Dear WNA Members,
Please take note of the following announcement from Roanoke regarding our cargo insurance program with them. I encourage all to contact Roanoke and see how the program can be beneficial for you.
Patrick Weston
Roanoke Insurance Group, Inc. - World Net Associates, Inc.
Cargo Insurance Program Renewal
As you are aware, Roanoke Insurance Group, Inc. (“Roanoke”) has provided a Cargo Insurance Program to World Net Associates, Inc. (“WNA”) since 2017. Roanoke is an expert in the international trade insurance industry providing unique and successful insurance and bond program solutions for associations and companies in the business of international trade. As such, Roanoke looks for the best insurance and surety markets for client partners.
A decision has been made to move the program to Great American Insurance Company to provide WNA members with the same limits and rates as the previous policies. The benefit of moving the program is to partner with a strong insurance company well versed in cargo insurance and because they agreed to a reduced minimum premium threshold for profit sharing qualification.
WNA members currently taking advantage of the cargo insurance program will now see the new policy in the CoverageDock™ system. The effective date of the new program is 7/1/2020 and all active members have been moved to the new policy.
WNA Cargo Program Features
As a reminder, except for a few exclusions based on regulatory requirements in certain countries, all members are welcome to join the WNA Cargo Insurance Program. Benefits of the program are:
- Access to insurance through Great American Insurance Company (“GAIC”)
- A.M. Best Rating: A+ (Superior)
- Financial Size Category: XV ($2 billion or greater)
- Competitive Rates
- Profit Sharing Agreement as highlighted below
- CoverageDock™ access 24/7 from anywhere in the world
- Superior Customer Service
- Expert Claims Handling
- Marketing Support
Profit Sharing Features
The profit sharing agreement is based on the gross marine premium registered on the books under the WNA policy which is effective July 1, 2020 through June 30, 2021.
Details of the profit sharing are:
- Total group minimum premium of $25,000 required to qualify
- 50% of gross marine premium is set aside as a profit sharing fund
- Net incurred losses in the policy year will be deducted from the profit sharing fund
- 50% of the remaining amount in the profit sharing fund will be returned to the Assured(s)
Any profit sharing proceeds will be distributed to each participating member on a pro-rata basis based on their contribution to the program. The full wording of the profit sharing program will be made available to participating members.
If you have any questions regarding the WNA Cargo Insurance Program or would like to apply for inclusion in the program, please reach out to Colleen Clarke at
colleen.clarke@roanokegroup.com
