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Old 03-16-2014, 03:46 AM   #1
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Insurance Recommendations

When you get notice of a roughly 30% increase in annual insurance premiums as I just did you've got to start looking for alternatives. In this economic environment with inflation at near zero, and no claims or accidents since coverage began 4 years ago, it makes no sense! Anybody out there recommend a good marine insurance company with reasonable rates? I'm averse to just rolling over and paying whatever they demand!
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Old 03-16-2014, 04:35 AM   #2
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Get in touch with Peter Ricks at American Maritime Insurance. He is a forum member and can give you some straight answers.
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Old 03-16-2014, 05:29 AM   #3
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Peter where ate you?, I also need help
I also need an insurance
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Old 03-16-2014, 07:03 AM   #4
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Old 03-16-2014, 09:07 AM   #5
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Insurance for Florida plus

We use
Casey L Heer
President
Casey Insurance Group Inc.
P.O. Box 553310
Fort Lauderdale, FL 33355
888-537-1412 (toll free and fax)
954-474-3387 local
443-822-4517 cell
954-473-4109 local fax
Florida Boat Insurance | RV | Marine | Yacht | Charter | Guide

After working on our 1986 trawler we wanted better insurance and found it by working with Casey for an agreed value policy that will allow us to stay in Fl year round at a reasonable rate.
HTH,
S
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Old 03-16-2014, 09:42 AM   #6
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Quote:
Originally Posted by Captain K View Post
When you get notice of a roughly 30% increase in annual insurance premiums as I just did you've got to start looking for alternatives. In this economic environment with inflation at near zero, and no claims or accidents since coverage began 4 years ago, it makes no sense! Anybody out there recommend a good marine insurance company with reasonable rates? I'm averse to just rolling over and paying whatever they demand!
I have my insurance with: http://www.pantaenius.com/en.html

Their policies are "All Risk" and I have heard good thing about them from Loopers in AGLCA. Here is an interview done with one of their reps on AGLCA's Blogtalk radio...it is interesting and will give you questions to ask any insurance Rep.

http://www.blogtalkradio.com/aglca/2...ce-rebroadcast

As for rate increases keep in mind the insurance industry is reeling from claims from hurricane Sandy and interest on bond investments (which is the investments used for reserves) are at 40 year lows which is causing grief for all forms of insurance not just yachts!

Good Luck!

Norm Miller
Quiet Company
Great Harbour GH47

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Old 03-16-2014, 09:44 AM   #7
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Get in touch with Peter Ricks at American Maritime Insurance. He is a forum member and can give you some straight answers.
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Probably sleeping
Well, I was snoozing

Bob, thank you for the kind words.

Yes, I'm with Anchor Marine Underwriters, a Seattle based marine specialty insurance brokerage. Please PM me with any questions you may have- thanks!

Pete
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Old 03-16-2014, 09:56 AM   #8
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I and 2 of my cruising/live aboard friends use Casey Heer as well. Two have had claims--one was major, a lightning strike. Both were settled fairly and promptly. The renewal price did not change after the claims.
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Old 03-16-2014, 10:22 AM   #9
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As for rate increases keep in mind the insurance industry is reeling from claims from hurricane Sandy and interest on bond investments (which is the investments used for reserves) are at 40 year lows which is causing grief for all forms of insurance not just yachts!
Indeed! I deal with questions like this on a daily basis, especially from folks that are specific price shoppers.
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Old 03-16-2014, 10:33 AM   #10
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I also recommend Pete! Very accessible (he emailed me within 15 minutes of my PM on a Sunday evening) and very knowledgeable. He was able to get me the coverage I needed at a great price that actually beat what I was being quoted for less insurance by the big box (Boat US, Progressive) insurers. Couldn't be happier.

Thanks Pete!
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Old 03-16-2014, 12:06 PM   #11
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Rule Number one is get marine insurance from both an agent and a company that specialize in marine insurance. Review the coverage and the exceptions very carefully.

