Insurance help please??

[hibanx]

Okay, I got excellent advice on financing from you folks, now it's insurance time. Once again, its a 30 year old 43 convertable. Any reccommendations for insurers? Anyone with a similar boat want to share how much their annual premium is? It would be helpful to be able to compare quotes with what others are paying for a similar boat. Thanks again in advance.

 

[Bob Bradley]

I just mailed my check in to BoatUS yesterday. $1,943 annual premium, less $389 for being claim free for 7 years = $1,554. Same boat, 1979 Hatt 43C. Different location (CT). Agreed value of $158k (less 1580 deductible); $250 towing, $300k property damage and BI, $800k fuel spill, $1k med, $1k personal effects, $300k uninsured boater.

 

[saltshaker]

Search the archives here. There have been several threads regarding this.

 

[SportFishCruising]

In the archives, insurance has been discussed many times, but below is one of the most current and concise disclosures I've seen, thanks Bob.

I just mailed my check in to BoatUS yesterday. $1,943 annual premium, less $389 for being claim free for 7 years = $1,554. Same boat, 1979 Hatt 43C. Different location (CT). Agreed value of $158k (less 1580 deductible); $250 towing, $300k property damage and BI, $800k fuel spill, $1k med, $1k personal effects, $300k uninsured boater.

 

[hibanx]

Thats a good benchmark. Anyone paying substantially less?

 

[Angela]

When comparing other's stated premiums, remember...LOCATION, LOCATION, LOCATION! Comparing a premium for a boat in South Florida to one in the northeast, for example, is meaningless.

 

[hibanx]

When comparing other's stated premiums, remember...LOCATION, LOCATION, LOCATION! Comparing a premium for a boat in South Florida to one in the northeast, for example, is meaningless.

Agreed. Anyone in Florida want to share insurance premium info?

 

[Angela]

Where in Florida will you be keeping the boat? There is a significant difference between premiums in Jacksonville and that of Miami, for example. We don't have similar boats, but I pay over $10,000/year for insurance in Miami on a 1980 58' MY. That includes hurricane coverage. Deductibles are high, so it's really only catastrophic coverage.

 

[hibanx]

10,000...ouch. Fortunately I live closer to Jacksonville. Flagler County to be exact. I think my rates would be more like those of Jacksonville, Georgia, or SC. Anyone in those areas want to chime in?

 

[Jackman]

Make sure you spell everything out to the insurance company...as far as what you plan to do with your boat.

Where you will be based/cruise, how far offshore?
Will there be a layup period? How long?
Are you a captain?
Do you have time on other boats?
Was your boat inspected by USCG?
Do you plan on chartering?

Also...check with the insurance companies you already use for cars...houses...they may give you a discount based on already using them.

Whatever you do...do not underinsure or take charters without telling them...I've heard of people getting into big issues because of this both with the law and situations where they did not cover something because of being in the water when they were supposed to be layed up.

Congrats on the new to you Hat! I have never regretted a moment of owning mine....well, the bank owning mine.

 

[saltshaker]

10,000...ouch. Fortunately I live closer to Jacksonville. Flagler County to be exact. I think my rates would be more like those of Jacksonville, Georgia, or SC. Anyone in those areas want to chime in?

Get rates first then see if they're in line with others. As stated there are HUGE differences based on location and experience. For comparison I have a friend in Jacksonville who owns a 42' trawler that he cruises the Bahama's and south Fla. 3/4 of the year. I believe he pays around $3000 for 250K coverage.

 

[captddis]

1983 46C located in FL west coast and kept behind my house. 205,000 agreed value, 5% storm deductable 4000,00 yr after 20% no loss credit.

 

[Canuck Dennis]

1979 43 dc...$2500 ..pa, 150 k hull and machinery, 2 million PL, 2k med and personal plus dinghy and motor, boat is in south Florida...deductible is 2500.00
5% deductible for total loss hurricane damage, no restrictions on hurricane coverage..

 

[GJH]

As I and others have suggested in previous threads, call Dawn Speros at Gowrie Barden Brett in CT. 800 262 8911 x1653. She specializes in Hatts and is a no BS type. Very proactive. I am currently with ACE through them. One thing you need to get very clear from any company and broker is exactly how the survey items are to be handled. Before finding Dawn, I just about gave up buying the boat because I could not get a straight story from two other brokers.

You have to compare apples to apples: geography. season, range you will be cruising (i.e entire eastern seaboard and Bahamas or just a pre-defined smaller area?), deductibles, named storm etc etc. In my case BoatUS, for instance was totally uncompetitive for what I needed. However, if I was just going to stay on the Chesapeake, and lay the boat up each winter, they would have been very good.

 

[captddis]

As I and others have suggested in previous threads, call Dawn Speros at Gowrie Barden Brett in CT. 800 262 8911 x1653. She specializes in Hatts and is a no BS type. Very proactive. I am currently with ACE through them. One thing you need to get very clear from any company and broker is exactly how the survey items are to be handled. Before finding Dawn, I just about gave up buying the boat because I could not get a straight story from two other brokers.

You have to compare apples to apples: geography. season, range you will be cruising (i.e entire eastern seaboard and Bahamas or just a pre-defined smaller area?), deductibles, named storm etc etc. In my case BoatUS, for instance was totally uncompetitive for what I needed. However, if I was just going to stay on the Chesapeake, and lay the boat up each winter, they would have been very good.

They will not write FL policies! Period. Came from Dawn herself. Be careful with ACE they depreciate everything. They only paid my customer 33% of the claim after deductable. It would take a lot for me to leave BUS.

 

[hibanx]

Clearly this thread has shown that it is all over the map. I guess it's going to take a boatload of shopping around to find the best deal. Maybe the most helpful information would be insurors to stay away from. Any horror stories out there?

 

[Angela]

Dawn told me NO, as well. I'm in Miami. Until I went for a commercial policy, everyone told me NO because I was in one of the three taboo counties - Monroe, Dade and Broward. Just about nobody down here will write a new policy on an old boat in South Florida. If you've come here from somewhere else and are lucky enough to continue being renewed, hang on to it.

 

[GJH]

See, exactly what I meant; geography and policy terms vary widely. My boat does not have a depreciation clause, for instance, on the boat itself. It has an agreed value. It can be in Florida 6 months a year, has to be out of FL (but can be right over the line in GA) during hurricane season.... the OP's territory. So blanket statements about one carrier or the other, or your policy vs mine are pretty irrelevant. Another variable is how long you have been a customer, or even a boat owner.

BUS provides many people with great coverage and service... others with none and/or bad. I'm a long time BUS member, they solicit my insurance biz every year and every year they end up saying "oh, I see, yeah, you're better off with what you have.."

 

[Bob Bradley]

You could always move up here to CT. The winter's not that bad. Really. You get used to it. Pay no attention to the bullet holes in my freezer.

 

[hibanx]

You could always move up here to CT. The winter's not that bad. Really. You get used to it. Pay no attention to the bullet holes in my freezer.

No offense Bob, but I will gladly pay more for insurance!