Since January 1, Devin Wozencraft of Wozencraft Insurance Agency, a Southern California-based insurance brokerage company specializing in high-performance powerboats, has struggled to find coverage for 30 clients with boats that run faster than 120 mph. That’s because several key insurance providers have departed the above-120-mph go-fast boating coverage market in less than two years.
The largest underwriter of powerboat insurance in the United States, United Kingdom-based Lloyds of London sustained $2.8 billion of losses in 2018, much of that hurricane-damage related. When the worldwide specialty insurance giant opted to scale back offerings as result of those losses, backing for such high-risk powerboat insurance programs evaporated.
Devin Wozencraft is delighted—and relieved—to have the Prime Time high-performance powerboat insurance program back up and running. Photo from the 2017 1,000 Islands Charity Poker Run by Pete Boden copyright Shoot 2 Thrill Pix/speedonthewater.com.
That changed two weeks ago when new Prime Time insurance program backer IAT Insurance Group revived the program for clients with boats up to 175 mph. Wozencraft has a lot of those clients.
“I’m absolutely ecstatic that we have this program,” Wozencraft said. “Of the 20 years we’ve been in business, the past four months have been—without question—the most stressful and challenging time of my career, and that has nothing to do with the coronavirus. So many of our clients are my friends and being able to serve them means the world to me.
“I couldn’t be more relieved and more happy,” he said. “The first order of business is getting coverage on our existing insurance-renewal and non-renewal notice clients. And they are going to start writing new business next week.”
Though Wozencraft isn’t the only brokerage firm that eventually will have access to the Prime Time program for high-performance powerboats, the company is on board right now. It also has a long history, expertise and comfort level with the Prime Time program, according to the company’s namesake.
“We currently are the largest performance-boat insurance writing agency in the nation under the Prime Time program,” Wozencraft said. “We have a very strong relationship with its head underwriter, and typically we can get things handled for our clients.”