2013 Waveline Report

We are pleased to announce the release of the “"Waveline 2013: State of the Marine & Longshore Market" , commissioned from LIG’s national survey in January 2013 to gauge the state of the Longshore and Marine Insurance Market. This survey was designed to measure the changes in PRICE and AVAILABILITY of Longshore and Marine Insurance over calendar years 2012 versus 2011, with projections for 2013. 

The “2013 Waveline Report” encompasses a fascinating overview of the State of the Market for Longshore, Blue Water, Brown Water, MEL, Cargo, MGL/SRL, Docks & Piers, Marinas & Boat Dealers, Yachts / Personal Boats & Charter Sightseeing Boats, Account Size Rate History, and Policy Delivery Time.

The FREE report is available online at WavelineUS.com

Ian Greenway - Power Broker®

We would like to offer our congratulations to our President, Ian Greenway, for being named as a Risk & Insurance® Power Brokers 2013, as featured in the February edition of the magazine.

A Risk & Insurance® Power Broker® is an individual who stands out among their peers for the exceptional client work they delivered over the past year.

While brokers play many key roles in the insurance industry and risk profession, a Power Broker® award recognizes an exemplary level of problem solving, customer service and industry knowledge.

A Power Broker® is selected based upon the strength of client testimonials. Risk & Insurance® editors and writers collect and choose the most compelling testimonials based on the award criteria and it is largely thanks to a number of great client reviews that Ian received this recognition. One client in the article is quoted to say “[for Ian]…It's the relationship and working together and making sure there are no gaps in the coverage…”

During the presentation at our Florida office Ian said “this award would not have been possible without every single member of the LIG Family. I could not do what I do without everyone’s support”.

You can read the full review at http://www.riskandinsurance.com/brokerdetail.jsp?brokerYear=2013&storyId=1168709

Congratulations Ian.

P&I Clubs Face Resistance on Rate Increases

An interesting article was just published by AM bests on the P&I market.

You will find it at  http://www3.ambest.com/Frames/Frameserver.asp?site=press&Tab=1&altsrc=2&RefNum=66496956834984573854 

Over time if the P&I club does not collect enough money up front, that forces more money into the supplemental calls down the road.  It is the old balloon trick – squeeze one end and it gets larger at the other!

American Marine Insurance Slip Launch

St. Petersburg, FL, April 9, 2012 - The American Marine Insurance Slip (AMIS) has been launched to understand marine business and how to tackle these challenges, providing specialty services to meet the needs of Commercial Marine Coverages, which are among the most complex in the industry.

Managed by LIG Marine Managers, the AMIS leverages LIG’s 23 years of commercial marine underwriting to provide quality marine products. The ability to assess requires expertise, attention to detail, and years of experience. AMIS underwriters have a thorough knowledge of the maritime industry. They regularly participate in seminars, webinars, and other advanced training; and they are acutely aware of industry momentum.

AMIS will go beyond the usual assessment of premium and loss history, as part of its underwriting process.  Their goal is to achieve as complete an understanding of the operation as possible. This requires learning about the management background and operations, as well as claims history and other related information.  It is this attention to detail, with a thorough collection and analysis of data that enables AMIS underwriters to develop coverage solutions that are customized to meet the clients' specific marine insurance needs.

The Slip is backed by top quality domestic admitted “A” Rated Carriers providing a package concept, all under one policy including Marine General Liability, Hull, P&I, Equipment, and Excess or Umbrella
coverages. It is designed to provide top service combined with competitive pricing and a simple quick quote process. Most sections are available monoline or with any combination of other coverages; and targeted for risks paying $10,000 to $100,000 in annual marine premiums.

Please visit www.AmMarIns.com or call 727.388.3344 or 800.310.AMIS, for more information.

Family Seeks $50M in Marina Death

The family of an 18-year-old Michigan man who died while swimming at the Clinch Park marina in Traverse City, Michigan has filed a lawsuit seeking $50 million.

Michael Knudsen’s family said it wants to prevent similar deaths with the lawsuit against the city and others.

Mayor Chris Bzdok said the death is a tragedy that needs to be investigated.

Knudsen died Aug. 15 after he swam off a dock with a friend who reported getting a shock. Marina employees cut power to the dock before Knudsen was pulled from the water. A preliminary autopsy listed the cause of death for the Mancelona man as a combination of electric shock and drowning.

City documents show two separate breaks in an electric power line leaked electricity into the water

84 People Rescued after Restaurant Barge Breaks Loose

The Coast Guard and local agencies helped rescue 84 people after the restaurant barge that they were on, broke loose on the Ohio River.  The barge restaurant, the Jeff Ruby’s Waterfront Restaurant broke from its mooring at mile marker 471 on the Ohio River.  The barge floated approximately 85 yards downstream, before it finally settled down under a bridge.

The Kentucky Department of Transportation has inspected the bridge, and found no damage.  Coast Guard personnel as well as rescue crews from Boone County responded to the scene.  Three tugboats had to surround the barge to prevent it from moving downstream.  All the people on the boat were evacuated safety.  Fortunately, there were no injuries arising from this incident.   There was some panic on the floating restaurant as the barge broke away from its mooring and floated out.

According to the barge restaurant’s owner, it is the first time in the history of the restaurant that something like this happened.  There has been some speculation that high waters may have been to blame, but according to the restaurant owner, the restaurant has stayed open in worse weather conditions before.

CRAB BOAT SINKS ON WILLAPA BAY; ONE CREWMAN DEAD

The 30-foot fishing vessel ELLA ANN sank at the mouth of Willapa Bay, on the southwest Pacific coast of Washington state on Sunday, December 19th 2010 with the loss of one crewman. Luis Perez from was lost in the accident when the ELLA ANN capsized just inside the mouth of the bar.

After being thrown into the water, the captain of the vessel, Eric Petit, was able to contact the Coast Guard to ask for emergency rescue . The crew was able to hoist Petit aboard the helicopter and revived him using CPR.