Reply
 
Thread Tools Search this Thread Display Modes
 
Old 01-23-2023, 03:04 PM   #1
Veteran Member
 
City: New Bern
Vessel Name: COOL CHANGE
Vessel Model: 38.5 Aft Cabin Cruisers
Join Date: Nov 2020
Posts: 33
Boat Insurance 1994 Vessel

I have a question for the group. I am coming u on renewal time for my boat insurance, and I am presently with United Marine Underwriters. What other boat insurance companies insure a boat of my age?
Drummer48 is offline   Reply With Quote
Old 01-23-2023, 03:56 PM   #2
Moderator Emeritus
 
Comodave's Avatar
 
City: Au Gres, MI
Vessel Name: Black Dog
Vessel Model: Formula 41PC
Join Date: Jul 2015
Posts: 21,187
I have my 1998 Formula insured through Peter Ricks at Novamar. He found us great insurance at a good price. 206-350-5051
__________________
Boat Nut:
If you are one there is no explanation necessary.
If you aren’t one, there is no explanation possible.
Comodave is online now   Reply With Quote
Old 01-23-2023, 10:23 PM   #3
Member
 
Bitstream's Avatar
 
City: Oakley
Vessel Name: Bitstream
Vessel Model: Bayliner 4588
Join Date: May 2021
Posts: 16
Quote:
Originally Posted by Drummer48 View Post
I have a question for the group. I am coming u on renewal time for my boat insurance, and I am presently with United Marine Underwriters. What other boat insurance companies insure a boat of my age?
Markel insures both of mine, a 1964 Tollycraft 27 and a 1990 Bayliner 4588.
I go through Heritage Marine Insurance as broker for my classic Tollycraft.
Bitstream is offline   Reply With Quote
Old 01-23-2023, 11:37 PM   #4
Art
Guru
 
Art's Avatar
 
City: SF Bay Area
Vessel Model: Tollycraft 34' Tri Cabin
Join Date: Feb 2011
Posts: 12,569
Mention SAFECO to your ins broker
Art is offline   Reply With Quote
Old 01-24-2023, 06:53 AM   #5
Member
 
jrplatts's Avatar
 
City: New Port Richey
Vessel Name: Pipe Dream
Vessel Model: DeFever 44 Offshore Cruiser
Join Date: Jun 2021
Posts: 24
We are with American Modern through NBOA. 1987 DeFever
jrplatts is offline   Reply With Quote
Old 01-24-2023, 08:44 AM   #6
TF Site Team
 
slowgoesit's Avatar
 
City: MX, thru Canal to Bahamas
Vessel Name: Muirgen
Vessel Model: 50' Beebe Passagemaker
Join Date: May 2019
Posts: 3,400
2nd for Peter Ricks of Novamar
Tell him I referred him, I'll get a free coffee cup!
Seriously, he's done great for us with our 1982 build boat.
__________________
Vessel Name: Muirgen
Vessel Model: 50' Beebe Passagemaker
slowgoesit is offline   Reply With Quote
Old 01-24-2023, 08:55 AM   #7
Senior Member
 
Greg QS's Avatar
 
City: Langhorne
Vessel Name: Quiet Storm
Vessel Model: Nordlund 61
Join Date: Sep 2022
Posts: 309
I am using Chubb on a 1985 . The only down side to changing insurance companies is that you will most likely need to get an insurance survey. Costing you 1-1200 dollars. Which may offset any insurance savings you get.
Greg QS is offline   Reply With Quote
Old 01-24-2023, 09:35 AM   #8
Guru
 
tiltrider1's Avatar
 
City: Seattle
Vessel Name: AZZURRA
Vessel Model: Ocean Alexander 54
Join Date: Aug 2017
Posts: 4,308
Peter and I just had a conversation about insurance underwriting trends. During that conversation it became clear that there is a market for everything if you are willing to pay. There appears to be a trend were some companies like Redshield are specializing in very specific types of boats in very specific areas to keep premiums very low. You won’t get a quote from Redshield if you live in Florida. If you are a Redshield customer your premiums are not being affected by Ian.

