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-   -   Progressive insurance (http://www.trawlerforum.com/forums/s62/progressive-insurance-28528.html)

Capt Kangeroo 10-06-2016 02:28 PM

Progressive insurance
 
Anybody deal with Progressive Insurance? I'm thinking about going with them. Would like to hear your comments good or bad.

FlyWright 10-06-2016 03:39 PM

I had their coverage with my runabout before buying my current boat. I called them for a quote on my Californian. At the time 8 years ago, it seemed they knew nothing about big boat insurance.

78puget-trawler 10-06-2016 06:58 PM

They have goofy ads and the founder is a progressive himself, big time I have read. That wont matter to most folks. Sort of like the AARP, I am old enough to take advantage of their program but resist because of their known politics.

tcpip95 10-06-2016 07:09 PM

I have Progressive for my boat, auto, and home. I've had to file two claims (one boat, one auto) with them. They were very prompt, extremely professional, and resolved both claims quickly. I would not hesitate to insure with them.

FlyWright 10-06-2016 07:17 PM

tc, is yours a yacht policy including significant coverage for enviro spills?

tcpip95 10-06-2016 07:18 PM

Quote:

Originally Posted by 78puget-trawler (Post 486696)
They have goofy ads and the founder is a progressive himself, big time I have read. That wont matter to most folks. Sort of like the AARP, I am old enough to take advantage of their program but resist because of their known politics.

Their founder (Joseph Lewis) founded the company in 1937. His son (Peter B. Lewis) is the guy considered the liberal; he died in 2013. It is now a publicly traded company (since 1978).

tcpip95 10-06-2016 07:19 PM

Quote:

Originally Posted by FlyWright (Post 486701)
tc, is yours a yacht policy including significant coverage for enviro spills?

No, it's a 24' pleasure boat.

78puget-trawler 10-06-2016 07:34 PM

Quote:

Originally Posted by tcpip95 (Post 486702)
Their founder (Joseph Lewis) founded the company in 1937. His son (Peter B. Lewis) is the guy considered the liberal; he died in 2013. It is now a publicly traded company (since 1978).


Thanks for the clarification. I did not know that.

tcpip95 10-06-2016 07:41 PM

Quote:

Originally Posted by 78puget-trawler (Post 486709)
Thanks for the clarification. I did not know that.

I had heard the exact same thing some years ago, and avoided them largely for that reason. I looked into them nonetheless, and figured any money I saved by switching to them I would donate to the RNC (my personal way of countering Liberals). Lo and behold, I discovered that info.

So now I keep my savings! :D

Pau Hana 10-06-2016 08:23 PM

Quote:

Originally Posted by Capt Kangeroo (Post 486623)
Anybody deal with Progressive Insurance? I'm thinking about going with them. Would like to hear your comments good or bad.

Yes- plenty of knowledge about Progressive.

You will want to thoroughly read the policy language and then see if it (at a minimum) matches up to this writeup I did a few years ago:

Bayliner Owners Club - BOC Forum - Topic: Vessel insurance 101 (Very simplified!!!) (1/2)

In my opinion, it's always coverage first, then premium, as considerations. The majority of us have vessels that could easily bankrupt us should a claim occur and proper insurance coverage is not in place.

Chrisjs 10-07-2016 06:16 AM

I carried $500K yacht insurance coverage from ACE on my (50ft) boat, Annual premium about $2,500 with $10K deductible. Reputable large insurance company, understood the big boat business and worked with knowledgeable broker in Annapolis. Similar policy from Boat US priced out at about $15K!!!

Pure pleasure 10-07-2016 09:51 AM

Have had them for yrs never had a claim but prices are good

Shrew 10-07-2016 10:33 AM

I've had Progressive insuring the boat for several years. Admittedly, I've not yet filed a claim with them. Mine is a typical Marine policy including marine salvage and environmental spills. "Read the language of the policy" applies to ANY insurance policy and should not be exclusive advice for Progressive.

janice142 10-07-2016 02:26 PM

My friend Bob had Progressive when Topical Storm Beryl came through and he dragged anchor into the trees. His mast was tangled in trees while he sat in 9' of water!

Anyway, 27'er and yes they paid without issue all damages.

This is his boat:
http://janice142.com/images/MaverickStarboard.jpg

I could not say if he told Progressive he lived aboard her full time... simply don't know and he did have an address ashore too.

BandB 10-07-2016 03:56 PM

Yes, reading the policy applies to all companies, but the question was specifically about progressive and when it comes to large boats, to environmental and salvage and to exclusions, I'd be very hesitant.

Here are some of the things I'd look at most carefully.

-Agreed fixed value or market depreciated?

