DCBS Media Release
March 1, 2006
Boat owners warned about Panamanian insurer
The Oregon Insurance Division is warning boat owners against buying watercraft coverage from a Panamanian company that isn't licensed to sell insurance in Oregon or any other state.
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 Insurance Division issued cease and desist orders against North American Marine and International Water Safety in October 2002, but has learned they have recently been soliciting business in Oregon.
Boat owners are encouraged to call the Insurance Division, 503-947-7204, if they have been offered watercraft coverage through North American Marine.
The Insurance Division regulates insurance companies and agents in Oregon. To see if an insurer or agent is licensed in Oregon, check the division's Web site: insurance.oregon.gov.