 | Stable
pricing.
The company’s rates are expected to vary little from year to year. Today,
liability insurance rates are increasing at a steady rate. The “hard
market” has returned and many businesses cannot afford to insure properly
or cannot obtain the needed coverage.
|
| Specialized
knowledge. Most
standard insurance companies cover thousands of different types of
businesses. They do not know any one industry in depth. MIC will only
insure clients in the marine trades. Its underwriters will know exactly the
risks associated with the marine industry, and the premiums will reflect the
true degree of risk. MIC managers will also provide expert advice on the
type and amount of insurance to own.
|
| Management
of an insurance company owned by your Association. As
MIC grows, it will build up capital. The investment income produced can be
used to pay dividends to insureds and/or keep premiums down. |
| Low
overhead. MIC
will be a lean, no-frills operation. There will be no employees; all
functions will be handled by professional administrators. Directors will be
volunteers. Costs savings will be passed on to members in the form of lower
premiums. |
| Members
will not pay for the sins of poorly run marine firms. MIC
will accept only well-run marine trades companies and individuals that are committed to controlling their
losses. Over the long term, selectivity should result in lower costs and
premiums for insureds. |
| Full
coverage. MIC
will underwrite Legal Liability including Protection & Indemnity policies
and Umbrella and Excess
policies. Through servicing arrangements MIC or your
MTA can provide access to Property insurance, Hull & Machinery and other coverage
including fidelity bonds. |
| Financial
strength.
Most of MIC's financial risk will be borne by large, A+ rated reinsurance
companies. A reinsurance company is a company that insures other insurance
companies. This arrangement will give MIC the financial strength of a much
larger insurer and provides insureds access to the wholesale or
reinsurance market. |
| Broad
eligibility. All
companies (or individuals) in the marine industry are eligible to apply.
This includes but is not limited to manufacturers, vessel operators,
marinas, marine artisans, surveyors, salvage operators, retaillers,
wholesalers, boat-builders and repairers, captains and crew-members,
riggers, sail makers, charter operators, chandlers, suppliers, excursion operators,
cruise and casino operators and so on. The list is enormous, as you can
imagine, however the eligibility rule is simple. If your business has a
marine exposure, you are eligible for membership. Specific inquiries should
be made to the MTA. |
| Commitment
to fighting dubious claims. Many
insurers will not fight groundless or dubious claims because they believe it
is less expensive to pay them and raise premiums. MIC policy calls for
disputing any claim that is not valid and will provide insureds with defense
attorneys. Claims policy is set by the Board of Directors. All legitimate
claims will be paid promptly. UAB, an experienced claims firm, will manage
claims. |
| Top-notch
legal counsel and loss control.
MIC's legal counsel will be Horr, Novak & Skipp, a Miami based
firm with years of admiralty experience, that is also counsel to several
national and international insurers. In today's litigious environment, an
ounce of legal prevention today can save pounds of trouble tomorrow. The law
firm will supervise claims handling and give guidance on avoiding lawsuits. |
| Expert
insurance administration. MIC
will be professionally administered by Neptune Management Inc., a leader in
insurance arrangements such as risk retention groups and captive markets.
Neptune will arrange for the necessary state filings and other
administrative tasks in order to allow MIC to operate properly and legally
in all states. They will also provide accounting services, coordinate
investment and manage many other Home Office functions for MIC, such
as daily operation, policy issuance and marketing. |
