Boat Insurance ?

[Paul Gwiz]

Can anyone recommend a decent company ? Rates/ service / coverage ?

How much should I carry ? they show 300,000.00 or 500,000.00, 1.000,000.00 in liability .

Not sure how much coverage would be good to have.

Our survey says the replacement value is 460,000.00 , How is that value established ?

Any ideas are appreciated......

Paul Gwiz

 

[GJH]

Everyone has their favorite broker, mine is Dawn Speros at Gowrie Group. She is in Rhode Island, Gowrie is based in CT. She is very good at walking you through the nomenclature and options. She does a lot of Hatterases. I have been a happy customer for 6 years now, they do a good job of handling claims as well, and working with you every year and getting the right coverage for you.

800 262 8911 x1653

dawns@gowrie.com

 

[captainwjm]

I've used Boat/US for insurance for years. It would be a good place to start to determine what coverage is apprpriate for your boat/area/usage, and get a baseline on costs, etc. Then you can shop, comparing apples to apples.

 

[SeaEric]

I have BoatUS and have been pleased with rates and service so far. No claims.

As far as liability coverage: You should consider carrying an amount that is equal to your net worth. Because that's essentially what you have at risk if something goes horribly sideways. If general limits on typical boat policies is not enough then you need an umbrella policy to take over where the boat policy leaves off. Most liability umbrella carriers require minimum underlying liability limits. Mine requires $500K on watercraft.

You don't really need any insurance. At least not until the moment that you really do need it.

 

[Bill Root]

I have been very happy with Boat US as well. I've used them for five years on this boat and the 43we had prior. I had expected a big rate increase when their underwriter changed after hurricane Sandy. It did go up about 2%, but they reduced my deductible down to $582 for non -named storm damage because I haven't had a claim in the last five years. I regularly survey other company's rates, but have yet to find one that can beat Boat US.

 

[Paul Gwiz]

Thanks , I only carry insurance because of Morgan & Morgan.......They will cream your insurance company with one letter. We carry the max on our business & home.

I hate insurance companies in general, till I have to tell them their boat sunk or their house is junk. etc. Then they still suck....

Two big Companies Blamed the other company & we are still pissin in the dark 2 years later , a truck drove thru my showroom glass & neither company will pay . 12,000.00 in glass.

So based on my experience All insurance companies SUCK.......

Insurance is just a bet.. their betting I won't .....and paying their premiums is the bet that I will......

 

[WarPaint]

One guy to consider is a friend of mine. He was a surveyor and also was a commercial boat captain in his youth. He covers clients in the tri-state NY area AND Florida where you are. In fact, he's down there right now!

Chris Garvey
Garvey Marine

He's a multi-line rep, and doesn't over sell the coverage.
If you ever have a claim, he will FIGHT with the carrier for you if its necessary.

His cell is 631-241-6004
Tell him TJ in New York recommended him.

 

[rwappleton]

Paul,

What Eric said on the liability side. The actual value of the boat should be on the survey also. The fuel spill and environmental are very important IMHO as if she decides to see if the water is really as deep as the depth finder says. The marina and the coast guard are gonna call who can be there the quickest not the cheapest. Speaking of marinas.....I have run across a few that are now asking for 500K minimum.

Also coverage in FL during hurricane season can be an issue.

We have Seaworthy obtained thru GEICO. Not the cheapest but when I have a question I can talk to an underwriter and not someone there designed to piss you off.

We have a hurricane plan and no restrictions on FL year around.

Please keep us posted on the trip home.

Russ

 

[carolinacoast]

We have ACE through a broker Jack Martin in Annapolis, and have for several years on the Hatt. Jon Horton is the agent I use. Just changed insurance from Boat US to ACE on an 18 edgewater. Never a claim, coverage went up, an premium went down 40 pct. I'm not sure they write in FL year round, though. That changed a few years ago. ACE asks far more questions, actual reviewed my survey, and experience. They require a new survey everyn10 years. No claims. I recommend a marine insurance broker from a real boating town, and let them get you quotes, in addition to adding direct quotes from boat us, geico, whoever in a spreadsheet for apples to apples comparison. It only matters when something bad happens. Another source to check, is ask a good boatyard who they like. That is the other party involved if something bad happens. I had a lightning strike on a sailboat, so I have some perspective. I used to have State Farm and boat US. Now I have Chubb, and Ace.

