Innovative boats need innovative insurance -- Travelers offers up to 10 percent discount* for hybrid vessels
HARTFORD, Conn., Oct 30, 2008 (BUSINESS WIRE) -- Now, more than ever, boaters are looking for ways to improve fuel
economy and reduce their impact on the environment without sacrificing
speed. As a result, hybrid powered boats are starting to enter the
market. As boaters are beginning to purchase these innovative vessels,
Travelers (NYSE: TRV)
stays in-synch by today announcing an innovative, industry-first
discount of up to 10 percent on hybrid
boat and yacht insurance.
The marine industry has responded to consumer demands for efficiency
with new technology and hybrid powerboats fully capable of delivering
the performance most boaters expect. Hybrid boats allow the operator to
utilize electric propulsion at low speeds to minimize or eliminate
emissions and fuel consumption. However, hybrid powered boats can
generate the horsepower needed to reach higher speeds with the internal
"Hybrid vessels are using the latest,
state-of-the-art technology in the marine industry,"
said Chantal Cyr, vice president of the Boat and Yacht Division for
Travelers. "At Travelers, we closely follow
the newest developments in boating so we can deliver the best marine
insurance products and services to meet our customers'
Recently, various highly regarded manufacturers in the marine industry
have introduced their versions of hybrid boats to the marketplace. The
Hinckley Company offers a hybrid power option for customers interested
in its DS42 model, Scout Boats launched a hybrid model in late 2007,
Frauscher Bootswerft introduced its hybrid to the United States in May
2008 and the Island Pilot DSe Hybrid will make its debut at the 2008
Fort Lauderdale Boat Show. Steyr Motors, which powers the Frauscher
vessels, markets its hybrid engine as the "world's
first serial hybrid propulsion system for pleasure boats."
In addition, other large production manufacturers are reportedly
researching hybrid propulsion and developing prototypes to include in
their lineup of boats.
"Travelers marine specialists thoroughly
reviewed the functionality and operation of hybrid boats currently in
the marketplace," said Cyr. "Our
research suggests boat manufacturers will begin incorporating hybrid
designs into different models to provide a hybrid option similar to what's
taking place in the automotive industry."
A hybrid boat is specifically designed to reduce greenhouse gas
emissions and to conserve fossil fuels in comparison to the typical
gasoline or diesel only powered boats. Travelers defines a hybrid boat
as one that utilizes an integrated propulsion system that incorporates
both an internal combustion engine and an electric motor in its original
design. In this system, forward propulsion can be accomplished with the
use of the electric motor with or without the use of the internal
Travelers continuously seeks ways to enhance existing products and
develop new insurance solutions and services to address the impacts of
changing climate and encourage environmentally friendly behavior.
Travelers was the first insurance company to deliver a national hybrid
auto insurance discount, as well as the first to deliver an
insurance discount to electric boat owners. The company also provides business
insurance products for environmentally focused commercial customers.
For more information on the hybrid boat
insurance discount, or to find a local Travelers independent
insurance agent, visit www.travelers.com.
The Travelers Companies, Inc. (NYSE: TRV)
is a leading property casualty insurer selling primarily through
independent agents and brokers. Travelers understands that life and
business are inherently dynamic and that the best way to serve customers
is to deliver insurance in-synch with evolving risks. The company's
diverse business lines offer its global customers a wide range of
coverage in the auto,
settings. Travelers is a Fortune 100 company, with 2007 revenues of
approximately $26 billion. The company has more than 33,000 employees.
For more information on being in-synch, visit www.travelers.com.
*A discount of up to 10% applies only to certain coverages. The
discount may not be available in all states and is subject to individual
SOURCE: The Travelers Companies, Inc.
The Travelers Companies, Inc.
860-277-7014 / Cell: 860-202-3034