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Old 07-09-2019, 10:35 AM   #1
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Boat insurance and financing ?

Need recommendations for boat insurance company and financing.....
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Old 07-09-2019, 12:17 PM   #2
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Need more info -

- year, make, model of the vessel?
- navigation area you'll be playing in?
- Survey yes or no?
- Your vessel operating experience?

The above info is useful in advising you which way to go for both financing and insurance.
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Old 07-09-2019, 12:21 PM   #3
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Oddly we use State Farm -- I say oddly because I wouldn't normally think of one of the big nationals as boat insurer. They insured our first boat, a 19' Bayliner runabout and then we continued to use them as we moved up. Surprisingly low cost. And we have an umbrella with them too, just in case. I wondered what would happen if we ever filed a claim, but then when we bought our 370 in Rhode Island we did whack another boat once and State Farm handled it no problem, although I assume the claim was relatively small. Not sure if they write boat policies in CA.
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Old 07-10-2019, 02:25 PM   #4
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Old 07-10-2019, 04:27 PM   #5
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Query the various insurance companies. Some won't insure steel boats (probably because they have little boat experience). Best to go with companies experienced with boats. Found State Farm twice as expensive of BoatUSA in 2011.
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Old 07-10-2019, 10:31 PM   #6
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Well as far as the boat financing, depends on your equity. If you own your home, as in free and clear, boat financing should not be an obstacle.. Have just found out recently that Hagerty insurance covers classic boats. I've been using Hagerty to insure my 1970 Charger R/T for years, Who knew they insured old boats!
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Old 07-10-2019, 10:34 PM   #7
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We bought an older trawler 4 years ago and used Sterling Associates. Cindy Lewis was really good to work with. There is another thread going now that I recommended Cindy to and he just said that he worked with her and she was great to work with and he had just had his loan approved. Her phone number is 410-903-6611. As far as insurance goes we use Boat/US and have had great support from them.
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Old 07-11-2019, 06:30 PM   #8
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Originally Posted by markpierce View Post
.. Some won't insure steel boats..
Not all companies will insure steel boats, but there are several that do. I have never had a client fail to get financed becasue the boat was steel. If anyone needs help, please contact me privately.

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Old 07-11-2019, 06:36 PM   #9
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Originally Posted by Judy at JWY View Post
Not all companies will insure steel boats, but there are several that do. I have never had a client fail to get financed becasue the boat was steel. If anyone needs help, please contact me privately.

Judy
The challenge with steel boats is this- boats older than 10 years of age need a hauled survey with audiogage/ultrasound report as part of the survey. While there are a few companies that ave differing parameters, the requirement is the norm.

When the insured presents the survey report without the ultrasound report to insurance, they are told that they need to get the vessel hauled again for the metal thickness testing.
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Old 07-11-2019, 06:50 PM   #10
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Originally Posted by Pau Hana View Post
The challenge with steel boats is this- boats older than 10 years of age need a hauled survey with audiogage/ultrasound report as part of the survey. While there are a few companies that ave differing parameters, the requirement is the norm.

When the insured presents the survey report without the ultrasound report to insurance, they are told that they need to get the vessel hauled again for the metal thickness testing.
PH..Off topic, but somebody with a 32' Sea Ray has pirated your boat name and artwork. They were in Port Townsend last week.
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Old 07-11-2019, 10:59 PM   #11
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PH..Off topic, but somebody with a 32' Sea Ray has pirated your boat name and artwork. They were in Port Townsend last week.
Appreciate the heads up- might you have a photo?
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Old 07-12-2019, 06:02 AM   #12
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The challenge with steel boats is this- boats older than 10 years of age need a hauled survey with audiogage/ultrasound report as part of the survey. While there are a few companies that ave differing parameters, the requirement is the norm.

