Here we go! Non-Renewal from NMU!

[ThirdHatt]

As so many others have experienced with various companies, I now have to deal with a non-renewal from National Marine Underwiters. They say that they have no market for vessels over 15yrs old and over 30' in my county. Why did they insure me last August with my 58' 35yr old boat?

I was going to call in anticipation of a high renewal quote to remind them that my boat survived 120+mph winds from Katrina with ZERO damage, because of the strong, deep and tall pilings and wide slip that I custom built for this 58' boat. I happen to live 1 mile away, I am on the boat daily and I am building my new home on the site where my boat slip is. I cannot believe that they wouldn't understand that I am a LOW RISK! I have NEVER made an insurance claim (boats, cars or otherwise) and I am about as far from an "absentee" owner as it gets without being a liveaboard (which I'm told poses it's own risks).

Now I am off to begin the long, painful and eventually expensive process of finding another company to insure me. Best part is, even though my out-of-the-water survey is barely 10 months old, I am being told that because it was just before Katrina, they will surely require ANOTHER survey! I'm terribly sorry that the insurance companies have actually had to dig into their deep pockets and pay out alot over the last several years, but PLEASE! This is why we have paid in so much for so long! When will it end!

[Bob Bradley]

Unfortunately, these are insurance people. They are only concerned with statistics, not reality.

You really wanna have a blast? Try opening and running an independent pharmacy in 2005/6. The poor insurance companies aren't making enough money, so they need me to subsidize them.

[J's Dream]

This is why we have paid in so much for so long! When will it end!

Unfortunately, it won't end for a while. Down here (Melbourne, FL) trying to insure ANYTHING is a nightmare. My homeowners insurance is being increased 110.5% in August. They are also discussing changing the flood plain and including my neighborhood in it, which will quadruple, yes quadruple, my flood insurance. It's getting difficult to make ends meet for so many people, and it's only getting worse.

[Jaxfishgyd]

Great timing,
I just sent out my check today for boat insurance. ACE also cancelled me as I live in Florida so had to scramble (my agent did a great job) to find someone who would.
My rate went from $2750 to $3925. A another year or two of increases like this and I'll be priced out of boating....

[Genesis]

Unfortunately, it won't end for a while. Down here (Melbourne, FL) trying to insure ANYTHING is a nightmare. My homeowners insurance is being increased 110.5% in August. They are also discussing changing the flood plain and including my neighborhood in it, which will quadruple, yes quadruple, my flood insurance. It's getting difficult to make ends meet for so many people, and it's only getting worse.

FYI if you have flood insurance and keep it renewed you are grandfathered if FEMA changes the zones - that is, your original elevation certification is still good - you are grandfathered.

This assumes you make no claim nor let it lapse, of course. If you make a claim and fall under their "50%" rule then you're screwed as you have to rebuild to the new elevation level in order to keep the preferred risk.

Now if you sell the house and someone else takes out a new policy......

I would talk to Chad Branch at Charter Lakes (I know, I've harped on this before); they were able to place Gigabite's insurance after Ivan when Boat/US tried to almost double my premium (with no claims and a nearly 10-year history of insurance with them!) at less than I was paying before with superior coverage. They were also able to place my new boat without any trouble even though I too live in Florida, and at an attractive price.

[Rickysa]

Charter Lakes has been great to me....I'm in NC, had a couple of (minor) claims on a previous boat, and they had no problem putting a charter package together for me.

[ThirdHatt]

Sad truth what so many of these companies are doing to us. I plan to give Charter Lakes a call tomorrow, but I wonder if they can even quote me this early when my policy expires mid-August. Often quotes are only good for 30 days. By then we will be well into the hurricane season and there may be a named storm so they CAN'T write new policies! Only time will tell......

[captddis]

I feel your pain! between my canalfront home, my 2 boats ,vehicles, umbrella, health and business, 35% of my income goes to the insurance industry. Other than a disc surgery, I have never had a claim, ever.
Welcome to FL. NO ONE wants to write policies!!! If they quote it is ridiculous. Right now I have a cust who has a deal on his boat, The buyers co will not insure the boat unless it is north of Cedar Key. So unless the seller wants to deliver the boat to the panhandle on his insurance, they can not close. I have another who lives out of town and could only get coverage EXCLUDING named stroms. For the bargain price of 8000.00. Now after a out of water survey, he gets a cancellation notice because his agent did not forward the survey in time. They said they MIGHT reconsider. What a bunch of ass--es. If any other business was run like this, they would be in jail or out of business.
I am really afraid that the middle class is being run out of boating.

[Angela]

I, too, feel your pain. I paid my annual premium in full back in mid March and have yet to receive the policy and dec sheet - just 30 day binders, the last of which expired June 2. The insurer has, at this point, breached the contract, but no harm is really done unless the boat is destroyed. I'm not saying their behavior is OK, but I'm not panicked about it yet - that's a lawsuit I'd win. At the same time, I'm not ignoring the situation either.

Charter Lakes told me "no" on my 26-year-old 58' MY in Florida, so I'm curious as to what they will tell you since you have a 35-year-old 58' YF. Although you're not in Florida (and they told me it was "Florida" that triggered the "no", but my memory is correct, Genesis had a different outcome with Charter Lakes and he's in Florida which makes me wonder if CL was truthful with me...I don't know), you're not really in any better location for this purpose either. I'd be surprised if Charter Lakes will write a policy for you, but if you don't ask, the answer is "no" for sure! So do try and let us know what they say.

Good luck - for those of us on just about any coast, I'm sure marine insurance is on everyone's mind, especially this time of year.

Ang

[jim rosenthal]

You may be able, if you can get a company that will look at the boat to insure it, to get the surveyor who just did the survey to come out and recertify it. That might save you a few dollars.

Has anyone here tried Hagerty Marine Insurance? I had them years ago on a wooden boat, and went back to BoatUS with the Hatteras. Hagerty have done a good job with my classic car collection, no complaints there as yet.