Reply
 
Thread Tools Search this Thread Display Modes
 
Old 02-22-2018, 01:38 PM   #21
Veteran Member
 
Mike Lowthian's Avatar
 
City: Toronto,ON
Vessel Name: Acadia ll
Vessel Model: CHB
Join Date: Jan 2018
Posts: 96
I am in the biz and also own a trawler located in Florida. Not much to say beyond what has already been said, except to advise to stay away from foreign insurers (except Lloyds). If anyone mentions Northern Reef Insurance of South America or Edward William Insurance (Spain) don't walk, run away as fast as you can. Stick with known markets. Perhaps another broker was a good suggestion?
Mike Lowthian is offline   Reply With Quote
Old 02-22-2018, 02:03 PM   #22
Guru
 
seasalt007's Avatar
 
City: Punta Gorda, FL
Vessel Name: Aweigh
Vessel Model: Nordic Tug 42
Join Date: Jun 2014
Posts: 628
Quote:
Originally Posted by Group9 View Post
We use Geico, through Boat US. We just got our premium notice and it went up $300, but,
That little lizard raised mine by $600.
seasalt007 is offline   Reply With Quote
Old 02-22-2018, 02:06 PM   #23
Guru
 
BandB's Avatar
 
City: Fort Lauderdale. Florida, USA
Join Date: Jan 2014
Posts: 19,766
Quote:
Originally Posted by Mike Lowthian View Post
I am in the biz and also own a trawler located in Florida. Not much to say beyond what has already been said, except to advise to stay away from foreign insurers (except Lloyds). If anyone mentions Northern Reef Insurance of South America or Edward William Insurance (Spain) don't walk, run away as fast as you can. Stick with known markets. Perhaps another broker was a good suggestion?
Can you elaborate or be more specific on foreign advisory. Do you mean those not licensed to do business in your state or include companies like Chubb and Pantaenius. I noted the only one you specifically excepted was Lloyd's. Then you mention Northern Reef and Edward William who are not insurers just insurance agents. So, a bit confused about your point.
BandB is offline   Reply With Quote
Old 02-22-2018, 03:05 PM   #24
Veteran Member
 
Mike Lowthian's Avatar
 
City: Toronto,ON
Vessel Name: Acadia ll
Vessel Model: CHB
Join Date: Jan 2018
Posts: 96
Any insurer who is not licensed in your state should be avoided. Ask your broker specifically or check them out on the web. Chubb is a well known American company and I am sure is licensed in all states. I don't know about Pantaenius? Edward William are exclusive agents of Northern Reef who I doubt are licensed anywhere. Beware of them, from personal experience.
Mike Lowthian is offline   Reply With Quote
Old 02-22-2018, 03:47 PM   #25
Guru
 
BandB's Avatar
 
City: Fort Lauderdale. Florida, USA
Join Date: Jan 2014
Posts: 19,766
Quote:
Originally Posted by Mike Lowthian View Post
Any insurer who is not licensed in your state should be avoided. Ask your broker specifically or check them out on the web. Chubb is a well known American company and I am sure is licensed in all states. I don't know about Pantaenius? Edward William are exclusive agents of Northern Reef who I doubt are licensed anywhere. Beware of them, from personal experience.
Technically, Chubb is a Swiss Company. That's why I was trying to get to a specific warning and now you've done it, recommending avoiding any insurer not licensed in your state.
BandB is offline   Reply With Quote
Old 02-22-2018, 03:50 PM   #26
Guru
 
sbu22's Avatar
 
City: New Orleans
Vessel Name: Panache
Vessel Model: Viking 43 Double Cabin '76
Join Date: Mar 2011
Posts: 1,165
Just became aware of the "non-renewal stealth ding", Steve. Another FYTW from the insurance biz.

Appreciate all of the thoughtful responses. Good info that I can use. Working the problem now. Work keeps getting in the way.
sbu22 is offline   Reply With Quote
Old 02-22-2018, 05:38 PM   #27
Senior Member
 
Martin J's Avatar
 
City: Mt Crested Butte
Vessel Name: Artemis
Vessel Model: Cheoy Lee 67
Join Date: Feb 2013
Posts: 478
Panteneius have developed a bad reputation for avoiding claims in the wake of Hurricane irma , Particularly in the BVI's. As such the people in the boatyard I was in are forming a class suite against them. Would not touch them or there parent (Geman) company with a barge pole.
Martin J is offline   Reply With Quote
Old 02-22-2018, 05:40 PM   #28
Senior Member
 
