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Markel Boat Product Manual
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1. gt 65 MPH excluding fishing boats the operator must be at least 25 years of age and the policy will be written as Named Operator If there is more than one boat on the policy all Named Operators will need be assigned to the boat s that they will operate Please ensure that all intended operators are disclosed and that their specific experience is listed in the system This information is used for rating and eligibility Boat Information MANUFACTURER See eligibility section for a list of Manufacturers that are ineligible for the program To ease entry and properly track results manufacturers are listed within the system If the manufacturer is not provided the user may enter the information BOAT TYPE Acceptable boat types include eee High Performance Vee High Performance Catamaran Homemade Kit ENGINE amp PROPULSION TYPE We will accept boats with up to 2 main engines Diesel engines receive a premium credit Acceptable propulsion types include e Inboard Outboard Sterndrive e Jet e Sail e Inboard e Air propeller e Manual e Outboard MATERIAL TYPE Acceptable material types include e Fiberglass e Inflatable e Poly e Metal Aluminum e Wood e Other e Composite SPEED The applicant will either need to provide or attest to the speed of the boat For cruisers runabouts and performance boat types the system will require that the weight be entered for a system calculated speed check You may add 400
2. e Liveaboard e Used commercially e Used as a liveaboard e Hull has fiberglass over wood e More than 2 main engines e Turbine engine e With an exposed engine compartment and or over the transom exhaust e Horsepower exceeds manufacturer s maximum capacity e Located within Dade and Broward counties e Used in racing or stunting activities except sailboats e Surf Jets Amphibious Crafts Hydro Foils amp Hydro Planes Ice Boats and STV SUBMIT ANY RISK WHEN WATERCRAFT AND EQUIPMENT COVERAGE IS REQUESTED e That is in the process of restoration refit or that has not been completed so that it may be navigated e Purchased as salvage e That can achieve speeds gt 65 MPH and that has been uninsured for over 30 days Owner amp Operator Information NAMED INSURED OWNER An owner must be at least 18 years of age and have the financial means to properly maintain the boat As insurance scoring is part of rating we strongly encourage using the owner s Social Security number for the most accurate rate An insurance score will not be pulled on those risks that are Corporately Titled We will accept up to three owners A spouse is not considered an additional owner If the boat is corporately titled it is acceptable to be used for personal and client entertainment OPERATOR s Primary Operators Watercraft with soeeds lt 65 MPH require the primary operator to be at least 18 years of age Named Operators If the boat can achieve speeds
3. pounds for fuel operators and provisions if you use a guidebook or builders weight See the Operator section above regarding Named Operator provisions An executed application is required for all boats that can achieve speeds gt 65mph BOAT VALUE amp SURVEY Boat Value The market value of the boat should include the boat motor and all equipment permanenily attached Do not include the trailer value To validate current market value please consult one or more of the following sources e 6Bill of Sale e BUC Guides www bucvalue com e NADA www nadaquides com e Websites where watercraft are listed for sale such as www boattrader com www iboat com www yachtworld com etc e Current marine survey Survey Requirement lf Watercraft and Equipment coverage is purchased a survey is required if the value is over 30K and e gt 10 years old and is used in salt water e gt 15 years old and is used in fresh water A Survey can be a self survey form and photographs a marina inspection report and photographs a Coast Guard vessel safety inspection with photographs or a survey performed by a NAMS or SAMS surveyor provided that it was performed within the last two years To locate a NAMS or SAMS surveyor visit National Association of Marine Surveyors NAMS www namsglobal org or the Society of Accredited Marine Surveyors SAMS www marinesurvey org A self survey form is stored on www markelmarine com for distribution to the policyho
