The results are in from the annual WaveLine survey of marine insurance for 2006. The survey reports a total rate decrease of 1.5 percent on marine insurance during calendar year 2006. However the overall result is somewhat misleading, as it shows significantly different results for different sectors of the marketplace:

Most notable, but probably least surprising, was the geographical split of results which range from an average rate increase in the Gulf/South of 6 percent to an average rate decrease on the West Coast of 1.9 percent. Most other US regions remain fairly stable with changes of less that 1 percent. This was supported by an overall drop in markets available in the South/Gulf of 1.1 percent, contrasted by all other regions reporting one or more new markets opening in 2006.

Dock & Piers, Personal Yachts, and Charter Sightseeing risks saw the biggest increases nationwide during 2006, of 7.1 percent, 8.2 percent and 5.6 percent respectively. However if you isolate these lines for respondents in the South/Gulf, those average rates more than doubled. Blue Water (oceangoing) vessel coverage reported rises of 3.0 percent for Hull and 3.8 percent for P&I. Marina and Boat Dealers reported the same 3.8 percent average rise, but again this is more than doubled when looked at only for risks located in the South/Gulf. Only two lines reported significant reductions: Longshore at 3.0 percent down, and Cargo at 3.9 percent down.