We continue to favorably view the watercraft line of business. Historically, the watercraft line of business has produced a 5 year loss ratio of 34.6%. We remain very interested in writing more watercraft coverage for the clients you serve.
Did you know? Ohio currently ranks 9th in the country with 430,710 registered vessels. We believe there is a lot of opportunity to write more of this business. We are committed to providing your insured’s with quality Marine products. It is important we price this product line to provide you with a continued profitable stream of business.
To achieve this commitment, effective December 1, 2013, we will be adjusting our overall rates for Ohio Boat and Sports Vehicle by 3.9%. The following specific changes were made:
· Inboard: +5% to physical damage
· Inboard/Outboard: +5% to physical damage
· Sailboat: +10% to physical damage
· Personal Watercraft: +10% to liability
· Jet Boat: +10% to liability
· Sports Vehicle: +5% for all with an additional 1-5% at higher values
· Transporting Trailers: +12% to physical damage
In addition to the above rate changes, other changes being made include:
· The base deductible is being increased to $250.
· The $100 deductible option is being increased by 5%.
· The $100 and $250 deductibles are being eliminated for Personal Watercraft (jet skis) and Jet Boats.
· Minimum deductible requirements have been added based on the age and value of the boat.
· Recreational vehicles licensed for road use and dune buggies were added as ineligible vehicle types.
We want to continue to be your market for marine business. If you have any questions regarding these upcoming adjustments, please contact your Personal Lines Field Manager, Underwriter, Eric Kinney, or me.
Thanks for your continued support.