-Depreciation on partial damage. Will you get new parts? If you have a 25% loss, will you get what it costs to repair or be limited to 25% of it's now depreciated value?

-How extensive is your third party coverage, especially for environmental damage?

-Is it all risks without any warranty of seaworthiness? Or if the boat falls apart might and sinks, might they deny the claim because the boat was not seaworthy?

-What about latent defects? Does it exclude claims by stating they were hidden manufacturing defects or problems hidden at the time you purchased or had it surveyed? For instance, not reported on the survey, but they think they should have been detected at that time?

-Areas of navigation. Are they restricted? Are times of the year restricted? What about coverage during a named storm?

-What about piracy? Acts of war? Not too important perhaps if you boat in Nebraska but definitely if you boat in areas of the Caribbean and Central and South America.

-What about incidental damages? What if the engines stop and subsequently you have to abandon at sea? Will they say that's not covered as the engines aren't? What about conflicts between warranty and insurance?

-What about towing and salvage? Will they pay salvage costs on top of a boat they total? Or if your boat is salvaged and brought to shore, will they deduct the salvage fee from the amount paid?

-What about operator of the boat? What if they approve you to operate it and insure you, but your brother has it out when the problem occurs, or your son?

-What about if you're in violation of a law at the time of the accident? Will a .09 get you a denial? Will an expired license or operator not legally licensed where it occurs?

-What if damage happens as a result of third party action such as dropped off a lift at a shipyard or a fire on another boat at a marina?

-Will they defend you in court if a claim arises?

-reputation for prompt and complete payment of claims is important as well as how well they'll protect your interests when the other boat is at fault. Will they pay and then sue to recover from the other party or back away entirely?

-What is their policy on live aboard and how do they define it?

Read and understand every paragraph. Give special attention to all exclusions. Think of them each as excuses not to pay.

That said, for a 50' boat being used coastal and/or offshore. Progressive would definitely not be my choice of carrier. I would go for a reputable "yacht" insurer, yacht in this case simply tied to size. With some it's over 27'.

Capt Kangeroo 10-10-2016 12:25 PM

Thanks to all, some great info and much appreciated. As expected, seems to be some mixed opinions on Progressive and all points well taken. In my case I don't really care about coverage of the boat itself, I don't have a lot invested but I am very concerned about liability. The few companies I have talked to in the US are capped at 300K to 500K liability which seems very low to me. In Canada, 1mill is pretty much standard and 2 to 5 mill is common. Strange, I would have thought the reverse to be true between the US and Canada.

One thing that did stand out about Progressive was their apparent fairness when it comes to surveys. Others want a full out of water survey every 3-5 yrs, they will accept my last one which is just under 5 yrs old since there has been no material changes to the vessel or circumstances which would suggest a fresh survey would be necessary. This is a huge savings in itself.

(Peter, I had forgotten you were in the biz, if you wouldn't mind could you send me a private post with your phone number. I would appreciate discussing this with you and perhaps you could steer me in the right direction. By the way, that was an excellent article you wrote.)

Cheers, all.

Chrisjs 10-10-2016 12:37 PM

My Ace Inamar Yacht Policy (see earlier post) carried $1M in liability, had agreed hull value, and was very reasonably priced. There was an intial survey report at purchase then a photographic (no haul out) review at year 6 (they sent a disposable camera). I do have Progressive on my motorcycle but would think twice before insuring a large vessel. If interested in Ace, I suggest you contact Jackmartin.com. Very helpful and knowledgeable broker in Annapolis.

BandB 10-10-2016 12:47 PM

One reason that many liability policies have what seems to be relatively low maximums such as $500,000 or even $1 million is that most people insuring expensive items also have an umbrella policy. If you don't have one, I'd strongly advise looking at them. They cover things for which you already have insurance, but amounts beyond those of the other policies. Someone might have $500k of liability on their boat, $300k auto, $200k home, but then have a $5 million umbrella. Because the odds of it coming into play are so slim, it's not as expensive as you might think. However, it protects you against the potential enormous claim.

Capt Kangeroo 10-10-2016 01:41 PM

B&B, I am not familiar with this. Do I understand correctly that an Umbrella would be tied to your marine policy extending liability over and above it's limits? or is it a standalone policy that extends liability to all your assets whatever they may be?

Chrisjs 10-10-2016 01:48 PM

My understanding is that your marine insurance would be the first payer in the event of a successful liability claim but only up to the limit of that policy. The umbrella policy would be the second payer, up to the limit of that second policy. So, maximum liability coverage would be the sum of both policy limits. An important watch-out is that your vessel and its marine insurance coverage must be reported to your umbrella insurance carrier, and will probably increase the risk rating and premium cost for that policy.


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