farmers insurance group marine specialty
DESCRIPTION
FARMERS INSURANCE GROUP MARINE SPECIALTY. Whether you need to insure…. Or. Or. We’ve got a program and product for you!. Agenda. Product Comparison Rating/Claims Comparison Workflows Compensation Questions and Answers. Inboard, I/O, Outboard, Sailboats, standard exclusions. - PowerPoint PPT PresentationTRANSCRIPT
FARMERS INSURANCE GROUP
MARINE SPECIALTY
Whether you need to insure….
Or...
Or... We’ve got a program and product for you!
Agenda Product Comparison Rating/Claims Comparison Workflows Compensation Questions and Answers
Inboard, I/O, Outboard, Sailboats, standard exclusions.
Inboard, I/O, Outboard, Sailboats, standard exclusions.
Inboard, I/O, Outboard, Sailboats, standard exclusions.
Surveys required for vessels >26’ and >10 years of age, or valued over $40,000 and >10 years of age, or all wooden vessels >10 years of age. Photos required on boats >10 years of age or hull value >$7500.
Product Comparisons
Product Comparisons
Product Comparisons
Limit same as P&I.
Includes $1,000; up to $5,000 available.
Jones Act Excluded Excluded Incidental (up to 15 days) provided.
Medical Payments Includes $1,000 Includes $1,000; up to $5000 available.
Includes $10,000; higher limits available
Product Comparisons
Inland and coastal waters. If navigated in Gulf, must have adequate trailer.
Rating/Claims Comparison
Year Make Model Length Horse Power Current Value Original value1991 Grady White Sailfish Sport Bridge 25'4" 230 $23,000 $54,0001995 Grady White Sea Farer 22' 250 $23,000 $41,3001998 Bayliner Trophy 23'5" 250 $21,000 $30,000
Vessel Specifications
Year Make Inland Coastal Inland Coastal1991 Grady White $508 $560 $541 $6591995 Grady White $481 $586 $566 $6891998 Bayliner $431 $523 $507 $615
Boatowner's Policy Leisure Boater's Policy
Texas Rates
Based on $250 Deductible on Boatowners and 1% ($230) on Leisure BoatersBoatowners Policy also calculated with 15% HO Discount not available with Leisure Boaters
Claim SettlementPartial Loss
Loss Component Replacement Cost DepreciationAlpha One Outdrive $4,300 8% annuallyStainless Steel Prop $400 10% FlatLabor $650 Not ApplicableTotal $5,350
Partial Claim Detail
Loss ComponentReplacement
CostLeisure Boater's-
Each loss
Boatowner's- 1991 Grady
White
Boatowner's- 1995 Grady
WhiteBoatowner's- 1998 Bayliner
Alpha One Outdrive $4,300 $4,300 $1,548 $2,924 $3,956Stainless Steel Prop $400 $400 $360 $360 $360Labor $650 $650 $650 $650 $650Total $5,350 $5,350 $2,558 $3,934 $4,966Less Deductible $230 $250 $250 $250Loss Paid $5,120 $2,308 $3,684 $4,716
Total Loss Claim Detail
Year Make Insured Value
FIG - Boatowner's
Policy
FIG - LeisureBoater's
Policy1998 Bayliner $30,000 $21,000 $30,000
Marketing materials and supplies are available from Chino, California.
