Reply
 
Thread Tools Search this Thread Display Modes
 
Old 02-20-2018, 12:17 PM   #1
Guru
 
sbu22's Avatar
 
City: New Orleans
Vessel Name: Panache
Vessel Model: Viking 43 Double Cabin '76
Join Date: Mar 2011
Posts: 1,253
Insurance Non-Renewal

I received the following from my insurer yesterday:

I regret to inform you that due to underwriting changes since the Storms of 2017, your present insurance through Yacht Insure is being non- renewed. They are no longer insuring vessels under $100,000 in Value. Had they offered a renewal the premium would have been near double the expiring premium. Unfortunately, most of the other markets have followed suit in rate increases.

Attached is a quote from an Alternative Market. Given the age of your vessel, there are not many choices to choose from. This policy, while being an agreed value policy in the event of a total loss, takes depreciation on a partial loss. Their hull deductible is higher.


The current policy is up in late March. The “Alternative Market” is an outfit in Germany. Not sure how I feel about that.

I don’t know if these underwriting changes are actually prevalent or just my insurer. The same insurer has had the boat for the last 12 years (me and the PO) with zero claims history. The boat is in New Orleans, so it’s hurricane country. While, indeed, an old boat (1976) – she’s sound, passes out of water surveys with flying colors, FG hulled.

In the past, I have tried the usual suspects (USAA, BoatUS, Geico, Progressive, etc.) for coverage with no luck due to vessel size, age, etc.

I know there are some insurance savvy TFers out there, including (I believe) some in the business. I’m also guessing that while most TFers have boats with >$100 K valuation, there’s quite a few of us who do not. Can anyone point me to a possible insurance source for comparison? Appreciate it.

Bill
sbu22 is offline   Reply With Quote
Old 02-20-2018, 12:22 PM   #2
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: 8,050
Keep this letter to make sure you have had insurance in the past. Insurance companies are a big rip off! But that would be a political discussion.


It seems every time there is a huge storm, insurance companies move out of that market due to was to many losses......
Alaskan Sea-Duction is offline   Reply With Quote
Old 02-20-2018, 12:27 PM   #3
Guru
 
HeadMistress's Avatar


 
City: AR
Join Date: Jul 2009
Posts: 2,515
Try IMIS (International Marine Insurance Services)...they're independent yacht insurance brokers, located on Kent Island in the Annapolis MD area, who represent the best yacht insurers and have both sail and power owner clients who cruise all over the world on boat of all sizes and ages. I've known 'em for more than 20 years. 800-541-3758

Tell 'em I said hi.
__________________
© 2024 Peggie Hall
Specializing in marine sanitation since '87.
Author "The NEW Get Rid of Boat Odors"
HeadMistress is offline   Reply With Quote
Old 02-20-2018, 12:31 PM   #4
Guru
 
Pau Hana's Avatar


 
City: Seattle, WA
Vessel Name: Pau Hana
Vessel Model: 1989 PT52 Overseas Yachtfisher
Join Date: Aug 2012
Posts: 2,676
Guess I decided to end my TF sabbatical at the right time .

The last storm season did a number on many marine insurers. Falvey left the market completely, and many others are revamping their underwriting guidelines- narrowing the vessel appetites, increasing premiums, revamped deductibles, etc.

If you have a current (within 2 years) survey, getting coverage should not be a challenge other than the potential increase in premium.

Pete
__________________
Peter- Marine Insurance Guru at Novamar Insurance Group (206-350-5051) & tuna fishing addict!

1989 52' PT Overseas yachtfisher
Pau Hana is offline   Reply With Quote
Old 02-20-2018, 12:32 PM   #5
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: 8,050
Welcome back Pete!!!
Alaskan Sea-Duction is offline   Reply With Quote
Old 02-20-2018, 12:34 PM   #6
Valued Technical Contributor
 
DavidM's Avatar
 
City: Litchfield, Ct
Join Date: Aug 2012
Posts: 6,785
I agree with Peggie. Talk to a marine insurance broker and IMIS is a good one. They will find you a policy. Whether the cost is reasonable or not is another matter.

David
DavidM is offline   Reply With Quote
Old 02-20-2018, 12:39 PM   #7
Guru
 
Pau Hana's Avatar


 
City: Seattle, WA
Vessel Name: Pau Hana
Vessel Model: 1989 PT52 Overseas Yachtfisher
Join Date: Aug 2012
Posts: 2,676
Quote:
Originally Posted by Alaskan Sea-Duction View Post
Welcome back Pete!!!
Thanks, Tom!
__________________
Peter- Marine Insurance Guru at Novamar Insurance Group (206-350-5051) & tuna fishing addict!