Contact Peter Ricks. He can explain what the trends are for your area.
tiltrider1 is offline   Reply With Quote
Old 01-24-2023, 12:44 PM   #9
Moderator Emeritus
 
Comodave's Avatar
 
City: Au Gres, MI
Vessel Name: Black Dog
Vessel Model: Formula 41PC
Join Date: Jul 2015
Posts: 21,187
Quote:
Originally Posted by Greg QS View Post
I am using Chubb on a 1985 . The only down side to changing insurance companies is that you will most likely need to get an insurance survey. Costing you 1-1200 dollars. Which may offset any insurance savings you get.
Peter got us a policy through Markel and we didn’t need a survey.
__________________
Boat Nut:
If you are one there is no explanation necessary.
If you aren’t one, there is no explanation possible.
Comodave is online now   Reply With Quote
Old 01-24-2023, 04:30 PM   #10
Guru
 
City: New England/Michigan
Vessel Name: N/A
Vessel Model: N/A
Join Date: Aug 2020
Posts: 533
I have to ask Comodave about your coverage with Markel if you don’t mind. You say no survey but did you supply them with a previous report ? If not is your boat new or how old ? And would you happen to know if this is standard practice for Markel or a special accommodation for you and your agent ?

I only ask because I’m at sort of a loss how a serious marine underwriter could accept a risk with no hands on evaluation of a vessel’s condition and therefore apprx market value. I can see this happening where a producer ( agent ) can personally assure the underwriter about the boat and owner but have a hard time understanding the logic beyond that. There were a few companies years ago that broke into the small boat insurance game with self-survey forms completed by the owner or a boatyard. They didn’t last long as one problem was the owner’s opinion of ‘ very good or excellent ‘ condition if a claim was filed. Seems most of the time the company assigned a loss inspector or surveyor to verify damages and condition and it almost always ended up in a depreciation dispute.

Just curious
Rick
garbler is offline   Reply With Quote
Old 01-24-2023, 04:56 PM   #11
Moderator Emeritus
 
Comodave's Avatar
 
City: Au Gres, MI
Vessel Name: Black Dog
Vessel Model: Formula 41PC
Join Date: Jul 2015
Posts: 21,187
I don’t have any other experience with Markel. Peter assured me they are a reputable company and I believe him. When we bought the boat about 1.5 years ago we had previously had Boat/US, Geico, for over 40 years. Last winter I spent $60K+ on hard improvements to the boat. I asked Geico to increase the insured value. They came back with nonsense. They said the book value was about .6 of what I paid for the boat according to BUC. I asked why they didn’t use soldboats.com. They said they only use that data, the most current, if the boat isn’t in BUC. Which is garbage in the current boat market. So I called Peter. Explained situation to him, his comment was to laugh because he said he hears this Geico story every week. He looked at my boating background, 60+ years, 24 boats, etc. He checked Chubb and Markel. Markel had better coverage and price in my situation. I asked if I needed a survey, no. BTW, when I bought the boat Geico said they didn’t need a survey either. I did have one done when we bought the boat but both insurers declined to see it. Markel wrote the policy for $70K more than Geico. So I gave Peter my credit card and about an hour and a half after I first called him we had our new policy in place and I told Geico to take a hike.
__________________
Boat Nut:
If you are one there is no explanation necessary.
If you aren’t one, there is no explanation possible.
Comodave is online now   Reply With Quote
Old 01-24-2023, 06:33 PM   #12
Guru
 
City: New England/Michigan
Vessel Name: N/A
Vessel Model: N/A
Join Date: Aug 2020
Posts: 533
Well I’d say first off your agent has your back and somebody’s ear at Markel. However your insurance history has been very fortunate in that they never apparently quantified the risk they were insuring. Underwriting practices like this must either radically change either with new management and/or profit-loss margins, or the company just can’t swim and pulls out. I wish I could show you the number of casual marine writers that jumped into the pool and either drowned or swam ashore back to auto-home. So I may be 180° out of phase but I just don’t see any principal marine underwriters insuring something that is intangible.

