Insurance company enters marine industry

WEST CHESTER, Pa. – Venture Insurance Programs, a national program administrator in the design and underwriting of select insurance packages, has launched Venture Marine as an all-lines solution for insurance agents and brokers with marine-related exposures, it reported in a recent statement.

Venture Marine utilizes multiple insurers with a minimum “A-” rating, and is available in all states, serving marina operators, boat dealers, ocean cargo, commercial hull, marine liabilities, and yacht owners and clubs.

“By writing marine business through our specialty wholesale unit, Venture Brokerage, we identified marine risks as an underserved market that would benefit from our underwriting relationships and expertise,” said George Tsui, CPCU, ARM, ARe, Venture’s executive vice president of underwriting. “To help agents and brokers with their marine-related exposures, we’ve put together a series of all-lines marine packages that have proven to be highly-competitive in today’s marketplace.”

Venture Marine features the follow coverages:

  • Marina Operators/Boat Dealers Package: Marina operators and boat dealers liability, protection and indemnity, marine general liability, all-risk property coverage, dealer inventory, piers, wharves, docks and other equipment, business income and extra expense, physical damage and liability for owned watercraft, and employee dishonesty.
  • Ocean Cargo: Physical loss or damage to cargo for importers and exporters (ocean and air), overseas shipments aboard vessels or aircraft, domestic shipments by barge on inland waterways, and trip risks for infrequent shippers.
  • Commercial Hull: Physical loss or damage to tugs, barges, work boats, launches, tour boats, ferries, fishing vessels, dredges and other specialized vessels, with collision liability, builder’s risk and boat dealer coverage.
  • Marine Liabilities: Marine and commercial general liability for commercial vessel owners, charters, landing owners, ship repairers and marine contractors.
  • Yacht Owners: All risk-coverage for private pleasure yachts.
  • Yacht Clubs: General liability for yacht club operators and similar yachting groups, with limited pollution liability, and coverage for piers, wharves and docks, property, equipment and tools, and owned watercraft.
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