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Thread: Insurance

  1. #1

    Insurance

    Just received the renewal on my 74. The premium literally doubled with no claims. Not happening. Just a word of caution for those of you in the Florida area.

  2. #2

    Re: Insurance

    Thank the aholes that didn't haul or tie off well and had losses. It's going to be a few years before it stabilizes again.
    Scott
    41C117 "Hattatude"
    Port Canaveral Florida.


    Marine Electronics and Electrical Products Distributor.

  3. #3

    Re: Insurance

    That should be illegal.
    SEVEN
    1979 53' MY Hull #563
    Antioch, California

  4. #4

    Red face Re: Insurance

    Not a surprise... it s not just those who didn't tie their boats its those who left boats in places where there was no chance. I understand that options are often limited for smaller boats but here in the grove there were a number of larger boats that should have never been left in the exposed locations they were in. That includes two newish 65/75 sportfish and a 90' motor yacht docked at two marinas fully exposed to the open bay.

    Right now our marina waters are covered with diesel from a 65' Cheoy Lee that was finally raised today. It had been left on a tee head and had no chance whatsoever. See pic

    We are paying for this

    Then you have owners of lightly damaged boats who took zero precautions after the storm to prevent further damage. Not even adjusting the lines after the storm even though their boats without rubrail were rubbing on pilings

    Finally the insurance companies are paying crazy labor rates and appear not be trying to keep costs under control. There is a lot of money being made and free refits being done. Owners without hull insurance or with high deductibles are getting repairs done quickly, in water and at a fraction of the cost whereas insurers are just writing big checks with little attempt to control costs
    Attached Images
    Pascal
    Miami, FL
    1970 53 MY #325 Cummins 6CTAs
    2014 26' gaff rigged sloop
    2007 Sandbarhopper 13
    12' Westphal Cat boat

  5. #5

    Re: Insurance

    Forgot to mention that in all prior years, I received the renewal quote from the same agent 45 days before the policy expired. With this renewal, they gave me only six days notice before expiration. After speaking with them, they refused to adjust the premium, advised that they did not shop for any other quotes and gave some bs about it being twice as expensive to remain in Florida(not in hurricane season) than to go North and South each year ( not in hurricane season). I am now looking in to another broker. It is a real shame because for the past ten years, they have been great but, then again, it is easy to be great with no claims.

  6. #6

    Re: Insurance

    Pretty sure your broker must be in violation of notification requirement for policy renewal, especially involving major changes.

    Everyone should be expecting auto policy increases in the very near future. The carriers are getting killed on multiple fronts, mostly distracted driving and increasing repairs costs because the cars are so complicated along with the automakers placing patents on their parts so they can't be duplicated by the aftermarket folks.
    Took them a long time to figure out the drug makers key to success.
    CRICKET
    1966 HAT50C101
    Purchased 1985 12v71Ns
    Repowered 1989 with 8v92TI
    Repowered 2001 with 3406E

  7. #7

    Re: Insurance

    And don't forget the million or so cars flooded between Harvey and Irma, most because the owners didn't even try to move them to high ground.
    Pascal
    Miami, FL
    1970 53 MY #325 Cummins 6CTAs
    2014 26' gaff rigged sloop
    2007 Sandbarhopper 13
    12' Westphal Cat boat

  8. #8

    Re: Insurance

    I am in the middle of closing on a 55 Convertible. When I first started looking at her in May I sent the survey to my agent who got a quote of 1800 from the carrier on my other boats. They were ready to bind and I told them no I was still negotiating. After shopping and offering all summer I wound up making a deal on the same boat just prior to the storms. Now the cheapest quote is $3,800 with a $12,000 deductible on an 80K coverage. The original company he shopped says they cannot cover "due to the age of the boat and mooring location". Thinking of going liability only and self insuring. I will already be 15 grand in hole if I had a loss in first year

  9. #9

    Re: Insurance

    Quote Originally Posted by Briankinley2004 View Post
    I am in the middle of closing on a 55 Convertible. When I first started looking at her in May I sent the survey to my agent who got a quote of 1800 from the carrier on my other boats. They were ready to bind and I told them no I was still negotiating. After shopping and offering all summer I wound up making a deal on the same boat just prior to the storms. Now the cheapest quote is $3,800 with a $12,000 deductible on an 80K coverage. The original company he shopped says they cannot cover "due to the age of the boat and mooring location". Thinking of going liability only and self insuring. I will already be 15 grand in hole if I had a loss in first year
    We decided to go this route as well. We have a liability policy and self-insuring the boat itself. After 6yrs we should be in the positive on the deal. Of course if the boat burns to the ground tomorrow it is going to be painful and will definitely hurt my feelings, but eh, life will go on.

  10. #10

    Re: Insurance

    Here is another reason why insurance is going thru the roof. 92' hatteras left on a side tie in the icw near boyton beach or boca.

    No excuse to leave a boat like that with the speed, range and crew to get out of the way

    https://instagram.com/p/BaG56wTDCbz/
    Pascal
    Miami, FL
    1970 53 MY #325 Cummins 6CTAs
    2014 26' gaff rigged sloop
    2007 Sandbarhopper 13
    12' Westphal Cat boat

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