 

[GJH]

FYI, I have ACE, Dawn proactively put me into them when Zurich left the boat business. Two hurricane haul out claims and one smallish claim on the Whaler were handled quickly and knowledgeably. And the yard that resuscitated the Whaler thought they were great to deal with as well.

 

[TopHattandTails]

I had ACE for 6 years and just dumped them for Frankenmuth. Same coverage, same latent defect coverage, same price. The ductible went from 2% to 1%.

 

[jim rosenthal]

I have had BoatUS (and whoever their actual insurer is) for a long time. We've had periodic quarrels about the value of the boat, but what has kept me with them is their record on other people's claims (which is good by reputation) and the annoyance and inertia having to do with getting another survey, which I don't really want to bother with. I have never, knock wood, had a claim and hope never to have one.

As far as the liability goes, Eric is emphatically RIGHT on this. I learned the hard way- people will sue you whether they are right to do so or not. You should be insured for all of your net worth- your house(s), your boat, your retirement accts- the works. I was sued by an unlicensed driver who hit ME- and it cost a lot out of pocket. I now carry much higher liability limits AND an umbrella policy above that.

 

[Robby]

We have ACE through a broker Jack Martin in Annapolis, and have for several years on the Hatt. Jon Horton is the agent I use. Just changed insurance from Boat US to ACE on an 18 edgewater. Never a claim, coverage went up, an premium went down 40 pct. I'm not sure they write in FL year round, though. That changed a few years ago. ACE asks far more questions, actual reviewed my survey, and experience. They require a new survey everyn10 years. No claims. I recommend a marine insurance broker from a real boating town, and let them get you quotes, in addition to adding direct quotes from boat us, geico, whoever in a spreadsheet for apples to apples comparison. It only matters when something bad happens. Another source to check, is ask a good boatyard who they like. That is the other party involved if something bad happens. I had a lightning strike on a sailboat, so I have some perspective. I used to have State Farm and boat US. Now I have Chubb, and Ace.

We are with you Jon and Beth Fitch have been great.We were struggling to get covered this year and they got it done.

 

[pizzazsdaddy]

Try calling Tyra Esquivel at Oversea Insurance in San Diego.

You don't get coverage for "replacement value". Only Market Value. For my 58 Yacht Fish, I was paying $5800 for $300,000 hull and a Million liability. A full $1500 less than boat US for the same policy.

It's the same Lloyds policy.

 

[Kim Beatley]

Interesting to see post. I just today, moved from Boat US to Geico for insurance. My Boat US insurance has increased over 50% in the last 4 years. No claims for damage. I have had three haul outs for hurricanes where they did pay for one half of haul cost.

Geico offed a policy with same or better coverage in some areas, (Medical) than Boat US. Seasafe underwrites. Their cost was 60% of Boat US for what appears to me to be better coverage.

We will see if I every do have a claim... I hope that I never find out.

 

[Angela]

Just a reminder...whatever direction you choose to take and whatever policy you choose to buy, be sure you READ THE POLICY first so that you can make an educated decision, and one you can live with if you need to use the policy. They are NOT all the same. At the end of your claim, you might end up writing THEM a check. That happened to my neighbor - he had to write a five figure check to get his boat back, and I'm not talking about the deductible, either.

Believe it or not, they DO NOT like to show you the policy before you buy it, but if you absolutely insist, you can get it. Insist!

I've had policies from a variety of insurers, and for me, the last one I would ever have is an offshore policy from Lloyds. In fact, I went without for a period of time once just to avoid having to purchase one of those - I can throw myself on the sword without an insurance company having to push me. Read the policy - if you're OK with the terms, then fine...just buyer beware, that's all.