Rick
garbler is offline   Reply With Quote
Old 01-25-2023, 11:15 AM   #13
TF Site Team
 
slowgoesit's Avatar
 
City: MX, thru Canal to Bahamas
Vessel Name: Muirgen
Vessel Model: 50' Beebe Passagemaker
Join Date: May 2019
Posts: 3,400
Peter Ricks background, IIRC is many years working for Geico. He is well known and respected by many of the big insurance companies. Another good thing about going with a reputable broker is that if your insurance needs require multiple policies to accomplish a voyage (like ours from the PNW, through the Panama Canal, across the Caribbean, and to Bahamas, and up East Coast of USA) even if you use multiple policies, PNW, coastal, offshore, etc) since you are working with the same broker he insures (see what I did there?) that there is no break in coverage, and therefore, less likelihood that a new survey is needed.
Note: He didn't pay me to say that, but I want more of those eyeglass holders!
__________________
Vessel Name: Muirgen
Vessel Model: 50' Beebe Passagemaker
slowgoesit is offline   Reply With Quote
Old 01-26-2023, 05:20 PM   #14
Veteran Member
 
Slowboattochina's Avatar
 
City: Greenport, NY
Vessel Name: Gatsby
Vessel Model: 2004 Lien Waa 46' custom motorsailer
Join Date: Dec 2019
Posts: 63
I attempted to get a quote for a 65' 1995 Motoryacht we are contemplating. I have 55 years of experience, Coast Guard and Powersquadron certs. I have owned boats of the following feet: 16,18,20,26,30,33,45,50. NBOA refused to even quote me a pollicy due to the difference in size between my previous (and current) boats and 65'. Oh and btw I have zero claims in 55 years. Any ideas?
Slowboattochina is offline   Reply With Quote
Old 01-26-2023, 06:12 PM   #15
Guru
 
sbu22's Avatar
 
City: New Orleans
Vessel Name: Panache
Vessel Model: Viking 43 Double Cabin '76
Join Date: Mar 2011
Posts: 1,253
My 1976 boat is insured by Geico/BoatUS since 2019. At that time, my prior insurer of 8 years - zero claims - would not renew due to age of the vessel. I went to a local agent who specializes in commercial marine - responses through his contacts were all negative.

Through a couple of personal referrals and on line found several insurers that would take the boat - at a price - think 150% of what I'd been paying with less coverage. Then I tried Geico - 20% lower rate and better coverage than the non-renewal policy. And, amazingly, they didn't need a survey and have never requested one.

As to owner/operator quals - I'm a nub compared to some of the guys above - skippered USN patrol boats back when, owned half a dozen sail and power boats over 25 years or so of 26 to 41 feet. When I picked up Geico, had about 8 years ownership of the 43'.

From the outside, it looks to me like the actuaries crank a bunch of numbers, then throw it away and get out a Ouija board.
sbu22 is offline   Reply With Quote
Old 01-26-2023, 07:05 PM   #16
Guru
 
tiltrider1's Avatar
 
City: Seattle
Vessel Name: AZZURRA
Vessel Model: Ocean Alexander 54
Join Date: Aug 2017
Posts: 4,308
Quote:
Originally Posted by Slowboattochina View Post
I attempted to get a quote for a 65' 1995 Motoryacht we are contemplating. I have 55 years of experience, Coast Guard and Powersquadron certs. I have owned boats of the following feet: 16,18,20,26,30,33,45,50. NBOA refused to even quote me a pollicy due to the difference in size between my previous (and current) boats and 65'. Oh and btw I have zero claims in 55 years. Any ideas?
Call Peter Ricks. You might need to pay a Captain to give you 10 hours of training before the insurance company will let you go solo but I can’t imagine anything more severe.
tiltrider1 is offline   Reply With Quote
Old 01-27-2023, 07:22 PM   #17
TF Site Team
 
