Yeah it s crazy how premiums increase so drastically on older and smaller boats. The first 3 years were with AIG which pulled out of the market last year. I can recall who we re with now, I ll have to check the file. Premium was pretty much unchanged with the new carrier. Renewing in two months . There were no increase after IRMA though which was weird.
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Thread: 2020 Insurance Renewal
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Re: 2020 Insurance Renewal
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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05-16-2020 05:23 PM #22Senior Member
- Join Date
- Apr 2005
- Posts
- 2,826
Re: 2020 Insurance Renewal
Have another data point for you guys:
1999, 74' Cheoy Lee with an agreed hull value of $1MM. Berthed in Ft Lauderdale
2019 premium = $12k
2020 premium = $20k
Owner says it due to the boat being over 65' and 20 years old. He will be putting the boat up for sale and purchasing a newer 45 footer.
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Re: 2020 Insurance Renewal
Here is what I found REALLY weird.
I had a total loss due to Hurricane Irma. I was insured with Seaworthy which was BoatUS’s charterboat carrier that then became GEICO. GEICO was the company that paid my total loss claim, and they were absolutely incredible to work with. There was never a confrontational moment during the claims process.
Two years later, went to buy a boat and one of my contingencies was that I could get insurance coverage and a binder prior to closing. Started shopping around. My own broker pretty much struck out. Everyone writing policies in Florida turned me down due to the loss I had, except ONE - the ONE who paid the claim. Yes, that’s right; GEICO was the only one willing to insure me. My broker quoted me with GEICO but it came with a caveat that I had an “executed haul-out contract for every storm” in hand prior to issuing the binder.
So, I went to work trying to find something in Miami that was off the charts. No joy. In Miami, hurricane plans are all about who has the deepest pockets. I could find only ONE place offering a hurricane contract and it was on the terms that you pay around $5,000 and change for the pure option of getting to pay for haul out and storage at a huge per foot/per day rate. Doing the math, it was just too rich for me.
As a last effort to throw one over the bow, I contacted an agent in Michigan. He get me an agreed value policy with GEICO with no strings attached. I even asked, “You and they know I had a total loss claim in 2017 with GEICO, right?” Yes, no misunderstanding. I asked again just to make sure because I just could not believe this. I offered them my survey and they didn’t want it - said the boat was not old enough. Whatever - never heard those words before!! I offered them my hurricane plan and they didn’t want it. They insured me without any of that. Being skeptical, I watched my bank account to make sure GEICO cashed my check, and the policy showed up in the mail.
Now, for my own comfort, I did procure a dry storage contract (and have already paid for it) to haul out for the months of August, September, and October at a yard inland around Stuart down the Okeechobee Waterway, but before you get to Lake O - between Stuart and Indiantown. The boat will be chained down to anchors in concrete during that time, and I can schedule all my yard work, if any, during that time, every yearn. I’m good with not having a boat in a slip, or even in the water, in Miami during those three months. I can go lobstering in the Whaler during that time and enjoy my condo with the pool.
In summary, I am shocked GEICO insured me again (agreed value) and didn’t even want a survey or hurricane plan. I hope that other shoe doesn’t fall next year and slap me right between the eyes.
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Re: 2020 Insurance Renewal
This is about as much logic as your typical insurance company employs. Glad it worked out for you.
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05-17-2020 10:05 AM #25Senior Member
- Join Date
- Jun 2007
- Posts
- 4,974
Re: 2020 Insurance Renewal
A few years ago, boat US wanted to jack up my premium. I called them and said this is not acceptable and I will leave if you raise my premium. "Sorry sir, blah blah, this is the price blah." Mind you, there were no major storms or losses on the east coast that year.
I started talking to various insurance brokers, and one got me a policy cheaper than the current (pre-jack up rate) I was paying with boat US. The underwriter he got me coverage with was....Geico, who was taking over boat US at the time. I don't try to understand any of it anymore.FTFD... i drive a slow 1968 41c381
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Re: 2020 Insurance Renewal
Agree that insurance companies are crazy. Just completed 2 surveys on medium sized older power boats with full mechanical surveys also by licensed mechanics.on both boats the insurance companies told the buyers that they only wanted my general survey and did not require the mechanical survey which leads me to believe that maybe the insurance companies are now not covering engines any more. Might be something to confirm if you are renewing. John
Mahalo V
1974 53 Motoryacht
Hull Number 406
San Diego, Ca. Ready 32 Nordic Tug, Brunswick Ga.
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05-17-2020 07:07 PM #27Senior Member
- Join Date
- Jun 2015
- Posts
- 339
Re: 2020 Insurance Renewal
A lot of carriers do exclude mechanical breakdown on older vessels
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Re: 2020 Insurance Renewal
Just renewed my 72 Hatteras 45C Home Port San Pedro Ca. with cruising grounds to include Mexico.
$1358.00. No increase from last year.
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05-25-2020 02:34 AM #29Registered Member
- Join Date
- Oct 2009
- Posts
- 28
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Re: 2020 Insurance Renewal
After many many years with BoatUS (including Geico years) our last premium including the Bahamas was over 4 grand for an '85 43 foot m/y..
Regards
Dan