Reply
 
Thread Tools Search this Thread Display Modes
 
Old 01-15-2021, 01:41 PM   #41
Veteran Member
 
City: Klawock
Vessel Name: Cape Mark
Vessel Model: 1943 80' Sterling Ex-Seiner
Join Date: Oct 2019
Posts: 30
I may have made a mistake buying my 80' 1943 model wooden fishing boat with no experience as a captain. I was never planning on being the captain until i got my sea time and did some training ---
BUT now insurance is down to one company out of Seattle. No one wanted to talk with me when i told them my experience, the boats age, and the fact that she has a wooden hull..
(that is actually a positive for me after riding in her--- smooth as silk---)
I have even tried to get insurance for liability at the dock.
She has a great survey, sound hull and I have been rewiring and replumbing her--- along with aluminum decking on the upper deck with rubber gripper deck paint. And a lot of other improvements over the last few months....
I may end up having to sell if I cant get insurance---- I stayed on her for 2 months last fall at the dock and slept like a baby. She surveyed out at 200k--

I have at least 50k in improvements--- I cant believe that insurance is making the difference of whether or not I can keep her.... bitter pill .. but i should have thought about that earlier,,,, and Oh yeah-- im up in SE AK
pkirkll is offline   Reply With Quote
Old 01-15-2021, 02:06 PM   #42
Guru
 
Bryant's Avatar
 
City: Fleming Island, Fl
Vessel Name: Sakura Perdido
Vessel Model: Grand Banks 36 Classic
Join Date: Jul 2016
Posts: 629
Insurance

Quote:
Originally Posted by Omikeoreilly View Post
Hi Folks,

I am a new owner of a Grand Banks 42 1999 she is beautiful but no one wants to insure a 20 year old boat any more. The quotes are outrageous.$4000.00 plus. I have been with USAA for 30 years no claims. They sent me to Progressive which just cancelled my policy because she is 20 years old.

I imagine this is a issue all of us older boat owners are grappling with.

I will keep you posted. Any feedback is welcome.

Thanks
My GB 36 is a 1984. I have insurance with GEICO/ Boats US. Very affordable and quite good coverage.
Bryant is offline   Reply With Quote
Old 01-15-2021, 02:06 PM   #43
Newbie
 
City: Gig Harbor
Join Date: Oct 2019
Posts: 4
Try State Farm, they insure our 1970 42 GB for 100k. Costs around 1k a year.
They just require a survey not over 6 months old.
They also insured our 1928 Classic for 11 years before we sold it.
Good luck!
bobi is offline   Reply With Quote
Old 01-15-2021, 02:10 PM   #44
Senior Member
 
Takoradi's Avatar
 
City: Isleton
Vessel Name: The Janie C
Vessel Model: Uniflite 42
Join Date: Oct 2017
Posts: 143
Quote:
Originally Posted by Rufus View Post
Markel isn't the lowest cost, but they are currently letting customers do their own 5-7 year renewal survey, which saves a big surcharge
Rufus,

I was a licensed property and casualty insurance agent here in CA and I wanted to mention something called post claim underwriting. The company may let you do your own renewal survey but be aware that at the time of claim, if they find any material deviation from your survey and what they see at claim inspection, they will deny the claim and cancel your policy. Same is true for life insurance. They'll take your word for it that you're a non-tobacco user and give you a reduced no-smoke rate. If the death benefit is high enough, upon your demise they will ask for a blood analysis. If it comes back with a trace of tobacco, they will deny the claim.

Tak
__________________
One day no be all day
Takoradi is offline   Reply With Quote
Old 01-15-2021, 02:10 PM   #45
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 Mike H View Post
Had a good survey. All I know is they were concerned with age. Length overall is pushing 53 feet. That could have something to do with it, too.
Just sent you a PM...
__________________
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 01-15-2021, 02:38 PM   #46
Newbie
 
City: North Palm Beach
Vessel Model: Grand Banks 42 Classic
Join Date: Sep 2020
Posts: 3
Insurance for older trawler

We recently purchased a 1989 GB - beautiful condition. Boat US insured her -- we provided a recent surveyor's report and price paid.
TrawlerGal is offline   Reply With Quote
Old 01-15-2021, 02:43 PM   #47
Tim
Veteran Member
 
City: Seattle
Vessel Name: NANCY J
Vessel Model: GB 42 Classic
Join Date: Jul 2010
Posts: 51
I have coverage on a 1988 Grand Banks with Markel which is recognized by USAA for my umbrella policy.
Tim is offline   Reply With Quote
Old 01-15-2021, 02:49 PM   #48
Veteran Member
 
City: San Francisco
Vessel Name: Alexia K
Vessel Model: Grand Banks CL36
Join Date: Sep 2014
Posts: 26
I have a 1977 GB36 insured with Gieco/BoatUS and it's under $1,500 a year full coverage. Including the replacement value from the surveyor.
Gulfstar is offline   Reply With Quote
Old 01-15-2021, 02:57 PM   #49
Veteran Member
 
City: Victoria BC
Vessel Name: Tiffany
Vessel Model: Apollo 32
Join Date: Jun 2018
Posts: 69
The insurance on my '73 Apollo 32 has gone from$650 to $1,650 in four years. Apparently one of the causes has been the high prices charged by boatyards for all repair work, coupled with bigger more expensive boats. As mentioned by others, a number of companies have left the market all together. Fingers crossed...


