Marine Insurance

[tonytrakovich]

Where are you guys getting insurance? 1989 78 foot CPMY. Boat lives in Lighthouse Point, FL. I live in WI. There is someone in LHP that looks after boat every day. My current carrier is raping me, I think. $16k/yr. I renew July 11. Any ideas would be appreciated.

Tony

[RonNP]

Got mine here : http://www.overseainsurance.com/

Full coverage for a 63' 1987 MY, I pay $2300 a year. My coverage only covers travel around California and Mexico. Ask for Jamie Nelson, very nice people.

[saltshaker]

Seaworthy was pretty good but now they are Geico. I was told there was no change in policy or coverage. Seaworthy was a Berkshire Hathaway company so they claim the change was in name only. They used BOATUS for claims service and I think they now have taken over the BOATUS insurance coverage. Geico doesn't give me a good feeling for yacht insurance. Your biggest challenge is going to be the fact that the boat is in Fl and you're in WI. If you own property in FL the rate will be much lower. Try Beale Marine http://www.bealemarine.com
They wrote my policy while my boat was in Fl and I was in NJ

[Boatsb]

Call atlas insurance in cocoa florida. Jim or Rus. Great guys and will give you straight answers.

[javandy]

Call Doug Pike Anchor Marine In Ft Lauderdale. Tell him Jim from Illinois told you. He is the best I have ever dealt with. He saved me 2000 dollars. His number is 850-226-2546

[tonytrakovich]

Thanks guys,

I have calls in to all of these companies. So far Atlas has been the most responsive. Also talked to Oversea and realized that I talked to them last year and they never got back to me.

Let's see what happens.

[dottieshusband]

Check out Ace Recreational Insurance. Never had a claim, but rates are reasonable.

[saltshaker]

Check out Ace Recreational Insurance. Never had a claim, but rates are reasonable.
Ace won't cover you in FL during hurricane season unless you own property and live there. I had Ace and they wouldn't cover FL unless I had a full time captain who worked on my boat exclusively. Great policy otherwise.

[captddis]

A customer of mine had a pristine 1978 53YF he bought new. Ace was the carrier and the premium was 8,000/year.
After a ride one of the shaft log hoses came lose. the only real damage was the generator got wet.
everything was prorated and they only paid 30% of the claim.

[bobk]

You need to read and understand any policy. The fine print will get you every time. I have Travelers through the MTOA endorsement and it is a wonderful policy. It covered an engine rebuild when an O-ring seal in the cooling circuit failed and I only had the policy two months at the time. That was covered under consequential damages. BUT, the boat must be north of Cape Hatteras for the hurricane season and you need to be an MTOA member to get that special endorsement.

Bobk
1981 48MY
Baltimore Yacht Club

[northshoreone]

Geico was the best coverage I could find for FL without a Captain warranty for $600k coverage it is $8k a year. Dawn Speros Gowrie Group 401-848-0200. I checked with Boat US and my agent for my house in FL they were both at least $4k higher than her for the same policy!

[Bill Root]

I've had Boat US for years, both on BUFFALO GAL and the 43DC I had before her. This year they switched their underwriter to Geico and hit me with a 30% rate increase. Would have been 50% but I complained loudly and got a reduction. The new premium is 50% higher than when I bought BUFFALO GAL five years ago, although coverages are exactly the same. I'l certainly be shopping around..

[saltshaker]

You need to read and understand any policy. The fine print will get you every time. I have Travelers through the MTOA endorsement and it is a wonderful policy. It covered an engine rebuild when an O-ring seal in the cooling circuit failed and I only had the policy two months at the time. That was covered under consequential damages. BUT, the boat must be north of Cape Hatteras for the hurricane season and you need to be an MTOA member to get that special endorsement.

Bobk
1981 48MY
Baltimore Yacht Club
I had travelers and they were fantastic. They covered an engine rebuild due to a faulty head gasket that failed. I never would have put in a claim of it weren't for my mechanic suggesting I call and inquire. Paid for everything and no rate increase. They covered me in FL but not during hurricane season.

[jrbrein]

What is MTOA? Thanks

[Bugsy]

For agreed value coverage for a 43 Conv. with a 2014 21 Montauk Whaler tender and 2 million liability.; environmental; longshoreman's; and, Florida and the Bahamas coverage. I pay $2500 CANADIAN. I am required to have a "Hurricane Plan" for named storms. The insurer is pacific marine. I suspect you have to be Canadian.

[BobWaz]

What is MTOA? Thanks

I believe it is Marine Trader Organization of America. A group originally started by Marine Trader Trawler owners.

[saltshaker]

Geico was the best coverage I could find for FL without a Captain warranty for $600k coverage it is $8k a year. Dawn Speros Gowrie Group 401-848-0200. I checked with Boat US and my agent for my house in FL they were both at least $4k higher than her for the same policy!
If Dawn endorsed the policy I wouldn't worry. Dawn took care of my insurance for 15 years. She couldn't get me decent coverage for Fl as a non resident so she recommended Seaworthy. At the time she didn't sell Seaworthy but still felt it was the best policy for my situation. Not often you see that level of concern for what's best for the client.

[bobk]

What is MTOA? Thanks

MTOA stands for Marine Trawler Owners Association. It is a cruiser oriented bunch with 1000 members, YCA membership and lots of other bennies. One of our members is a retired insurance industry exec and he negotiated some special advantages for us with several quality companies.

We have everything from sailboats to sport fish boats, but most are trawlers and MY's. Reasonable dues structure and worth that for the insurance program alone. Check out the web site if interested.

Bobk

[tellico]

MTOA stands for Marine Trawler Owners Association. It is a cruiser oriented bunch with 1000 members, YCA membership and lots of other bennies. One of our members is a retired insurance industry exec and he negotiated some special advantages for us with several quality companies.

We have everything from sailboats to sport fish boats, but most are trawlers and MY's. Reasonable dues structure and worth that for the insurance program alone. Check out the web site if interested.

Bobk

MTOA insurace is 99% through Jack Martin in Annapolis now. You can speak directly to them and they can tell you the MTOA rates. Great org though. Well worth the fee.

[tonytrakovich]

Here are my results. Oversea failed to call me back again. Dawn Speros was great. Spent a lot of time with me and got quotes out fast. She quotes Geico. Unfortunately her quote was very high. John Beale was great and came in at the best price of those that I looked at. Also the policy was domestically written, instead of a Lloyds policy. I ended up going with John.

[polarizer]

Probably to late, but try Christi Insurance http://www.christiinsurance.com/
Ask for Eric McDowell. They have travellers as the underwriter and they write a ton of insurance for the marine industry and probably 7-10 policies on new boats coming out of Viking yachts.
Good luck

[KPTIM]

Agree,
Christi Insurance.
Ask for Eric.

Last Year Eric helped me secure insurance for my 1979 53' MY that I purchased. The boat had to be financed.

He was able to broker insurance through ACE.
$1800 per year, coverage for the Chesapeake Bay down to Coin Jock NC.

These folks are really good.

Tim