4. risk ineligible If you receive a message that the risk is ineligible do not proceed Should you have questions please contact MAIC for clarification Not all conditions that render a risk ineligible will be flagged by system rules It is the responsibility of the user to be familiar with the eligibility section of this manual and notifications delivered via bulletin QUOTE INDICATIONS To provide a quick quote enter the required fields that are marked with an asterisk If the order is placed additional information will be required to issue If the risk is outside of your authority a quote indication will be provided The system will alert you that approval is required Quotes may be released as an indication without being submitted to the company When releasing an indication to an applicant please be sure to notify them that coverage and premium is subject to company review and approval A quote will be good for a period of 60 days and must be issued within this window Otherwise the quote will be required to be refreshed recalculated using the most current rate profile REFERRAL PROCESS Any risk requiring referral will follow an established hierarchy For instance a risk entered by a sub producer will be referred to the General Agent If the General Agent does not have the authority to approve the risk the General Agent will refer the risk to MAIC Once approved the risk will follow the chain back down to the sub producer For effici
5. C subject to a 250 deductible Optional limits up to 5 000 are available Provides coverage for personal items not generally required for the safe operation or maintenance of the watercraft i e stereos camera fishing equipment water skis sporting equipment life vest etc No coverage is available for currency valuable papers jewelry or fine arts This coverage shall apply only while such property is aboard the watercraft or while being loaded upon or unloaded from the watercraft I2 TOWING If Watercraft and Equipment coverage is purchased we automatically include 500 of Towing coverage with the option to purchase up to 2 000 of coverage We will reimburse the reasonable expenses incurred to tow the watercraft to the nearest place where necessary repairs can be made and to deliver gas oil parts or loaned battery excluding the cost of the items themselves or emergency labor while away from a safe harbor or while on land BOAT LIFT Up to 6 000 in coverage is available subject to a 250 deductible We will cover loss or damage to the boat lift but only if used exclusively for the insured watercraft This coverage applies only to loss caused by fire lightning explosion upset or collision Settlement is paid on an actual cash value basis Please see the Boat Lift endorsement for full terms and conditions FISHING EQUIPMENT Fishing Equipment is primary coverage with limits up to 5 000 available subject to a 250 deduc
6. activities where they are demonstrating their fishing skills to generate income We believe that our coverage is the broadest Most other policies limit coverage unless the policyholder is aboard the insured watercraft An additional premium charge will be added when the optional endorsement is selected The criteria for adding the Professional Angler endorsement are as follows e Applicant gt 21 years of age e Boat lt 15 years of age e 3 Years of Operator Experience e No Operator has had any major traffic violations DWI Reckless Driving Hit and Run Etc e Upto 1 marine loss in last three years This endorsement is not available in all states at this time We will advise as states continue to be added 13 Contact Information Customer Service amp Billing 800 236 2637 Marine Underwriting 800 236 2637 Claim Department 800 236 3113 Supplies 800 236 2862 ext 33307 Technical Services 800 236 2862 ext 33334 Marketing 800 236 2862 ext 33386 For instructions on how to maintain a policy please refer to the MAIC MAGIC User Manual 14
7. ed owner or operator while aboard the insured watercraft An uninsured owner or operator is one who is legally responsible for the accident and to whom no liability insurance applies at the time of loss or who cannot be identified i e hit and run The Uninsured Boater limit will equal the Watercraft Liability limit up to a maximum of 500 000 MEDICAL PAYMENTS All policies include 1 000 of Medical Payments coverage at no charge This provides coverage for the payment of necessary medical and funeral service expenses incurred within one year from the date of an accident causing bodily injury to any person while in upon boarding or leaving the insured watercraft Up to 10 000 in coverage is available POLLUTION All policies include a separate limit of 500 000 of Pollution Liability at no charge Coverage is designed to protect the insured in case of sudden accidental and unexpected discharge or spillage of a contaminant from the insured watercraft due to an incident that is specific in place and time and within the policy period TRAILER Up to 7 500 in Actual Cash Value coverage is available for a trailer designed to carry the insured boat subject to a deductible of 250 Please note if serial numbers are not provided at the time of issuance a maximum of 500 of trailer coverage will be provided PERSONAL EFFECTS If Watercraft and Equipment coverage is purchased 1 000 of Personal Effects coverage is included 500 for a PW
