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  1. #11

    Re: 2020 Insurance Renewal

    You can get liability only , but you might have to change company. The insurance brokers don’t want you to reduce what you’re paying now. I have had liability only for over ten years. It only went up last year from $700 to $850 this is with Markel . This tells me that they are being squeezed, and searching for money. Another bad hurricane season and no insurance will be available.
    JMooney
    61 MY 1983 #341
    “Jerrie”
    Miami , FL

  2. #12

    Re: 2020 Insurance Renewal

    Quote Originally Posted by RonNP View Post
    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.

  3. #13

    Re: 2020 Insurance Renewal

    Quote Originally Posted by Pascal View Post
    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,

  4. #14

    Re: 2020 Insurance Renewal

    As an insurance broker, one of the driving costs of insurance ecspecially in Florida aside from storms is theft. With an abundance of multi outboard center consoles there has been a rash of motor theft claims which is also driving premiums aside from the storm damage. The fact there are many “absentee” owners also drives rate. I’d be glad to answer any insurance questions anyone may have.

  5. #15

    Re: 2020 Insurance Renewal

    Can you confirm that Florida has only 4 carriers willing to service this market? With so many boats in FL, there must be money to be made despite the risks.

  6. #16

    Re: 2020 Insurance Renewal

    Quote Originally Posted by Passages View Post
    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,
    $15k for a $3M 2009 84...
    Pascal
    Miami, FL
    1970 53 MY #325 Cummins 6CTAs
    2014 26' gaff rigged sloop
    2007 Sandbarhopper 13
    12' Westphal Cat boat

  7. #17

    Re: 2020 Insurance Renewal

    Quote Originally Posted by Pascal View Post
    $15k for a $3M 2009 84...
    I'm at $8500 for a 1988, 63 MY with a Hull Value of $285k.

    You are correct, it makes no sense.

  8. #18

    Re: 2020 Insurance Renewal

    There is a very limited number of carriers but more then 4

  9. #19

    Re: 2020 Insurance Renewal

    Quote Originally Posted by Pascal View Post
    $15k for a $3M 2009 84...
    pascal. That seems like a decent price to insure that boat. Who are you with?
    Thanks,

    Tony

    2008 Cheoy Lee Bravo 78 "Bella Sophia"
    1989 78' Hatteras CPMY #311 "Bella Sophia" (sold)
    2007 Everglades 290cc “Bada Bing” (sold)
    2006 Advanced Outdoors 28cc (sold)
    2003 Melges 24 "Bada Bing" (sold)
    2023 HCB 42 “Bada Bing”

  10. #20

    Re: 2020 Insurance Renewal

    Quote Originally Posted by Avenger View Post
    If that's the case it looks like this will be my last year with them.
    they told me as long as you stay current with them you are grandfathered in and they will continue to insure
    Mis b' havin
    1972 58 yachtfish
    58yf352
    pass christian, ms.

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