Reply
 
Thread Tools Display Modes
 
Old 07-16-2015, 01:14 PM   #21
Guru
 
refugio's Avatar
 
City: Meydenbauer Bay Yacht Club
Country: USA
Vessel Name: Refugio
Join Date: Mar 2012
Posts: 1,141
My State Farm policy (limited options with a ferro hull) is from Cape Spencer (furthest point of what is considered "inside passage") to Ensenada.
__________________
Advertisement

__________________
Keith
refugio is offline   Reply With Quote
Old 07-16-2015, 06:00 PM   #22
Senior Member
 
wyoboater's Avatar
 
City: Clear Lake Shores,Tx
Country: USA
Vessel Name: In Disguise
Vessel Model: 1985 Mainship 40 DC
Join Date: Aug 2014
Posts: 448
I think what most of these people are saying is that the coverage is available. My suggestion is to find an insurance broker and have him shop around for you....The insurance is there, they just have to find it. I use an independent insurance agent in League City Tx but am insured thru someone else. I also have a 30 year old boat.
__________________

wyoboater is offline   Reply With Quote
Old 07-18-2015, 09:53 AM   #23
Senior Member
 
City: Edmonds
Country: USA
Join Date: Apr 2013
Posts: 176
Interesting thread. I am in the insurance industry and gave a seminar on marine insurance to our yacht club a couple of years go. I reviewed policies from six different companies and there were significant differences between all of them. If you have a boat that is kept in the water (I.e. Not on a trailer) you should get quotes and coverage comparisons from a good yacht broker.

For those who have posted that they knowingly traveled outside their coverage zones... what a bad idea. Imagine an accident where you couldn't limp back. Engine failure, boat is grounded on rocks. You get nothing. Or someone is injured on your boat. No coverage from the boat policy, then your Umbrella ( you have one, right?) policy won't kick in.

In a significant claim I could see an insurer look at your GPS tracks or other information in order to determine whether they would cover you. You could end up (single or double) screwed. Boat insurance is NOT like car insurance. Work with one of the brokers mentioned in this thread and get the right coverage for all of your needs.
Robster_in_edmonds is offline   Reply With Quote
Old 07-18-2015, 09:56 AM   #24
TF Site Team
 
dimer2's Avatar
 
City: Houston
Country: USA
Vessel Name: Baobab
Vessel Model: Bayliner 4788
Join Date: Aug 2013
Posts: 2,193


Quote:
Originally Posted by Robster_in_edmonds View Post
Interesting thread. I am in the insurance industry and gave a seminar on marine insurance to our yacht club a couple of years go. I reviewed policies from six different companies and there were significant differences between all of them. If you have a boat that is kept in the water (I.e. Not on a trailer) you should get quotes and coverage comparisons from a good yacht broker.

For those who have posted that they knowingly traveled outside their coverage zones... what a bad idea. Imagine an accident where you couldn't limp back. Engine failure, boat is grounded on rocks. You get nothing. Or someone is injured on your boat. No coverage from the boat policy, then your Umbrella ( you have one, right?) policy won't kick in.

In a significant claim I could see an insurer look at your GPS tracks or other information in order to determine whether they would cover you. You could end up (single or double) screwed. Boat insurance is NOT like car insurance. Work with one of the brokers mentioned in this thread and get the right coverage for all of your needs.
__________________
No one who achieves success does so without acknowledging the help of others.
dimer2 is offline   Reply With Quote
Old 07-18-2015, 02:09 PM   #25
Guru
 
BandB's Avatar
 
City: Fort Lauderdale
Country: USA
Join Date: Jan 2014
Posts: 13,111
Quote:
Originally Posted by Robster_in_edmonds View Post
Interesting thread. I am in the insurance industry and gave a seminar on marine insurance to our yacht club a couple of years go. I reviewed policies from six different companies and there were significant differences between all of them. If you have a boat that is kept in the water (I.e. Not on a trailer) you should get quotes and coverage comparisons from a good yacht broker.

For those who have posted that they knowingly traveled outside their coverage zones... what a bad idea. Imagine an accident where you couldn't limp back. Engine failure, boat is grounded on rocks. You get nothing. Or someone is injured on your boat. No coverage from the boat policy, then your Umbrella ( you have one, right?) policy won't kick in.