Martin J's Avatar
 
City: Mt Crested Butte
Vessel Name: Artemis
Vessel Model: Cheoy Lee 67
Join Date: Feb 2013
Posts: 478
I was insured in LLoyds through Blue Water in FT L and after sadly losing my boat during Hurricane Irma, I found them polite, helpful, and diligent in spite of being swarmed with claims in the BVI's, and eastern Caribbean.
Martin J is offline   Reply With Quote
Old 02-23-2018, 12:56 PM   #29
Guru
 
Alaskan Sea-Duction's Avatar
 
City: Inside Passage Summer/Columbia River Winter
Vessel Name: Alaskan Sea-Duction
Vessel Model: 1988 M/Y Camargue YachtFisher
Join Date: Jul 2012
Posts: 6,991
I believe everyone's insurance will increase as a result of the hurricanes. Doesn't matter where you live. The insurance companies have to recoup their loses some where.
Alaskan Sea-Duction is offline   Reply With Quote
Old 02-23-2018, 04:25 PM   #30
Member
 
City: Washington, NC
Vessel Name: Hidden Costs II
Vessel Model: Bayliner 3870
Join Date: Nov 2015
Posts: 19
I am in the process of renewal. Just got a quote from Maritime insurance intl. I believe they are a broker b/c the quote is from New Hampshire Ins co.

I have Boat US. They raised my premium 25% before the storms from $1200 to $1600 with zero claims. Probably due to Geico. This is only from Morehead NC north and no ocean cruising.

New policy is a little larger value, and the cruising range is Bahamas, gulf, etc. Then north of Cumberland Island Ga during hurricane season.

With this massive increase in cruising area my premium (oh yeah added dinghy ins too) is $964 once I get my policy.

That my friends is a huge difference. I started with Boat us because no survey req'd.
fastinated is offline   Reply With Quote
Old 02-23-2018, 04:29 PM   #31
Veteran Member
 
Mike Lowthian's Avatar
 
City: Toronto,ON
Vessel Name: Acadia ll
Vessel Model: CHB
Join Date: Jan 2018
Posts: 96
Sorry, I am confused. Your total premium is $900? What kind of boat do you have?
Mike Lowthian is offline   Reply With Quote
Old 02-23-2018, 04:59 PM   #32
Guru
 
BandB's Avatar
 
City: Fort Lauderdale. Florida, USA
Join Date: Jan 2014
Posts: 19,766
Quote:
Originally Posted by Mike Lowthian View Post
Sorry, I am confused. Your total premium is $900? What kind of boat do you have?
Bayliner 3870.
BandB is offline   Reply With Quote
Old 02-23-2018, 05:17 PM   #33
Guru
 
psneeld's Avatar
 
City: Ft Pierce
Vessel Name: Freedom
Vessel Model: Albin 40
Join Date: Oct 2011
Posts: 24,003
pretty impressive ... my insurance is with New Hampshire/AIG and double that....

for a $50,000 boat, clean record (40 years of no claims) and the liability is cheap.

and thats with as high a safety rating as you can get discounts for.

liveaboard jumped it a few hundred, but double the premium seems a lot.
psneeld is offline   Reply With Quote
Old 02-23-2018, 06:33 PM   #34
Guru
 
BruceK's Avatar
 
City: Sydney
Vessel Name: Sojourn
Vessel Model: Integrity 386
Join Date: Oct 2011
Posts: 11,502
Quote:
Originally Posted by Martin J View Post
Panteneius have developed a bad reputation for avoiding claims in the wake of Hurricane irma , Particularly in the BVI's. As such the people in the boatyard I was in are forming a class suite against them. Would not touch them or there parent (Geman) company with a barge pole.
We had a severe east coast low here a couple of years back.I heard Pantaenius sent owners of boats on swing moorings an SMS saying to go out and check their moorings. There was 35 knots of wind and driving rain, not something I`d want to do in a rowing dinghy, which is what most insureds would use.
__________________
BruceK
2005 Integrity 386 "Sojourn"
Sydney Australia
BruceK is offline   Reply With Quote
Old 02-23-2018, 07:06 PM   #35
Guru
 
Alaskan Sea-Duction's Avatar
 
City: Inside Passage Summer/Columbia River Winter
Vessel Name: Alaskan Sea-Duction
Vessel Model: 1988 M/Y Camargue YachtFisher
Join Date: Jul 2012
Posts: 6,991
Wish mine was only $900. I pay close to $2 boat dollars a year. However, I can cruise the entire west coast from San Diego to Cape Spencer, Alaska out 60nm in the summer and 20nm in the winter.
Alaskan Sea-Duction is offline   Reply With Quote
Old 02-23-2018, 07:46 PM   #36
Guru
 
sbu22's Avatar
 
City: New Orleans
Vessel Name: Panache
Vessel Model: Viking 43 Double Cabin '76
Join Date: Mar 2011
Posts: 1,165
Any one with BoatUS experience? In my search, they came up with a decent quote, no haulout survey (mine is 3 yo, with an in-water survey last year). Looks like Geico underwrites them. 2-3 years ago, they wouldn't touch me. Go figure.