8. eft occurs an approved anti theft device must be defeated or the deductible will double and is not waived This endorsement will automatically attach to the High Performance boat types gt 65MPH DIMINISHING DEDUCTIBLE OPTION The diminishing deductible will apply to any boat lt 65 MPH If during any policy period the insured does not have a loss for which we have paid any amount under Watercraft and Equipment or Trailer coverage the Watercraft and Equipment deductible for the following policy period will be reduced by the percentage in the following schedule 10 After first loss free term 25 of the Elected Deductible After the 2 consecutive loss free term 50 of the Elected Deductible After the 3rd consecutive loss free term 75 of the Elected Deductible After the 4 consecutive loss free term and thereafter 100 of the Elected Deductible If we pay a loss under Watercraft Equipment or Trailer coverage the deductible for all units on the policy will revert to the original elected deductibe Note if a Windstorm Deductible is shown on the Declarations Page then the Windstorm Deductible will apply to all partial total or constructive total losses caused by or resulting from any named storm WINDSTORM DEDUCTIBLE If the boat is in a storm zone and if a windstorm deductible is shown on the quote or Declarations Page a windstorm deductible will apply to all losses caused by tropical depressions tropical storms and hur
9. ency referral submissions should be made via the MAGIC system messaging capability For risks gt 85mph or if the hull or engine has been modified from stock we will require a fully completed and signed application to approve Underwriters always reserve the right to require a fully completed and signed application Please see the article on the Markel Marine website under General Documents Elements of a Good Submission BINDER An approved quote may be bound by the producer for a period not to exceed 30 days ISSUANCE If the risk attributes are within your authority or you have received company approval on a referral you may issue the policy in MAGIC In order to issue a policy the following information is required e Primary Phone Number e Operator s Drivers License Numbers e Hull Identification Number HIN Engine amp Trailer Serial Numbers e Risk Location amp Facility Type e Loss Payee and or Additional Insured if applicable Sub Producers will not be permitted to issue policies in MAGIC They must refer the risk to the General Agent for approval and issuance RENEWAL AND NON RENEWAL See the General Manual UNACCEPTABLE INSURED OPERATOR e Excess Motor Vehicle Violations and or Marine losses e Owner or Primary Operator Age lt 18 e Operator lt 25 years old on a watercraft with speed equal to or greater than 66 MPH e More than 3 owners UNACCEPTABLE WATERCRAFT e Speeds in excess of 100 mph e Held for sale
10. ent MOTOR VEHICLE RECORDS Applicants will be required to attest to the number of Motor Vehicle Violations and at fault accidents Points will be assigned by the system based on the information entered The points will be used to determine eligibility and for rating purposes Point Structure At Fault Auto Accident 2 At Fault Marine Loss 4 Minor Violation 1 Not At Fault Marine or Auto Accident O Major Violation 4 If an Operator has 7 or more points the risk is ineligible An MVR is required if any of the following criteria are met e Vessel is capable of soeeds gt 65 mph excluding fishing boats e Or at Underwriter discretion If you request MAIC can obtain the MVR Charges incurred on behalf of the producer will be billed at year end MARINE LOSSES Applicants are required to attest to ALL Marine Losses The loss information must be entered into the MAGIC system User authority will determine if the loss requires submission A loss is a situation or occurrence that resulted in damage even if a claim was not presented or was denied Information relevant to the details of the claim should be documented in the system when making a submission The system will use the loss information entered and debit the rate if required If the loss is within your agency authority evaluate how recent the loss occurred the level of error in judgment that factored into the loss and the likelihood of reoccurrence Based upon these factors co
11. except FL and less than 10 years of age are also eligible Our target market is very broad with very competitive rate and coverage for a new runabout a personal watercraft a small performance boat an airboat and anything in between With some of the best coverage in the marketplace knowledgeable claims and underwriting staff top notch service and our longevity in the industry we are proud to welcome you to the new improved marine insurance source The Markel Boat program incorporates insurance scoring in rating which provides an objective and consistent tool by which to price the risk An insurance score is developed using credit report attributes that have been shown to be statistically predictive of claims frequency HIGHLIGHTS Watercraft and Equipment e Replacement Cost Agreed Value and Actual Cash Value settlement options e Diminishing Deductible feature included for all risks with speeds lt 65 mph e Deductible waived for a total loss see deductible section for exceptions e Coverage to Protect and Recover in addition to the Watercraft amp Equipment limit e Broad navigational territory e No lay up restrictions e 1 000 in Personal Effects coverage included with higher limits available 500 for Personal Watercraft e 500 in Emergency Towing and Assistance coverage included with higher limits available e Optional coverage available for primary Fishing Equipment and Boat Lifts Watercraft Liability e Watersport liability included
