Surfboard Manufacturing

[BCPKC]

Does anyone have any experience writing surfboard manufacturing (aka - shapers) and retail operations? I would assume this will fall into E&S, but would love to land an admitted carrier if possible.

any suggestions will be greatly appreciated.

 

[djs]

I'm always amazed at how many strange situations P&C agents run across. I can't say I have even thought of this as a line of business, though it clearly is.

I spent a week once looking for someone to insure a company that installed playground equipment at schools and parks. Finally found a company that would take it, the guy paid 2 months of premium and then went out of business. Wasted a bunch of time on that deal!

Hopefully, this works better for you.

Dan

 

[tpowell138]

Hey BCPKC,

How large are the sales derived from surfboards with the insureds name on it? Likely its still to small for a admitted carrier to except the products.
I have three accounts that are only retail (no shaping or selling any boards with their name) and they are placed with CNA. Hartford, Liberty will also write but CNA was best priced.
They also do not like consignment sells or sells of used boards.

Hope this helps.

 

[BCPKC]

I'm always amazed at how many strange situations P&C agents run across. I can't say I have even thought of this as a line of business, though it clearly is.

I spent a week once looking for someone to insure a company that installed playground equipment at schools and parks. Finally found a company that would take it, the guy paid 2 months of premium and then went out of business. Wasted a bunch of time on that deal!

Hopefully, this works better for you.

Dan

Over the years, I have certainly come across some very odd situations! Unlike many of the other "odd ball" deals, I actually pursued this!?!!!? Die hard surfer currently living in the Midwest. About as odd as this deal!

Fortunately, I know the owner, history of the company and know this won't be a quick hit and eventual loss. However, I have been down that path before. I had a dentist move over to me a few years ago, just to call me 6 months later (this isn't a typo) to tell me they needed to cancel coverage from inception since they never cancelled their previous policy.

Fast forward a couple years later, the same dentist called me and asked me to take another look. Tiny policy and not something i normally would work on, but since i had all of the UW info, I had my team do it. not even a year later, they moved for a "better deal". they saved about $100/mo, but the coverage was crap. I didn't even try to win it back. They will get hit with a loss that won't be covered and come back eventually. Needless to say, I will tell him to pound sand the next time around!

It pays to be selective on what you work on...

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Hey BCPKC,

How large are the sales derived from surfboards with the insureds name on it? Likely its still to small for a admitted carrier to except the products.
I have three accounts that are only retail (no shaping or selling any boards with their name) and they are placed with CNA. Hartford, Liberty will also write but CNA was best priced.
They also do not like consignment sells or sells of used boards.

Hope this helps.

Thanks tpowell!

They do about $2M in annual sales. Roughly 70% is for their own line, but they also do some work for other shops that put their name on the board. This is manufacturing, retail and online. Online is a small portion of their business, but is growing.

Currently, they are on E&S and the *** agent doesn't have completed products coverage! Fortunately, I have all three of these carriers and will look into them.

Very much appreciated.

 

[tpowell138]

Hahaha E&S and yet no products/completed ops please revoke their license.

My suggested carriers will not work as your client is manufacturing boars.

I am in the same boat searching for surfboard Manufacturing market with low sales. I'll keep you updated if I find one soon. Currently on the bottom of my stack