Here we go! Non-Renewal from NMU!

[Walter P]

Bob, I have Allstate and have all my insurance coverage with them including homeowners, cars, umbrella, business vehicles and 2 boats. I also get all the available discounts including active member (coxwain) of the CG Aux for many years with all the available training that goes with it. Also the diesel discount applies. Most of the discounts must be asked for, they won't ask you. Another major consideration is a fairly high deductable. It doesn't make sense to put in claims for bent props or other relatively low cost repairs, as the result will ultimately be higher rates or dropped coverage.

Although I am presently getting a bargain, I am very aware that like most things in life, nothing is forever therefore I would be very interested in a "group" plan as suggested a few days earlier in this thread.

Walt

[Island Dreamer]

I boat in the Northeast and am not really affected yet. It would seem that there could be a insurance group set up for boats similar to what was done in Florida for homeowners who have been unable to get insurance due to storm damage etc. My sister's home in Daytona Beach is insured this way with rates that are similar to previous coverage. If a group of Florida boaters approached the state, they my respond with a similar program for boaters if they were made aware of the financial impact that boater's provide for the state. Just a thought.

Bill

[Genesis]

The problem is that you have to find underwriters that understand marine interests AND are willing to write policies with specific conditions and exclusion terms that will make the risk palatable.

Basically, you have to eliminate the ability of people to "sell" their boats to the insurance company during named storm events.

If you can do that, then the Hatteras market looks VERY attractive, because these boats are as an underlying element excellent risks. Why? Because they're well-built and don't suffer from much of the foolishness that hurts other marques.

For example, the keel everyone talks about when you start cranking up the power levels. It has a serious benefit in what would be a "small" grounding incident, in that much of the time you get away with either no damage at all or damage ONLY to props - where with most sportfish (lacking any keel protection at all) you rip out struts, bend or break shafts, etc. This is the difference between a $500 event and a $20,000 one - NOT a trivial distinction when such events often get claimed.

This is the kind of thing that, properly analyzed, makes for a good risk. The trick is finding an underwriting group that "gets it" and is willing to structure a program so that they are not exposed to the kind of silliness that happend over the last couple of years with Ivan and other named storms.