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25 Years and Counting

25 Years and Counting

Boat Insurance Program sails into second quarter century.

By Lee McGriff

The United States Power Squadrons Boat Insurance Program was first announced by Chief Commander Dick Miner in the December 1988 Issue of The Ensign. Now, 25 years later, the USPS Insurance Program is the longest standing exclusive program of its kind in the country.

Over the course of the program, the greatest challenge has undoubtedly been the motley crew of hurricanes that have stormed ashore.

Hugo

1989

$10 billion (total U.S. damage)

Bob

1991

$2 billion

Andrew

1992

$46 billion

Opal

1995

$8 billion

Floyd

1999

$9 billion

Allison

2001

$11 billion

Ivan

2004

$20 billion

Charlie

2004

$16 billion

Katrina

2005

$106 billion

Wilma

2005

$21 billion

Ike

2008

$28 billion

Irene

2011

$16 billion

Sandy

2012

$70 billion and counting

Other catastrophic losses the program has endured include total loss marina fires at locations where multiple USPS vessels were moored or housed.

On the lighter side, our program has insured many colorful characters and their vessels, one notable example being The African Queen from the classic movie with Humphrey Bogart and Katharine Hepburn, which sank twice during filming.

For most of the years since its inception, the insurance program was the beneficiary of the wise and tireless stewardship of Frank Wedge, who was a strong advocate for its creation; he was also one of the architects of its structure as well as the ongoing liaison to St. Paul Fire and Marine.

As the USPS Insurance Program heads into its second quarter century, it is well positioned to meet future challenges and will continue to distinguish itself as a unique and valuable benefit of membership in our grand fraternity.

If you are one of our vessel-owning members and are not already insured, now is a good time to take advantage of what many in the insurance industry consider the best available and which is only offered to USPS members.end of story


  

 

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