slowgoesit's Avatar
 
City: MX, thru Canal to Bahamas
Vessel Name: Muirgen
Vessel Model: 50' Beebe Passagemaker
Join Date: May 2019
Posts: 3,400
Quote:
Originally Posted by Slowboattochina View Post
I attempted to get a quote for a 65' 1995 Motoryacht we are contemplating. I have 55 years of experience, Coast Guard and Powersquadron certs. I have owned boats of the following feet: 16,18,20,26,30,33,45,50. NBOA refused to even quote me a pollicy due to the difference in size between my previous (and current) boats and 65'. Oh and btw I have zero claims in 55 years. Any ideas?

See post # 6
__________________
Vessel Name: Muirgen
Vessel Model: 50' Beebe Passagemaker
slowgoesit is offline   Reply With Quote
Old 01-27-2023, 07:51 PM   #18
Senior Member
 
Slowmo's Avatar
 
City: Lafayette, CA
Vessel Name: Esprit
Vessel Model: 40' Tollycraft tricabin diesel
Join Date: Oct 2018
Posts: 453
We insure our 1979 Tollycraft through Red Shield (out of Portland OR). Our previous wooden boat (1939/51) was insured through Markel. The latter was only for liability. Both required a survey and for any safety related finding to be repaired within some time period. Our current Red Shield policy does have a geographic restriction but that's mainly a cost thing. If we wanted to cruise to Alaska we'd have to get a supplement. I like it since I don't pay for something I'm not going to use.
Slowmo is offline   Reply With Quote
Old 01-27-2023, 08:03 PM   #19
Guru
 
Portage_Bay's Avatar
 
City: Coupeville Wa.
Vessel Name: Pacific Myst
Vessel Model: West Bay 4500
Join Date: Oct 2015
Posts: 2,413
Quote:
Originally Posted by Slowmo View Post
We insure our 1979 Tollycraft through Red Shield (out of Portland OR). Our previous wooden boat (1939/51) was insured through Markel. The latter was only for liability. Both required a survey and for any safety related finding to be repaired within some time period. Our current Red Shield policy does have a geographic restriction but that's mainly a cost thing. If we wanted to cruise to Alaska we'd have to get a supplement. I like it since I don't pay for something I'm not going to use.
OP is in North Carolina. As you know Red Shield only writes policies for the PNW. If you can get it good coverage for a reasonable cost. It's who I have for my 83 Californian.
__________________
Some things are worth doing simply because they are worth doing.
Portage_Bay is offline   Reply With Quote
Old 01-28-2023, 10:10 AM   #20
Veteran Member
 
Slowboattochina's Avatar
 
City: Greenport, NY
Vessel Name: Gatsby
Vessel Model: 2004 Lien Waa 46' custom motorsailer
Join Date: Dec 2019
Posts: 63
I will contact Peter Ricks. My best friend owns a big Huckins yacht and has his 100 ton Coast Guard license. Maybe the insurance companies will allow him help me transition. I only twice flew a new plane without getting checked out in it.
Slowboattochina is offline   Reply With Quote
Reply

Thread Tools Search this Thread
Search this Thread:

Advanced Search
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


» Trawler Port Captains
Port Captains are TF volunteers who can serve as local guides or assist with local arrangements and information. Search below to locate Port Captains near your destination. To learn more about this program read here: TF Port Captain Program





All times are GMT -5. The time now is 02:41 PM.


Powered by vBulletin® Version 3.8.8 Beta 4
Copyright ©2000 - 2024, vBulletin Solutions, Inc.
Search Engine Optimization by vBSEO 3.6.0
Copyright 2006 - 2012