1989 52' PT Overseas yachtfisher
Pau Hana is offline   Reply With Quote
Old 02-20-2018, 02:34 PM   #8
Guru
 
BandB's Avatar
 
City: Fort Lauderdale. Florida, USA
Join Date: Jan 2014
Posts: 21,449
If you got that letter without a phone call first, I'd suggest a change in brokers might be appropriate.

As Peggie suggested, I'd find a good marine broker and the one she suggests has a good reputation. Insurance is available and while some have raised premiums significantly, with enough searching you'll find a moderate and livable increase.

I don't know who you're referring to as the "outfit in Germany" so could not offer an opinion as to their quality. Perhaps if you share who it is, others may have experience. I'm assuming they're licensed to sell where you are so not sure of the hesitancy as many of us are insured by companies headquartered elsewhere. I'm insured through some outfit in the UK who uses insurers from all over the place.
BandB is offline   Reply With Quote
Old 02-21-2018, 12:11 PM   #9
Veteran Member
 
Gordon B's Avatar
 
City: Titusville,Fl
Vessel Name: Moonstruck
Vessel Model: 41' Defever
Join Date: Jan 2015
Posts: 97
I also agree with Peggy. I use IMIS (International Marine Insurance Services); they are great to deal with. IMIS is now part of the Gowrie Group. IMIS Home Page ~ International Marine Insurance Services
Gordo
Gordon B is offline   Reply With Quote
Old 02-21-2018, 01:00 PM   #10
TF Site Team
 
Shrew's Avatar
 
City: Westerly, RI
Vessel Name: N/A
Vessel Model: 1999 Mainship 350 Trawler
Join Date: Jan 2014
Posts: 4,162
I've been very happy with these folks:

Marine Insurance for Boats, Yachts, Charters, Commercial
Shrew is offline   Reply With Quote
Old 02-21-2018, 01:53 PM   #11
Guru
 
Moonfish's Avatar


 
City: Port Townsend, WA
Vessel Name: Traveler
Vessel Model: Cheoy Lee 46 LRC
Join Date: Nov 2011
Posts: 1,576
Peter referred me to Dave Kauffman at the Anchor Marine office in Seattle (the also have offices in FL, CA, and AK). Very pleased with their knowledge and service.

Auto & Home Insurance Quotes | Anchor Marine Underwriters
__________________
Darren
m/v Traveler - '79 Cheoy Lee 46 LRC, Port Townsend, WA
https://www.boatertested.com
https://www.theboatgeeks.com
Moonfish is offline   Reply With Quote
Old 02-21-2018, 04:03 PM   #12
Guru
 
seasalt007's Avatar
 
City: Punta Gorda, FL
Vessel Name: Aweigh
Vessel Model: Nordic Tug 42
Join Date: Jun 2014
Posts: 628
I like the IMIS folks too but don't forget to get a quote from an insurance broker in Louisiana. Sometimes they can do better for a boat domiciled in the same state they are located in.

I was told this by the Atlass Agency in Ft. Lauderdale in regards to Florida domiciled vessels.
seasalt007 is offline   Reply With Quote
Old 02-21-2018, 04:11 PM   #13
Guru
 
BandB's Avatar
 
City: Fort Lauderdale. Florida, USA
Join Date: Jan 2014
Posts: 21,449
Quote:
Originally Posted by seasalt007 View Post
I like the IMIS folks too but don't forget to get a quote from an insurance broker in Louisiana. Sometimes they can do better for a boat domiciled in the same state they are located in.

I was told this by the Atlass Agency in Ft. Lauderdale in regards to Florida domiciled vessels.
There are many excellent brokers in South Florida. Since you mentioned Atlass, I'll use them as an example to show the value of carefully selecting a broker. They represent the following marine insurers: Ace, Chubb, Falvey, AIG, Prime Time, SeaWave, Lloyd's, OneBeacon, Geico, Great American, Navigators, and Travelers. Another broker will have a different list, but any good broker has many ways to turn and they'll quickly know those most likely to benefit you.