When the insured presents the survey report without the ultrasound report to insurance, they are told that they need to get the vessel hauled again for the metal thickness testing.
In general, if a client is purchasing a steel boat that has not been audiogauged within the last 10 years, I recommend that it be done, or at least spot checked in the typical places that might be suspect. Nonethless, I think your key phrase While there are a few companies that ave differing parameters is the important one.

Again, for anyone that needs help on financing or insurance with steel trawlers, send me a PM for my list of vendors. It would be a shame for someone interested in buying a quality steel trawler to be put off from pursuing because of some of the posts in this thread.

I don't mean to sound contentious, but I have sold maybe 50 steel trawlers with only a handful that were new.

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Old 07-12-2019, 08:28 AM   #13
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Originally Posted by Judy at JWY View Post
In general, if a client is purchasing a steel boat that has not been audiogauged within the last 10 years, I recommend that it be done, or at least spot checked in the typical places that might be suspect. Nonethless, I think your key phrase While there are a few companies that ave differing parameters is the important one.

Again, for anyone that needs help on financing or insurance with steel trawlers, send me a PM for my list of vendors. It would be a shame for someone interested in buying a quality steel trawler to be put off from pursuing because of some of the posts in this thread.

I don't mean to sound contentious, but I have sold maybe 50 steel trawlers with only a handful that were new.

Judy
Well, in 20 years on both sides of the marine financing & insurance equation (both as an underwriter and retail agent), Iíve developed a simple formula for the brokers and dealers- we as professionals work best in our disciplines. Thus, I always request my brokers make the referrals, then get out of the way. Last thing I want is to have to clean up a mess when the broker/dealer makes assurances that I am expected to fulfill (ie., Pete ďwillĒ get you coverage so you can go play on your new boat!Ē)

In short- I donít sell boats, please donít sell the insurance.

The insuring market has changed drastically in the last 3 years, with many insurers either pulling out of the FL market or severely limiting what they will offer coverages on. Underwriting has continued to tighten up on requirements for both vessel and owner.

FC is all but a dead hull material, as is anything glass over wood that is not of original construction. Wood and metal hulls (principally steel) have more stringent survey requirements.

I donít find your reply contentious, but I also donít want to see expectations of a client mismanaged.
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Old 07-12-2019, 10:31 AM   #14
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Appreciate the heads up- might you have a photo?
I'd don't have a picture of the boat, sorry. It was out of Seattle, same name and design on the transom as your avatar. 32' gas Sea Ray with outdrives.
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Old 07-12-2019, 11:04 AM   #15
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I'd don't have a picture of the boat, sorry. It was out of Seattle, same name and design on the transom as your avatar. 32' gas Sea Ray with outdrives.
Thanks, Ken- I'll be sure to keep a lookout.

They do say imitation is the sincerest form of flattery
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Old 07-12-2019, 11:09 AM   #16
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FC is all but a dead hull material.
Clarification? Context? Do I take this to mean that insurance for ferro-cement boats is very difficult to impossible?

I've always thought that cement boats are scary or bizarre anyway, and never really thought about insurance.

I guess mud was early man's first building material. He probably threw it at something first.
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Old 07-12-2019, 11:24 AM   #17
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Clarification? Context? Do I take this to mean that insurance for ferro-cement boats is very difficult to impossible?

I've always thought that cement boats are scary or bizarre anyway, and never really thought about insurance.

I guess mud was early man's first building material. He probably threw it at something first.
Good question.

The lack of skilled professional craftsmen in the FC arena, as well as the fact that many FC boats were backyard creations/DIY projects, has prompted most insurers to exclude FC as an approved hull material. I do know that a couple will consider FC for liab only, but none that I can think of (including London) want to write FC under any agreed value policy.
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Old 07-16-2019, 09:56 AM   #18
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I have had very good experiences with Eileen Salarno at Global Marine.
She has insured a couple of boats for me, at good prices. These were boats built in the 80's. an insurance survey was required on both.
Her number is 732-706-1900

Michael
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