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Whether out in the open sea or on a calm lake, boating is an activity unlike any other. And with summer officially here, there’s no better way of welcoming the season than by hitting the water with family and friends. No matter where you live, you’re likely not too far from a body of water that is boat friendly. Have a sailing itch but aren’t sure where to go? Follow this guide to learn more about five must-visit boating destinations to travel to this summer.
1. Lake Havasu, Arizona
With over 300 days of sunshine a year, Lake Havasu should be on every summer boating destination list. Located in Mohave County alongside the California and Arizona border, Lake Havasu offers visitors over 60 miles of connected waterways to enjoy.
What makes Lake Havasu special is that it has no size or speed restrictions so you’re free to do everything from jet skiing to leisurely canoeing. And with plenty of renting options to choose from, it’s even possible to visit without a boat of your own. If renting, expect to pay anywhere from $400 to $600 per day, depending on the season.
Looking for a place to fish while the family relaxes in the water? You’re in luck! Lake Havasu is also known as one of the best fishing locations in Arizona.
2. Newport, Rhode Island
Many consider Newport, Rhode Island as the home of all things sailing. For years, the Newport Harbor served as the port of call for the America’s Cup, an international yachting race. With its rich nautical history, it’s no surprise Newport is one of the nation’s top boating destinations.
When visiting Newport Harbor, you’ll be welcomed by the sound of seagulls while entering a village-like community filled with vibrant shops and eateries. Time your visit right and you can experience the annual Newport International Boat Show, which is put on every September. With a balanced mix of land and sea activities to choose from, Newport should be a must-visit for those that find themselves in New England.
3. Fort Lauderdale, Florida
With over 300 miles of inland waterways, many refer to Fort Lauderdale as the Venice of America. And thanks to over 50,000 yachts that call the city home, it’s also considered the world’s yachting capital.
There’s no shortage of activities when visiting Fort Lauderdale, whether it’s snorkeling, scuba diving near coral reefs, or fishing. Choose to relax on the boat while catching dinner, or venture inland for additional activities in the Everglades. If visiting during October, be sure to check out the Fort Lauderdale International Boat Show, which is one of the largest boat shows in the world. If you’re looking for a nearby city to visit when in Fort Lauderdale, Miami is less than an hour away by boat.
4. Lake Tahoe, California
It’s no secret that there’s endless fun available to visitors of Lake Tahoe, which makes it one of the best boating destinations. Famous for its winter adventures, the lake is also a perfect place to take your boat out on the water. With its crystal-clear waters and mesmerizing views, you’ll instantly fall in love with Lake Tahoe.
There’s no shortage of fun in the area—from kayak rentals to jet skis, Lake Tahoe has something for the whole family. To keep the waters clean, you’ll need to pay for a boat inspection pass that starts at around $60 per boat. There are also plenty of boat rental options to choose from for those looking for a relaxing weekend getaway.
5. Catalina Island, California
If you’re looking for a place to escape the bustling cities of Southern California, consider venturing towards Catalina Island. Located just an hour’s boat ride from the coast, Catalina Island is one of the best boating destinations in California. Take your boat on a quick adventure to the island or choose to take a charter, then rent a boat there. Either way, you can’t go wrong.
Once on the island, there are loads of family-friendly adventures to choose from, such as kayaking, sailing, snorkeling, and much more. If you’re looking for fun on land, the island also has plenty of activities to pick and choose from.
Keep your Boat Protected with Boat Insurance
Before making a trip out on the water, be sure that your boat is covered with the proper boat insurance. While not required by law in most states, carrying boat insurance could save you from having to pay thousands of dollars in the event of an accident.
A common misconception among many boat owners is that their homeowners insurance also covers their boat. While a homeowners insurance policy may provide some protection for a smaller boat while on your property, it may only offer minimal protection out on the water depending on the size of your boat. To learn more about insuring your boat, give our insurance specialists a call at (888) 772-4247.