Make sure it covers all you do and might do and that you haven't committed to something that might change. Locale's and operators can be big points. What your responsibility during a hurricane is.

Some require hurricane plans. If so, do not commit to something you might not do. Our hurricane plan says we value life over boat and may not do anything but have various options that we may consider. I've heard a lot of criticism of those whose boats were destroyed by Sandy. Let's see, freak storm, not predicted path in US, although was in Europe, and their families in danger. And they were supposed to move boat? Move it where? NJ and NY were their hurricane holes.

An agent who does nothing but marine should be able to walk you through all the pitfalls and help you avoid them. Choose carefully and if you're uncomfortable, then move to the next.

And the irony. We live in South Florida and our rates increase because of Sandy in the NE and we're labelled the hurricane zone in spite of the fact, NY and NJ have had far more damage in recent years than Fort Lauderdale. Oh well. All we can do is search carefully. It does scare me though when I hear someone buying their boat insurance through their homeowner and car agent. And what scares me more is when I ask questions regarding their coverage and they have no answers. They don't realize that they're not covered below a certain point for named storms during certain months or that they committed to pulling the boat out of the water (which of course did no good in Sandy).

Read every page of the policy. Don't say it's too much or too difficult to understand. Read it and if you don't understand something, then ask questions.
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Old 03-16-2014, 04:24 PM   #12
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When you get notice of a roughly 30% increase in annual insurance premiums as I just did... In this economic environment with inflation at near zero, and no claims or accidents since coverage began 4 years ago, it makes no sense!
Just so you understand, I stay away from two things... insurance companies and lawyers (no offense meant to anyone, but it's a personal avoidance thing.)

But I have to ask... do you recall Hurricane Sandy and the 65,000 + boats destroyed by that storm? Many of them insured? That's what insurance is, shared risk, and somebody has to make up the losses and it ends up being us rate payers!

Dave
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Old 03-16-2014, 06:04 PM   #13
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I also recommend Pete! Very accessible (he emailed me within 15 minutes of my PM on a Sunday evening) and very knowledgeable. He was able to get me the coverage I needed at a great price that actually beat what I was being quoted for less insurance by the big box (Boat US, Progressive) insurers. Couldn't be happier.

Thanks Pete!
Don't even waste your time with BoatUS. They are 2-3 times higher on the last time I got a quote from them.
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Old 03-16-2014, 06:25 PM   #14
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I am just going through this process for a trawler in FL and I must say it has been frustrating. First, the questionaires and forms for the most part, are designed for trailerable newer boats. When you try to fit a 30 year old trawler to them, especially one you don't own yet, most of the questions are bizarre. Examples of some things I was told:
-Prices were all over the chart!!! I went with 8 different co's for quotes.
-Will not write ins in FL unless the boat is trailered or indoor "rack" stored in a hurricane proof building. Never seen a rack stored 12 ton trawler yet but I would like the see the forklift. Anyone have an empty nuke plant for rent?
-Must name a local person to "care" for your boat when you are not present. It apparently doesnt matter that the caretaker will face mandatory evacuation when the big one comes.
-It doesnt matter for rates if your trawler max speed is 8 or 40 knots.
-SeaTow doesn't insure trawlers in FL if you don't live there full time.
-Dry stored on chained together jack stands is not "High and Dry" to some companies.
-Boat US was nearly double the price for a similar agreed value policy.
-Progressive max limit for agreed value was $40k.
- Fixing "recommended" items on a survey has to be completed and signed for by a "professional". Replacing a broken hose clamp or seacock yourself is not acceptable.

