** updated 2/18/06 ......
Special Announcement to USPS Boat Insurance Customers:
As you are all probably aware, the extreme frequency and severity of windstorms in the past two years have caused enormous losses for all marine insurance carriers. To make matters worse, NOAA and the other leading weather specialists are in agreement these two hurricane seasons are not anomalies but are indicative of what can be expected in the foreseeable future due to changing global weather patterns.
Accordingly, The St. Paul Insurance Company, which has faithfully underwritten the USPS Boat Insurance Program for almost twenty years, is being forced to make changes (as are all marine insurance carriers) in their underwriting criteria in order to operate profitably. After looking carefully at the USPS Boat Insurance Program from every angle, the changes being mandated by St. Paul’s upper management are as follows:
- All boats over 10 years of age in the coastal and adjacent counties of AL, FL, GA, LA, MS and TX will be non-renewed. The non-renewal process will begin on March 1, 2006 with policy effective dates of approximately May 1, 2006. If your policy has already been renewed for 2006 or has an effective date before approximately May 1, your policy will remain in force until 2007.
- No new business will be quoted in coastal and adjacent counties of AL, FL, GA, LA, MS, NC, SC and TX if the boat is over 30 feet in length or if the hull value is greater than $100,000.
McGriff, Seibels and Williams, the original architect of the USPS Boat Insurance Program and its administrator since inception will do all in its capacity as brokers to alleviate the impact of these restrictions for individual members. We request that any member that has their policy non-renewed or has their coverage restricted to a degree that they find unsatisfactory, call us toll-free at (800) 763-USPS. As one of the largest insurance brokerage firms in the United States, MSW has access to virtually every major marine insurance underwriter in the marketplace which puts us in the best position possible to explore the best options available to USPS members. Also, effective immediately we are able to offer all USPS members the following options:
- Liability-only policy
- Navigation Warranty – Endorsement to existing policy stating that your boat will not be kept below 35 degrees N Latitude between June 1 and November 15
- Named Storm Exclusion – Endorsement to existing policy stating no coverage for any named or numbered storm
In closing, McGriff, Seibels and Williams remains committed to assuring that USPS members have available to them the best boat insurance available. Accordingly, please do not hesitate to give us a call.
Bennett (Ben) Gilbert
Marine Manager of USPS Boat Insurance
McGriff, Seibels and Williams