As to Louisiana, I don't have an immediate suggestion, but not sure having someone local is necessary. Most of the brokers I'm aware of in Louisiana specialize in Commercial Marine coverage.
BandB is offline   Reply With Quote
Old 02-21-2018, 06:50 PM   #14
Guru
 
ssobol's Avatar
 
City: Southwest MI
Vessel Name: Sobelle
Vessel Model: C-Dory 22 Cruiser
Join Date: Mar 2015
Posts: 1,229
I had a non renewal on my car insurance once. After being a good customer for quite awhile the insurance company said they weren't going to renew my policy. The letter pretty much said that while admitting that over many years I'd didn't have any claims or tickets, statistically I was due for an accident pretty soon and they were getting out while they could.

Of course when shopping for replacement insurance, one of the questions the new insurance companies ask is "Have you ever been denied coverage or received a non-renewal notice?"
ssobol is offline   Reply With Quote
Old 02-22-2018, 06:59 AM   #15
Guru
 
O C Diver's Avatar
 
City: Fort Myers, FL... Summers in the Great Lakes
Vessel Name: Slow Hand
Vessel Model: Cherubini Independence 45
Join Date: Dec 2010
Posts: 12,834
I'm another happy customer with IMIS. This year's renewal with Ace / Chub only had about a 1% increase. Having a very good insurance broker is key.

Ted
__________________
Blog: mvslowhand.com
I'm tired of fast moves, I've got a slow groove, on my mind.....
I want to spend some time, Not come and go in a heated rush.....
"Slow Hand" by The Pointer Sisters
O C Diver is offline   Reply With Quote
Old 02-22-2018, 07:06 AM   #16
Guru
 
firstbase's Avatar
 
City: Jupiter, Florida
Vessel Name: Black Eyed Susan
Vessel Model: Grand Banks 42' Classic
Join Date: Nov 2016
Posts: 1,644
I have BoatUS/Geico which is coming up for renewal. Started my search just to compare and at the suggestion of others filled out the online form for Pantaenius. Received an email saying that due to change in underwriting they could not offer me insurance. I asked what it was specifically that caused it but no response from them. Older boat, no inspection in 3 years, not sure.
firstbase is offline   Reply With Quote
Old 02-22-2018, 07:50 AM   #17
Guru
 
City: Alexandria, VA
Vessel Model: 2000 Wellcraft
Join Date: Sep 2013
Posts: 1,467
We use Geico, through Boat US. We just got our premium notice and it went up $300, but, we kind of figured on that coming (no points for surviving Nate unscathed, apparently) with all of the hurricane losses this year.

Funny thing is we have Progressive Insurance on our center console. You'd think it would be cheaper to have two boat policies with the same underwriter. Nope. Insurance pricing has got to be the biggest voodoo economics in the world.
Group9 is offline   Reply With Quote
Old 02-22-2018, 08:02 AM   #18
Guru
 
Maerin's Avatar
 
City: East Coast
Vessel Name: M/V Maerin (Sold)
Vessel Model: Solo 4303
Join Date: Jun 2013
Posts: 886
Along with that non-renewal notice comes a stealth ding to getting replacement insurance. Remember seeing that question on the application that asks if you've ever been refused insurance or received a notice of non- renewal? It's going to cost you additional premium, even though it may be through no fault of your own. I had a claim with Falvey and had to threaten legal action to get them to settle the claim, even with that it took 6 months to finally get a check. They sent the check, and the non-renewal followed a week later. My replacement policy premiums were increased for 2 yrs as a result, according to the underwriter. BTW, the claim was a break-in, I was 1,000 miles from the boat at the time, but I guess they concluded it was my fault. Terrible people to deal with, snarky adjuster. Good riddance, no small wonder they're out of the marine business.
__________________
Steve Sipe

https://maerin.net
Maerin is offline   Reply With Quote
Old 02-22-2018, 12:08 PM   #19
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: 8,050
When an insurance policy is due to expire, the insurance company and/or the customer has the right to not renew the policy (or also known as a contract).
Alaskan Sea-Duction is offline   Reply With Quote
Old 02-22-2018, 12:16 PM   #20
Guru
 
ssobol's Avatar
 
City: Southwest MI
Vessel Name: Sobelle
Vessel Model: C-Dory 22 Cruiser
Join Date: Mar 2015
Posts: 1,229
Quote:
Originally Posted by Alaskan Sea-Duction View Post
When an insurance policy is due to expire, the insurance company and/or the customer has the right to not renew the policy (or also known as a contract).
It's fine that an insurance company decides not to renew. However, if they choose not to renew, the insuree now has a black mark against them which may be for no fault of their own.

If an insurance company decides for some business reason not to renew, they should be required to supply a letter to the insuree that absolves the insuree of any fault in the decision for nonrenewal (if that is the case) the can be used when buying new insurance.
ssobol 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 06:02 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