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Commercial Water Sports Insurance |
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Parasailing company's
insurer had no license
in N.C.
Tue Sep 29, 2009
cease and desist order
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The
company identified as
the insurer for a
parasailing operation
involved in a deadly
incident last month is
not licensed to do
business in North
Carolina, according to a
state insurance
official.
> read more
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- The insurance market for
Commercial Water Sports is reacting to the high risk - low reward
dynamic.
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- Expect increased cost and reduced
policy coverage reductions in 2010.
There are numerous reasons for this change,
but none more pronounced than the following;
- >
Excessive jury awards.
>
Overvalued settlements. >
A lack of qualified defense experts. >
Operators using unlicensed/offshore Insurance companies. >
Lack of regulations >
The economy.
Additionally, there is an anticipated high-cost estimate on future
litigation and lack of cost controls all of which effect premiums.
Without a material change in the way operators think and act. The high
risk vs. low reward dynamic with Insurance companies will prevail with
higher cost at an uncontrollable rate or leave the market. In response
to the ongoing insurance crisis, the Parasail Safety Council (PSC) is
currently in discussions with specialty risk insurance brokers &
underwriters interested in providing a low-cost insurance program if
parasail regulations are instituted to build long term market stability. |
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Not selecting a licensed Insurance provider may
have long term effects on
the entire commercial water sports industry.
All States mandate that insurance agents and companies are licensed to
help protect consumers but all to often consumers ignore these
requirements to save money.
Purchasing low-cost insurance through un-licensed offshore insurance
companies to save money may provide a false sense of security and reduce
business for legitimate companies that may impact future coverage.
Unauthorized insurance companies may
not have adequate reserves to pay claims, and there is no guaranty fund
to cover unpaid claims should the company become insolvent.
In states like Florida, and depending on the amount of premiums
collected, an individual can be charged with up to a first-degree felony
for transacting unauthorized insurance.
It is very important to thoroughly scrutinize your insurance provider
before sending your hard earned money for coverage that may not respond in the event you have a claim thereby,
leaving you holding the heavy bag in litigation costs with little or
know recourse.
Before your decide, consider using your
State resources to check out insurance providers before you buy!
To learn more,
click here or the
NAIC, State Insurance Department Web sites
click here to quickly
locate contact information for state insurance regulatory agencies and
officials. and then call to check out the status of your providers
underwriters and agents. |
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IMPORTANT NOTICE TO ALL COMMERCIAL WATERSPORTS
OPERATORS, RESORTS,MARINAS, PROPERTY OWNERS AND
MUNICIPALITIES.
The companies listed below
are not licensed or
permitted to sell insurance in the USA.
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Marine
Specialty Management
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International Wet Marine Underwriters
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International Marine Underwriters
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International Wet Marine Foundation
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Indemnity and Casualty
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CW
Reinsure
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Florida Highway Marine
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Marine Underwriters Limited
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International Water Safety Foundation aka/
IWSF (london/canada)
How does the scan work?
They use
management companies, associations and foundations ("Ponzi"), instead on
licensed agents through an elaborate
scheme, websites and sales materials to sell insurance as consultants
using for-profit corporations (usually offshore and in
non-disclosure countries) as decoys to reroute your
premium dollars. The Ponzi then issues the
certificates of insurance, binders and policies using the
offshore entity. But its not worth the paper its
written on. Why, they may not have attachable assets,
legitimate reinsurance or competent legal
representation and use verbal statements of paying small
claims as a means of covering up their lack-of-credibility
to convince you that there are legit.
It is important to note,
that it is not be illegal to purchase
offshore insurance, from an offshore agent who provides
you with a certificate of insurance which in turn you
provide to a resort, marina, property owner or a
municipality. However, if you knowingly provide insurance
documents from an unlicensed source to obtain a permit to
operate; your may have
some legal consequences yourself and/or if disclosed loose
you permit.
Here are a few
links of the groups involved:
Washington -
http://www.insurance.wa.gov/oicfiles/orders/2004orders/D04-11.pdf
California -
http://www.insurance.ca.gov/docs/FS-News.htm
Florida -
http://www.fldfs.com/pressoffice/ViewMediaRelease.asp?ID=1621
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no certificate
Hawaii -
http://dockets.justia.com/docket/court-hidce/case_no-1:2006cv00307/case_id-69959/
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-
Parasailing company's
insurer had no license
in N.C.
Tue Sep 29, 2009
-
The
company identified as
the insurer for a
parasailing operation
involved in a deadly
incident last month is
not licensed to do
business in North
Carolina, according to a
state insurance
official.
> read more
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