Reply
 
Thread Tools Display Modes
 
Old 04-08-2013, 09:53 PM   #1
Guru
 
City: Pensacola
Country: USA
Join Date: May 2012
Posts: 748
Insurance

I an due to renew insurance next month and my premium went up 350.00$. Anyone else have rates rise? I did make a haulout claim for Isaac.
__________________
Advertisement

Blue Heron is offline   Reply With Quote
Old 04-10-2013, 03:00 PM   #2
Veteran Member
 
DonnyP's Avatar
 
City: Newburyport, MA
Country: USA
Vessel Name: Kairos
Vessel Model: Hunt Express 36
Join Date: Feb 2012
Posts: 55
Yes, mine went up about the same 28%. I contacted my broker and this was their response:
The renewal increase is in-line to what we are seeing as a direct result of a very busy storm season. Due to adverse results including back to back storm seasons in the Atlantic, "xxxx insurance company" increased the base rates for all risks from DE north effective 2/1 for new business and 3/1 for renewals.

To which, I responded:
That is interesting. I actually work for a company called Weather Services International, we are the Professional Division of The Weather Company, which also owns The Weather Channel and other related properties.

Both 2011 and 2012 had 19 Atlantic storms in total. Each year had one landfalling hurricane; Irene in 2011 and Sandy in 2012. Both around NYC. The current forecast for 2013 is 16 named storms with a smaller East Coast threat this year. So there is DECREASING chances of a tropical storm Delaware northward.

I'm curious how "xxxx insurance company" could justify their increased fees and statement below, when the fact is that 2013 is forecasted to be less severe than 2012 and 2011.

Thanks,
Donny

....I have not heard back....
__________________

DonnyP is offline   Reply With Quote
Old 04-10-2013, 03:05 PM   #3
Guru
 
ARoss's Avatar
 
City: Chocowinity NC
Vessel Name: My Yuki
Vessel Model: 1973 Marine Trader 34
Join Date: Nov 2007
Posts: 625
My insurance is due for renewal next month, and coincidentally I got an email from my insurer today that basically said "bend over".

I don't think the Ins. companies base premiums on expected losses -- I would guess they are trying to recoup the losses/ reserves they had to use to handle 2010-2012.
ARoss is offline   Reply With Quote
Old 04-10-2013, 03:24 PM   #4
TF Site Team
 
Pau Hana's Avatar


 
City: Seattle, WA
Country: Good Ol' US of A!
Vessel Name: Pau Hana
Vessel Model: 1989 PT52 Overseas Yachtfisher
Join Date: Aug 2012
Posts: 1,647
Quote:
Originally Posted by ARoss View Post
My insurance is due for renewal next month, and coincidentally I got an email from my insurer today that basically said "bend over".

I don't think the Ins. companies base premiums on expected losses -- I would guess they are trying to recoup the losses/ reserves they had to use to handle 2010-2012.

Correct- the current increases are in fact based on the losses from Sandy and Irene. Depending on the book of business and the amount of policies the company has written in a given area, the increases could be minimal or overwhelming. Not all companies have increased rates beyond what is normal (about 2-5%).


Your broker/agent may not have the markets available to shop your policy competitively for you- this is especially true of a captive (Farmers, AmFam, Allstate, etc).
__________________
Peter- Marine Insurance Guru & tuna fishing addict!

1989 52' PT Overseas yachtfisher
Pau Hana is offline   Reply With Quote
Old 04-10-2013, 03:26 PM   #5
TF Site Team
 
Pau Hana's Avatar


 
City: Seattle, WA
Country: Good Ol' US of A!
Vessel Name: Pau Hana
Vessel Model: 1989 PT52 Overseas Yachtfisher
Join Date: Aug 2012
Posts: 1,647
Quote:
Originally Posted by Blue Heron View Post
I an due to renew insurance next month and my premium went up 350.00$. Anyone else have rates rise? I did make a haulout claim for Isaac.
A haulout claim should not adversely impact your renewal.
__________________
Peter- Marine Insurance Guru & tuna fishing addict!

1989 52' PT Overseas yachtfisher
Pau Hana is offline   Reply With Quote
Old 04-10-2013, 04:04 PM   #6
Guru
 
City: somewhere
Country: USA
Join Date: Jan 2013
Posts: 1,356
Wow. Guess I better check with my insurance carrier with buying this new boat.
__________________
Life is a Beach
beachbum29 is offline   Reply With Quote
Old 04-10-2013, 04:58 PM   #7
Guru
 
City: Pensacola
Country: USA
Join Date: May 2012
Posts: 748
Yea sucks that those of us without loss have increases in premiums.
Blue Heron is offline   Reply With Quote
Old 04-10-2013, 05:47 PM   #8
Guru
 
roguewave's Avatar
 
City: Hill Country TX/S.Portland Maine
Country: Texas
Vessel Name: Southern Cross III
Vessel Model: 1988 Defever 41
Join Date: Jul 2012
Posts: 610
It's a racket that make's me want to get my hands around their necks....in a sweet kinda way.
__________________
..."some gave all, KIA"...
roguewave is offline   Reply With Quote
Old 04-10-2013, 06:01 PM   #9
Guru
 
healhustler's Avatar
 
City: Longboat Key, FL
Country: USA
Vessel Name: Bucky
Vessel Model: Krogen Manatee 36 North Sea
Join Date: Oct 2009
Posts: 4,181
Hmmm. Just paid mine in February with no increase. Guess I'd better lube-up for the next renewal.
healhustler is offline   Reply With Quote
Old 04-10-2013, 06:43 PM   #10
JAT
Guru
 
JAT's Avatar
 
Country: US
Vessel Name: Just a Tinch
Vessel Model: Gulfstar 44 MC
Join Date: Jan 2010
Posts: 595
I've heard a number of excuses for increases. We got huge increases back when Charlie and his 3 friends hit FL....but up north there was no increase. That said it was because of the risk in FL.... Boat insurance is slightly higher on the east coast of FL than it is on the west coast of FL.... They say its fewer crazies in boats, my car insurance was the same way. I renewed back in November....so it will be interesting to see what comes to pass this fall....
JAT is offline   Reply With Quote
Old 04-10-2013, 07:30 PM   #11
Scraping Paint
 
City: -
Country: -
Join Date: Oct 2007
Posts: 13,748
Quote:
Originally Posted by beachbum29 View Post
Wow. Guess I better check with my insurance carrier with buying this new boat.

This, in my view, is the major big advantage of using an insurance broker as opposed to selecting and going with a specific carrier on your own. Unless one is actually in the insurance business, I would imagine that it woudl be difficult to impossible to know all the potential insurers, policy types, factors-- regional or nationa--- influencing the insurance providers, and the policy options that are avaialble.

A broker, on the other hand, does this for a living and if he or she is on top of their game, they will have a far more versatile set of options for the boat owner.

There are always two sides to every coin so I assume there are advantages to going directly with a specific carrier instead of using a broker but I don't know what they are.
__________________

Marin is offline   Reply With Quote
Reply

Thread Tools
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off





All times are GMT -5. The time now is 08:25 AM.


Powered by vBulletin® Version 3.8.8 Beta 4
Copyright ©2000 - 2017, vBulletin Solutions, Inc.
Search Engine Optimization by vBSEO 3.6.0
Copyright 2006 - 2012