Here we go! Non-Renewal from NMU!

[jim rosenthal]

I sent Hagerty an email to see what their policy is on Hatteras Yachts in Flroida and Gulf Coast areas. If/when they write back, I will post the results. They are usually pretty conscientious about getting back on inquiries. Keep your fingers crossed.

[Walter P]

So what happens when I take my boat from NJ to Fla ?... In previous years whenever I wintered in Fla. (about 4-5 months), my NJ insurance covered me. From the numbers I'm seeing that you guys are paying, NJ with all it's problems suddenly feels real good. I'm paying about $1,450.oo yr for full coverage with a $5,000 deductable for my 1982 48 MY. I think I'll stay up north in the summer and charter in the winter. Between high fuel cost, $100 per hr boat yard bills and a shortage of slips it shows real perserverance on the part of all of us to stay in boating. Keep the faith.... remember the worm turns.

Walt

[Traveler 45C]

CL told me no also on my '72 45C in Fl.

Bummer! I was looking forward to working with them.

[Capt K]

I am one of those dreaded insurance agents (in Ct). I happen to work with Hagerty on a lot of collector cars and some boats, so I just gave them a call. They said that except for small runabouts, they are not writing anything from North Carolina all the way around the Gulf if there is any ocean or Gulf exposure. Any policies currently in force will not be cancelled or non-renewed. They are also adding a "named storm endorsement" to the policies that will encourage you to move your boat to a safer location (they provide some reimbursement).

Well, there you have it, right from the horse's mouth!

Capt K

[J's Dream]

So for those down here in the southeast, how can one obtain insurance? I know I'm not the only one in need of a policy in FL. Who is writing on older boats (mine's a '69 45C) in FL? My plan now is to haul for 2 months during peak hurricane season so cover my a$$ as much as I can.

Jason

[67hat34c]

My NMU policy up in september, called them they are non renewing.

boat too old and florida.

[Jaxfishgyd]

Wow !
Just got a call from my agent and was told my premium that I mailed out yesterday for $3925 was a mistake!!!!!
I "only" owed $3666. So will be getting a check back.
And they are working on my NOT having to get a new boat survey, they sounded "optimistic" but for me to not cancel the one I have scheduled for next week just yet....
ANY good news is welcomed when it comes to insurance now days...

[67hat34c]

hard to make money in the insurance bz these days. I dont deal with property, only casualty, we get killed with all the personal injury claims. property carriers are getting killed with all the natural disasters not to mention all the normal claims. dont know how the underwriters can price a risk for a profit, in the old days insurance companys did not make a profit on the underwriting but a profit on investments. the last few years have been disasterous for the back end profit so companies are having to price for underwriting profit and i can tell you first hand it is real slim. I have see the stats on how much of your premium goes to just pay bogus claims, i believe it is over 50% so we can all thank the multitude of bogus attorneys and medical providers, we all know who they are.

will get off of my soap box now and cry about boating expenses now

[ELECTRA VI]

I called Charter Lakes at least three times and left messages and I did not even get the courtesy of a return call. BOAT U.S. renewed me last January at the same exact premium as I had the year before when I completed my diesel conversion even after they told me that they had gotten the OK from the PSC to raise their rates (in my case and $800 increase). Steve, try them, they might work for you.

[Genesis]

The insurance companies are pricing themselves out of the market.

A huge number of people with marine insurance simply got in their trucks and left town when Ivan was coming here - no preparations of any kind.

They got paid.

Many people have "sold" their boats to insurance companies during a storm. It happens all the time, and is a big part of why there's a problem getting insurance at a reasonable price.

The solution to this for insurance companies is for them to price the risks separately. If you want to buy hull coverage "ex-named-storms", you should be able to. If you insist on named storm coverage, cool - let's rate you - are you an absent owner, what written hurricane plan will you put in place, will you accept an exclusion of coveage if you do not follow it (or we don't like it), etc.

But no! Instead we just run into huge premium increases and denied coverage.

When I bought my little boat I asked Boat/US to write insurance with a named storm exclusion. Why? Because its trailerable - if there's a named storm I will hook it up to the truck and get it the he|| out of here. No risk of damage during a named storm - period - and I'm willing to bear the cost if I DON'T do it and the boat gets trashed as a consequence.

They refused.

It does NOT need to be done that way guys and gals. The insurance companies are doing it this way because we are buying the insurance written this way - in other words, "because they can."

I went to extreme lengths not to lose Gigabite during Ivan. I did it again twice last year. In none of those cases did I take damage - ANY damage. It was only slightly because of luck - it was mostly due to preparation.

Yet the insurance companies want to punish ME because OTHERS did not similarly prepare. That's wrong.

Risk CAN be quantified. It is simple laziness and acceptance of less-than-making-an-effort to do so that leads to the problems we are having, and it will continue until WE, as boaters, stop putting up with it.