Get ready for it...Insurance Renewal

[Hat52MY]

Received my new declaration page to renew the boat insurance. Was ready for the 20+% increase for having a vessel in Florida given the last couple of years of insurance losses. Keep in mind, I have had this boat for 10 years with NO claims. What I was NOT EXPECTING was their new tropical storm requirements (see below). I guess this admitted Insurance carrier is getting out of the marine market by driving away customers in lieu of canceling policies. And the cherry on the top is the new tropical storm deductible of 25% of the insured value!!! What are others experiencing with their renewal for the privilege to boat in Florida & Bahamas during hurricane season???

NAMED TROPICAL STORM PLAN REQUIREMENTS:
1. The insured vessel shall be hauled and secured on low jack stands and blocked, with the vessel lashed directly to the ground or to concrete blocks, one concrete block with a minimum weight of 5000 lbs to be located at each lashing anchor point. Lashing is to be accomplished using a minimum of one (1) tensioning strap located symmetrically on each side of the vessel for every 10 feet of vessel length. Each strap shall have a minimum breaking strength of 5000 lbs. Single straps may be run transversely across the vessel and lashed to the ground or concrete blocks on both sides of the vessel to accomplish required lashings. In addition, the vessel interior and stowage lockers shall be secured and locked to prevent theft and vandalism and all loose or removable items, components, parts, and equipment, including but not limited to personal effects, sails, cushions, canvas, covers, and booms, must be removed and properly secured to prevent damage or loss.

-or-

2. The insured vessel shall be hauled and stored in a building rated to withstand CAT 4 or greater storms.

-or-

3. The insured vessel shall be secured between two fixed piers or a fixed pier and a bulkhead or two bulkheads; these fixed structures to which the insured vessel is secured must be suitable to sustain the wave action of the NTS. The size of the berth and the manner in which the insured vessel is secured shall be such that there is a minimum of 6 feet of distance between the vessel and each fixed pier or bulkhead and any adjacent vessels or pilings. The insured vessel shall NOT be secured to floating piers or docks. The insured vessel shall be secured by a minimum of 4 doubled lines on each side of the vessel (16 total lines) with appropriate chaffing protection and shall include a minimum of bow, stern, head spring, and back spring lines. The insured vessel shall be fendered every 5 feet on its sides.

or-

4. The insured vessel may be moved in order to avoid the effects of the NTS and prevent damage or loss, provided the vessel is moved in a time, manner, and direction reasonably calculated to avoid the NTS based on the projected path of the NTS and provided the projected path of the NTS is monitored by the insured at all times. If the vessel is moved and then secured, it must be secured in accordance with requirement 1, 2, or 3 above, unless the projected path of the NTS indicates the vessel will not be affected by the NTS.

[racclarkson@gmail.com]

Great time to get in the fender and line business. The short take on this is that insurance companies are getting better and better doing what they do best--deny, deny, deny.

BTW, that's 24 lines if you at least double bow, stern and springs as I'm sure most of use would.

[lbkjj]

I just insured a new ( to me) Back Cove 37. Markel insurance told me, at the last minute, the boat would have to be hauled during any named storm.
Went with BoatUS/Geico based on advice from this site, no such hauling requirement. They simply asked for an emergency storm plan to secure the boat. 5% deductible in named storm.

[DavidSmith]

I find this line to be odd at least for my area in TX.

The insured vessel shall NOT be secured to floating piers or docks.

In my 40 years experience the fixed piers were NOT the place to be in a named storm. Yes I have seen a complete floating pier wiped out but the fixed piers were much worse in the same storms.

I know some areas don't have 16'+ pilings in their floating piers which is the norm in my area.

Just renewed my insurance at near the same rate as last year.

David Smith
Seabrook, TX

[Hat52MY]

That has been my experince as well with floating concreate docks. I found the language completely contradictory. I have gone through three serious hurricanes in Florida and the boats that have survived with the least amount of damage with proper preparation were those on floating concreate docks.

The good news, my Insurance Broker did some additional shopping around and we just bound a new policy with reasonable stipulations with a minor increase in rate.

Best of luck to those who have yet to renew their Insurance Policy, especially if you have a policy on Pantaenius paper!

[eze2bme]

Just renewed my insurance (BOAT/US through GEICO) and rate went up 42%. I'm in South Carolina on a fresh water lake 120 miles from the coast. BOAT/US said that due to the losses last year all in my "zone" have gone up to help cover the insurace pool. Damned!

[Dan Mapes]

Just renewed my insurance (BOAT/US through GEICO) and rate went up 42%. I'm in South Carolina on a fresh water lake 120 miles from the coast. BOAT/US said that due to the losses last year all in my "zone" have gone up to help cover the insurace pool. Damned!

We used BoatUS for YEARs without a claim. They went up sky high on us when the switch to GEICO happened and we bailed out. Just damn. Wanted to do the Exumas one more time.

[Entonces]

Just renewed my insurance (BOAT/US through GEICO) and rate went up 42%. I'm in South Carolina on a fresh water lake 120 miles from the coast. BOAT/US said that due to the losses last year all in my "zone" have gone up to help cover the insurace pool. Damned!

Same here, read my new document/ policy came in last month. Congratulating me on a diminishing deductible since I have not had a claim. Then they told me my policy increased by over 45% !!!

[Fish Tales]

I sit next to many marinas. During the last 2 hurricanes I busted my ass to secure my boat, remove all side curtains, tape every hatch and door, and secure the boat to pilings not dock cleats. Spent an additional 600 dollars in anchor lines to triple tie across the marina to additional pilings.

I am working hard and notice many boats not even looked at. Several owners come down and add lines I would not anchor my 13 whaler with. We spend too much time tending to other boats instead of ours so they will not get loose and become a battering ram. I baby sit the boat until winds are extreme, then go home to baby sit my home. As soon as winds subside, I am back at the dock, and I, and some other boat owners spend all day fixing other boats as to not damage ours.

Guess what. These same POS owners are now getting free paint jobs, new eisenglass, outriggers and railings. I had some damage, but paid out of pocket, as not to have a claim on me for future renewals. I just got a window replaced, and because of high demand, did the work myself. I have tried getting the local painter to paint my window frame and some scratches from blowing steel off the boat houses, but they are still backed up painting hulls.

Now my insurance goes up 45% to cover their freebees.

I should not have read this thread, I am re-Pissed.

You folks have a great week,
Tim

[Fish Tales]

Ok, so think about it. The cost to repaint my 65c is over 40 grand. My insurance went up an additional 3 grand a year. How many months for that to work out. Do the math.

Many of these boats getting all the free stuff, are all over 45 feet. Several up to 70. These owners put thought into this.

Tim