Some could not understand why I had a problem with the question "Where will the boat be stored?" Lets see, wet or dry? Since I dont own the boat yet, I have not signed a storage contract anywhere. I have verbal oks from a couple places. When wet, I will be traveling all over without schedule (hopefully). They just want a name to fill in the blank!
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Old 03-16-2014, 06:41 PM   #15
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Check with your current carrier for you auto/home. I have used Allstate, and they don't have all the crazy restrictions that the Marine writers have with their policies.
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Old 03-16-2014, 06:55 PM   #16
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Check with your current carrier for you auto/home. I have used Allstate, and they don't have all the crazy restrictions that the Marine writers have with their policies.
The problem with your suggestion is that the home/auto carriers generally don't have a clue about the coverages they are offering; sadly, that shortfall usually manifests itself only during a claims situation.

The "crazy restrictions" that marine underwriters can require are to ensure that there is justification for the agreed valuation of the policy. The marine policy will include pollution coverage, salvage and wreck removal coverages, and more marine specific coverages that aren't offered by the general home/auto carrier.
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Old 03-16-2014, 07:27 PM   #17
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The problem with your suggestion is that the home/auto carriers generally don't have a clue about the coverages they are offering; sadly, that shortfall usually manifests itself only during a claims situation.

The "crazy restrictions" that marine underwriters can require are to ensure that there is justification for the agreed valuation of the policy. The marine policy will include pollution coverage, salvage and wreck removal coverages, and more marine specific coverages that aren't offered by the general home/auto carrier.
I've had two claims and no issues. The crazy restrictions are with cruising areas for example: Everybody I got quotes from will not allow you to go to Florida or no farther north than Virginia Beach and limit offshore boating. Allstate allows 100 miles offshore, which allows you to go to the Bahamas.
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Old 03-16-2014, 07:30 PM   #18
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I have my insurance with: Yacht Insurance online - Best American Yacht Insurance Company

Their policies are "All Risk" and I have heard good thing about them from Loopers in AGLCA. Here is an interview done with one of their reps on AGLCA's Blogtalk radio...it is interesting and will give you questions to ask any insurance Rep.

Great Loop Information-Yacht Insurance-Rebroadcast 01/10 by AGLCA | Travel Podcasts

That was excellent. Thank you.
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Old 03-16-2014, 08:57 PM   #19
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Originally Posted by High Wire View Post
I am just going through this process for a trawler in FL and I must say it has been frustrating. First, the questionaires and forms for the most part, are designed for trailerable newer boats. When you try to fit a 30 year old trawler to them, especially one you don't own yet, most of the questions are bizarre. Examples of some things I was told:
-Prices were all over the chart!!! I went with 8 different co's for quotes.
-Will not write ins in FL unless the boat is trailered or indoor "rack" stored in a hurricane proof building. Never seen a rack stored 12 ton trawler yet but I would like the see the forklift. Anyone have an empty nuke plant for rent?
-Must name a local person to "care" for your boat when you are not present. It apparently doesnt matter that the caretaker will face mandatory evacuation when the big one comes.
-It doesnt matter for rates if your trawler max speed is 8 or 40 knots.
-SeaTow doesn't insure trawlers in FL if you don't live there full time.
-Dry stored on chained together jack stands is not "High and Dry" to some companies.
-Boat US was nearly double the price for a similar agreed value policy.
-Progressive max limit for agreed value was $40k.
- Fixing "recommended" items on a survey has to be completed and signed for by a "professional". Replacing a broken hose clamp or seacock yourself is not acceptable.

Some could not understand why I had a problem with the question "Where will the boat be stored?" Lets see, wet or dry? Since I dont own the boat yet, I have not signed a storage contract anywhere. I have verbal oks from a couple places. When wet, I will be traveling all over without schedule (hopefully). They just want a name to fill in the blank!
You're going through boat insurers and need a yacht insurer. I know it sounds like a small distinction but it's the difference between expecting trailer and knowing other. Call one of the agents mentioned here or someone like Pantaenius.

Now surveys are normal for a new customer. I wouldn't insure a boat I didn't know without one. Some may not require but I think most will.
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Old 03-16-2014, 09:05 PM   #20
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Get in touch with Peter Ricks at American Maritime Insurance. He is a forum member and can give you some straight answers.

Yes - Peter's the ins expert to chat with!
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