In a significant claim I could see an insurer look at your GPS tracks or other information in order to determine whether they would cover you. You could end up (single or double) screwed. Boat insurance is NOT like car insurance. Work with one of the brokers mentioned in this thread and get the right coverage for all of your needs.
He put it so clearly and we keep saying it but I'm still not sure how many listening. If you don't know every detail of your policy then you have no idea if it's a good price or not. Every inclusion and every exclusion.

You circumvent the policy and it can so easily backfire on you. Insurers are happy to let you go your own way until you have a claim. But they do investigate claims, especially sizable ones. And they know every trick, everything to look for.

Don't ignore the hint on umbrella policies. Now as he said it won't help if you're outside the boundaries of your primary coverage. But most people don't realize how much umbrella coverage you can get for a modest amount. I don't care how much your primary policies cover, it's still very easy to get sued for many times those amounts.

I'd say 95% of insurance agents know little to nothing about marine insurance. And of those who do know, 95% of them know nothing about coastal or ocean coverage. You even go to these insurers like Boat US and you're getting what someone sees on their system which may or may not be what you need. Most of the persons you get do not know the intricacies. Ask them a couple of complicated questions and you'll find out. For instance, if the salvage is secondary to a non covered event, will it pay for the salvage? (Example, salvage the result of an engine failure covered under engine warranty). What about environmental resulting from causes other than collision? What about named storm, are there any requirements on where or how the boat must be secured? What about a storm in which my boat isn't directly damaged but is damaged by another uninsured boat?

I won't buy any policy that I haven't seen the full policy first. The first pages I turn to are the exclusions. I've read every policy I have in full just as I read manuals for equipment. Sick, I know. But I've also had them reviewed by others who know more about them than I do.

Auto insurance policies are carefully regulated by every state and still many have totally inadequate policies. This brings us back to umbrella. There's a common statement I've heard by auto agents that says there is no reason to insure for more than your net worth. It has zero logic. People can make claims against you far beyond your net worth. There are a lot of companies and individuals who end up having to declare bankruptcy after one major claim.

How many people have thought they had great coverage on their homes for hurricanes, but found out not for the flooding? How many had the roof blown off and covered but not the rain through the open hole?

Incidental damage is major with warranty's and insurance. Many boat policies do not cover anything that happens incidentally to a non-covered event.

In business, we prefer fancy words so we have someone to head our Risk Management department. Well, that's what insurance is, risk management. And if you don't personally have someone to manage that, then you better be sure those you use outside such as brokers or lawyers or any others are doing it for you. Rest assured the insurer has their own risk management people to manage their risks. Do you have a broker you trust to manage yours or just a broker or agent collecting commissions from insurers?

I'm going to say this too. Yacht insurance. I don't generally like to use the word "Yacht". But there are companies that have yacht insurance as opposed to "boat" insurance. That word scares people away. You think, I don't have a yacht so I sure can't afford yacht insurance. You'll be amazed how wrong you are. Go through a true marine broker and you'll probably find out that for equal coverage...not I said EQUAL COVERAGE...the so-called Yacht insurance is less expensive than the so-called boat insurance. Major marine insurers don't charge an arm and a leg to cover you in the Bahamas or South Florida or other places. The majority of their customers go to those areas. I have to laugh at how many times I've heard people say we can't get coverage that will allow us south of certain lines during hurricane season. I ask them, "Do you think no boats in Florida are insured?" Right there they should know they need a different broker for their marine insurance, because the true story is their agent doesn't have a policy or know how to get one to cover them in those areas.

Please carefully shop your broker, then carefully shop your policy. What you don't know can cost you everything.
BandB is offline   Reply With Quote
Old 07-22-2015, 03:06 PM   #26
Member
 
City: Carrabelle, FL
Country: USA
Vessel Name: Santa Catalina de Guale
Vessel Model: 43' steel trawler
Join Date: Jul 2015
Posts: 7
Markel will let you add a rider for the Bahamas (or other places) with your paying extra only for the time you are out of the county.
tkeithlu is offline   Reply With Quote
Old 07-22-2015, 03:33 PM   #27
TF Site Team
 
