Finally found cheap insurance

[Jaxfishgyd]

I know this has been a sore spot for Ang..... As with all of us living in Florida.

Great Lakes UK gave me a quote of $ 3840.. Which as they explained to me was DOWN by $40 from last year...

Surprisingly BoatUS came in at only $3400,but with more "stuff".

My boat surveyor told me about IWSF (international water safety foundation).

They gave me a quote of $2130. This is just your basic policy, $500,000 liability and a few other add ons.

But least it's a savings for those who only want/need the basics.

The "market value" is listed at $99,000. It would of been $110,000 but I asked for the lower value due to some legal crap I have going on.....

[ThirdHatt]

Congrats! It is that time of year again for me too. I expire Aug 15th. It is painful, but it has to be done. I'm going with Markel's Helmsman Yacht Policy again as they came in the same as last year and require no new survey. My survey is from 2005 but Markel accepted it for 2007/2008 after they got a letter from the boat yard that painted the boat last year saying that it had no Katrina storm damage to repair and the paint job was just to stay on top of maintenance.

For $300k agreed value and $1M liability the price is $7,349 with a 5% deductible. That is not cheap by any stretch, but apparently it is in line with the current market for these older boats on the Gulf Coast and Florida. At least it is much less than Boat U.S. wanted for much less coverage.

GOOD LUCK to everyone working on renewals!

[SeaEric]

I just Googled "international water safety foundation" Some not so cool stuff came up. Better take a look at that.

[julesallyn]

Charlie,

I got a low quote from IWSF a couple of years ago and did some research. At that time they were not licensed to do business in Florida due to insufficient assets. I also found some disturbing info regarding claims, i.e. claim not paid because owner was not onboard at time of incident. As I said, that was a couple of years ago, so things may have improved. I would recommend you do a little research before making the plunge. If they are now licensed and things check out positively, please let us know. They do offer some great rates. Let me know if you want some specifics and I'll see if I still have the info in my insurance file.

Julie

[captddis]

I just got a pleasant suprise! BUS gave me a 20% discount for being claim free this year. The discount had been 10% before, the premium actually went down.

[yachtsmanbill]

Re:international water safety foundation
I called for a quote for LIABILITY only coverage. Their quote was $442 for steaming coverage as opposed to BOAT US @ $1300 for port risk. I asked BUS about the extra cost and their response was that it includes $800 K in environmental cleanup insurance. HUH??? They also stated that 35 year old boats were prone to having fuel lines leak and get pumped OB.
As I am the sole operator, and insured, what can go wrong? FWIW... the same coverage in FLA is an astounding $512 per year. ws

[J's Dream]

For liability only, don't bother with a questionable company. I went through Atlass Marine, and am written with Progressive for $500,000 liability, fuel spill, etc, all for just over $400 per year.

Oh, and no survey needed either.

Jason

[Genesis]

Fuel spill liability is absolutely essential.

You need it. Sorry, on any boat, you need it.

You don't want to know how expensive that bill will get if you sink (and release fuel) or otherwise have a problem (e.g. a leaking tank that gets pumped overboard, etc)

Run, don't walk, to a carrier that has that coverage. Your liability is personal on that one and the government both can and will come after you.

[Capt K]

As a long-time insurance guy, I gotta tell you, don't give up the important stuff, like fuel spill coverage, for price. You'll pay later!

The Feds and the DEP are brutal when it comes to any kind of spill/leakage.

Be smart, not cheap.

K