The information in this article is obtained from various sources and is offered for educational purposes. Furthermore, it should not replace manuals or instructions provided by the manufacturer or the advice of a qualified professional. No warranty or appropriateness for a specific purpose is expressed or implied.
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Now more than ever, people care that the businesses they support and work with have strong ESG principles. Well planned ESG policies set your company up for success and the insurance industry is key to helping implement these changes.
By Aliya Daya, Senior New Business Specialist and Account Executive, Commercial Lines
So, this may be controversial… but insurers are increasingly scrutinizing companies’ Environmental, Social and Governance (ESG) policies and performance, often to improve the transparency of risks not captured by conventional financial metrics. Issues such as climate change, environmental degradation, pollution, human rights, diversity and inclusion and corporate conduct have been receiving greater public attention, resulting in more litigation.
People want to feel good about their investments and purchases and are increasingly applying these non-financial factors when looking at a company’s behaviours. ESG analysis can provide a more holistic overview of a company and give insight into its leadership and culture.
“78% of insurers believe the COVID experience is accelerating their focus on ESG.” – Source: BlackRock Global Insurance Report 2020
ESG refers to the three central factors in measuring the sustainability and societal impact of a company or business, with each item supporting a self-aware and transparent ethos for conducting business responsibly and prosperously. In a business world guided by ESG principles, “responsibly” and “prosperously” are now entwined when determining success.
The three criteria when evaluating a company’s ESG policies are:
Environmental The environmental component refers to factors that determine a company’s impact on the earth or how it performs as a steward of the environment, in both positive and negative ways. This pillar of ESG is often the easiest to target and analyze, and insurers have started to focus specifically on this space. Environmental policies can involve:
Usage of renewable energy including wind and solar
Carbon footprint and carbon intensity (pollution and emissions)
Greenhouse gas emissions goals
Climate change policies, plans and disclosures
Recycling and safe disposal practices
Water-related issues and goals
Natural resource conservation
Use of raw materials
Social The social component of ESG consists of people-related elements like company culture and issues that impact employees, customers, consumers, suppliers and communities – both within the company and in greater society. Social parameters include:
Mission or higher purpose of the business
Ethical supply chain sourcing
Employee treatment, benefits, and perks
Diversity and inclusion (or equity) in hiring, pay and in advancement opportunities
Compliance with labour laws
Employee safety policies including sexual harassment prevention
Public stance on social justice issues, as well as lobbying efforts
Governance The governance component relates to corporate governance and behavior, such as board quality and effectiveness. Some key governance topics are:
Compensation tied to metrics that drive long-term business value, not short-term share price targets
Diversity of the board of directors and management team
Whether a company has a classified board of directors
Whether chairman and CEO roles are separate
Transparency in communicating with shareholders, and history of lawsuits brought by shareholders
Executive compensation, bonuses and perks
Cyber and data security
Risk management and oversight
Increasingly, insurance companies are being viewed as agents for imposing positive ESG change on entities such as their policyholders and vendors, as well as implementing change in their own operations.
In essence, the insurance industry is being targeted because many stakeholders believe it can affect change by increasing costs of insurance or not insuring companies that harm the environment, engage in anti-competitive practices, or lack diversity in the management ranks (or companywide). This has resulted in underwriters examining a company’s ESG policies to assess a company’s liability risk and potential exposures very closely and to rethink their approach to underwriting coverage entirely in some cases.
Zurich Insurance Group has committed to terminating its relationship with companies that generate more than 30 per cent of their revenue from mining, generate more than 30 per cent of their electricity from thermal coal, oil sands, oil shale, extract more than 20 million tons of thermal coal or continue to invest in coal mining and infrastructure.
Aviva has stopped insuring companies generating more than 5 per cent of revenues from thermal coal or unconventional fossil fuels as of the end of 2021. They will make some exceptions for companies serious about transitioning out of high carbon fuels and those that have already “committed to clear science-based targets aligned to the Paris Agreement target of limiting temperature rises to 1.5 degrees.”
