Insurance Coverage for Bahamas for 1979 Hatteras

[Jwatson]

BoatUS has insured my 1979 Hatteras since 2017 with coverage in the US Coastal waters and the Bahamas. This year they will no longer insure her in the Bahamas (US Coastal still good) since she is older than 30 years. I have tried NBOA boat brokers, but they cannot find a market for the vessel due to her age. Any insurance suggestions besides liability only and self insure? The boat is located in Ft. Pierce, FL. Thanks!

 

[cww]

Good luck. Many of them went out of business or pulled out of the state. Most of what's left stopped writing large boats in Florida. GEICO split the baby and only does <30 years and less than 40', they'll let you ride out the end of your current period but won't renew. About all that's left is Lloyd's of London (overpriced for crappy coverage), State Farm (mixed reports on having to be an existing customer), and American Modern ($$$$$$$$$$). That's basically it. All of them will require a recent out-of-water survey. This last couple hurricanes really killed that industry. My boat's with that American Modern company and they want almost $8k to renew. It's gotten pretty crazy down here. This is basically only a problem in Florida, insurance in the rest of the country is still functioning normally.

 

[captcrunch]

You basically nailed all the carriers, kemah will write some of it on their non admitted paper.

 

[SKYCHENEY]

Hagerty insures antique cars and motorcycles and some boats. They have an affiliation with the Chris Craft Commander Club and claim to only insure wooden and fiberglass boats over 30 years old that have collector value and not production boats like Sea Rays. I wonder if this group or maybe Vintage Hatteras Club (formerly the 1510 club) should try to establish similar agreement with them. Who's going to take the lead on this?

 

[Freestyle]

American Modern required a survey last year but renewed this year without one at $6800 for $260k hull value. They went down $200 to my surprise. I asked for Bahamas endorsement separately and they wanted $70.

Bruce

Freestyle
1986 62 CPMY (54 with ext)
Tampa

 

[CGHOST4]

AIG Marine Insurance
I have had them for years, no issues

Caesar's Ghost
1980 58 YF

 

[captcrunch]

Older vessels in Florida is such a shrinking marketplace which is the issue. There’s very little capacity and carriers are very selective on risks since they can be in a “hard market”. Getting Bahamas navigation isn’t the issue as much as finding a carrier that will write the vessel

 

[debdaigle2]

We had great luck getting our 1976 Hatteras insured by State Farm here in Brunswick, GA. Many of our boating friends have had the same luck. Not only did they insure us after an in water survey, but they gave us a much higher coverage than our previous carrier, and for almost half the price.

 

[Scarlett]

Sort of related State Farm just pulled out of Calif. Completely, no new policies due to the wild fire potential. This is resedential Existing customers will still be covered but no new policies.

 

[cww]

We had great luck getting our 1976 Hatteras insured by State Farm here in Brunswick, GA. Many of our boating friends have had the same luck. Not only did they insure us after an in water survey, but they gave us a much higher coverage than our previous carrier, and for almost half the price.

Yeah, there are a dozen companies who'll write it in Georgia and parts north. Florida is a problem, everybody pulled out here after the hurricanes and the couple that are left charge an arm and a leg. I have friends who keep their boat in Georgia and their premiums are 1/3 of ours.

 

[JD5652]

American Modern required a survey last year but renewed this year without one at $6800 for $260k hull value. They went down $200 to my surprise. I asked for Bahamas endorsement separately and they wanted $70.

Bruce

Freestyle
1986 62 CPMY (54 with ext)
Tampa

FYI, as of this morning, American Modern is no longer underwriting policies in Florida no matter the age or size of the vessel.

I live in Palmetto, FL and keep my boat at one of the safest hurricane holes in SW Florida and am having super difficult time finding a policy since GEICO non-renewed me.

 

[riverrandy]

I have been with State Farm for 3 years. 1st in TX now on FL's East coast. I have had no issue with coverage, but I cannot get a rider for The Bahamas.

 

[cww]

FYI, as of this morning, American Modern is no longer underwriting policies in Florida no matter the age or size of the vessel.

That sucks, I guess I will be non-renewed again at the end of the year. Second time in 2 years, after these last few hurricanes, they're all pulling out of Florida.

 

[JD5652]

I have been with State Farm for 3 years. 1st in TX now on FL's East coast. I have had no issue with coverage, but I cannot get a rider for The Bahamas.

Randy -

Who is your agent?

I'm dealing with a Strate Farm agent out of Crystal River, FL and the person handling my logistics seems to be very young and inexperienced.