AMG Insurance International

08/09/2022

06/17/2021

With all the changes in the marine insurance industry recently, including the Geico decision to stop working with independent agents across the country, it is important to solidify an 'advisory' relationship with an independent agent so you understand exactly what you are buying, what the potential savings are and what you are also 'not' buying ... ESPECIALLY with marine insurance!

Insurers must beware of potentially deceptive statements made directly to consumers ... do you need the 'safety net' of an independent agent ?!? Contact us today for marine insurance insight if you are not sure 'what' you purchased!

Insurer has labelled the proposed class action "far out of bounds"

04/14/2020

How COVID-19 might help your insurance!

The story your agent tells is an important one; it can affect your insurance rates! Make sure that you are communicating with your agent about ways that COVID-19 has impacted your business and/or boating. Here are some ways your premium might be reduced:

For Boat/Yacht Owners:
 Lay-up Credit = a month-by-month credit that may be applied to your premium if you can guarantee your boat will not be in use (lay-up credits can either be ‘ashore or afloat’)
 Port Risk = a policy credit for a lengthier time period when your boat will not be in use due to extended maintenance plans or because you have fallen ill and don’t expect to use your vessel for a longer time period (usually ‘port risk’ is intended for boats that have been hauled ashore)
 If your navigation plans have changed due to COVID-19 and you are no longer planning on venturing as far as you had initially planned, you might amend your ‘navigation box’ in your policy.
 If you have added (safety/navigation) equipment to your vessel because you suddenly find yourself with more time on your hands, remember that safety/navigation equipment may result in additional discounts.
 If you offered charters and are no longer able to charter and/or may not have as many anticipated during your 12 month policy, make sure your agent knows how COVID-19 has affected your charter operations as well.

For Marine Business(es):
 Mid-year audit or revenue adjustments – will lower your premium based on (lower) anticipated revenues, payrolls etc. If you are a marina and your slip rental fees are down or you are no longer offering the same level of mobile services (ie. pump outs have stopped for the time being), your should lower your revenue related to mobile services. If you sell/broker boats, engines or parts and your sales are down, you might lower your anticipated revenues midyear.
 Review the ‘radius’ of operations on your vehicles – if you are driving less or driving less distance, you might change your commercial/service vehicles to a ‘local’ radius (will lower your premiums)
 Inventory adjustments (ie. for boats, engines, parts) – adjusting/decreasing inventory amounts on your policy to reflect ‘actual’ lower inventory amounts will reduce premiums