Builders Risk Hull Insurance Definition
Provides protection to a boat or ship builder in the event of loss of or damage to the hull and machinery of vessels the insured is constructing (including materials in the insured's possession) from a wide variety of causes. All-risk coverage is available subject to the exclusions of war, nuclear disaster, and inherent defects. Insurance can be purchased to cover the start-up value of the property, to be adjusted to reflect additional construction (Reporting Form); or to cover the completed value of the property (Completed Form).
A new research study released by National Marketing Services, Inc. finds that executives of major reinsurers and carriers believe terrorism, pricing and capacity are the major challenges currently facing the insurance industry.
The study, Insurance Industry Outlook 2002, was based on interviews with over 300 leading executives from both carriers and reinsurers. Survey questions covered economic indicators, government confidence, terrorism impact and security issues. Specific industry indicators included consumer and investor confidence, ability to write new lines, price increase reactions, predictions for the next 12 months and the impact of current challenges on marketing and planning.
Other findings include moderate confidence in the economy with an anticipated increase in investor confidence. 80% of the respondents believe the hard market will continue well into 2003, with premium increases in excess of 20% in property lines and somewhat lower increases in commercial auto, liability and workers comp.
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National Marketings Market Research Division coordinated the development of the studys methodology and data analysis with Dr. Chris Collet, the founder and president of Pacific Opinions, a survey and market research firm based in Irvine, California. An honors graduate of University of California, Berkeley, Dr. Collet received his Ph.D. at University of California, Irvine, where he remains a visiting faculty member.
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Insurance Industry Outlook 2002 is available through National Marketings web site at
https://www.nationalmarketing.com/Markets/outlook_2002_preview.asp?node=5&sNode=4&Exp=Y#Research or by calling 1-800-736-9741. Priced at $395, the package includes an executive summary and a CD, which presents the findings in both a PowerPoint Show format and a narrated QuickTime Movie. The CD also includes an audio interview program where Larry Neilson discusses issues from the study with key executives from the carrier, wholesaler and reinsurer segments of the insurance industry.
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