Reply
 
Thread Tools Display Modes
 
Old 12-15-2015, 09:15 AM   #21
Senior Member
 
City: New Orleans
Country: USA
Vessel Name: Scot Free
Vessel Model: Cheoy Lee 53' Efficient
Join Date: Dec 2015
Posts: 445
Once your boat is older than 20 years, insurance becomes a little more difficult to place. I think that's reflected in the BoatUS quotes. They consider them a higher risk.
__________________
Advertisement

McGillicuddy is offline   Reply With Quote
Old 12-15-2015, 09:18 AM   #22
Guru
 
cardude01's Avatar
 
City: Victoria TX
Country: USA
Vessel Name: Bijou
Vessel Model: 2008 Island Packet steadysailer
Join Date: Nov 2012
Posts: 3,171
Cost Of Insurance On Your Boat

Yeah that sounds high. I'm in Tx and I pay $2000.

Call or PM Peter Ricks (Pau Hana), our resident insurance broker. He's good.
__________________

cardude01 is online now   Reply With Quote
Old 12-15-2015, 11:48 AM   #23
Senior Member
 
knotheadcharters's Avatar
 
City: Jacksonville, FL
Vessel Name: Amar la Vida
Vessel Model: 1989 Carver Californian 48' MY
Join Date: Jan 2011
Posts: 327
I asked the agent about it when renewing my policy this year and was told due to the hurricanes? I reminded her that Florida hasn't had one make landfall since 2005 and Jacksonville hasn't been hit since DORA in 1964. Crickets on the other end.
knotheadcharters is offline   Reply With Quote
Old 12-15-2015, 12:20 PM   #24
Guru
 
twistedtree's Avatar
 
City: Gloucester, MA
Country: USA
Join Date: Jan 2013
Posts: 3,187
Even though two policies list the same limits on coverages, it doesn't mean the policies are equivalent. For example, some policies cover machinery breakage where others only cover subsequent damage. And some policies are all-risk where others are specific risk. All-risk covers everything not specifically excluded, when other policies only cover things specifically listed in the policy. There is a big difference between the two. And of course some carriers pay promptly without a fuss, where others say no to everything initially and leave it to you to fight for as much as you can get.
__________________
www.MVTanglewood.com
twistedtree is offline   Reply With Quote
Old 12-15-2015, 07:07 PM   #25
Guru
 
kthoennes's Avatar
 
City: Sioux Falls, South Dakota
Country: USA
Vessel Name: Xanadu
Vessel Model: Mainship 37 Motor Yacht
Join Date: Oct 2013
Posts: 857
State Farm, $42 a month (year round even when the boat is on jack stands and covered with snow). Granted our boat is home-ported in South Dakota on the Missouri River most of the time but they did still pay a small claim in Massachusetts when we were motoring the boat through there last summer. (We grazed a sailboat's pointy transom in a very tight marina.) We're pretty happy with them.
kthoennes is online now   Reply With Quote
Old 12-15-2015, 07:15 PM   #26
Senior Member
 
City: Punta Gorda, Florida
Country: USA
Vessel Name: Salty
Vessel Model: Fu Hwa 34 Europa
Join Date: Jul 2015
Posts: 112
Quote:
Originally Posted by cardude01 View Post
Yeah that sounds high. I'm in Tx and I pay $2000.

Call or PM Peter Ricks (Pau Hana), our resident insurance broker. He's good.
A huge second for Peter - My quote from Boat US for coverage that was not nearly as good was 60% higher than what Peter was able to get. I am in Southwest Florida.

John
Capt Jack is offline   Reply With Quote
Old 01-07-2016, 07:32 PM   #27
Guru
 
sbu22's Avatar
 
City: New Orleans
Country: US
Vessel Name: Panache
Vessel Model: Viking 43 Double Cabin '76
Join Date: Mar 2011
Posts: 677
kartracer - that's about what I'm paying up here in NOLA. I've made two approaches to BoatUS about 4 and then 2 years ago. The first time they blew me off due to age of the vessel, the second time it was so eyewatering I couldn't read all the trailing zeros. The liability caps at $300k because it's coordinated with my umbrella coverage. I have a renewal coming up - think I'm going to give Peter Ricks a call this time around.
sbu22 is offline   Reply With Quote
Old 01-09-2016, 07:57 AM   #28
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
Hi, all,

Just reviewed this thread; some good info, some bad.

The last thing you want to do is compare policies by the premium (cost per year)- unless you really like to roll the dice and bet nothing will never happen to you. Each policy is customized based on the specifics of a risk (boat owner (experience, credit history, loss history), vessel (sail or power, diesel or gas, single or twin engine, hull material), navigation area, and more.

