2020 Insurance Renewal

[Passages]

This is always a fun topic - especially if your boat is over 15 years old and you keep in in Florida.

It's not all good news, but it's not horrible either.

According to my broker, this is what we have to look forward to:

The Florida market is down to 4 carriers. Shopping around will not take long.
Vessels over 15 years old will be harder (not impossible) to insure.
Vessels over 70' will be harder (not impossible) to insure. There may be a clause requiring a professional captain to operate the boat.
Actual Cash Value in now the rule. (You're not getting new for old anymore)
Switching carriers is not easy. Some will renew but not take on new customers If you have a carrier that that is willing to renew, that will likely be your best option.
Premiums will go up between 10-100%.

For me, it was not too bad all things considered. My carrier will renew, premium increased 13% and I lost the 'new for old" replacement clause. I will only get 20% of material compensation but 100% labor covered.

[Dan Mapes]

When BoatUS went with Geico we got out. I often wonder about rates in other states like Texas, Alabama and Louisiana. I know up North it gets much better. But Florida with a Bahamas endorsement was killer. Granted a Bahamas endorsement is crazy if you want to hit the Abacos (post Dorian) but a couple of month trip to the Exumas must be costly these days.

[Passages]

My approved cruising grounds is Florida & Bahamas. My premium is 3% of hull value.

I asked my broker if there was a real advantage to going north during hurricane season to save on insurance. There really isn't. You will likely see a 20% savings in premium which is far less than the cost of moving a boat 500 miles north.

[RonNP]

My carrier in California quit insuring yachts, Old Reliable Insurance. I"m now with some outfit called New Hampshire
my premium went from $2800 to $5000 a year for same coverage, same deductible. Less competition sucks

[Pascal]

Insurance makes no sense. 3% of value on older boats but on bigger newer boats Like the 84 footer I run it s 0.5% of the boat value... incl occasional charters.

[SeaEric]

My renewal with Markel jumped 20% for the third year in a row. My agent sent me to New Hampshire at a premium where i was back 3 years ago. Geico BoatUS advises that they no longer write boats over 50 years old.

[Passages]

Insurance makes no sense. 3% of value on older boats but on bigger newer boats Like the 84 footer I run it s 0.5% of the boat value... incl occasional charters.

We had a 75' Lazzarra at the club that recently sold. Insurance was one of the deciding factors prompting the sale. Said he had to pay $20,000 for coverage. I believe it was early 2000's vintage and sold for around $500k,

[Passages]

My carrier in California quit insuring yachts, Old Reliable Insurance. I"m now with some outfit called New Hampshire
my premium went from $2800 to $5000 a year for same coverage, same deductible. Less competition sucks

I'd be thrilled with a $5000 premium on my 1988, 63 MY. Insurance went nutz in FL after Irma in 2017. 2018 was not a bad storm season and my premium went down $1000. 2019 was Dorian, and even though it did not hit the US too hard, the devastation it could have caused spooked the insurance industry.

[sharnepaul]

When BoatUS went with Geico we got out. I often wonder about rates in other states like Texas, Alabama and Louisiana. I know up North it gets much better. But Florida with a Bahamas endorsement was killer. Granted a Bahamas endorsement is crazy if you want to hit the Abacos (post Dorian) but a couple of month trip to the Exumas must be costly these days.

Can you explain it in detail

[Passages]

Thought I'd revive this old thread...

This weekend's dock chatter was all about the difficulty in getting insurance in the years to come here in the southeast corner of the USA.
Conversation went something like the biggest risk to the future of vintage boat ownership in hurricane alley is not loss of marinas, sea level rise, the economy or who wins the November election. It's the inability to get insurance.
So the solution would be to summer somewhere north of Virginia and venture south (or not) Nov-May.

This may morph the thread, but being the OP, I can probably get away with it.

So, I'm retired and wife can work anywhere there's good cell and wifi service.

I'm not familiar with the Chesapeake so looking for suggestion for favorite marinas and locations. I know Dr. Jim is happy with St. Andrews. Any other suggestions?