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Old 03-04-2016, 03:40 PM   #1
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City: Pensacola, FL
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Insurance on a 40yo trawler?

We've got a contract on a 1976 50' fiberglass semi displacement trawler with a single Cat 3208NA. I've had a survey done and a mechanic look at it and it's in fine shape. It even has an almost new fire suppression system. BoatUS will insure it but they want 1/6 of the purchase price annually for comprehensive, or 1/20 of the purchase price for liability only. While we do live on the Gulf Coast, this still seems absurdly high. I've talked to Charter Lakes - they can't do it because of the age of the boat. I just submitted a request for a quote to Anchor Marine Insurance per the recommendations for Peter on here. Who else should I request quotes from? What companies will touch older boats?

I'm fine with self insuring and just getting liability but would prefer not to if there is a reasonable alternative.

Thanks!
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Old 03-04-2016, 04:11 PM   #2
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Insurance

Try Blue water in Florida. They have been my insurers for the last 4+ yrs at a rate of 2.3%

Coverage Caribbean to Maine and the East Coast, a couple of exclusions Cuba etc.

Coverage Lloyds of London
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Old 03-05-2016, 11:52 PM   #3
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Thanks, Martin. I'll give them a call.
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Old 03-06-2016, 08:13 AM   #4
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I also live on the Gulf Coast and after searching insurance by myself, I also went to a broker here in Clear Lake.....(Kevin Severance). He found my best option to also be Lloyds. I've found that BoatUs is probably the most expensive out there. So, guess I'm saying to find a good insurance broker, let him search. (My boat is 31 years old).
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Old 03-06-2016, 11:22 AM   #5
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Contact a boat insurance broker. You need a currently in and out of water survey, and you may have to do some of the recommemded repairs maintenance. Ever time the eagle is pulled I have the hull surveyed and send to the insurance company. Boat insurance is not cheap.
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Old 03-06-2016, 12:13 PM   #6
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Quote:
Originally Posted by wyoboater View Post
I also live on the Gulf Coast and after searching insurance by myself, I also went to a broker here in Clear Lake.....(Kevin Severance). He found my best option to also be Lloyds. I've found that BoatUs is probably the most expensive out there. So, guess I'm saying to find a good insurance broker, let him search. (My boat is 31 years old).
When all else fails, turn to Lloyds. I've found that so often to be the case in business over the years.

Now a good marine broker may well find someone else offering a good deal, but Lloyds is a fall back. They are the largest surplus lines insurer in the US.
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Old 03-07-2016, 02:10 PM   #7
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Make sure also that it is an "agreed value" policy! Have you had a similar boat before? Boat US was ridiculously high when we stepped up to our 45'. Good luck! A broker that knows what the product is and the right company will help!
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Old 03-17-2016, 12:39 PM   #8
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Travelers Insurance

On the west coast , Travelers Insurance , insures my 40 year old Hatteras.
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Old 03-18-2016, 08:19 AM   #9
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Panhandler please keep us posted, I contacted all that was mentioned above and was told to stay with BoatUS.
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Old 03-19-2016, 07:23 AM   #10
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My 1970 Bristol 42 is insured with Ace Recreational Marine Insurance. One million liability, $60,000 hull insurance. $1425.00 annually. I am about to have the boat surveyed to bring the value up to reflect the time and money spent on a massive restoration project. I may look at Hagerty if I can't get the value I'm after.
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Old 05-04-2016, 05:09 PM   #11
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At 1/6th comprehensive, you'd be better off self-insuring. If you had a vessel worth $100,000. Comprehensive = $16,666/Liability = $5,000. Buy the liability and put roughly $11,000/ yr aside in a personal 'escrow' of sorts. After 6 years, you'll have $66,000 which is about what they insurance would pay out anyway.

If you continue in 10 years you'd have far more than the insurance company would ever be willing to pay out. Otherwise, in 6 years, you've essentially bought your own boat again and have nothing to show for it but 6 years of a little piece of mind.

Note the math is relative since you didn't state the purchase/value of the vessel. Since I'm lazy, the math based on a nice round number like 100k was simply easier.
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Old 05-05-2016, 04:54 PM   #12
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We ended up going with Doug at Anchor Insurance Brokerage and I have been very pleased. Incredible service and good price.
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Old 06-20-2016, 06:04 PM   #13
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i put multiple boats into the quoting mechanism at BoatUS for a roughly 30ish year old trawler at a value of $30,000 with 500K in liability. I consistently got back a quote for between $800-$900. Granted, i'm in Chicago - is living on the Gulf Coast that much more?
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Old 03-22-2017, 12:02 PM   #14
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I think hurricane factor might make a difference.
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Old 03-22-2017, 12:31 PM   #15
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Insurance on 40' Trawler

I just secured insurance from Boat US/Geico for a 40' 1988 Albin for $1,300 a year for Florida. The coverage was essentially the same offered by three other insurance companies, but the premium was considerably less (Quotes from $1,700 to $2,100).

Encore will be kept docked in our back yard in Florida, so hurricane protection was important, and included.
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Old 03-22-2017, 01:24 PM   #16
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Quote:
Originally Posted by VJameslanza View Post
I just secured insurance from Boat US/Geico for a 40' 1988 Albin for $1,300 a year for Florida. The coverage was essentially the same offered by three other insurance companies, but the premium was considerably less (Quotes from $1,700 to $2,100).

Encore will be kept docked in our back yard in Florida, so hurricane protection was important, and included.
Sounds competitive....mine is only 400 more but is liveaboard which jumped 400 when I declared liveaboard.
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Old 03-23-2017, 10:05 AM   #17
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With a premium of 1/6th the boat value, self insuring would be a must. Heck, if hull premium is over 2% of the hull value, I'd argue to self insure..... in the long run you'll come out ahead, unless you're a high risk boater. (same for other toys, cars, etc).

Overall, most people way over insure themselves, and make the insurance companies rich. No harm, if that's what you want to do. The "average" person pays out more premiums than they get back in benefits, so if you can operate above average, you'll do well self insuring. Also, there's an argument to spend the premium money on things that reduce your risk.... training, safety items, protection for your vessel, etc.

The argument for insuring is if you had a total loss, the financial burden would be too overwhelming to stand. So, an argument for that, is just don't spend that much of your dollars on a toy that makes that much difference.

Now, FWIW, here's another agency that has some very good rates:
Marks Insurance Group & Marks Marine Insurance
P: 856-202-8069
F: 856-202-8070
Marks Insurance Group – Insuring the Easy Coast Since 1990
At InsureTheBoat.com Experience is the Difference
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Old 03-23-2017, 11:02 AM   #18
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Try these guys: https://www.hagerty.com/Insurance/Cl...Boat-Insurance They're often used by local brokers. Common policy is US and Canada out 25 miles.

They do all types of boat insurance but specialize in older boats. They also insure boats being restored.
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Old 03-23-2017, 11:18 AM   #19
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My boat is 29 years old. I have used Travelers and currently use Markel here on the West Coast. Both had premiums at less than 1% of hull value. I don't know what their rates would be on the Gulf Coast.

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Old 03-23-2017, 11:27 AM   #20
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Be careful using a percentage, a relatively inexpensive boat if you have full coverage for everything else could easily exceed 2 percent...

A $1500 policy on a $50,000 is not out of the question. And self insuring against pollution and liability would be a huge risk.

Especially to those that have the more modestly priced boats because of our means.

Extrapolate up till the numbers become silly, but downward they become complex for some of us.
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