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An insurance company (aka “carrier” or “insurer”) insures and underwrites the risks if an insured (customer), transferring and accepting upon itself an agreed limit of financial risk from the insured, as stipulated in an insurance policy, for a sum of money, often referred to as a premium. The responsibility for paying claims arising from the insurance policy is on the part of the insurance company–the insurer–rather than the agent, agency, or broker.
An agency is a commercial entity that represents one or more insurance companies and receives a commission from the premium, paid by the insured to the insurer, for providing sales and service relating to the insurance company’s insurance policies. The insurance agency helps market policies, bind coverage with insurers, help insureds determine and select appropriate coverages, and file claims.
Strickland Marine Insurance Agency, Inc. is not an insurance company or insurer; Strickand Marine Insurance Agency, Inc. is an independent insurance agency that sells insurance policies on behalf of insurance companies for a commission, both directly and through wholesalers. As an independent agency, Strickland Marine Insurance Agency, Inc. sells policies from many different insurance companies and shops among the offerings to place customers’ risks with companies selected by the customers based on the competitiveness of the products and premiums. Strickland Marine Insurance Agency, Inc. is not responsible or obligated to pay claims arising from an insurance policy; the respective insurance companies that issue and underwrite the policies sold by Strickland Marine Insurance Agency, Inc. provide the policies, are the insurers of the policies and risks included therein, provide all actual insurance coverage pertaining thereto, and are solely responsible for paying all valid claims.
Some of our insurance carriers accept credit-
Independent agencies are not tied to one specific insurance company but represent or sell insurance policies for/from multiple companies. Captive agents, such as State Farm, only represent one parent company (some are also allowed to represent one or two partnering companies). Strickland Marine sells insurance policies from over three-
Many insurance companies are moving to a method of rating called “insurance score”. This requires that the SSN and DL# are obtained. If you do not provide your SSN and DL#, those companies will still quote your insurance, but they will give you a high rate because they cannot confirm your insurance score and must assume the worst-
Strickland Marine does not determine your insurance premium or rate. Each insurance company determines what rate they give us for your particular request when we submit a quote request to them. We request a quote from various carriers, causing the various companies to compete for your insurance. We compare the spread of quotes and offer the best of the lot to you. You choose from there. Sometimes, one or two carriers stand out from the rest by such a large margin that we only present one or two quotes, even though we’ve obtained others. There is a wide variation among carriers. For the same risk, one carrier may quote $1500 while another quotes only $500 with even better coverage.
Your rate is determined by a matrix of criteria, including your personal information, your insurance-
Some claims follow you and can cause higher premiums in the future. Towing claims generally do not, but each carrier is different in what it will consider from your claim history when rating. We sometimes have customers who ask us if they should file a small claim in light of the fact that it might affect future rate increases. We cannot make the decision for the customer as there is no “correct” answer; it’s our job to file whatever claims are made. As a courtesy to those seeking to avoid potentially costly claims history, we offer the following advice. It is generally not recommended to file several small claims over any given period of time. The prevailing school of thought among advisors is that insurance is best used in a strategic way to cover large losses that would otherwise impose significant financial hardship on the insured. Others are of the school of thought that asks, “What is insurance for if not to pay for losses?” We prefer to leave the decision up to you, the insured, our customer. Think about the costs versus benefits, and make the decision that feels best to you. We are here to serve your needs and file your claims.
All kinds, from personal watercraft to commercial oil tankers.
In our professional opinion, you should insure your boat for what it is worth at the time when you insure your vessel. This generally should include any improvements that you have made on the vessel and can prove. Most policies also insure electronics on the basis of adding their value into the hull, but this can vary
by insurance company.
Yes. Provide us with the receipts and records. In some cases, a survey will be required.
There is no right answer to this question except that more is better than less. It is your choice. The purpose of liability insurance is to defend you from lawsuits and pay any damages to others for which you are held legally liable by a court or law, and there is no theoretical limit for which you might be sued or found liable. Some use their net worth as a guide.
