Insurance renewal

[Genesis]

Its not that simple.

First, you have to figure that any loss other than a total is going to cause your rates to AT LEAST double.

Second, not all "losses" are insurable, as I noted. Engines can fail, etc.

Third, you MUST take into account the time value of money. Over long periods of time (10 years, 20 years, etc) this is VERY significant. Money you spend on insurance makes the insurance company money when you don't have a loss, and more importantly, it doesn't make YOU money.

 

[Trojan]

I boat the great lakes. Boat US was the cheapest. My hat is a 73/43. I had quotes from $1,400. to $6,000. for 125K insurance. The boat is under insured at this time. The Deductibles ranged from $1,000 to $6,000. Some said my boat was to old. That's why the high deductible. Or it was to old to even insure. I don't presume to know there game. But I think they are out of control. Too much number crunching in the computers. To many fat cats in control making big bucks. I've never seen an inexpensive insurance building or an old one. There no money in insurance.( Right). It seems like every time there is a big gap in insurance. Someone comes along with a new company that is lower. Look at the new car insurance companys. (you better call Gieco.). May be they need to get out of there chair and off the phone and meet the people they insure like they use to. Bill

 

[Genesis]

Forgetaboutit.

Every insurance company whined after Andrew. Fact is, buildings actually built to code didn't collapse. Those which were not did.

Why didn't insurance people come out and look to see if there really WERE hurricane clips in your attic before they wrote the policy? Because that takes time.

So they wrote on bad risks, and then blamed everyone for an act not of God, but of man - them.

 

[jim rosenthal]

I am still with Boats Are Us but each year I think it is going to be the last one...then they do okay and I stick with them. I did not get upcharged this last time around, although we had had a huge pissing contest when I wanted to them to increase the value of the boat (and it was fine with me if they charged more, I don't expect it for nothing) and they refused at first to do it. They gave in, and I stayed with them. They have not tried to lower the agreed value, considering it just went up.
BoatUS is not really an insurance company, of course. They are a broker. I believe there are very few marine insurance companies that deal direct with customers such as ourselves. Hagerty may be the only one, and actually they specialize in wooden boats. (I can vouch for Hagerty as my entire classic car and motorcycle collection is insured with them- they have been high-class, reasonable people to deal with).
What is REALLY needed for us is a marine insurance firm- NOT a broker or middleman- who is interested in insuring well-maintained high-quality older yachts which are owned by interested involved parties such as ourselves. These boats are a lower risk than average for several reasons: they were built better to start with, they are maintained better in the present, and they are generally worth fixing if damaged. Most of them now have updated or replaced drive systems and other hardware (I know for example how much Eric spent having the Matthews mentioned above rewired, which made it a much better and safer boat), and they are better boats than when they were made. It seems to me that we would be a much better risk than average. Just taking Hatteras Yachts, they have built something like 7500 boats since day one- probably ninety percent of those are still around on their own bottoms. Many of those are old enough to be considered classics, or close to it. If I were running an insurance company, I would seek out this kind of business, not avoid it. Insuring plastic junk indiscriminately is why they are losing money.
Yes, insurance may be a privilege, not a right, however the chance to insure a solid, well kept up vintage vessel owned by a knowledgeable and interested captain is also a privilege. They should see it as such.
And Eric, the reason that the BoatUS bill went up is that they heard you were going to put a "meal/absent" light on the boat. That elevates it from 'yacht' to 'megayacht'. I'll take the blame for that one.

 

[Capt K]

I don't usually like to discuss business here, but since we're on the subject, I am an insurance broker in CT. It is very difficult to insure these older vessels, and it's only getting tougher. I insure our boat with GB & B in Westbrook. I also broker a lot of classic auto and some boats with Hagerty. I'll be calling them next renewal for a comparison. I have good luck with my clients who insure with them thru me.

GB & B is really nice here, too.

 

[Trojan]

State Farm would insure my 1973 32ft boat but not my 1973 43ft..It was to big. Bill

 

[Eufaula]

I am considering "Liability-only policy" my insurance exp. and to renew they all want a survey. I am not due to undock yet, how do I buy a liability-only policy for a year? If I get comfortable with it I may just stay with it and eat a total lose on my part. My boat they say is old. They will not talk, unless I show them the survey. The boat is a 38'-68 vintage, gasoline powered. I sure as heck do not see any rot or worrys to warrent "old".
James
38'-68

 

[SeaEric]

Well, I just rec'd a quote from Hagerty at $2466. Plus the need for a new out of the water survey. Makes the BoatUS renewal at $1700+ look pretty good. Guess I'm going to stay put for now.

 

[labrador]

G B &B saved me a grand over my prevous policy. 87 hat 40 aft cabin. This was my first boat of any kind however I have over 50,000 miles of ocean racing on sailboats (other peoples). They took a 2 year old survey and my word on expirence and wrote the policy however I was surprised no one actually wanted to look at the boat or meet me in person. I believe insuarance companys are just rolling the dice without doing the above.

 

[jcchev]

I've had a couple pretty good quote from National Marine Underwriters. One quote was on a 1970 44' Hatteras and the premimun was about $2400. I also received a quote last week on a 1993 49' Aquarius and the premimun was about the same.

Has anyone else had any experience with National Marine Underwriters?

Clint
Folsom, LA

 

[labrador]

If they are the same as marine underwriters out of S.C. they are brokers for Markel ins. out of Deerfield Ill. Had them for 1 year and switched to G B & B in Conn. Now paying 1500.00 for agreed value of 140,000.00 which is 1000.00 less than last year.

 

[Passages]

Actually yes, I used Marine Underwriters to insure my Wellcraft. Back in early 90's I was paying about $650/yr for $50,000 of agreed hull value. Boat was in Connecticut.

Had my one and only boat claim with them. $7000 worth of storm damage. They sent a surveyor out to check damage and cut me a check a few weeks later.

 

[(Nobody You Know)]

I have benefited as a member of the Power Squadron for years and subsequently have gotten pretty good rates from the St. Paul Fire & Marine. This was especially the case when I got a quote from BoatUS. My broker at the time suggested that BoatUS is more interested in insuring smaller boats that never go near coastal waters. It should be mentioned however that in light of the horrific number of boats that were damaged or destroyed in the wake of Hurricane Katrina we all may be seeing higher rates. I hate it.

Capt'n Bill

 

[hcalmar]

GB&B in CT??? How do you reach them?

 

[saltshaker]

Gowrie, Bardon, and Brett 860 399-5945 or 800-262-8911. Talk to Dawn Speros, she is a boater and their Hatteras specialist. Years ago they created a group for Hatt owners. Dawn knows Hatteras and has provided my insurance for the last 6 years. Nobody has been able to beat their rate and I feel the coverage is excellent. I do know that I would not be able to get the same rate on a new policy. It is becoming harder and harder to obtain affordable coverage since 9-11-01. A few years ago we were looking at a 1970 53C. It was near impossible to even get a quote. Dawn was able to and the rate wasn't too bad. Good luck and let us know where you end up.