Insurance - again

[ThirdHatt]

When my renewal came in from Boat US I got what I was pretty much expecting, an increase from $7800 to $8800. Last year they would only cover me for $234k, even though my survey placed the value at $250K.

I called to see about a higher deductible and also to bump coverage to $300k due to the new paint job and electronics, they agreed to raise the deductible from 3% to 5% but would only bump my coverage to $250k with $500k liability and charge me $8800!

I told them to take a hike and went with Markel, through an amazing agent named Damon Hostetter at Jack Martin and Associates. He shopped many companies and Markel really stepped up with their "Helmsman Yacht" policy. My survey was 23 months old and yet they accepted it after a letter from the yard where she is currently out of the water getting a facelift. They gave me agreed value of $300k, $1 Million liability and a 5% deductible for $7350. Not cheap, but resonable in todays market for my boat in it's location.

Anyone shopping, I recommend giving Damon at www.JackMartin.com a call. Tell him Byron sent you!

[Angela]

I, too, chose the Markel policy a couple of weeks ago for a whopping $10,029.30 for $300K in hull value, but that is for a commercial policy that DOES include windstorm coverage. I'm not sure whether there was any relevance, but I could not get Markel to even consider windstorm coverage until I went from a recreational policy to a commercial one. And then, it was only somewhere between $1,000 and $2,000 more. Can't remember the exact figure, but it was surprising low for a boat that is moored in Miami year round.

My only other choice was Great Lakes....and given a choice NO WAY did we want Great Lakes.

So, the way I see it...it took me 8 months to get insurance in place....so in 3 months, I should start shopping again. Oh, the joys of living in Florida!

[MarioG]

$7400 on $195000 policy with Great Lakes. everything just came to a grinding hualt! closing is postponed.

[Boatsb]

Mario I just got a quote for $2700 for liability and $50K hull. The liability alone is $700. My math tells me its about $2k/$50,00 insured or about $4k/100K insured value. seems about right as long as you look at the other companies and not the real value. I will go with liability only as I can but for others who can't it is a lousy position to be in.

[the kuz]

My B/US policy (in MD) also went down a little, and included a credit for "no claims" in 15 years of coverage. Hey Carl, That canal on Big Pine looks just like my brother's place on the southwest end (Big Pine Estates - 5th canal in from US 1).

Regards, Bob K