12. icy form provides Agreed Value coverage There are three settlement types available y ACTUAL CASH VALUE ACV This is the the current market value of the Watercraft amp Equipment taking into consideration age and overall condition of the boat at the time of loss Certain boat types are limited to ACV coverage such as hovercraft airooats and personal watercraft y AGREED VALUE This is the value of the Watercraft amp Equipment as agreed upon by the insured and the Company This value is the amount that will be paid out in the event of a total loss or constructive total loss Subject to the Windstorm Deductible Endorsement and if attached the Double Deductible Endorsement For partial losses the following items will be paid on an actual cash value basis outdrive units and outboards 6 years or older machinery inside the watercraft 11 years or older batteries paint or finishes sails and protective covers y REPLACEMENT COST Optional replacement cost is available on watercraft up to three years of age In the event of a total loss or constructive total loss we will pay the Watercraft amp Equipment limit on the Declarations Page However if at the time of loss the insured watercraft was in its current model year or the first through third preceding model year and the insured elects to replace the boat then we will pay the cost as determined by us of a new watercraft that is to the extent possible the same make clas
13. l i MARKEL Markel Marine Insurance Phone 800 236 2637 Email maicunderwriting markelcorp com Markel Marine Insurance Phone 800 236 2637 Email maicunderwriting markelcorp com www marke lmarine com Ed MB 0411 Table of Contents Program Highlights Pg 3 General Information Pg 4 New Business amp Quote Referrals Pg 5 Eligibility Pg 6 Owner amp Operator Information Pg 7 Boat Information Pg 7 Manufacturer Boat Type Engine amp Propulsion Type Material Type Speed Boat Value amp Survey Navigation Safety Equipment Lienholder Additional Insured amp Premium Finance Coverage Options Pg 10 Watercraft amp Equipment Deductible Diminishing Deductible Option Windstorm Deductible Windstorm Aggregates Windstorm Catastrophe Management Settlement Options Actual Cash Value ACV Agreed Value Replacement Cost Watercraft Liability Uninsured Boater Medical Payments Pollution Trailer Personal Effects Towing Boat Lift Fishing Equipment Tournament Fee Reimbursement Professional Angler Liability Endorsement Contact Information Pg 14 This manual is intended to provide an overview of the Markel Boat product State by state variations may occur This manual ts protected by legal privilege and should not be shared with anyone unauthorized Program Highlights The Markel Boat program is designed to write watercraft up to 26 11 In addition standard risks up to 32 most states
14. lder or applicant If the criteria above are still applicable this information should be updated every 5 years NAVIGATION The program has a standard navigation as reflected below Within the system you will select where the watercraft is predominately operated The navigation you select is for rating purposes only The policy provides coverage while the insured watercraft is either On land within the United States of America and Canda or While the insured watercraft is afloat no more than 25 miles offshore within the waters of the Atlantic Pacific Oceans or the Gulf of Mexico within inland lakes rivers and waterways of the continental United States Alaska Hawaii or Canada but limited to within the navigation limits shown on the Declarations Page Additional distances of 50 75 amp 100 miles offshore are available For these distances we will look for the boat to have 2 engines SAFETY EQUIPMENT A discount is provided for the following Equipment e Monitoring System e GPS e VHF e CO Detector e Depth Finder e High Water Alarm e Radar e Fire Suppression e EPIRB Monitoring systems are able to establish an electronic fence monitor bilge pumps detect motion and smoke etc Examples for the monitoring system credit include Volvo s SeaKey Magellan s Nav Tracker with Security Package Boat Nanny and Marine Guardian Secure evidence of the equipment for the underwriting file when providing the credit If you feel that ano