Bay Pelican's Avatar
 
City: Chicago, IL
Country: USA
Vessel Name: Bay Pelican
Vessel Model: Krogen 42
Join Date: Oct 2007
Posts: 2,781
Umbrella coverage. You may have to shop for Caribbean coverage as many/most umbrella policies will not cover a boat once outside of the US or Bahamas.
__________________
Marty
Bay Pelican is offline   Reply With Quote
Old 07-22-2015, 03:45 PM   #28
Veteran Member
 
City: Baltimore Md
Country: usa
Vessel Name: Graceful
Vessel Model: Marine Trader
Join Date: Jul 2013
Posts: 91
Thumbs up

I give a thumbs up for Al Golden at IMIS. They covered our sailboat all the way to Trinidad. Had their Jackline policy that changed everytime we entered a different area. Very reasonably priced.
gonesailing13 is offline   Reply With Quote
Old 07-22-2015, 04:43 PM   #29
Guru
 
BandB's Avatar
 
City: Fort Lauderdale
Country: USA
Join Date: Jan 2014
Posts: 13,111
Quote:
Originally Posted by Bay Pelican View Post
Umbrella coverage. You may have to shop for Caribbean coverage as many/most umbrella policies will not cover a boat once outside of the US or Bahamas.
Umbrella policies take different forms.

Umbrella policies are sometimes "follow form" policies. They cover every liability you have insured but the amounts in excess of your insurance.

Other times they are broader and cover a wide scope including areas not covered by other policies so as to some risks they become the primary insurer as they "drop down" to cover those risks.

Like any policies they may come with exclusions.

Your point is valid in that often times the umbrella will have the same exclusions as the primary if it's a "follow form" policy.
BandB is offline   Reply With Quote
Old 07-22-2015, 05:23 PM   #30
TF Site Team
 
Bay Pelican's Avatar
 
City: Chicago, IL
Country: USA
Vessel Name: Bay Pelican
Vessel Model: Krogen 42
Join Date: Oct 2007
Posts: 2,781
Quote:
Originally Posted by BandB View Post
Umbrella policies take different forms.


Your point is valid in that often times the umbrella will have the same exclusions as the primary if it's a "follow form" policy.
Slightly different problem for me, in Northern Indiana only two of the 12 companies I called would cover Bay Pelican in the Caribbean under their umbrella policy. The two companies I found were State Farm and Chubb. I was willing to move our home, two cars and a personal property policy to get the umbrella coverage.
__________________
Marty
Bay Pelican is offline   Reply With Quote
Old 07-22-2015, 05:30 PM   #31
Guru
 
Capt.Bill11's Avatar
 
City: Sarasota/Ft. Lauderdale
Country: USA
Join Date: Apr 2014
Posts: 5,422
Quote:
Originally Posted by rardoin View Post
"We have good friends who love aboard in the Bahamas with full coverage"

When 'loving aboard' my wife and I prefer NO coverage!
That's because you are married. Many unmarried couples seem to prefer full coverage these days.
Capt.Bill11 is offline   Reply With Quote
Old 07-22-2015, 07:39 PM   #32
Guru
 
BruceK's Avatar
 
Join Date: Oct 2011
Posts: 7,557
Quote:
Originally Posted by siestakey View Post
they will cover but will they pay without a court battle

I have a friend that is battling them now courts in Miami
Lloyds is (or was) formed of a number of groups or syndicates of "Names" ( ie individuals) who take on a particular risk or bundle of risks. Lloyds may be centrally administered, but decisions they make rely on the individual underwriting syndicate. In that respect it can operate differently from a typical insurer, and experiences can differ markedly.
__________________
BruceK
Island Gypsy 36 Europa "Doriana"
Sydney Australia
BruceK is offline   Reply With Quote
Old 07-22-2015, 10:46 PM   #33
Guru
 
gwkiwi's Avatar
 
City: Juno Beach, FL
Country: USA
Vessel Name: Takes Two
Vessel Model: Defever 49 RPH
Join Date: Jul 2011
Posts: 500
I have Seaworthy as well and we are heading to the Bahamas in 3 weeks, all Seaworthy asked for Gia our broker was $150 additional to add this region to our cruising area.

On another note I found out today our Umbrella policy with State Farm will cover the Bahamas as well but not the Turks and Caicos. No reason given.

Seaworthy is a good company with fair premiums and good coverage especially their consequential coverage .

Gerald
__________________

gwkiwi 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 09:56 PM.


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