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for Insurance, Boats--North Carolina
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Previously, high interest rates and competition made insurance premiums for fishermen low, but with falling interest rates, companies have lost money and have left a limited market place for fishermen to gain insurance.
Properly insurance is a key element of business survival. When a tornado hit North Carolina in 1988, one man’s boat business was underinsured, and he paid dearly for the mistake.
Bill Sharpe warns against hurting North Carolina’s insurance industry in the pursuit to attract new corporations. While the 57’NC Legislature adjusted the corporate tax several million downward, the premium taxes on domestic life insurance were increased by fifty percent.