FEB. 6 — Marine insurance rates in 2006 dipped 1.5 percent overall, but there were significant increases in the South and Gulf regions, according to an annual Waveline survey.
Rates in the Gulf and the South regions jumped 6 percent, while rates on the West Coast dropped 1.9 percent.
But the Gulf and the South regions also had an overall drop in markets by 1.1 percent, compared to other regions that had new market openings in 2006.
Docks and piers, personal yachts and charter sightseeing risks increased nationwide, with 7.1 percent, 8.2 percent and 5.6 percent respectively. However, those lines for respondents in the South and Gulf more than doubled, according to the survey.
Blue water vessel coverage for hulls rose 3 percent. Marina and boat dealers reported a 3.8 percent average rise, but rates more than doubled for risks located in the South and Gulf regions.
Waveline is an online survey sponsored by LIG Marine Managers and compiles responses from the top marine and longshore agents, brokers and carriers in the United States and London.