Insurance after Re-Fit

[TomT13]

Hello group,

I re-fit my boat after Sandy at Slane Marine. I also just repowered with new main engines, new generator and new Garmin electronics. Had a survey conducted about a month ago for valuation. The boat is a 1985 36C Series II that the surveyor is valuing at $275k. I have put in a great deal more than that in both the Sandy refit at Slane and the new engines, generator and electronics. Unfortunately, I am hitting a dead end with getting insurance. Either the quote is $7k which is crazy or they carriers are saying they don't cover "the re-fit boat market". If anyone has an idea of recommendation of a broker or carrier I would appreciate it.

Thank you for the anticipated help from the forum mem bers.

Tom

 

[Boatsb]

Is $7k for $275k coverage out of line? Look at the whole picture of what's covered. It may not be so out of line.

I was quoted $5700 for a $50k boat years ago.

 

[Captain Ralph]

Ouch...
Coverage usually covers up to well maintained vessels per date of build.
Re-power monies are usually not considered in insurance values and sadly not recovered well in re-sales.
Hind-sight sux so I will not go there.

Good luck and If you do find a cost-effective underwriter, please let us know.

 

[madhatter1]

Try State Farm. They wrote my 46 for a decent rate when I needed 1M liability. In FL.

 

[7837]

I'll second the State Farm recommendation. They have my '78 37' convertible insured for a reasonable rate. It has been thoroughly refit and repowered with Cat c9s. My agent wasn't even aware they offered "yacht policies" (his terminology). But the prior owner had it insured through State Farm so I kept insisting he dig deeper.

 

[TomT13]

Thank you for the State Farm suggestion I will reach out to them. As far as 7K being a reasonable quote I was comparing that to my friends quote. Her boat is 6 years old and insured for $850k, the premium is $6,400. So with that in mind I do think 7K is out of line.

 

[ageless]

Thank you for the State Farm suggestion I will reach out to them. As far as 7K being a reasonable quote I was comparing that to my friends quote. Her boat is 6 years old and insured for $850k, the premium is $6,400. So with that in mind I do think 7K is out of line.

you're comparing a 6 yo vessel to a 40, do you not see the wear on 35 years of use?

 

[TomT13]

you're comparing a 6 yo vessel to a 40, do you not see the wear on 35 years of use?

Michael Plafker 516-837-1200. fellow Hatt owner and president of Garber, Atlas, Fries INC insurance

Of course I see the difference but isn't it based on what the exposure to the insurance company is and $275k is much less than $850k. But since you are in the insurance industry I take it you know much more than me. Thank you for clearly pointing out the age difference.

 

[captcrunch]

Underwriters will take in certain parts of the refit under consideration. I’m finishing the refit on my 38c now. Can gladly help on insurance

 

[TomT13]

Just want to thank you on the Forum and let everyone know you were a valuable resource. Glad we are doing business together. If anyone is in need of insurance they should PM Captcrunch.

 

[captcrunch]

Tom was a pleasure to work with you and help with your beautiful refit Hatteras

 

[ageless]

Tom was a pleasure to work with you and help with your beautiful refit Hatteras

Do you work independently?

 

[rsmith]

you're comparing a 6 yo vessel to a 40, do you not see the wear on 35 years of use?

I thought hull was always about the same % of insured value and it was the liability that varied based on how much that was.

 

[ageless]

I thought hull was always about the same % of insured value and it was the liability that varied based on how much that was.

there you go "thinking" again. You know where that gets us? LOL.

 

[captcrunch]

Do you work independently?

Yes we’re independent agents.

 

[captcrunch]

I thought hull was always about the same % of insured value and it was the liability that varied based on how much that was.

Hull cost on older vessels is way more the liability portion is usually pretty consistent.