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  1. #11

    Re: Insurance? No Insurance for You!

    So, since I bought the boat, in 1997, I probably have paid premiums to Boat/US, granted not all were GEICO, totaling $25-30k. I did not have any claim, which exceeded the deductible, until very recently, due to high winds. After deductibles, their payout has been about $4k. Avg $28 paid in, minus $4k out: I think they did OK. Also, as we all know, mechanical issues, blown gasket, overheat, etc. is out of our pocket, I believe.

    Finally, interesting fact, insurance companies do not carry "Accounts Receivables"- why you ask? Because if you don't pay, they don't cover you!!

    You would think there would be a profitable venture here, insurance wise for someone. Furthermore, my Auto insurer says, by far liability costs far exceed repairs of autos damaged. E.g., a major liability payout might be in the 100's of K's, whereas your car payoff (its used) is very small by comparison. Also, they get your car, if totaled, and sell the body, parts, etc. However, how those liability/repair ratios would work with boats, I do not know.
    50 Years on the Great Lakes...

  2. #12

    Re: Insurance? No Insurance for You!

    Moved to St Augustine Florida in late August. Ran the boat south and my agent informed me as soon as I got south of Cumberland Ga I would have NO INSURANCE not just hurricane coverage because my policy did not allow me to go south until after hurricane season which ends November 1. After deliberation I decided to go with liability only and take my chances.
    Call from agent I needed a hurricane haul out plan to get liability only policy. He said if I left the boat in the water and it broke loose and did damage to other boats they would have to pay out so haul out plan required for liability coverage. Actually make sense. Next dilemma, only three yards in St Augustine that can haul a 52 Hatteras and they all have a hurricane wait list. I would up finally finding a yard about forty miles north and west that could haul me and for the reasonable cost of $500.00 got on the haul out list. Yards south of me in the Ponce Inlet area wanted twice what the insurance premium was to get on their list with one yard telling me up front they charge double to haul and block for a named storm and that didn't include the $1000.00 per year just to insure a space on land for a named storm.
    It's really getting very difficult to get insurance on larger older boats. Agent found one company that would issuer me in Florida year round. Premium was three times what I was paying and had a 60% deductible for hurricane damage and 30% deductible for any other claim.
    Please let me know if anyone finds coverage in South East for older Hatteras boats. I have not found anything and called around.

  3. #13

    Re: Insurance? No Insurance for You!

    W3 has kept me insured. Not always through the same carrier but they seem to come through. A friend of mine with an old 60 in Louisiana uses them and recommended them to me. They seem to know the big old boat market

    http://marineins.com

  4. #14

    Re: Insurance? No Insurance for You!

    Quote Originally Posted by Captain Ralph View Post
    In old units of measure (stem to stern), I'm 58 feet long.
    That is not the swim platform and bow anchor roller.
    I don't think it is a matter or "old" vs "new". The correct data is what your manufacturer says the hull length is, usually LOD and not LOA.

    The manufacturers of Sea Rays, Carvers, Bayliners, etc. learned that if the bow pulpit is part of the mold, or the swim platform is molded in, they are technically and legally part of the hull.

    Thus they can sell what is essentially a 26' boat with 3' more for bow roller and 3' more for swim platform as a 32' boat to less educated boaters for bragging rights.

    So far Chubb is covering me without issues (1984 52C on the West Coast with one loss to my name).

    DAN
    Last edited by drburke; 10-12-2021 at 11:22 PM.

  5. #15

    Re: Insurance? No Insurance for You!

    Quote Originally Posted by drburke View Post
    I don't think it is a matter or "old" vs "new". The correct data is what your manufacturer says, usually LOD and not LOA.
    Good point.
    But molded in or bolted on, still a sales gimmick when measured as length of boat.

    Makes you remember the original Fountain Power Boats.
    Worthless needle bow point that added another 2+ feet.

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