Global Under Menu
Home > About IMUA > History

History

By the end of the 1920's, inland marine insurance had flourished. However, intense competition among marine insurers resulted in inadequate rate levels and poor underwriting results. To establish some order within the industry, over 140 insurance companies organized the Inland Marine Underwriters Association (IMUA) in 1930. The purpose of IMUA, was to stabilize the new line of insurance with respect to agency commissions, to control rebating and unfair discrimination, to develop standard forms and clauses, and to establish rating methods for those classes that lent themselves to class rating.


In 1944, the United States Supreme Court held that insurance was an interstate commerce subject to the federal antitrust acts. This decision had the effect of forcing the separation of IMUA's rating bureau and trade association functions. IMUA transferred its form-drafting and rating functions to the Inland Marine Insurance Bureau, which in 1971 became a part of Insurance Services Office. IMUA continued to operate solely as a trade association. In 1976 the Nationwide Marine Definition (originally published in 1933) was once again amended by the National Association of Insurance Commissioners (NAIC) and remains in place today.  IMUA has been committed to legislative & regulatory advocacy on behalf of its member companies, training & education of our industry professionals and research & information dissemination.  Our mission is to:


Champion the interests of the inland marine industry and foster the education  
and development of industry professionals.

 
  

56 Beaver Birthplace of IMUA

Birthplace!  56 Beaver Street, where the Board of Underwriters of New York maintained the offices in which IMUA's organizational meetings were held,
1929 - 1930.