HARTFORD, Conn.—The Travelers Companies Inc., one of the nation's largest commercial insurers, said Tuesday that it plans to offer a discount of up to 10 percent for clients owning electric-powered boats.
The discount applies only to certain coverages, the company said, and may not be available in all states.
There continues to be a demand for electric boats in the current economy, Travelers said, as consumers deal with the rising cost of fuel. The boats also offer a more environmentally friendly option, the company said.
Most electric boats cost between $1 and $2 to fully charge for 10 to 12 hours of cruising time, Travelers said. This compares with about $50 to run a 10-horsepower gasoline engine or an 18-horsepower diesel engine for 10 hours.
Travelers shares rose 45 cents to $43.53 in midday trading.
