Category Archives: specialty insurance

U.S. Boat Sales Float Back to the Top, Expected to Surge through 2018

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FOR IMMEDIATE RELEASE
U.S. Boat Sales Float Back to the Top, Expected to Surge through 2018
Critical selling season for uniquely American-made industry kicks off in January with boat shows around the U.S., bringing best deals of the year for buyers
CHICAGO – January 4, 2017 – The National Marine Manufacturers Association (NMMA), 

U.S. Recreational Boating by the Numbers
·         Annual U.S. sales of boats, marine products and services totaled $36 billion in 2015 and are expected to climb three percent in 2016 to $37 billion.
  • Annual U.S. retail sales of NEW boats, marine engines and marine accessories totaled $17.4 billion in 2015 and are expected to grow to $19.1 billion in 2016.
  • There were approximately 238,000 NEW power boats sold in 2015. The NMMA expects this number to grow to more than 250,000 in 2016.
  • The recreational boating industry in the U.S. has an annual economic impact of more than $121.5 billion (includes direct, indirect and induced spending), supporting 650,000 direct and indirect American jobs and nearly 35,000 small businesses.
  • Leading the nation in sales of new powerboat, engine, trailer and accessories in 2015 were the following states:
1.       Florida: $2.6 billion, up 11.4 percent from 2014
2.       Texas: $1.4 billion, up 8.2 percent from 2014
3.       Michigan: $842.5 million, up 10.5 percent from 2014
4.       Minnesota: $661.5 million, up 10 percent from 2014
5.       New York: $643.3 million, up 7.6 percent from 2014
6.       North Carolina: $634.6 million, up 9.4 percent from 2014
7.       Wisconsin: $616.5 million, up 10 percent from 2014
8.       California: $576.3 million, up 5.4 percent from 2014
9.       Louisiana: $528.1 million, down 0.3 percent from 2014
10.   Alabama: $512.3 million, up 11.9 percent from 2014
  • It’s not just new boats Americans are buying; there were an estimated 958,000 pre-owned boats (powerboats, personal watercraft, and sailboats) sold in 2015, an increase of 1.9 percent.
  • There were an estimated 12.1 million registered/documented boats in the U.S. in 2015.
  • Ninety-five percent of boats on the water (powerboats, personal watercraft, and sailboats) in the U.S. are small in size at less than 26 feet in length—boats that can be trailered by a vehicle to local waterways.
  • Boating is predominantly “middle-class” with 72 percent of boat owners having a household income of less than $100,000.
  • 95 percent of all Americans live within an hour’s drive of a navigable body of water

Thinking about a collector or custom vehicle for Christmas?

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While you are shopping for the next cool vehicle, keep in mind you should look for specialty insurance to go with it. 
 
 
Custom and collector vehicle insurance is a specialty product.  It is tailored for vehicles that are not regularly driven, usually less than 5,000 miles a year. Maybe they are driven for fun, to local club events, a show or rally.  Other restrictions or limitations could include that all drivers need to be over 26 years old and you must have another vehicle that you use as your regular “daily driver”.  Company requirements vary.
Other items might include that the vehicle does need to be in a fully enclosed and locked garage, shop or building. But recently, some of the underwriters have started approving carports and other storage areas as protection.
Dont insure your custom car or bike for a “used vehicle” value from an underwriter that doesn’t understand the value of your vehicle.   Specialty coverages are usually “agreed” values which will make sure you get what you have it insured for (minus any deductibles). You have too much time and money in your vehicles not to protect them for what they are worth.
Have more than one custom vehicle on the same policy?  With most specialty policies, you pay the liability once, for all your cars or motorcycles listed on that policy.
Have an accident?  Claims are settled by adjusters that understand custom and collector vehicles.
The basic breakout of categories for custom or collector vehicle insurance are:
Antiques (over 25 years old),
Classics (20 to 24 years old)
Collectibles (15 to 19 years old)
Customs (mechanically or cosmetically altered)
Exotic cars (less than 15 years old but appreciating)
Street rods (usually cars built before 1950 that have been and mechanically or cosmetically altered)
Kit cars (built from a package)
Each company has a different variation on their categories and what qualifies as modifications.
The vehicle usually needs to have some appreciable characteristics. If the vehicle is newer and doesn’t have any collectable or appreciable status, it’s probably not going to meet the underwriter’s guidelines.
Doesn’t mean a new car can’t be on a specialty policy, it just depends what model and the market for the vehicle.
Oh, even collector boats can be insured with a specialty company. So that old Chris Craft ,in the barn, better finish the restoration and put it in the water.

2013 SEMA SHOW ON TRACK TO EXCEED 2,500 EXHIBITORS

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This sounds like great news for the industry and the show!

This was excerpted from a SEMA press release. Contact SEMA for more details.

2013 SEMA SHOW ON TRACK TO EXCEED 2,500 EXHIBITORS
— Highest Number of Exhibitors in Show’s 47-Year History –

Diamond Bar, CA  (October 23, 2013) – The SEMA Show, the premier automotive specialty products trade event in the world, is shaping up this year to be one of the strongest in the event’s 47-year history, a good sign the business of vehicle personalization, customization and preservation is rebounding.

Some 130,000 professionals from more than 130 countries are expected to attend the 2013 SEMA Show (www.semashow.com) at the Las Vegas Convention Center this November 5-8, to see the newest products, keep up on the latest trends and learn the best business practices the $31B automotive specialty equipment industry has to offer.

More than 2,500 exhibitors will cover more than 1 million square-feet of floor space. The vast majority of SEMA Show exhibitors and attendees are small business owners looking to network and find new opportunities to help them increase sales and profitability.

“We expect to fill every nook and cranny at the Las Vegas Convention Center this year,” said Peter MacGillivray, SEMA VP of events and communications. “We’ve even contracted for exhibitor space at the LVH (Hotel) next door,” MacGillivray says, noting that the association makes every effort to accommodate new exhibitors who typically bring new, innovative products to the industry.

The SEMA Show is a trade show produced by the Specialty Equipment Market Association (SEMA), a nonprofit trade association founded in 1963. Since the first SEMA Show debuted in 1967, the annual event has served as the leading venue bringing together manufacturers and buyers within the automotive specialty equipment industry. Products featured at the SEMA Show include those that enhance the styling, functionality, comfort, convenience and safety of cars and trucks. Additional details are available at www.SEMAShow.comor www.sema.org,