As an aside, huge legal battles have been waged on the basis that insurers are supposed to write the risk they percieve - not "catchup" for to recoup prior losses. Battalions of lawyers argue what's percieved risk (with experience) versus actuarial risk. And, of course, there's the FYTW factor.
sbu22 is offline   Reply With Quote
Old 02-23-2018, 07:56 PM   #37
TF Site Team
 
Comodave's Avatar
 
City: Au Gres, MI
Vessel Name: Black Dog
Vessel Model: Formula 41PC
Join Date: Jul 2015
Posts: 12,227
We have BOAT/US. Have had our insurance with them for 30 some years. No problems. Had one claim and they took care of it immediately.
Comodave is offline   Reply With Quote
Old 02-23-2018, 08:22 PM   #38
Guru
 
BruceK's Avatar
 
City: Sydney
Vessel Name: Sojourn
Vessel Model: Integrity 386
Join Date: Oct 2011
Posts: 11,502
Does US law compel disclosure of factors negatively affecting the risk, which the proposer knows but the insurer does not? A good example is proposing house fire insurance with a forest fire approaching the house.
In some cases the insurer`s questions can`t cover everything, hence the duty of disclosure rests with the proposer here by virtue of legislation. Non disclosure can affect or negate cover.
As covered earlier,a refusal to grant or continue cover needs disclosing. Fortunately insurers often know if another insurer is refusing a particular class of cover, and may be more understanding than expected.
__________________
BruceK
2005 Integrity 386 "Sojourn"
Sydney Australia
BruceK is offline   Reply With Quote
Old 02-23-2018, 08:25 PM   #39
Member
 
City: Washington, NC
Vessel Name: Hidden Costs II
Vessel Model: Bayliner 3870
Join Date: Nov 2015
Posts: 19
Yes. 1986 Bayliner 38. Twin diesel. Geico hull value $35k New quote $40k. No claims, bought 2.5 years ago with basically no prior provable experience. Have had and do have a few trailer boats. Was trying to jump to a Hatt 58, but insurance feelers wanted captains and a premium price. So we started with this. Thought about just liability as there is no note (nice to buy a cheaper boat) as I have had liability on cars worth more, but at the beginning of this venture it worth the peace of mind. Try hitting the wife up on 2 shafts and 2 props b/c of a mistake!

I did a self survey (read boat price) and do all maint and repairs myself so Boat US was perfect with no survey. Wrote check, drove home.... And did no other quotes when I heard no survey. But the increase I got was due to the Geico merger not storms. Which was irritating.

But the best thing about my searching with a broker (i guess). Was the extended cruising area. Boat US wanted $3200/yr for down to Florida not even Bahamas. This may have been all year, but I'm in NC during the season. Plus I couldn't even go out in the ocean to go fishing. Scary part was this summer I went about 40 miles south of my limit (not knowing) and was uninsured for a week!

This is not to say all people will be the same. You can look on a map and Washington, NC is about as safe as you can get here in NC so that may play the price. Also consider the boat to what you are. There are fellas and ladies here that have high $$$ boats that live in Fl. They are the ones with the deep pockets!
fastinated is offline   Reply With Quote
Old 02-23-2018, 08:29 PM   #40
Guru
 
sbu22's Avatar
 
City: New Orleans
Vessel Name: Panache
Vessel Model: Viking 43 Double Cabin '76
Join Date: Mar 2011
Posts: 1,165
Thanks, Comodave. Good to hear. BoatUS was pretty straight up. Several quotes I've gotten include "stand on your left foot, extend both arms, and holler OdeyOdeyDooDah" to be considered for the privelege of sending $ with them. I'm in a perceived high risk business - my broker handles entities like structural engineers, hazmat response, and OB/GYNS - I'm amazed at the BS "boat" introduces to the subject.
sbu22 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 03:13 AM.


Powered by vBulletin® Version 3.8.8 Beta 4
Copyright ©2000 - 2021, vBulletin Solutions, Inc.
Search Engine Optimization by vBSEO 3.6.0
Copyright 2006 - 2012