Coverage is the name of the game here- how strong the policy form is should be the main factor in selecting a policy.

More later.....need to sleep....
__________________
Peter- Marine Insurance Guru & tuna fishing addict!

1989 52' PT Overseas yachtfisher
Pau Hana is offline   Reply With Quote
Old 01-09-2016, 11:23 AM   #29
Guru
 
sbu22's Avatar
 
City: New Orleans
Country: US
Vessel Name: Panache
Vessel Model: Viking 43 Double Cabin '76
Join Date: Mar 2011
Posts: 677
It may be the "last thing" in your eyes, Peter, but for most of us the real world intervenes in these decisions. The extreme opacity of the insurance business requires a team of Philadelphia lawyers to decode the tiny type word-salad terms of a policy. It is fascinating to me that the so-called underwriters will take all of the information you listed (and sometimes more), apply their scientific risk analysis, and come up with (in my case) quotes that vary by a factor of 5 (top to bottom) for the "same" coverage.

With your expertise, you can probably spot these disparities a mile away. For nubs like me, it may not be so obvious or even evident. Professionally, I sometimes become peripherally involved in insurance litigation - funny how the lawyers for a megacorp insured and the lawyers for the megacorp insuror can read the same words on the same piece of paper that they both agreed to the year before and come to 12 figure disagreements. Not sure the average boat owner has a real basis for comparison other than the basic (policy professed) coverage numbers and cost. Agree that there are quality factors in insurance, but it's a challenge to figure them out.
sbu22 is offline   Reply With Quote
Old 01-11-2016, 07:17 AM   #30
FF
Guru
 
FF's Avatar
 
Join Date: Oct 2007
Posts: 16,518
For over 50 years I have "self insured" at $1000 to $3000 per year for a policy the savings (plus interest) leaves a nest egg to pay for minor damage.

The biggest fear is a drop if diesel in the water and "expert" clean up pirates showing up for a free lunch.

With no loan , an inexpensive boat can be walked away from.
FF is offline   Reply With Quote
Old 01-11-2016, 02:21 PM   #31
Guru
 
BandB's Avatar
 
City: Fort Lauderdale
Country: USA
Join Date: Jan 2014
Posts: 13,135
Quote:
Originally Posted by sbu22 View Post
It may be the "last thing" in your eyes, Peter, but for most of us the real world intervenes in these decisions. The extreme opacity of the insurance business requires a team of Philadelphia lawyers to decode the tiny type word-salad terms of a policy. It is fascinating to me that the so-called underwriters will take all of the information you listed (and sometimes more), apply their scientific risk analysis, and come up with (in my case) quotes that vary by a factor of 5 (top to bottom) for the "same" coverage.

With your expertise, you can probably spot these disparities a mile away. For nubs like me, it may not be so obvious or even evident. Professionally, I sometimes become peripherally involved in insurance litigation - funny how the lawyers for a megacorp insured and the lawyers for the megacorp insuror can read the same words on the same piece of paper that they both agreed to the year before and come to 12 figure disagreements. Not sure the average boat owner has a real basis for comparison other than the basic (policy professed) coverage numbers and cost. Agree that there are quality factors in insurance, but it's a challenge to figure them out.
I don't think there's a person here who can't read the insurance policy in it's entirety. Most just don't. You find all the exclusions and limits. I do agree with Pau Hana completely. If you don't feel comfortable reviewing the details of a policy then get someone who is and who you can trust to assist you. To compare two policies based only on premium or a couple of top level factors can be extremely dangerous.

As to policies being difficult to decode, I've dealt with policies that were, but I would not put boat policies in that group. They spell out clearly what is and isn't covered and they define the terms they use. The problem is there is no standard as in auto policies, so they can vary a great deal. I will say too that the little extra missing in one policy can often be obtained for very little more.
BandB is offline   Reply With Quote
Old 01-11-2016, 02:22 PM   #32
Guru
 
BandB's Avatar
 
City: Fort Lauderdale
Country: USA
Join Date: Jan 2014
Posts: 13,135
Quote:
Originally Posted by FF View Post
For over 50 years I have "self insured" at $1000 to $3000 per year for a policy the savings (plus interest) leaves a nest egg to pay for minor damage.

The biggest fear is a drop if diesel in the water and "expert" clean up pirates showing up for a free lunch.

With no loan , an inexpensive boat can be walked away from.
Are you saying you carry no liability insurance either?
BandB is offline   Reply With Quote
Old 01-12-2016, 07:40 AM   #33
FF
Guru
 
FF's Avatar
 
Join Date: Oct 2007
Posts: 16,518
"Are you saying you carry no liability insurance either?"

Usually Hard to get with out hull insurance,and boat survey.

