Commercial Marine Insurance (also called Ocean Marine Insurance) is not a filed class of insurance business in the U.S.A., which means underwriters do not have to request permission from any government body to make changes in pricing or terms and conditions. Further, most states recognize that commercial vessels travel outside state waters and therefore state jurisdiction frequently. Therefore their business activities […]
Saturday, June 16th, 2012
Scraps of marine insurance history
Most people think insurance was invented at Lloyd’s Tea House in London in the 1700’s. This is not so far from the truth, notwithstanding that the Greeks and Romans were using maritime loans. Separate marine insurance contracts were made to go with them, particularly notable in Genoa in the 1300’s. Before that, it is said that the […]
Thursday, June 14th, 2012
We like educated consumers
Wells & Co Marine Insurance Agency doesn’t try to sell insurance by scaring our clients into it or misinforming them as to their needs in order to sell them something they don’t want. We have nothing to hide. Our mission is to provide the best service using the correct tools for the job that you and […]
Monday, June 11th, 2012
How the P&I limit applies in a bodily injury casualty
There is a common misconception among buyers of commercial marine insurance policies that the P&I limit, say it’s $250,000, is “per person” or “per crewman”. This is true if only one person sustains an insurable injury, such as a crewman getting hit in the eye by a customer’s sinker while sport fishing. $250,000 is then available […]
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