April 2006

Boaters Warned On Panamanian Insurance Firm


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 Quebec, Canada.

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 Marine.