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		Commercial Water Sports Insurance

	Parasailing company's insurer had no license in N.C. Tue Sep 29, 2009 cease and desist order 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

	The insurance market for Commercial Water Sports is reacting to the high risk - low reward dynamic. 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.

	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.


	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. Marine Specialty Management International Wet Marine Underwriters International Marine Underwriters International Wet Marine Foundation Indemnity and Casualty CW Reinsure Florida Highway Marine Marine Underwriters Limited 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 / no certificate Hawaii - http://dockets.justia.com/docket/court-hidce/case_no-1:2006cv00307/case_id-69959/

		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