Holy Smokes - South Florida Insurance Sticker Shock

[Passages]

Just got my first quote for insurance assuming I leave the boat in S. Florida to get some work done. I was not sure when I would actually be making the run north so I told the agent to plug in Ft. Lauderdale as the home port.

carrier is Loydes of London
2% deductible
1MM Liability, pollution, fines, etc (not much really)

Annual premium = $7042


Yawza. I know about increase storm risk but a buddy has a 2004 Horizon 63', also in Ft Lauderdale with an agreed hull value twice mine and his premium is $1000 less. What gives?

[Pascal]

Lloyds I see not cheap... shop around, this makes no sense.

We re paying $14k for the 84 I run with a $3M value...

[dottieshusband]

Also be aware that you're entering a sales tax minefield. It may be to your advantage to declare a Florida hailing port, or perhaps not. But be aware, boats purchased in Florida have to be out of the State in 10 days (my recollection) or they are subject to Florida sales tax. There is an extension for vessels that are in the care, custody, and control of a repair facility...but keep good records. Florida did come after me for taxes but fortunately I had kept good records and complied with Florida law.

[Boatsb]

Florida's probably less than Connecticut.

[Passages]

Florida's probably less than Connecticut.

In everything EXCEPT marine insurance.

[Boatsb]

I meant sakes tax.

For insurance call atlas in cocoa.

Ask For Jim or russ

[Pascal]

Also be aware that you're entering a sales tax minefield. It may be to your advantage to declare a Florida hailing port, or perhaps not. But be aware, boats purchased in Florida have to be out of the State in 10 days (my recollection) or they are subject to Florida sales tax. There is an extension for vessels that are in the care, custody, and control of a repair facility...but keep good records. Florida did come after me for taxes but fortunately I had kept good records and complied with Florida law.

It s at least 30 days and can be extended especially if the buyer is not a fl resident.

[northshoreone]

I'm paying $8k for $600k value for year around in FL west coast, with a large named storm deductable!

[Passages]

I'm paying $8k for $600k value for year around in FL west coast, with a large named storm deductable!

Who are you using?

[Freestyle]

Mine jumped from $6k to $8k for $325k agreed value and the usual deductibles and limits. Then I agreed to limit Bahamian cruising to Bimini Abacos and Exumas and it dropped to under $6k. No big deal for me given work pressures but it helps to have an agent working the deal.

I use jackmartin.com and Renee is my contact point.

Bruce
Freestyle
Tampa
62 CPMY (58 MY with cockpit extension)