Me as well as a lot of people I know deal with our current insurance company. I have all my houses, cars, business, and boat with Allstate. I have found it to be a whole lot cheaper and there is no cruising limits. Just make sure it covers salvage and fuel spills. It is always cheaper to bundle, call your current agent first! Don't fall into the trap that it has to be a marine insurance company.
Respectfully, I disagree- not because we are a marine specialty brokerage, but because there is much, much more to marine insurance than just "making sure that salvage and fuel spills are covered".
Does Allstate cover pollution liability in accordance with the OPA of 1990 (and subsequent amendments) to meet EPA standards? If not, to what level do they cover pollution liability?
From what part of the policy does the Allstate policy cover salvage? How much do they cover? Do they delineate between salvage and wreck removal?
Now trying to bust balls here, but I've had this exact conversation with Allstate- and the policy language is wholly inadequate.
Just because a lot of people insure their vessel with Allstate (or similar company) doesn't mean the coverage is good. The only fact there is that you know a lot of people that insure with Allstate.
Just make sure you have all you need including salvage, environmental, etc. No exclusions.
And while in your case it might have been less expensive bundling, saying "it is always cheaper to bundle" is just not true. I might have thought the same thing, but have found otherwise in my case just as I did when I lived on the lake and had a smaller boat.
True statement.
Excuse my repeat of a comment I have made several times: If you are going outside of the United States and have a personal umbrella policy confirm that (1) the policy will cover your boat, and you, anywhere in the world (outside of Cuba), or at least any area you could possibly end up in, and (2) that the coverage will pay for the defense and any claim made outside of the US. Some policies will pay for a claim arising outside of the US, but only if the suit is brought in the US.
Again, true statement.
You might want to consider changing insurance companies. I prefer to deal with one company having all my policies, that way they are less likely to drop you after a claim.
A claim is not automatically the kiss of death for an insurance company. In fact, after a claim, the insurance company is more likely to want to retain you as a client, so they have a chance to capture back some of the monies paid out on your behalf. Yes, the premium will likely increase.
In a bundling situation, there is a solid chance that the premium for the entire book of business will increase for a single claim.
Bundling with homeowners, auto, etc. is not always possible. In fact most companies that write homeowners policies will not insure boats above a certain value.
True statement. Add "certain age or length" to the statement....
Years ago, when I had trailer boats, I used my homeowners/auto insurance company to cover the boat and trailer as well. But the value/risk was minimal and I was more concerned with personal injury liability coverage.
With a larger boat, an insurance company who doesn't at least have a marine division to deal with would be a mistake. In this litigious society we live in, I would not be comfortable with a company who isn't well versed and experienced in marine insurance, boat construction, ABYC, marine claims processing, towing, marine salvage, environmental laws and boating laws, etc.
For example, I was having difficulty with a surveyor who was on a personal crusade to require all bronze ball valves be replaced with plastic (Marelon I believe). One call to Boat US, they called the surveyor and he unhappily struck the recommendation from his survey.
Agreed! Except for the part about the insuring company calling the surveyor; the recommendation for the Marelon valves is just that- a recommendation. ABYC has no specific as to what material is required, so the insuring company can just fall back on ABYC and call that a recommendation vice a requirement.
Only to reinforce what has been said. Good reliable broker who can cover every aspect of the policy and coverage with you and warn you against all pitfalls. Now that doesn't mean you shouldn't also read each and every detail.
But the other point is get someone up front who can cover all your plans, even if some are not in the immediate future. Build a relationship. That way you won't find yourself rushed for a new carrier and new survey when your plans change. We heard and read all the statements about my policy requires me above a certain area during hurricane season or mine doesn't cover named storms or mine requires haul out during storms or mine only covers this area. Many limitations. We found with a top marine insurer whose business is broader in nature these limitations faded away or cost far less extra than most believe. What we found they were most interested in was the condition of the boat, the experience and history of the owner and operators, and any licenses. Everyone talks about hurricanes, but we didn't find our location in south Florida to be an issue. We are not currently covered however for the Arctic or Antarctica. Not designed as an ice cutter.
Think of all the boats that are covered for just the things you want to do. Then consider who has them covered. I laughed at those who said they couldn't come to Florida during hurricane season. Really, have you noticed all the yachts in Florida, the Bahamas, the Caribbean? Do you think they're uninsured?
I learned long ago the difference between getting a true marine insurer versus just a general insurer. I was paying on the lake half what my neighbor was paying for a boat valued far less than mine.
The two I have experience and knowledge of are Pantaenius and Lloyd's. In most areas of the US, Lloyd's is a surplus lines insurer, not a state licensed insurer. A broker can explain the difference.
Also, a final point in choosing your insurer wisely now. Storms and hurricanes. They will come somewhere, sometime. Many insurers will start reducing exposure and not renewing policies afterward. Sometimes it even appears a bit illogical. For instance after Sandy an insurer cuts back on the Gulf Coast. But what they saw was they were more exposed in a single area than they wanted to be. Well, long time policy holders are least likely to be impacted. But even more, if you choose a company with market share throughout the world, any single situation won't lead to panic. Yes, a Pantaenius type has a lot of exposure in a location like South Florida, but at any time the number of boats they have insured there is still a small part of their total business.
Choose your broker wisely just as you would any professional. Yes, the guy down the street who has insured your car for decades is very nice and helpful. But he might know nothing about boats and coverage for them. Most of you here are really looking for a "Yacht Policy" as opposed to a boat policy, simply based on size of boat and where to be used.
The last comment is pure wisdom.
Look, we all want to pay as little as possible for insurance coverage- and many think that anyone in insurance has Satan as a boss. The challenge is to balance coverage that meets YOUR requirements with a competitive premium pricing. The wisdom in choosing a specialty broker/agent versed in marine insurance is worth its weight in gold. Your standard property/casualty agent (home/auto) is simply not familiar with what questions to ask of the client to get the best coverage for the client.
In my conversation with Mr. Peterson, we talked about his needs; we talked about his cruising plans both now, and in the coming years. The quotations offered were similar in pricing; the company Mr. Peterson selected was actually less expensive and offered much better coverage. The company selected has the navigation capacity to meet his cruising needs, now and for future endeavors.
As always, I strongly recommend that ALL take the time to read their policy and understand what it does (and does not) cover.
Cheers!