Most insurance policies require that you take the precautions that a “reasonable and prudent” person would take. That terminology is vague and could be interpreted to range from securing your vessel as well as possible where it is to moving your vessel to a ship yard, inland, or out of the damage path of the oncoming storm. Some policies also require or stipulate a specific hurricane plan, which you must follow. Many policies that we sell cover your hurricane haul-
Theft is typically covered, provided that there is evidence of theft, such as visible signs of forced entry, forced removal of an installed item, or related damage to locking devices. What is typically not covered on any insurance policy is “mysterious disappearance”, where there is no evidence of theft other than the disappearance of an item–usually a portable item. As such, portable property and electronics are typically not covered for theft while permanently installed equipment is covered for theft. There are exceptions to this. For example, on many policies, fishing equipment and other portable items ARE covered for theft, but again, there generally must be evidence of a theft other than the simple disappearance of the items alone in order for the coverage to be effective (e.g., visible signs of forced entry or removal). Some companies are more liberal in paying for “iffy” theft claims than others. We strongly recommend that any portable items be removed from the boat and/or stored in locked storage.
Marine insurance policies typically cover your vessel while it is being used by someone with your permission. The operator of the boat is typically not covered for injury to himself, but liability toward others is typically covered, as is the risk of damage to the boat.
Maritime law requires boaters to help each other on the water; as such, marine insurance policies typically anticipate occasional towing of stranded vessels and provides coverage under such conditions.
“Direct bill” means that the insurance company bills you directly. We do not receive your payment. The insurance company receives it directly and pays us a commission after receiving your premium. If the premium is made on installments, each installment goes directly to the insurance company, and we receive our portion of commission from the company from each installment as each is processed.
Various policies may vary in the definition of this term, but generally speaking, a named windstorm is a windstorm that has been designated an official name by an authoritative body, such as NOAA. Such storms include, but are not necessarily limited to, hurricanes, tropical storms, and noreasters.
A windstorm deductible is the same as a named-
Many policies that we sell cover fishing tackle up to a specified limit, either as specified fishing tackle or as personal effects. Each policy, however, is different, and some do not cover fishing equipment; so check your policy for specific coverages and discuss your needs with your CSR.
No. Violating any sort of regulation, manufacturer’s specification, or other similar construct would the terms of the average insurance policy and could result not only in damage to your vessel and increased liability exposure but also unpaid claims.
Homeowners’ carriers typically offer only limited coverage to limited kinds of vessels. Boat insurance is a sideline to those companies as homes and autos are their primary lines. Two of the major three homeowners’ carriers offer ACV policies and do not offer agreed-
Although most policies that we sell cover towing, we still recommend a contract with either Sea Tow or Tow Boats US. Towing expenses can easily surpass limits provided on the average insurance policy, particularly if you take your vessel into offshore waters. Towing contracts are typically inexpensive. However, be aware that even if you have a towing contract, some towing companies will charge extra for things other than towing, such as pump rental. Always make sure you know what they will charge for any service before accepting.
See our explanation of these terms on our General Coverage Information page.
Most boat and yacht policies that we sell are “Direct-
Yes. If you’re a licensed property and casualty insurance agent, please contact us for a referral agreement.
Call us immediately if you want to keep the policy active. If you miss a payment, companies will issue a cancellation notice. Sometimes, this happens because of an address error. If you want your policy to remain effective, call us, make payment quickly, and we can often avoid cancellation, though this is not guaranteed (it depends on specific circumstances). We cannot prevent cancellation in all circumstances, but we’ll do our best and can often either prevent cancellation or rewrite the policy to minimize coverage gaps if you act promptly.
Your policy will stipulate a navigational area. Always read your policy to be sure exactly what navigational warranty you have. Most small-
Call us. We can often add the navigational area you desire, and sometimes for just a limited time, if you want to minimize cost.
In most cases, no. Homeowners’ policies are standardized forms with very specific, defined coverages. Unless you have a separate boat policy or special endorsement added to your homeowner’s form, homeowner’s insurance only covers a 14-
No. While some misleading advertisers suggest that you might get a lower rate by calling them “direct”, reality is almost always the opposite; “puffery” is not uncommon in the insurance industry. In reality, laws prevent “rebating”, and in almost all cases, you will actually save money and get better coverage by using a specialist independent agency like Strickland Marine. We are directly contracted with the top carriers-
Yes. Many carriers offer in-
Submit a request on our Customer Service Page, or call us. (You can also email, but calling is the best way, and submitting a web request is next best.)
Submit a request on our Customer Service page, or call us. (You can also email, but calling is the best way, and submitting a web request is next best.)
Copyright Strickland Marine Insurance Agency, Inc., 2014
Strickland Marine Insurance
125D Wappoo Creek Drive
Charleston, SC 29412
125 D Wappoo Creek Drive, Charleston, SC 29412