Philadelphia, December 6, 2004 – INAMAR®, the marine marketing and underwriting division of ACE USA, today announced it will cover fees for
both haulout and storage when necessary to protect its insured boats and yachts during a named storm(s). This is the second time this year in which INAMAR, one of the nation’s largest recreational marine insurance providers, has issued a policy expansion specifically designed to assist its customers in this unprecedented storm season.
INAMAR determined that clarification of the policy’s storage benefit was needed to better serve its clients. INAMAR’s intent with the INAMAR Pleasure Boat and Yacht insurance program’s haulout endorsement is to encourage clients to safeguard their vessels, including transporting them out of harm’s way when necessitated by extreme weather conditions. In some cases, proper and diligent protection has meant that storage and haulout fees have been charged by marinas. INAMAR, therefore, will consider both storage and haulout fees for the duration of a named storm(s) to be covered expenses, up to the policy limit of $1,000. Customers eligible for this benefit include those who have added the Hurricane Haulout endorsement to their INAMAR Boat and Yacht insurance policy.
“This action can provide our clients some additional relief during a very trying storm season,” said Judith J. Kraft, INAMAR’s Vice President of Underwriting. This past fall, INAMAR proactively waived a time constraint in its Hurricane Haulout endorsement. Policyholders who acted to protect their vessels prior to 24 hours before a hurricane watch/warning was issued will be compensated, subject to the remaining policy terms and conditions. Previously, compensation for these covered expenses was made only if protective action was taken within 24 hours of an official watch or warning. INAMAR has issued these favorable policy enhancements in recognition of the extraordinary 2004 storm season affecting the state of Florida, and to assist conscientious customers who sought to protect their vessels in the face of this unprecedented storm activity.
INAMAR Recreational Marine Insurance is the exclusive source for the marine insurance products of ACE USA, and one of the world’s leading providers of marine insurance. INAMAR offers exceptional all-risk insurance coverage for vessels of all sizes – from the smallest to the largest – throughout the United States. Programs are available to protect the entire spectrum of pleasure yachts and boats and marine businesses, including luxury mega-yachts and sailboats, sport fishing boats, ski boats, personal watercraft, high performance vessels, select charter vessels and yacht clubs, marinas, boat dealers, and more.
To learn more about INAMAR and obtain valuable information on a wide range of safety and loss prevention topics, please visit
www.INAMARmarine.com.
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INMAR Recreational Marine insurance is a business unit of ACE Select Markets. Insurance policies issued by INAMAR are underwritten by subsidiary insurance companies of The ACE Group of Companies that are rated A (Excellent) by A.M. Best Company and A+ (Strong) by Standard & Poor’s.
ACE Select Markets, a division of ACE USA, focuses on the underwriting and marketing of specialty insurance products targeted towards specific insurance buyers, affinity groups, small businesses and niche industries. Products and services are offered through a network of specialty agents as well as unique distribution channels and partners. Products and services include coverage for recreational boats and yachts, the ACE Disaster Mortgage Protection
SM Policy, and credit card enhancement programs.
ACE USA is the U.S.-based retail operating division of The ACE Group of Companies, headed by ACE Limited (NYSE: ACE), and is rated A (Excellent) by A.M. Best Company and A+ (Strong) by Standard & Poor's. ACE USA, through its underwriting companies, provides insurance products and services throughout the U.S. Additional information on ACE USA and its products and services can be found at www.ace-ina.com. The ACE Group of Companies provides insurance and reinsurance for a diverse group of clients around the world.