15. nsider if a higher deductible should be applied PHOTOGRAPHS lf the boat can achieve speeds gt 85 MPH photographs are preferred We also retain the right to request photographs at our discretion MULTIPLE UNITS Multiple units can be added to a policy provided they are in the same state If there are two or more risks in different geographic locations within the same catastrophe exposed state two policies may be required Contact MAIC for direction should this situation arise New Business amp Quote Referrals The Markel Boat product will be quoted and issued on the MAGIC system The system was designed to be used ina retail and wholesale environment Once a quote has been generated in the system a quote sheet will be available in PDF format The quote sheet will outline the coverages and premium as well as conditions that should be disclosed to the prospective customer APPLICATIONS Applications are required on boats with speeds gt 65 mph except for fishing style boats with speeds gt 65mph The application will be pre filled with the information captured in the quoting process and may be printed or retrieved and sent electronically As the application is not pre filled in its entirety any information missing on the application should be obtained prior to binding ELIGIBILITY The MAGIC system will alert you to potential eligibility issues A warning message will be provided if a risk attribute is entered that renders the
16. payment plans are available dependent upon the total premium Pay Plan Terms Minimum Premium Installment Fees Full Pay Premium paid at policy inception or billed Applies to all No fees with payment due in 21 days 2 Pay 50 down 50 due in 60 days 200 5 or as allowed by state regulations 3 Pay 40 down 30 due in 60 days 30 300 5 or as allowed by due in 120 days state regulations 6 Pay 30 down 15 due in 60 90 120 150 400 5 or as allowed by and 10 due in 180 days state regulations 12 Pay Set up and managed online by the insured The Insured must go to 1 per installment Recurring www markelamerican com pay Instructions are provided on the invoice as well Agents can chose 12 pay if the customer advises Payments y that they will set up recurring payments The installment fee is not charged on the first installment payment EMAIL REMINDER For all policies supported on MAGIC we will be sending email reminders to our policyholders that a payment is due A different message is delivered for installment vs renewal If an email address is contained on the owner page a reminder email will be sent 5 days prior to the payment due date Emails will be sent from ramaicmarkelemail markelcorp com and will display as Markel in the From line You will see the reminder text in the diary attachments section in MAGIC NOTE If the policyholder has enrolled in recurring payments on Bill Matrix an email reminder will not be s
17. ricanes The windstorm deductible will be either twice the selected deductible or 5 of the hull value whichever is greater WINDSTORM AGGREGATES Each contracted agent that writes in storm prone zones will have allocated aggregates If you have reached capacity ina wind exposed region you will receive notice that Watercraft amp Equipment coverage may only be purchased without wind coverage the wind exclusion endorsement will attach or alternatively a Liability Only policy may be purchased If a policy has been written excluding wind coverage or as Liability Only it must remain until the renewal term is offered at which time coverage can be revised provided that capacity is available at that time When the Windstorm Exclusion attaches to a policy a disclosure will print on the quote sheet A Windstorm Disclosure document is provided for the applicant to acknowledge that the coverage they have applied for excludes coverage for certain windstorm events WINDSTORM CATASTROPHE MANAGEMENT For risks written with a mooring location in a storm zone we strongly encourage the evaluation of the applicants storm plan It is not acceptable to leave any boat in the water on a lift in a coastal dry stack or to provide coverage for an owner that cannot immediately secure their boat It is appropriate to place on a trailer and move the boat inland Future aggregate allocations will be based on your books performance SETTLEMENT OPTIONS The base pol
18. s size and type and which contains comparable equipment to the insured watercraft 11 WATERCRAFT LIABILITY The base policy form includes watersport liability coverage If Watercraft and Equipment coverage is purchased wreck removal is provided under Watercraft Liabiltiy Vessels with soeeds gt 65 mph will have a mandatory watersport liability exclusion attached Liability coverage is available at limits of 25 000csI 50 000csI 100 000csI 300 000csl 500 000cs I and 1 000 000csI Policies may be written on a Liability Only basis 300csI 500csI and 1 million minimum requirements Primary Operator Age 300csl available for primary or named operators gt 25 500csI and 1M available for primary or named operators gt 30 Additional Requirements Primary or Named operator has at least 2 years of boating experience on like type and size No more than 3 MVR points per operator or 6 combined for all operators No more than 1 at fault auto accident in the last 3 years No marine liability loss gt 2500 Other Limitations Airboats and Hovercraft are limited to 300K Speed gt 85 MPH limited to 300K If you feel that higher limits are justified the risk may be submitted for approval UNINSURED BOATER lf Watercraft Liability is purchased Uninsured Boater is included at no additional charge This provides coverage for damages an insured person is entitled to receive as a result of a watercraft accident caused by an uninsur