Allianz, on April 29, 2022, stated it would stop investing in or underwriting new single-site and stand-alone oil and gas selected risks as of 1, 2023, and would not renew existing contracts after July 2023. The exclusions will apply to exploration and development of new oil and gas fields, including oil sands and extra-heavy oil, amongst other segments in the same space.
AIG announced on March 1, 2022, that it has “committed to no longer invest in or provide insurance for construction of any new coal-fired power plants, thermal coal mines or oil sands.”
Aspen Insurance (a Lloyds of London syndicate) stated on April 21, 2022, that it would cut ties with Trans Mountain, following Munich Re, Zurich Insurance Group, Argo Group and others in the face of public pressure.
“Globally, the insurance industry is in a unique position when it comes to climate risk as insurers are exposed on both sides of the balance sheet: their investments face climate risk on the asset side of the balance sheet and they face underwriting risk, particularly in the property and casualty line, on the liability side.” Source: H. Ross, S&P Global
A lot of focus has landed on insurer underwriting activities and the process of underwriting is actively changing very quickly. The analysis of risk is expanding from traditional elements – such as the types of operations/activities or geographical characteristics – to qualitative analyses in relation to ESG criteria.
This may include examination of employment/employee practices, to audits of supply companies, to reviews of water and land environmental impact and sustainability reports. Insurers also are considering the consequences of disclosure requirements imposed on companies by various regulatory bodies. Increased use of artificial intelligence and scoring systems are being formulated and deployed as part of an integrated underwriting process. Underwriting applications and questionnaires are also being updated, and early dialog regarding ESG risks is being incorporated into the underwriting process. This is especially true when it comes to the various lines of casualty or liability products.
And this is not just impacting large corporations or companies; ESG based underwriting is also being applied to mid-size and small businesses based on industry segmentation (such as healthcare, transportation/trucking, technology, hospitality, manufacturing/distribution, etc.).
Policyholders that actively address sustainability issues could also benefit from this change in the underwriting process. For example, opportunities could arise in pricing, policy terms and coverages, and program structuring, including lower deductibles. Companies could be given incentives to change their processes and contribute to compliance with sustainability and climate targets.
ESG concepts and methodologies are being applied to underwriting processes in relation to your business, whether large or small. It’s meant to be a comprehensive framework, a 360-degree view of a business and its behaviors and impacts that show how they can continue to grow and evolve with the times.
Developing strong policies that focus on ESG can present you with an overview of your company’s risks and exposures and allow you to adapt and adjust.
The insurance industry (brokers and insurers) has insurance and risk management products that are useful to policyholders and clients in managing risks and addressing ESG issues; we have expertise and capabilities in risk assessment, management, response and loss control that could benefit you. Unquestionably, insurers must be cognizant of the ESG practices and risks of policyholders as these issues are rife for litigation, claims and loss activities.
On the flip side, corporations and companies that have strong ESG policies have tremendous opportunities since better ESG track records generate better investment returns, reflect better financial performance and reduce risk. Put another way, the world is watching – and that world includes investors, insurers, supply chain partners, entire communities, customers and employees. And these stakeholder’s care about how the companies they support conduct themselves.
It’s easy to feel overwhelmed when you begin to navigate this new landscape since it can be a big shift in thinking. However, developing robust ESG practices will have a positive impact on the society around you – whether it is reducing your carbon footprint, creating an inclusive and diverse work environment or being more transparent with stakeholders and employees.
You don’t have to navigate this alone. Contact us today to speak to one of our experienced commercial brokers and learn more about how you can develop ESG-focused policies and practices.
Aliya Daya is a Senior New Business Specialist and Account Executive, Commercial Lines, with Rogers Insurance. With more than 20 years of experience in the insurance industry, Aliya specializes in innovation, technology, manufacturing/fabrication/wholesale/distribution, hospitality, religious organizations and disruption/emerging industries.
