insurance - aarrggghhh!

[Paul45c]

Update. This AM my broker told me they've agreed to bind the coverage today with the known deficiencies list, and they gave me the 30 day window I asked for to get the faults cured BUT there'a no-navigation restriction on it until all the items are fixed. I can live with that. So, at least there's some reason within this industry. I get the feeling that this accommodation was a rare one, though.

 

[Boatsb]

I believe they call it "port risk" until they consider the boat ready to navigate.

Now get the ashtray cleaned before they add that to the list.

 

[Mako440]

Update. This AM my broker told me they've agreed to bind the coverage today with the known deficiencies list, and they gave me the 30 day window I asked for to get the faults cured BUT there'a no-navigation restriction on it until all the items are fixed. I can live with that. So, at least there's some reason within this industry. I get the feeling that this accommodation was a rare one, though.

The only drawback is that you will most likely need more than 30 days!!
As always, I'll be poolside if you need me!

As for the homeowners insurance, I just got an e mail from the Florida Building Code regarding wind mitigation reinforcement. I wonder if that is going to be the next requirement in order to get homeowners insurance down here.

 

[Finalee]

I have a binder from a new company. It has been 3 weeks and still in Underwriting. I jumped for this one because the agent quoted a rate that was half of what I already had. This has me nervous. Since I have prepaid for 1 year and have a binder, is the boat realy covered?

 

[Angela]

Binders are usually for 30 days and do have an expiration date. KEEP AFTER THEM! When I had Great Lakes I had to threaten them with a complaint with the insurance commissioner just to get them to issue the policy I had paid for in March of 06. I finally got the policy in August of 06. When I got my current policy with Markel, I ran into the same deal with the binder expiring and no policy having been issued. KEEP AFTER THEM! Apparently, this is normal, but you do want a binder that is current. They will be happy to keep issuing binders until they get around to issuing the policy. Markel finally issued me a binder that said it was effective until the policy was issued, so I didn't have to keep nagging them every time a 30-day binder expired. I got finally got my policy yesterday. I bought it on August 2. I have no idea why it takes so long for them to give you what you've paid for.

 

[bobk]

FWIW, a fellow Hatt owner in New Smyrna Beach, FL was able to get 'reasonable' insurance through Beale Marine and Casualty in Jacksonville. 904-399-0508. I plan to contact them when my policy gets closer to renewal.

Bob
Chateau de Mer
1981 48MY
Lying at TBYC, Port St. Lucie FL

 

[jim rosenthal]

I had my Hatteras resurveyed and we (BoatUS and I) agreed on a value of $135K based on Derek Rhymes' survey. Of course this involved paying for another survey, however Derek is a knowledgeable and fair guy who always has some useful suggestions for the boat. I would recommend him highly; his company, here in Annapolis, is All Boat and Yacht Inspections.

It seems nearly every year I have this go-round with BoatUS. I hope things calm down for a while now. It has been tiresome. Insurance companies: can't live with them, can't live without them. Indeed.

 

[Jaxfishgyd]

I had Beale when I was running a charter business in the 90's. Super people and I never contacted them when I got our Hatt.

Thought they only did commercial insurance.

And Bob Beale even took me out to lunch (and paid for it) every year I renewed.

Plus the office is only 4 miles away....

Look out Great Lakes, with a bit of luck, I might have a new insurance company...... And a full tummy on top of it...