19. ther system should be considered please contact Underwriting for consideration LIENHOLDER ADDITIONAL INSURED amp PREMIUM FINANCE A lienholder and or an additional insured can be added to the policy at inception or at a later date by endorsement We will accept one lienholder and one additional insured per boat Due to the payment options available we will not accept a risk with a Premium Finance Company commitment Coverage Options This section will provide information regarding available coverage options Always refer to the policy for specific coverage details The policy language will always prevail WATERCRAFT amp EQUIPMENT There is no minimum or maximum value limit Settlement options are explained below Coverage can be purchased with or without liability coverage NOTE The Hull Identification number and all outboard engine serial numbers must be secured before binding DEDUCTIBLE Up to three deductibles may display on the Declarations Page The selected deductible the diminishing deductible if the risk is lt 65 MPH and if the boat is kept in a wind prone region a Windstorm deductible If a loss occurs and requires the application of more than one deductible only the highest deductible applies lf the boat is rendered a total or constructive total loss the deductible will be waived unless the Windstorm Deductible or Double Deductible Endorsement is attached The Double Deductible Endorsement states that if a th
20. tible The maximum amount that will be paid per item is 250 except for electronic devices where the maximum amount that will be paid per unit is 500 Please see the Fishing Equipment endorsement for full terms and conditions TOURNAMENT FEE REIMBURSEMENT This endorsement will automatically attach to the policy when the hull type selected is Center Console Sportfish or Bass Walleye We will reimburse the owner for the non refundable portion of their pre paid entry fee if they are not able to participate in a scheduled fishing tournament because of 1 bodily injury to themselves or a family member 2 loss or damage to the insured watercraft or 3 mechanical breakdown of the towing vehicle while in route to the tournament The event which causes them to cancel must occur after they have registered and paid their entry fee for the tournament No deductible will be applied against this coverage We will reimburse a maximum of 1 000 per occurrence and 1 000 total in any single policy period PROFESSIONAL ANGLER LIABILITY ENDORSEMENT Endorsement is available for owners that use their boat as a professional angler or guide The endorsement may only be attached if the boat type is either a Bass or Walleye fishing style boat Coverage is provided while the owner is acting in the scope of a professional anger either participating in fishing tournaments conducting seminars working at sport shows or dealer houses acting as a guide or other
21. with risks with speeds lt 65 mph e Coverage for non owned watercraft e Wreck Removal with purchase of Watercraft and Equipment coverage Uninsured Boater coverage equal to the Watercraft Liability limit up to 500 000 Pollution included with separate 500 000 limit Medical Payments included at 1 000 limit with higher limits available Optional e Primary Fishing Equipment e Tournament Fee Reimbursement e Boat Lifts e Professional Angler Liability We are pleased to offer a premium benefit for the following items that apply e Multi unit under same policy e Operators 40 and older e Diesel fuel e Outboard propulsion e Experience e Safety equipment applies to the safety equipment listed on the boat screen The program highlights provide a high level overview and is not all inclusive Always refer to the policy form and restrictions that are applicable Not all coverage options are available for all risks This manual is protected by legal privilege and should not be shared with anyone unauthorized GENERAL POLICY CONDITIONS e All policies are written on an annual term e The Minimum Written amp Earned Premium is 100 or as required by state regulations PAYMENT PLANS The first premium payment may be invoiced If payment is not received within 21 days the policy will be flat cancelled Commission will be paid after receipt of the first payment We strongly encourage securing payment as we believe retention is higher The following
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