Thursday, February 1, 2007

Sea Tow Announces foray into Insurance

Sea\\Tow International made an interesting announcement today that they were partnering with AIG insurance to create an insurance program exclusively for SeaTow members.

According to the press release, one must be a SeaTow member to bind coverage, but anyone can get a quote. It looks like Sea\\Tow has designed a group discount program for all of its members:

"Now there’s marine insurance that rewards your safety-conscious boating lifestyle based on the members being more safety conscious"
Any conflict of interest for salvage situations? I doubt it. This probably isn't any different than the relationship between Boat/US insurance and the TowBoat/US towers. But the marine insurance industry seems so fickle these days that this kind of program can run into growing pains. I remember when Vessel Assist had a couple of exclusive deals to provide marine insurance, and when the underwriter bailed out, there was some chaos until a new underwriter took over. Lets hope that doesn't happen in this case.

Anyway, congrats to Joe Fro and all the tow bees! Quality insurance for all boaters is something that benefits everyone involved in boating.

And, more congrats for being the subject of my first blog post.