Genmar Announces Exclusive Service Protection Plan for New OMC Outboards

October 3, 2001

****Now Available to All Dealers through First Protection****In the wake of Outboard Marine Corporation’s bankruptcy filing, Genmar Holdings, Inc., today announced an exclusive service protection plan for new Evinrude and Johnson outboards available to all existing OMC engine dealers. The program, made available through First Protection Corporation (FPC), will provide guaranteed service coverage on new engines in dealers’ stock or packaged on boats – regardless of the boat brand — with a term equal in length to the original manufacturer’s warranty.
“Despite OMC’s problems, we want customers to feel safe making the choice of an Evinrude or Johnson engine,” stated Genmar Chairman Irwin Jacobs. “For the sake of the entire marine industry, we felt it Important this service coverage be universally available, not just on Genmar boats with these engines.”
Evinrude and Johnson engines maintain a market share of more than 30 percent in North America. Genmar, the parent company to 12 boat brands, has been one of the largest customers for OMC engines.
First Protection, the originator of marine service agreements, will be the administrator of this exclusive program, which is underwritten by a FPC affiliate, Lyndon Property Insurance Co. FPC has been administering marine service agreements since 1978 and is a wholly owned subsidiary of Protective Life Corporation, a publicly traded company (NYSE “PL” ) with assets of in excess of $14 billion.
“With First Protection as the administrator, customers get the comfort of dealing with the most experienced marine service company,” noted Jacobs, “as well as one that has tile insurance in place to back up its coverages.”
The Genmar/FPC program is available for all new Evinrude or Johnson outboards -carbureted, Ficht, or 4-stroke – when sold to retail consumers. Coverage is also available for any such engine that has been sold and delivered since October 1, 2000.
Genmar dealers will receive detailed information on the service protection plan from their OEM boat builder. All other dealers can get information through First Protection by calling 800-328-8690.


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