Doug
Tiffany is offline   Reply With Quote
Old 01-15-2021, 03:06 PM   #50
Guru
 
City: Rochester, NY
Vessel Name: Hour Glass
Vessel Model: Chris Craft 381 Catalina
Join Date: Aug 2019
Posts: 7,554
Progressive has no trouble insuring my 35 year old boat, so age is definitely not the only factor. It might be a combination of age and value for them.
rslifkin is offline   Reply With Quote
Old 01-15-2021, 03:15 PM   #51
Veteran Member
 
Mike H's Avatar
 
City: Rockport
Vessel Name: Losada
Vessel Model: Californian 48 CPMY
Join Date: Aug 2020
Posts: 55
If you are really desperate, try Lloyds of London until you build your boat resume. I have used them in the past for buildings. Not cheap, but not totally out of line.
Mike H is offline   Reply With Quote
Old 01-15-2021, 03:34 PM   #52
Senior Member
 
City: Edenton, NC
Vessel Model: Chris Craft Commander
Join Date: Mar 2014
Posts: 165
I had Progressive on my 1969 Chris Craft for several years. The only reason I don't still have it is because the boat's sitting on its trailer.
jimfrens is offline   Reply With Quote
Old 01-15-2021, 03:45 PM   #53
Guru
 
Bryant's Avatar
 
City: Fleming Island, Fl
Vessel Name: Sakura Perdido
Vessel Model: Grand Banks 36 Classic
Join Date: Jul 2016
Posts: 629
insurance

Quote:
Originally Posted by Omikeoreilly View Post
Hi Folks,

I am a new owner of a Grand Banks 42 1999 she is beautiful but no one wants to insure a 20 year old boat any more. The quotes are outrageous.$4000.00 plus. I have been with USAA for 30 years no claims. They sent me to Progressive which just cancelled my policy because she is 20 years old.

I imagine this is a issue all of us older boat owners are grappling with.

I will keep you posted. Any feedback is welcome.

Thanks
Let me elaborate a little more. First, where are you going to keep the boat?
Secondly, you need to look at coverages actually offered before buying a policy. For instance, my boat is in Florida, so hurricane coverage is necessary. Allstate has a 5% limit of the boat's worth for salvage. This means that if your $100,000 boat sinks due to a storm, they will pay $5k to salvage it. That's not nearly enough. If your boat sinks and is totaled, you will pay a significant amount of your settlement just to have it raised and hauled away. When shopping for insurance, I called an international marine salvage company and asked for advice. They told me that they wouldn't even answer a call to an insurer that had State Farm because State Farm would not pay directly to a salvage company, they pay only to the owner an amount they think fair. I don't know if this is correct, but that's what they told me. My salvage coverage From GEICO/Boats US is $500,000.
My coverage with GEICO/Boats US is $2500/year for Florida Gulf Coast. My boat was damaged during Hurricane Sally and from the time I filed the claim till payment was 3 weeks. They covered $50k in damage with no problem. I also have a depreciation rider on my policy. If you go 3 years with no claims, they reduce your premium. I also have an "Agreed Value" on my policy based upon a survey that I provided to them. That means they will pay the value of the boat upon total loss.
So my advice is to be very wary of "cut rate" insurance policies. Make sure you know exactly what coverage you are getting. As of this date, I can't recommend GEICO/Boats US more highly. I don't know what the future of my policy will be, based upon this claim but so far, they have taken really good care of me.
For what it matters, I've done some shopping around for policies at various boat shows and I've been told every time by different companies that they can't touch my rates for the coverage I'm getting.
Bryant is offline   Reply With Quote
Old 01-15-2021, 03:51 PM   #54
Senior Member
 
