Argo Group International Holdings business unit Argo Insurance has partnered with Osprey Special Risks, a global marine insurance underwriting agent to offer a Private and Pleasure Watercraft Program.
Available through the company’s Commercial Programs unit, the programme will provide protection and indemnity (P&I) and hull coverage in Minnesota, Michigan and Wisconsin.
Argo Insurance Commercial Programs vice president Jackie Bourret said the three target states account for 18% of all watercraft in the US, representing a strong market for private marine insurance.
Osprey Special Risks managing director Tony Usher said until now the company’s core business focus has been on vessels based in the southeast US and the Caribbean.
"This is a new style of business acquisition and new geographic area for Osprey," Usher added.
Private and Pleasure Watercraft Program will be offered through retail agents, and covers fishing boats and sailboats valued at $25,000 to $250,000.
Osprey as programme administrator will underwrite, rate and issue policies for the programme from its US subsidiary, Osprey Special Risks.
All policies will be underwritten on Argonaut Insurance Company paper and third-party administrator Condon Claims Management will provide 24/7 claims service.