2020 Insurance Renewal

[Passages]

Since it's still 2020, thought I'd update this thread with the latest. This applies to South Florida only.

- As expected, there are fewer carriers willing to service this area.
- Expect 2021 premium to come in 50% higher than 2020
- Most policies want a PAID CAPTAIN on board if you are over 70'
- Age of vessel does not seem to be a barrier to coverage, but if over 20 years old, you'll pay more.
- We are seeing policies written with hurricane exclusions. If damaged during a hurricane, you're on your own. (Who would agree to that?)

[Mugiro]

If that's the case it looks like this will be my last year with them.

In my case it looks the same

[captcrunch]

As an independent insurance agent who does a lot of marine. Concept the lloyds based syndicate that was getting a lot of the older boat business is at capacity and not writing new business as well as looking for sharp increases. Absentee owners In the south east are most difficult to place. I do anticipate another lloyds based program entering the market sometime in 2021

[Passages]

I post this on every insurance thread, so here goes: call MTOA (Marine Trawlers Owners Association) and find out what their members policy is like and what it costs. It is $60 a year for membership and the savings in insurance was much, much more than that. We have a Markel policy through them that goes through the Jack Martin agency in Annapolis.

Is your 63' CMY insured through them? Cuz that's kinda what I have.

[Eddieclemons]

Well I "had" a really good quote (I thought) on a 52C that was 30+ years old with Geico Marine, I checked today after reading this and the agent confirmed that that is off the table. Nothing over 30 yoa and nothing over 40 foot like someone stated. Makes boat shopping/buying even more of a challenge.

[luckydave215]

The renewal for our '79 60C just came in the mail. $3200 for $400,000 agreed value machinery included with cruising grounds including Mexico.
My broker is Douglas K Smith marine insurance (San Diego) the carrier is Travellers.
I don't know if it matters, but I've been with the brokerage for 30+ years without a claim

[Westfield 11]

Is your 63' CMY insured through them? Cuz that's kinda what I have.

Yes, that’s who we have our policy with now.

[Scarlett]

Dave, I have been with Doug Smith for years. Before he passed away I used to race with him on his boat. Beth has done a great job since he passed. They also have me with Travellers. John

[Briankinley2004]

My policy renewed in October with Geico and the price stayed the same as last year. If it gets too high I will go liability only.

[aclhart]

Read through the entire thread as the market appeared to evolve during the year. We have a 1993 67’ CYED based in Clear Lake near NASA between Houston and Galveston in a shed with variable but decent protection on three sides and 34’ clearance. We were with Concept last year and just renewed with
them. The premium went up from slightly under $10K to a bit over $11K for $525K coverage plus $11K for the dinghy. However, the deductible went from 5% (10% for named storms) to 9% and 18% so almost self-insured.  Geico was 5% and 5%, but the premium was over $20K.

We have a friend with a 74’ MY who was only several weeks behind us in the renewal process. He was not able to get named storm coverage when we last spoke. The issue on the named storm coverage is the companies reinsure for it. In TX, we are also hearing only 4 carriers for boats in our general range. As carriers rapidly exited the market, those remaining quickly tapped out on their reinsurance. I plan
to reshop in April to see if the market has improved and avoid an end of the year crunch.

A question was asked about TX and insurance. We are rated with west coast of FL to Brownsville TX. I tried to get a TX only policy but was reminded how close we are to LA and that the standard rating is as above so it is possible this is a reinsurance issue to spread the risks. We have a friend who takes his
58' MY up the Tenn Tom during hurricane season, and I believe his rates are substantially lower.

Yet another reason to welcome in 2021!!!