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Are You a Lighthouse Property Insurance Company Policyholder?
If you’re a Lighthouse Property Insurance policyholder, coverage must be replaced by May 29, 2022. Most policy holders have already received a letter notifying them of the non-renewing their home owners policy.
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To set premiums, insurance providers consider multiple factors such as location data, claims history, and even the cost of repairs. When these costs increase, so do the price of insurance premiums. And unfortunately for consumers, ongoing inflation has caused auto prices to jump significantly across the board.
With prices increasing, it is important to review your current policy to determine if any changes are required. Furthermore, comparing quotes at renewal could potentially help you save. To help our customers, we put together this guide on what you need to know about inflation and its effects on auto insurance.
Inflation Overview
Over the last 12 months, prices for all items have increased at a rate of 8.5%, according to the latest Consumer Price Index report. This represents the fastest growth in inflation since 1982. Below are examples of how much costs associated with auto insurance have increased since 2021:
Used car prices: +35.3%
New car prices: +12.5%
Transportation services: +7.7%
Auto repair costs: +4.2%
Medical care services: +2.9%
As shown, car prices—both new and used—have significantly increased.
How Does Inflation Affect My Auto Insurance Coverage?
One of the main ways inflation affects auto insurance is through auto costs. Because car and car part prices have skyrocketed, the cost to repair a totaled vehicle has also increased. Furthermore, delays in supply chain issues and chip shortages have reduced the supply of new cars available, resulting in elevated prices for both used and rental vehicles.
Some policies provide rentals to consumers while their vehicles are under repair. However, body shops across the country continue to struggle with obtaining replacement parts (which have also increased in price). Therefore, insurers are often paying for more rental car days for applicable policies. Consider reviewing your policy for daily rental allowance and how many days of rental coverage you have to keep yourself properly covered.
Because prices have gone up, insurance providers must update their rates to reflect the changes, which leads to rate increases. However, other factors are also at play.
In 2020, many providers lowered rates, and some even provided discounts due to reduced driving levels. Now, insurance providers are playing catch up. While traffic rates are returning to their pre-pandemic numbers, we are also observing a substantial increase in traffic accidents. According to an analysis of federal data, vehicle deaths rose 17.5% from the summers of 2019 to 2021. Because most states require liability insurance to cover medical costs in an accident, increased medical expenses could also affect how providers plan their rate changes.
How To Save On Your Auto Insurance Rate
While you cannot control how insurers price their policies, there are some steps you can take to potentially avoid facing a higher premium. Here are some tips to follow that may help you reduce your rate:
Compare auto insurance quotes: The easiest way to save on auto insurance is to compare rates from multiple providers. Coverage costs vary significantly between insurers, and each may calculate factors differently. At AIS, we always recommend comparing rates at renewal to maximize your saving potential.
Ask about discounts: While inflation may raise rates overall, auto insurance discounts can help reduce your payment amount. Whenever speaking with your insurance specialist, be sure to ask if there are any discounts that you may qualify for. Providers typically offer discounts for bundling policies, safe driving, and even for paying in full. Available discounts may vary by location.
Increase your deductible: Increasing your deductible could be another way of reducing your premium. However, be sure to carefully review any changes you make to your plan’s deductible. The higher your deductible, the more you will pay out of pocket in an accident, so be sure to choose a price you can afford.
Save On Auto Insurance With AIS
With prices increasing across the board, finding ways to save is essential. At AIS, we work with a network of insurance partners to find the best coverage for you at the right price. So, call us at (888) 772-4247 or get a free online quote to start saving today.
The information in this article is obtained from various sources and offered for educational purposes only. Furthermore, it should not replace the advice of a qualified professional. The definitions, terms, and coverage in a given policy may be different than those suggested here. No warranty or appropriateness for a specific purpose is expressed or implied.
