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Providing clarity to the Confusion around Non Renewal notices

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Providing clarity to the Confusion around Non Renewal notices

Old 01-27-2020, 08:26 AM
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Default Providing clarity to the Confusion around Non Renewal notices

There is a lot of confusion when a policy holder receives a non-renewal notice. We hope this post may add a little clarity.


First and foremost, Independent Insurance Agents like Gallagher Charter Lakes (also known as a broker) do not issue, cancel, or non-renew policies, nor do they set premiums. Insurance Brokers work with many carriers and we shop those companies to find the best policy and value for our clients which will greatly depend on what the boat is, where the boat is located, owners experience, claims history, etc.



The Insurance company (i.e., the risk bearer) would be the one who issues, cancels, or non-renews policies, and they are also the ones who set premiums, including renewals. The Insurance Company would inform the agency and the policy holder about a decision to non-renew or cancel a policy, and a letter of notification must be mailed in accordance with state notification requirements. Most states require 45- 60 days’ notice, plus 7 days for mailing, some states require more and some states are less.

The Insurance Company may issue a non-renewal for any number of reasons. Currently, a main reason some boat owners (especially in the southern Florida and the Gulf states), are receiving these notices, is due to some Insurance companies no longer offering marine insurance in certain counties, states or not at all. This is also happening outside of marine insurance with property insurance in general in many areas of the country from the recent hurricanes (FL-TX), flooding (TX & Midwest), fires (CA), etc.

If you receive a non-renewal notice, you can be assured that Charter Lakes as your insurance broker is searching the dozens of other available Insurance companies we work with to find a similar policy, offering similar coverage and value for you. Some boat owners are actually seeing a slight decrease from the prior policy period with the new policy, while others are seeing increases of 10% to more than double their prior premium, again areas of South Florida being the hardest hit with rate increases.

When you receive a proposal, please review the coverage, value, deductible, and selected navigation limits. Some owners with older boats and low value may choose to only have liability coverage which is significantly lower premium. Some owners in southern coastal areas may secure their vessel during named storms in a way they do not need to pay for windstorm damage coverage for large savings. Others may choose a higher deductible to share the risk and lower their premium. Let your agent know if you would like to modify the quote to see how that will affect your annual premium.


Gallagher Charter Lakes has been one of the largest specialty marine insurance brokers for over 30 years and we have seen Insurance companies raise and lower rates many times. We understand how frustrating this can be for policy holders, but please know that we are always diligently shopping many companies to find you the best policy.



Thank you!

Gallagher Charter Lakes

Your Marine Insurance Specialist
Old 02-08-2020, 05:30 PM
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Well, I'm in Oregon, live at the coast, with no natural disasters.... and got a non-renew letter. I haven't ever had a claim. Being I'm about 1 block from the ocean, there isn't much of a worry about fires! Ha
Old 02-10-2020, 06:04 AM
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Dear CME
The non-renewal by the carrier wasn't made due to any individual person or policy. The carrier that offered the policy made a business decision to stop offering marine insurance in the U.S. (Fires, Floodings and Hurricane losses are part of the reasons some companies are raising rates or leaving the market)
As your agency, we are working to find you an alternative quote to protect you and your assets. We will be sending you an offer for a policy soon.

We appreciate your understanding.
Best Regards
Charter Lakes
Old 02-13-2020, 06:30 PM
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So for the benefit of your customers (like me), why don't you list which of your carriers is no longer underwriting boat policies.
Old 02-14-2020, 05:39 AM
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Dear Fishing Fool
Britt is the most recent carrier to stop writing marine insurance, in the US. If you received a non renewal letter, it has the notice from the carrier.

We do have two dozen other companies we are able to quote and about to add a couple more.
If you get a non-renewal be sure we are working diligently to find a suitable quote for you.

Thank you for your question
Charter Lakes
Old 02-14-2020, 07:42 AM
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For anyone that might have their policy underwritten by National Specialty Insurance through CL, National Specialty is dropping boat policies as well. So much for my disappearing now zero $ deductible.
Old 02-14-2020, 08:15 AM
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Fish'n Fool
Just to clarify, Britt is the reinsurance for this National Specialty policy offering. National Specialty remains in business with many other reinsurance companies.

American Reliable has recently decided to end their marine policies as well and boat owners with their policies may begin seeing non-renewal notices as well.
These changes are affecting Specialty Marine Agencies across the US.


There are several other marine insurance companies that other brokers had relationships with that have made similar decisions regarding non-renewing marine policies in the US.

Here at Charter Lakes, we continue to evaluate marine insurance carriers and will add those with capacity and strong financial outlooks.
Providing boat owners across the US with the best policies at the most competitive rates continues to be our mission.
If you recieve a non-renewal notice, you can be sure we are searching multiple companies to find you a suitable quote to replace your policy being non-renewed.
Charter Lakes
Old 02-17-2020, 07:44 AM
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Do you insure boats that travel over to Bimini?
Old 02-17-2020, 12:49 PM
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So, I got a non-renewal but there was no mention that your company was working diligently to find me coverage from a dozen other sources. Is that a separate correspondence?
Old 02-18-2020, 06:15 AM
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I will have someone follow up with you today.
Old 02-18-2020, 06:19 AM
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Gumshoe
Typically, there are two sheets with the non-renewal. One explaining we are searching for alternate companies, the other is the formal notice from the insurance company. We are searching our appointed carriers for a replacement quote.
Not sure why you didn't get the second sheet, but we will search for a replacement for you.
Charter Lakes (800) 879-2248
Old 02-19-2020, 07:30 AM
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I was really saddened and disappointed to see my premium skyrocket from $276 to $392!!! No claims, no nothing... AND much less coverage!!
Medical payments $1,000, down from $25,000
Personal property $1,000, down from $5,000
Towing, $500, down from $2,500
Trailer stayed the same, but the deductible when from $100 to $250.

Really, really brutal.

Dun
Old 02-19-2020, 08:42 AM
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Dear Dun
We understand how confusing the increase in policy premium can be when a policy holder pays on time and doesn't have claims. Charter Lakes is the agency and doesn't set rates/premium amounts. All coverages listed can be increased if you need more Medical Payments or higher amounts of towing, etc...
Several carriers kept rates low for several years. The significant losses over the last couple years along with the departure of several marine insurance carriers caused the rest of the insurance companies to reevaluate their rates.

As your agency, we worked with multiple companies to find the best policy at the best value.

We are continuously evaluating marine insurance companies to identify new stable companies to add to our offering. In fact we have just finalized an agreement with an Insurance company and will be adding them to the list of companies we quote, in the near future.

Charter Lakes

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