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Old 11-13-2019, 07:01 PM   #81
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City: Fleming Island, Fl
Country: USA
Vessel Name: Sakura Perdido
Vessel Model: Grand Banks 36 Classic
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Insurance

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Originally Posted by Pau Hana View Post
2019 has seen lots of changes in the stateside marine insurance arena- some good, some challenging. Programs are tightening up their underwriting criteria or simply electing to no longer offer marine coverage. Most of these changes can put the insured in tough situations, as companies are non-renewing customers on short notice or requiring navigation changes that limit the insurer’s risk- and it’s tough to insure an older vessel with a 5+ year old survey, or larger vessels with owner/operators.
It’s always a good practice to have your vessel surveyed regularly, especially if the boat is over 10 years of age. I’ve always recommended that a boat be surveyed every other regular haulout (here in Seattle, we haul out every 2-2.5 years) so the survey remains relatively fresh.
  • Companies exiting the market completely- Brit RE, American Reliable, Ironshore, Tradewinds. If you’re insured with one of these companies, expect to receive a non-renewal notice.
  • Premier Marine has severely curtailed their appetite to vessels no older than 25 years of age as of 11/01 (I believe). If you’re with Premier, I strongly recommend you get your vessel surveyed soon so you can have the policy shopped.
  • various London syndicates have pulled back on their Caribbean/offshore navigation offerings.

Just food for thought- I know insurance isn’t sexy or high tech, but it is an important component or our pastime to consider.

Pete
Thanks for some very good info.

For all:

I have a 1984 GB 36 Classic with a current survey. My agent is Herritage in Maine. I'm insured through GEICO and my boat is in Florida. My yearly rate is $2500 for an agreed upon value of $96k, $500k liability, $980 something for salvage and all the other stuff. Don't know what the renewal will be but so far it's pretty reasonable. Check them out.
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Old 11-14-2019, 08:23 PM   #82
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Originally Posted by Bryant View Post
Thanks for some very good info.

For all:

I have a 1984 GB 36 Classic with a current survey. My agent is Herritage in Maine. I'm insured through GEICO and my boat is in Florida. My yearly rate is $2500 for an agreed upon value of $96k, $500k liability, $980 something for salvage and all the other stuff. Don't know what the renewal will be but so far it's pretty reasonable. Check them out.
For partial losses does depreciation apply?
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Old 11-14-2019, 08:28 PM   #83
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City: Fleming Island, Fl
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For partial losses does depreciation apply?
No. You have to ask for the partial losses rider but the cost is negligible. Maybe $100/year or less. The cost of my policy includes that coverage.
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Old 11-14-2019, 08:49 PM   #84
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For partial losses does depreciation apply?
Yes.

GEICO Marine’s schedule of depreciation- it starts at the 20th year from new, at 10% per year n to a maximum of 80% depreciation.

The Partial Waiver of Depreciation Endorsement limits depreciation on certain items, but not all.

“PARTIAL WAIVER OF DEPRECIATION
FOR PROPERTY REPAIRED OR REPLACED
Under SECTION IV – COVERAGES, A. HULL AND EQUIPMENT, 4. Limit of Insurance, c. Amount Paid to “You” In Event of Loss, (2), Repairs for Partial Loss is removed in its entirety and replaced with:
(2) Repairs for Partial Loss
“We” will pay the reasonable cost of repairs or replacements, in accordance with quality marine repair practice, less depreciation. Depreciation shall be calculated at 10% for each year beginning with the 20th year from manufacture. In all cases, there shall remain no less than 20% residual value regardless of age. In the event of damage to plywood, plastic, fiberglass, metal, cement, or other molded material, “we” are obligated to pay only the reasonable cost of repairing the damaged area, in accordance with quality marine repair practice. If there is a covered loss requiring repainting of an “insured boat,” “we” will pay the cost of repainting or resurfacing the damaged area in accordance with customary marine repair practices so that the area repaired will match, as closely as practical, the original color. “We” have the option to make or reimburse “you” for repairs or replacements, or to pay “you” directly based on an agreed estimate of loss. Repairs and replacements will be made with like kind and quality.
“We” will not deduct depreciation for repair or replacement of the following:
a. fiberglass, plastic or wood hull materials;
b. masts and spars;
c. metal supports and framing for attached towers, T-tops and hard tops;
d. bow, stern or deck railing; and
e. glass
In the event of damage to a “dinghy” with cost of repair exceeding the “actual cash value” of the “dinghy,” the most “we” will pay is the “actual cash value” as determined by industry reference materials including, but not limited to, the N.A.D.A. book, the BUC Used Price Guide, and ABOS Marine Blue Book.
GM053 02 17
Page 1 of 1
All other terms, conditions, and agreements of the policy remain unchanged.”
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