Marketing Support
Marketing Materials Order Form
Highlights QuantityLeisure Boater’s Policy 31-4104 __________Yacht Secure Policy 31-4107 __________
PolicyLeisure Boater’s Policy 56-5431 __________Yacht Secure Policy 56-5421 __________
BrochureLeisure Boater’s Brochure 33-0332 __________Yacht Secure Brochure 33-0333 __________
Underwriting GuidelinesLeisure Boater’s Manual 31-4103 __________Yacht Secure Guidelines 31-4109 __________
ApplicationsLeisure Boater’s Policy 31-4102 __________Yacht Secure Policy 31-4108 __________
WorksheetLeisure Boater’s Policy 31-4101 __________
Envelopes#14 Return Envelope 31-4111 __________
MiscellaneousIndicators of Fraud List 31-4112 __________Marketing Order Forms 31-4113 __________Marine Loss Reporting Procedure 32-7670 ____________
________________________________________________________________________________________________NAME AGENT#______________________________________________________________________COMPANY______________________________________________________________________ADDRESS (please Specify Street Address)______________________________________________________________________CITY STATE ZIP______________________________________________________________________PHONE FAX
31-4113 Rev. 4-99 Fax complete form to 909-628-5433
Farmers Insurance Group ACV Boatowner’s Policy - do business as you normally would with BSC
FIG Boatowner’s Policies
Yacht Secure Policy
How to Obtain Quote and Produce New Yacht Business Agent FAXes completed application to Baltimore Marine BSC
(Application in folder) Baltimore Marine BSC calculates and FAXes tentative quote
to agent subject to receipt of additional information necessary to underwrite (if any)
Agent acquires and provides additional information to Baltimore Marine BSC
Baltimore Marine BSC finalizes quote and FAXes to agent Agent presents quote to customer If customer accepts quote, agent FAXes or calls request to
bind risk with “As of Date”
How to Obtain Quote and Produce New Yacht Business(Continued)
Baltimore Marine FAXes confirmation of authority to bind with “As of Date”
Coverage is not considered bound until Baltimore Marine BSC sends confirmation of authority to bind
Agent responsible to have customer complete and sign application Standard Bill - indicate cash amount deposited into agent’s ACA account
Signed application with MCNA sticker attached is forwarded to Baltimore Marine BSC within 5 days of binding in special pre-addressed envelope
Baltimore Marine BSC produces policy and mails to agent for distribution
All billing inquiries go to Baltimore Marine BSC at 1-800-457-1103
Processing of Endorsements / Cancellations (Yacht Secure)
Agent FAXes policy change / cancellation request to Baltimore Marine BSC @ 1-410-554-5007.
Baltimore Marine BSC produces endorsement and mails to agent for distribution
Baltimore Marine BSC produces cancellation and mails to customer
Leisure Boater’s Policy
New Business Agent obtains application information from customer.
(Application in folder) Agent underwrites and calculates price or obtains quote
from Baltimore Marine BSC Agent presents quote to customer If customer accepts, 30 day binder issued by agent Agent notifies Baltimore Marine BSC of binder being issued
by facsimile within 5 business days Agent responsible to have customer complete and sign
application Standard Bill - indicate cash amount deposited into agent’s ACA account
New Business(Continued)
Signed application with MCNA sticker attached and copy of worksheet forwarded to Baltimore Marine BSC in special pre-addressed envelope within 5 business days
Baltimore Marine BSC produces policy and mails to agent for distribution
All Billing inquiries go to Baltimore Marine BSC 1-800-457-1103
How to Calculate the Price
Using the Leisure Boater’s Manual
andthe Rating Worksheet
Front Page,Top Half
_____
Front Page,Bottom Half
Back Page,Top Half
Back Page,Bottom Half
Obtaining a Quote from Baltimore Marine BSC FAX Leisure Boater’s Application to Baltimore Marine BSC at
410-554-5007 Quote FAXed to agent within 24 hours
Agent Needs Help Call Baltimore Marine BSC @ 1-800-457-1103 Associate U/W walk agent through quoting process
Computer Rating Field Data Rating Disk Available 1999
Processing of Endorsements / Cancellations (Leisure Boater’s)
Agent FAXes policy change / cancellation request to Baltimore Marine BSC @ 1-410-554-5007.
Baltimore Marine BSC produces endorsement and mails to agent for distribution
Baltimore Marine BSC produces cancellation and mails to customer
Reporting Claims All claims involving boats or yachts must be reported
promptly Farmers’ agents should not report claims through the
FACTS system Report Yacht Secure and Leisure Boater’s claims to our 7x
24 hours loss reporting unit at 1-800-457-1103 Emergency claim response provided For claim inquiries - call 1-800-457-1103
Timetable
Yacht Secure Policy - available immediately. Leisure Boater's Policy - available immediately
SeaChest - Quarterly Publication Loss reporting sticker
Miscellaneous
CompensationCommissions - New Business 18% Renewal Business
- 14%Production - One Production Count is allowed on each $50.00 multiple of New Business premium charged (or fraction thereof), subject to a maximum count of 10.
- Reinstated policies out of force over 6 months will receive the same Production Count as New Business.
Questions and Answers