- Joined
- Aug 29, 2012
- Messages
- 2,690
- Location
- Good Ol' US of A!
- Vessel Name
- Pau Hana
- Vessel Make
- 1989 PT52 Overseas Yachtfisher
Wanted the forum to hear the facts of what is happening with GEICO.
GEICO remains a strong and viable insurer, so insolvency is not an issue. That said, GEICO has elected to restructure its sales channels; part of that restructuring is the elimination of the Independent Agency program, and changing to a direct sales/captive agent approach. Another change of note that was announced recently was the elimination of GEICO's Charter Program (policy code CBT) and Super Yacht program (policy code SSY)
Thus, Novamar (my company) and all other Independent Agencies are parting ways with GEICO over the coming year. This was not our choice, but a GEICO corporate decision. Depending on the state of issuance and applicable laws, non-renewal notices will be sent to policyholders advising them of this change.
This news was a complete surprise to us, and we learned of this just a couple of days ago- we had no inclination of this announcement. Novamar is taking a very proactive approach in this situation by informing current GEICO policyholders of the coming changes, as well as reviewing all GEICO polices for placement with different insurers.
I'll continue to advise of this situation as it develops. Please reach out to me should you have any questions.
GEICO remains a strong and viable insurer, so insolvency is not an issue. That said, GEICO has elected to restructure its sales channels; part of that restructuring is the elimination of the Independent Agency program, and changing to a direct sales/captive agent approach. Another change of note that was announced recently was the elimination of GEICO's Charter Program (policy code CBT) and Super Yacht program (policy code SSY)
Thus, Novamar (my company) and all other Independent Agencies are parting ways with GEICO over the coming year. This was not our choice, but a GEICO corporate decision. Depending on the state of issuance and applicable laws, non-renewal notices will be sent to policyholders advising them of this change.
This news was a complete surprise to us, and we learned of this just a couple of days ago- we had no inclination of this announcement. Novamar is taking a very proactive approach in this situation by informing current GEICO policyholders of the coming changes, as well as reviewing all GEICO polices for placement with different insurers.
I'll continue to advise of this situation as it develops. Please reach out to me should you have any questions.