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Thread: insurance

  1. #11

    Re: insurance

    Quote Originally Posted by Maurice View Post
    I surprisingly just read an article that said few insurance policies cover "consequential damage". I other words if your boat sinks because a sump pump failed, they will pay for the sump pump, but no the boat. That's why the liability policy alone does not cost much more that full coverage. Must clarify my policy!
    I am not sure where you got that. Liability is substantially less than full coverage.
    Prometheus
    1978 53' MY Hull #529
    Viera, FL

  2. #12

    Re: insurance

    Quote Originally Posted by captcrunch View Post
    Very recently geico boat us is not writing boats over 40ft. That quote may not be valid anymore. Florida is Florida for insurance purposes
    I spent a good while on the phone with Geico/BoatUS today and got some details:

    They're not insuring boats over 40 years old anymore. So, my prospective 1984 still qualifies.

    They're not insuring boats over 50' anymore, either. So, the 52C is out of luck. However, they said they'll "probably" honor my quote and insure the boat only because I got a quote just before they closed the door. Honestly, if they weren't fond of an 18 month old survey the seller gave, they probably would have told me to pound sand.

    So anyway, screw 'em. If I get the boat next week, I'll eventually replace the policy wherever it saves me a buck.
    Last edited by JuiceClark; 01-20-2021 at 07:34 PM.

  3. #13

    Re: insurance

    Quote Originally Posted by Maurice View Post
    I surprisingly just read an article that said few insurance policies cover "consequential damage". I other words if your boat sinks because a sump pump failed, they will pay for the sump pump, but no the boat. That's why the liability policy alone does not cost much more that full coverage. Must clarify my policy!
    I looked at my BoatUS/Geico policy and consequential damage is covered. In your example, they will not pay for a bilge pump that wears out, but will pay for the boat if it sinks. A better example would be if a raw water hose were to burst (or a more recent discussion, a PSS seal fails). A failed bilge pump wouldn't result in a sinking generally, unless it was accompanied by some other failure that lets water into the boat.

    Specially...

    C. Exclusions


    1. Coverage will not apply to any loss, damage or expense caused directly or indirectly by:


    a. Wear and tear, gradual deterioration, rot, corrosion, weathering, electrolysis, stray electrical current regardless of source, vermin, animals, marine life, insects, mechanical breakdown, electrical breakdown, structural breakdown, overheating or galvanic action. This exclusion does not apply to immediate consequential
    property damage resulting from fire, explosion, sinking, demasting, collision or stranding;

    Prometheus
    1978 53' MY Hull #529
    Viera, FL

  4. #14

    Re: insurance

    Quote Originally Posted by captcrunch View Post
    Very recently geico boat us is not writing boats over 40ft. That quote may not be valid anymore. Florida is Florida for insurance purposes
    GEICO is sponsored by Boats U.S. Ever since they became tied together at the hip the product they push has IMO gone downhill. I worked in the insurance field for over 30 years, several of those years as an underwriter, so I do understand underwriting issues but the supposedly largest advocate of boating has abandoned it's mission. Maybe it's time to stop supporting Boat's US.

  5. #15

    Re: insurance

    There are many other better quality and better priced policies then geico/boatus.

  6. #16

    Re: insurance

    Quote Originally Posted by captcrunch View Post
    There are many other better quality and better priced policies then geico/boatus.
    I'm listening.....
    "The only thing that always works on an old boat is the owner" - Some Wise Guy

    1976 46' Convertible
    Bayou Chico
    Pensacola, Florida

  7. #17

    Re: insurance

    Quote Originally Posted by JuiceClark View Post
    I wonder if Se FL is more expensive than Sw FL? It's plausable, since life is so much faster over there. Still, one is more likely to smash the running gear on an oyster bar over here.

    I got a quote from BoatUS/Geico two weeks ago for the '84 52C I'm considering. It was $5,625 with an insured value of $115k. They said they won't insure that boat for less. (even though they probably won't pay me that much if it's totaled) That seemed about right to me?
    So that’s about a 5% premium. This is insane. The whole insurance market is upside down. How can anyone justify and explain such premium when insurance companies insure newer larger boats for HALF A PERCENT of hull value!! The 2009 84 footer i run is insured for close to $3M for a premium of about $15k.
    Pascal
    Miami, FL
    1970 53 MY #325 Cummins 6CTAs
    2014 26' gaff rigged sloop
    2007 Sandbarhopper 13
    12' Westphal Cat boat

  8. #18

    Re: insurance

    I have been with United Marine Underwriters for probably about 10 years

    https://www.unitedmarine.net/boat_in...cht-insurance/
    Sky Cheney
    1985 53EDMY, Hull #CN759, "Rebecca"
    ELYC on White Lake--Montague, MI

  9. #19

    Re: insurance

    Quote Originally Posted by Pascal View Post
    So that’s about a 5% premium. This is insane. The whole insurance market is upside down. How can anyone justify and explain such premium when insurance companies insure newer larger boats for HALF A PERCENT of hull value!! The 2009 84 footer i run is insured for close to $3M for a premium of about $15k.
    It's a total ripoff...especially for a maintenance nut like myself.

    Quote Originally Posted by SKYCHENEY View Post
    I have been with United Marine Underwriters for probably about 10 years

    https://www.unitedmarine.net/boat_in...cht-insurance/
    Noted...and thanks.
    I've forgotten a lot, after taking 10 years off from boating. I had a 45 Key West #1 in a corp. insured with them for Hurricane Charley. Nothing happened to that old tank but a bunch of scratches from stuff hitting it and some piling rash. They eagerly paid for a total repaint.

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