have some type of coverage to protect against loss of property or life. It is that important.

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The Options to Consider When Finding Insurance For Commercial Boats

Boat insurance for commercial use is important to protect the investment and asset for bringing in money to your company. In the event of a mishap with passengers on the boat, having the right coverage insurance will enable you to avoid costly legal hassles. Being prepared with a policy that can cover any area of possibility keeps the business going in the face of damages or liability. Commercial boat owners should check into different policy quotes to retrieve the right policy.

While some boats used for commercial use may require more passengers than others used for fishing activities, insurance is needed on each of these types of use. The responsibility is put upon the operator and/or owner for the boat. If any event happens that would cause damage to the people onboard or the boat, the failure to buy proper insurance will then be put on them.

Mechanical problems and assistance is typically the coverage that is insured with a regular policy. Being aware that this type of coverage is limited helps realize that there may be add-ons necessary to purchase to receive coverage in areas needed. Boat insurance that covers protection from damage to the structure of the boat should be covered by the hull provision. Mechanical problems cover breakdowns including the engine and other parts of the boat.

In addition to insurance covering the hull, items that are attached to that area should also be included in the coverage. This can include horns, radios, safety equipment, and lights. This equipment could be costly and having these provided in the policy should reduce loss.

P & I insurance is a blanket policy for commercial boat insurance that covers the liability portion. This type of insurance may demand that the operator of the boat have up to date equipment available and repairs fixed upon the boat. If the operator refuses to do so, P&I insurance may deny the claim of the individual, leaving the operator or owner at risk.

A boats age can affect the price for the premium of commercial boating insurance. If the boat happens to be new, the rates will likely be higher. There is also a way to chart past history within boating insurance and depending upon the amount of accidents from the past, higher premiums may result. Any training that has been taken may ensure a discount depending upon the rules of your insurance provider. Asking about discounts can help save a lot of money.

If you are in need of fishing boat insurance, contact your local agent to discuss details. This type of bass boating may be different from commercial insurance for boats. Many bass boats are professionals or amateurs that enter into contests. Insurance companies desire the business of these customers since they usually buy year-round insurance. Some discounts could be offered by many major insurance suppliers.

Contacting your local insurance agency can provide the best rates among many of the major insurance companies today. Whether filling out forms online or calling, you can find insurance for your boat.

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What You Need To Know Before Purchasing Canal Boat Insurance

A canal boat is a unique type of water craft. As the name describes these are boats which are used to carry passengers or freight across narrow canals. These boats are usually narrow and long suited for navigating the man made canals. These boats are widely popular in Britain. These boats were introduced some 150 -200 years ago during the era of industrial revolution. Apart from being used as freight carrier, today's canal boat is used as a tourist attraction. There are wide varieties of boats available, some have sleeping quarters which allow the tourists to spend a night in the boat itself, while others might have multiple deck level allowing the boat to carry more passengers. It has become very common for many people to buy a these kind of boats so that they can spend the days leisurely rowing across the canal. It is also important for the people to know something about canal boat insurance in order to protect their precious investment.

Canal boat insurance does differ slightly from normal water craft insurance. However the basic concept of insurance policies covering the water craft remains the same. In this article I am going to provide you with an outline of various policies that one should buy in order to completely safe guard their investment

The first and perhaps the most important policy is the accident or property damage policy. This insurance policy will cover the cost of repair in case the canal boat was damaged due to an accident. This policy is a must if one intends to own a canal boat. It allows the owner to have piece of mind when they themselves are cruising or they rent the canal boat for others to cruise along the canal waters.

The second important insurance policy is the property theft policy. This policy allows the owner to claim the amount invested while buying the boat, if the boat were to be stolen or lost. This policy is a must if the owner intends to rent the canal boat for charter.

The last insurance policy which is important is the fire insurance policy. This policy allows the owners of the boat to claim partial or complete compensation for the damages which occur due to fire caused internally or from any external cause.

Apart from these there are many other policies which will come very handy and are a must if the boat is to be chartered to other people. Amongst them the most important policy is the liability policy.

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Boat Insurance Guidelines to Obtain a Good Deal

Boat insurance is mandatory on almost all states and countries. However, having boat insurance is not enough. The issue of whether the coverage of your boat insurance is suitable for the use you will give to your boat is just as important. Therefore, you need to understand the different concepts that apply to this kind of insurances in order to select the insurance policy that best suits your needs.

Following you will find some basic guidelines that will help you understand the different clauses on boat insurance policies so you can decide which one best adjusts to your requirements. There may be some coverage that you can do without and other type of coverage that you would prefer to have that is not included. Once you know this, you can request your insurance company or broker to design a boat insurance product customized for your particular necessities.

Common Deterioration Excluded

Regular wearing out of boat parts is not covered by boat insurance and therefore you should not expect to be able to claim for damages caused by such reasons. Thus, it is advisable to do proper maintenance to your water vehicle to ensure that no claim is rejected due to lack of coverage of common deterioration. This is an important fact and it works just like car insurance with the sole difference that due to the constant contact with water, boats tend to deteriorate a lot faster.

Values Insured

There are different clauses on boat insurance that relate to the value of the boat. There are mainly two systems to calculate the value of the water vehicle: stated or agreed value and actual cash value. Stated or agreed value is the value that the insurer and insured establish in the insurance contract prior to signing. Both parties agree which is the value insured and in the event of a claim the whole or a portion of that value is covered according to the type of damage or liability.

The Actual Cash Value on the other hand, is not a fixed value and relates to the market price of the boat at the time of the accident or claim. Though these policies tend to be a lot cheaper, there might be discussions at the time of claims and thus, an agreed value is advisable because the amount is already fixed in the contract and there will not be any discussions about that issue.

Liability Coverage

Liability Coverage is a very important part of a boat insurance policy. This covers the insured for any damages caused to third parties whether on board of the boat or not. Therefore if you will invite friends or acquaintances as passengers or use the boat in areas where other people can be damaged by the regular use of the boat, it is advisable to pay special attention to this type of coverage.

Combined Policy

The most common boat insurance policies provide a combination of property coverage and liability coverage. Therefore it does not matter whether the property is damaged by an accident or someone is injured. Even if both things occur, the insurance will cover for all the costs provided they do not exceed the insurance amount limit.

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