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Old 05-04-2015, 09:14 PM   #21
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By all means talk to Pau Hana.

As a footnote, it might be useful to ponder why an insurer has low premiums and a "sure, we'll insure you" attitude. It's not like electricity rates, where you definitely get the electricity and it's all 120v, so why pay high if you can shop around.
It is sometimes helpful to find out what claims payment experience people have had with a particular insurer. Chubb is relatively high for premiums; on the other hand, they tend to adequately compensate you when bad things happen. (I'm speaking just on property damage claims, not on the liability claims.)
Be careful. If you have no wealth for a liability lawsuit to target and the boat is not central to your lifestyle, perhaps a cheap premium just to meet a marina's requirement that you be insured is OK. But if you have wealth to protect, and the boat is critical to your lifestyle, you need to pay whatever it takes to get an insurer who will honor its promise to make you whole when bad things happen. And if you have to have the boat, you need replacement value coverage, not actual cash value; and you need insurance that will, if your a live-aboard, provide you with a place to live if the boat is uninhabitable and replacement will take time.
I know about not having the wherewithal to do the right thing, but you probably need to find out about "insurer performance when it hits the fan" just as much as "premium cost." Paying not much for no future value is not really a bargain, is it?
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Old 05-05-2015, 12:47 AM   #22
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It used be said here that a promptly paid well handled claim is an insurers best advertisement.
We once had a general insurer for which we wrote a proud advertising slogan "All claims paid promptly after receiving a Certified Copy of Court Judgement".
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Old 05-05-2015, 05:32 AM   #23
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I am surprised how little liability coverage you guys have. ($500,000) I would expect a large coverage would be required in the US due the high rate of litigation over there.


One marina I frequent requires 10 million liability coverage to even overnight at a slip.
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Old 05-05-2015, 07:07 AM   #24
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I am surprised how little liability coverage you guys have. ($500,000) I would expect a large coverage would be required in the US due the high rate of litigation over there.


One marina I frequent requires 10 million liability coverage to even overnight at a slip.
The $500k liability is what's needed to reach the starting threshold of my umbrella policy. The umbrella covers me on everything the boat policy does up to the limit (millions) of the umbrella policy.

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Old 05-05-2015, 10:57 AM   #25
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For great rates online go to the General and save some time!
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Old 05-05-2015, 11:48 AM   #26
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Hi, all,

Been a bit busy with a son getting married this past weekend!

Bigfish, being in a CAT area (Catastrophic damage) will generally have higher rates than one in the Northeast, Pacific Northwest, or Southern California.

The rate that MYTraveler has is not unusual for the type of vessel and navigation area. He is most definitely not self insuring, as ACE is an Agreed Value policy for total loss- and deductible is not factored in.

Post #21- Trawler Forum - View Profile: writerly1 - read this. writerly1 hist the nail squarely on the head, and makes the very points that I've been stressing for years:
  • Premium/policy cost must never be a primary determining factor in selecting a policy.
  • Do not rely on what the agent states is coverage unless he/she can cite chapter and verse from the policy documents.
  • Each insuring company has different rating criteria, and each policy is unique to the policyholder- so when somebody states "you're paying too much" know that there are many factors that may make that statement true ao/or false.
  • Liability coverage is cheap- more is better. The difference between $300k and $500k is about $50/year.

Those with Progressive and GEICO- read your policies and see if it meets the critieria set here:

Bayliner Owners Club - BOC Forum - Topic: Vessel insurance 101 (Very simplified!!!) (1/2)
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Old 05-05-2015, 02:35 PM   #27
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Quote:
Originally Posted by Pau Hana View Post
Hi, all,

Been a bit busy with a son getting married this past weekend!

Bigfish, being in a CAT area (Catastrophic damage) will generally have higher rates than one in the Northeast, Pacific Northwest, or Southern California.

The rate that MYTraveler has is not unusual for the type of vessel and navigation area. He is most definitely not self insuring, as ACE is an Agreed Value policy for total loss- and deductible is not factored in.

Post #21- Trawler Forum - View Profile: writerly1 - read this. writerly1 hist the nail squarely on the head, and makes the very points that I've been stressing for years:
  • Premium/policy cost must never be a primary determining factor in selecting a policy.
  • Do not rely on what the agent states is coverage unless he/she can cite chapter and verse from the policy documents.
  • Each insuring company has different rating criteria, and each policy is unique to the policyholder- so when somebody states "you're paying too much" know that there are many factors that may make that statement true ao/or false.
  • Liability coverage is cheap- more is better. The difference between $300k and $500k is about $50/year.

Those with Progressive and GEICO- read your policies and see if it meets the critieria set here:

Bayliner Owners Club - BOC Forum - Topic: Vessel insurance 101 (Very simplified!!!) (1/2)
Any insider info on Geico absorbing BoatUS? Affect on BOATUS policies?
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Old 05-06-2015, 08:17 AM   #28
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Nothing to speak of. So far, BoatUS, Seaworthy, and GEICO (all Berkshire Hathaway companies operating under the same roof) remain separate business entities.
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