AZBW NEWS SERVICE —Authorities are
warning boat owners against buying watercraft coverage from a
Panamanian company that they say isn’t licensed to sell insurance in
the United States.
Oregon authorities, in a March release, said that the company,
North American Marine General Insurance Co, Ltd., of Panama City,
markets personal and commercial watercraft coverage through a
membership association, the International Water Safety Foundation of
The Oregon Insurance Division, which issued cease and desist
orders against North American Marine and International Water Safety
in October 2002, reports that it has learned that the firm has
recently been soliciting business again in Oregon.
Boat owners are encouraged to call their state insurance division
if they have been offered watercraft coverage through North American