Insurance Carriers? - For older Hatts - Who do you use?

[ohiohatteras]

My neighbor started up an insurance agency about 6 months ago. And I just recently gave him my stuff to see what he could do for me. Well.....He's having a huge problem finding any carriers to insure my boat! He's finding out that no carriers want to insure boats over 25 years old....And if they will even consider it, they want a survey done at my expense.....I can't see spending $500 on a survey to get a slightly cheaper insurance rate. It'll take me 5 to 6 years to recoup my investment in the survey.

Obviously the carriers are clueless as to what a Hatteras is and what they are worth!!!

So...could you guys with older boats like me, please let me know what carriers you are using so I can send my neighbor some information and he can try get my boat insured?

Thanks!

 

[Angela]

The answer is not simple. First, it depends on where the boat is. Second, it depends on what day you ask since the answer changes from day to day. Lloyds of London will insure, depending on what day you ask. We've been told yes, and then when it came time to issue the policy, they said no, for no reason other than "We changed our mind." Markel will insure, but a recreational policy is hard to get a YES on. As soon as I asked for a commercial policy, I got a policy WITH windstorm coverage. Many policies these days are ex-wind. Great Lakes, another overseas carrier, will insure, but their policy is real crap and their business practices and professionalism leave a LOT to be desired. They are the last on my list with whom I would do business. That pretty much it. BoatUS won't say no, but the premium they quote pretty much says NO. I've seen $18,000 quote on $225,000 coverage with no wind coverage. That is their way of saying no without using the two-letter word to do it.

That's all I know at present....it changes rapidly, though.

P.S.: My knowledge as described above relates to trying to insure a boat in South Florida. Go inland and north of the Florida borderline, and it's a whole different ball game.

 

[SKYCHENEY]

I use AutoOwners. I don't know just what their underwriters like to see, but they have not had a problem with insuring my boat. I have no idea if it is just that we are in the Great Lakes, but it might be worth checking out.

 

[Maynard Rupp]

I do know that the price sure changes when you are on the Great Lakes. Our 1986 36C is insured through Boat US. When we had the boat in the Great Lakes, the cost was $1,000/year. I had to call them when we went under the George Washington Bridge in New York City,(why there I have no clue). They then activated our "Atlantic Ocean coverage" The cost went to $4,000/year. Some difference eh???

 

[holtcl]

I have mine with Jack Martin & Associates. They did require a survey but since I was purchasing the boat this was something of course I was doing anyway. Good luck.

 

[Paul45c]

And if they will even consider it, they want a survey done at my expense.....I can't see spending $500 on a survey to get a slightly cheaper insurance rate. It'll take me 5 to 6 years to recoup my investment in the survey.

Unless you're shopping just straight liability coverage, every underwriter will require a survey. You'd better be prepared to do it. You'd also better be prepared to have to commit to cure all or most of the deficiencies noted in the survey.

I just recently had coverage bound on a boat that I bought a fair distance from my home (roughly 160 nm away). Of course the first thing the underwriter needed was the hull survey, and it had a pretty lengthy list of deficiencies and recommendations. The company wouldn't even bind coverage until ALL of those faults were cured. I thought my broker had it wrong, and he checked with them again to make sure. That was clearly unreasonable, as I hadn't even taken possession of the boat while I was arranging for this coverage, so how could I possibly have the whole boat fixed (a 55c with a heck of a lot of systems on board -- not for the faint of heart)? After a few days of armwrestling, we got the underwriter to agree to bind the coverage subject to a no-navigation restriction until the faults were all cured. I signed an affadavit to that effect. But at least I had liability coverage during the time that I had several mechanics on board fixing things up (as well as many days of mighty labors by yours truly). When I felt the boat was ready to run home, I had to sign another affadavit saying I fixed all the safety and navigation-related problems and they cleared the no-nav restriction.

The only ray of sunshine was the premium. I have to say i was pleasantly surprised with that compared to what I've been quoted in the last few years.

Good luck.

 

[bobk]

Beale Marine and Casualty in Jacksonville, FL seems to be able to get insurance for older Hatts in Florida. It might be worth checking them out. 904-399-0508.
Bob

 

[BUSTER]

I have $150,000.00 agreed upon value with 12 month navigation for all the East coast and the Bahamas,on my 1972 42C. The premium is $3,200.00 and the survey is every 5 years and very thorough. If you think that is a decent price email me for the company. Tony

 

[luckydave215]

I used a local insurance broker who specializes in yacht insurance. As others have said, a survey was required, but this was when I purchased the boat, so I had one in hand.
All the deficiencies had to be "fixed" before I got the right of navigation (which is typical I'm sure).
My coverage includes storm damage/loss, and extends to the tip of Baja (700 miles south)
The risk was placed with Travellers.
I'm trying to remember the agreed upon value, but I think it's $700,000.
Good luck in Florida.

 

[ELECTRA VI]

I insured with BOAT U.S. when I bought my 1966 34 C in 1993. Premium was just over 1K per year. In 2003, I completed a diesel conversion and wanted to up the agreed hull value from 30K to 70K. BOAT U.S. quoted $1600 and change. Although threatened with a 100% increase after the 2005 hurricane season, the rate has remained at $1600 and change. Also, I live in SE Florida. My renewal date is Jan. 20, 2008. Hopefully, things will remain as is.
George Jeandheur
ELECTRA VI
1966 34 C #068

 

[DuckWalk]

Every company will give you a different price and there are a ton of companies that write boat and yacht insurance. The main things you want to look for are:

1) an admitted and rated company A+ rating being the best. ( a non admitted company that is rated company is also "ok" ) A non rated and non admitted company may write "anything" but you run a higher probability that your claim will go unpaid.

2) windstorm coverage, alot of companies will say yes yes we will give you windstorm coverage but they fail to mention that the deductable is going to be $50,000 so make sure you READ your application and quote.

3) check your nav limits alot of shady brokers out there will restrict your limits to get you low low quote prices then pull a switch after your like hell yes!

As I said every company has different prices due to thier own loss ratios on your size vessel in the area your looking to navigate.

If your going to shop it around let the broker know you are shopping it with other brokers and see what companies they write through so you arent submitting multiple quotes to the same company underwriters hate giving multiple quotes on the same vessel and can get cranky.