Only insurance is a tow boat policy when we go great distances inshore.
FF is offline   Reply With Quote
Old 01-12-2016, 08:50 AM   #34
Guru
 
City: Fort Myers
Country: USA
Join Date: Jul 2013
Posts: 954
We have Allstate, did some checking against BoatUS and they were only a little less but required a survey which killed the saving for many years. I will say after Sandy struck BoatUS did an amazing job of coming out and quickly settling claims.
Marlinmike is offline   Reply With Quote
Old 01-12-2016, 09:47 AM   #35
Guru
 
BandB's Avatar
 
City: Fort Lauderdale
Country: USA
Join Date: Jan 2014
Posts: 13,135
Quote:
Originally Posted by FF View Post
"Are you saying you carry no liability insurance either?"

Usually Hard to get with out hull insurance,and boat survey.

Only insurance is a tow boat policy when we go great distances inshore.
Well, just as it is in a car, I think it should be illegal not to have liability insurance on a boat. That's why the rest of us have to pay extra for uninsured boaters (and to any who aren't sure if they're covered for such, time to look carefully at your policy). Certainly it isn't likely but it only takes one time of you causing a million or millions of dollars worth of damage to another boat or boats and finding yourself on the losing end of a suit.

Whether you carry hull insurance is irrelevant to me. It's only your loss. But you not carrying liability is very much an issue to the rest of us.
BandB is offline   Reply With Quote
Old 01-12-2016, 10:35 AM   #36
Guru
 
sbu22's Avatar
 
City: New Orleans
Country: US
Vessel Name: Panache
Vessel Model: Viking 43 Double Cabin '76
Join Date: Mar 2011
Posts: 677
I think it should be illegal not to have liability insurance on a boat.

Then we can enjoy the same success as mandatory auto liability insurance (except in NH) where, thanks to such laws, only 13% of drivers are uninsured and probably another 30% are carrying laughable mandated minimum coverage limits.
sbu22 is offline   Reply With Quote
Old 01-12-2016, 11:01 AM   #37
Veteran Member
 
AvalonGB's Avatar
 
City: Noank
Country: USA
Vessel Name: Avalon
Vessel Model: Grand Banks 46 Classic
Join Date: Nov 2014
Posts: 29
Travelers - BoatUS

We've had our boats insured by Travelers for 10+ years - standard coverage for $3,500 with agreed value of $300k and $3k deductible. We did have a 2012 work warranty claim for improperly installed stabilizer hull blocking which was done in the year 2000. The claim was handled promptly and completely by Travelers.

I've compared to BoatUS at least twice with them being at least 20% higher for basically the same coverage but only $250k agreed value (max they would offer). Slight difference in navigational territory coverage - BoatUS being larger area coverage.

Unfortunately its been difficult to even get other comparison quotes as Avalon is now 26 years old and most insurers are not interested in quoting coverage.
AvalonGB is offline   Reply With Quote
Old 01-12-2016, 01:00 PM   #38
Guru
 
BandB's Avatar
 
City: Fort Lauderdale
Country: USA
Join Date: Jan 2014
Posts: 13,135
Quote:
Originally Posted by sbu22 View Post
I think it should be illegal not to have liability insurance on a boat.

Then we can enjoy the same success as mandatory auto liability insurance (except in NH) where, thanks to such laws, only 13% of drivers are uninsured and probably another 30% are carrying laughable mandated minimum coverage limits.
I think that's a major issue and the enforcement and penalties should be greater. I've had friends hit by uninsured motorists and what they then had to go through to recover was very burdensome for something that was in no way their fault.
BandB is offline   Reply With Quote
Old 01-12-2016, 01:03 PM   #39
Guru
 
BandB's Avatar
 
City: Fort Lauderdale
Country: USA
Join Date: Jan 2014
Posts: 13,135
Quote:
Originally Posted by AvalonGB View Post

I've compared to BoatUS at least twice with them being at least 20% higher for basically the same coverage but only $250k agreed value (max they would offer). Slight difference in navigational territory coverage - BoatUS being larger area coverage.
What I've seen on Boat US among people I've talked to is that on small boats on lakes they always seemed very competitive but on larger boats and on the coast they've been high. Now these generalizations may not hold true for a specific boat.
BandB is offline   Reply With Quote
Old 01-14-2016, 08:53 AM   #40
FF
Guru
 
FF's Avatar
 
Join Date: Oct 2007
Posts: 16,518
"But you not carrying liability" and "causing a million or millions of dollars worth of damage",,,,,,,,

So your liability policy will cover a few million in damage?

Might pay to read the policy.YOU could be on the hook when it reaches the limits
__________________

FF 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 08:22 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