Kit_L's Avatar
 
City: Greenwell Point
Vessel Name: Suu Kyi
Vessel Model: Custom 40' catamaran
Join Date: Mar 2016
Posts: 476
My insurance went up substantially this year: it's an agree-value policy for $200,000, on a 1969 wooden vessel. The fees (including the broker's modest fee) are $4,255. This is about 1/2%, if I have done the maths right. So, with respect to the 1-1.5% people are talking about here, we seem to be in a decent place. Of course, I'd rather spend the $4,255 on gear for the boat!
Kit_L is offline   Reply With Quote
Old 01-15-2021, 04:31 PM   #55
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 Bryant View Post
Let me elaborate a little more. First, where are you going to keep the boat?
Secondly, you need to look at coverages actually offered before buying a policy. For instance, my boat is in Florida, so hurricane coverage is necessary. Allstate has a 5% limit of the boat's worth for salvage. This means that if your $100,000 boat sinks due to a storm, they will pay $5k to salvage it. That's not nearly enough. If your boat sinks and is totaled, you will pay a significant amount of your settlement just to have it raised and hauled away. When shopping for insurance, I called an international marine salvage company and asked for advice. They told me that they wouldn't even answer a call to an insurer that had State Farm because State Farm would not pay directly to a salvage company, they pay only to the owner an amount they think fair. I don't know if this is correct, but that's what they told me. My salvage coverage From GEICO/Boats US is $500,000.
My coverage with GEICO/Boats US is $2500/year for Florida Gulf Coast. My boat was damaged during Hurricane Sally and from the time I filed the claim till payment was 3 weeks. They covered $50k in damage with no problem. I also have a depreciation rider on my policy. If you go 3 years with no claims, they reduce your premium. I also have an "Agreed Value" on my policy based upon a survey that I provided to them. That means they will pay the value of the boat upon total loss.
So my advice is to be very wary of "cut rate" insurance policies. Make sure you know exactly what coverage you are getting. As of this date, I can't recommend GEICO/Boats US more highly. I don't know what the future of my policy will be, based upon this claim but so far, they have taken really good care of me.
For what it matters, I've done some shopping around for policies at various boat shows and I've been told every time by different companies that they can't touch my rates for the coverage I'm getting.
Well stated.

Further to your points: Not only is location a factor, but vessel age, experience, loss history, and more are all considered when a vessel is rated.

Caveat Emptor is certainly a good watchword to consider when looking at vessel insurance.
__________________
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 01-15-2021, 04:41 PM   #56
Veteran Member
 
City: Potts Harbor ME
Vessel Name: Third Reef
Vessel Model: 36' Grand Banks Heritage Classic
Join Date: Oct 2020
Posts: 75
Hi Mike
We have a relatively new to us, 1988 36' Grand Banks which is also quite beautiful. We are insured through BoatUS for about $950/yr. We are 11 years older and smaller than you but seems BoatUS could do better than 4k as relative to our boat. Ours is out of the water in our yard from Oct to June so this might make difference too.

Good luck, it's a movin target.

Mike Dana
Third Reef
36' GB Heritage Classic
Potts Harbor Maine
207-833-5080
mbdana is offline   Reply With Quote
Old 01-15-2021, 04:45 PM   #57
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 mbdana View Post
Hi Mike
We have a relatively new to us, 1988 36' Grand Banks which is also quite beautiful. We are insured through BoatUS for about $950/yr. We are 11 years older and smaller than you but seems BoatUS could do better than 4k as relative to our boat. Ours is out of the water in our yard from Oct to June so this might make difference too.

Good luck, it's a movin target.

Mike Dana
Third Reef
36' GB Heritage Classic
Potts Harbor Maine
207-833-5080
The mooring location of Maine and the Oct-June layup are certainly factors that affect your annual premium. The value may also play significant difference in the premium.
__________________
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 01-15-2021, 04:54 PM   #58
cks
Senior Member
 
City: Oradell
Vessel Name: Silver Lining
Vessel Model: 2003 42’ Grand Banks Europa
Join Date: Sep 2020
Posts: 192
We have an ‘03 42 EU w/ Boat US.
About $4K but I don’t begrudge the cost one bit.
When there’s an issue they are Johnny on the Spot!
cks is offline   Reply With Quote
Old 01-15-2021, 05:32 PM   #59
Senior Member
 
Wdeertz's Avatar
 
City: Tampa, FL
Vessel Name: Bagus
Vessel Model: Kadey Krogen 52-01
Join Date: Jul 2018
Posts: 317
Quote:
Originally Posted by Kit_L View Post
My insurance went up substantially this year: it's an agree-value policy for $200,000, on a 1969 wooden vessel. The fees (including the broker's modest fee) are $4,255. This is about 1/2%, if I have done the maths right. So, with respect to the 1-1.5% people are talking about here, we seem to be in a decent place. Of course, I'd rather spend the $4,255 on gear for the boat!
Isn’t a $4255 premium on a $200k boat 2.13%? Maybe I missed that new math day in school 🤔
Wdeertz is offline   Reply With Quote
Old 01-15-2021, 10:42 PM   #60
Veteran Member
 
City: Mercer Island
Vessel Name: Spirit Bear
Vessel Model: North Sea Trawler
Join Date: May 2014
Posts: 28
I am looking at my renewal for my 1979 37' North Sea trawler, $59,500 agreed value (what I bought it for) for $979 with Red Shield Insurance company. My broker was alarmed at the increase from $829, and did some shopping.
She can do a same policy with Progressive for $537. I had a bad experience with Progressive on a car insurance claim, and they are rotten to the body shops.
Ron Stevenson 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 06:35 AM.


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