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Old 11-18-2019, 08:58 AM   #21
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Following as I too am going to be shopping, all great advice.
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Old 11-18-2019, 09:28 AM   #22
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Originally Posted by Pau Hana View Post
No worries

You made a great point!
Hi Paul!

Always great to read your posts...

Situation and Question:

Situation:

SAFECO insures our Tollycraft [and our RV].

Our broker is lifetime friend, reputable and decades insurance wise who we believe keeps our toys well covered. She also has truck and SUV well covered under Kemper ins policies. Additionally, our 15' Creatliner 50 hp o/b tow behind runabout is covered under our CAA home owners policy.

Recently I acquired a really cherry [like new overall general condition - but not started since 2001] fully covered inside "barn find", A 1988 19' "Blue Water" cuddy cabin i/o ski boat / runabout; 300 hrs. Towed her home, planning to have carefully put her mechanicals back in service by spring 2020.

Question: In your opinion... should we add the barn find onto homeowners ins or get new policy for it through SAFECO?

Any advice greatly appreciated! - Thanks, Art and Linda

Barn find:
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Old 11-18-2019, 09:38 AM   #23
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Ask your broker if the barn find falls under the limits of your home owners policy. They usually have a cut off some were around 26’ and 50 hp. If you don’t fall with in the limits then you will need a separate policy.
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Old 11-18-2019, 10:21 AM   #24
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Originally Posted by Art View Post
Hi Paul!

Always great to read your posts...

Situation and Question:

Situation:

SAFECO insures our Tollycraft [and our RV].

Our broker is lifetime friend, reputable and decades insurance wise who we believe keeps our toys well covered. She also has truck and SUV well covered under Kemper ins policies. Additionally, our 15' Creatliner 50 hp o/b tow behind runabout is covered under our CAA home owners policy.

Recently I acquired a really cherry [like new overall general condition - but not started since 2001] fully covered inside "barn find", A 1988 19' "Blue Water" cuddy cabin i/o ski boat / runabout; 300 hrs. Towed her home, planning to have carefully put her mechanicals back in service by spring 2020.

Question: In your opinion... should we add the barn find onto homeowners ins or get new policy for it through SAFECO?

Any advice greatly appreciated! - Thanks, Art and Linda

Barn find:
Hi, Art,

I'd move your Crestliner off your homeowner's policy, and place it and the new acquisition onto vessel policies. Your homeowner's policy has limited/nonexistent marine related coverages such as pollution, salvage, wreck removal, and more. Thus, if you have one of these types of losses, you are out of pocket for the loss.

At least the Safeco vessel insurance policy has some pollution coverage (but it is not a standalone coverage- it is part of the overall marine liability coverage.) In reading the Safeco policy, I also don't see where they cover salvage or wreck removal.
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Old 11-18-2019, 10:38 AM   #25
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Originally Posted by Pau Hana View Post
Hi, Art,

I'd move your Crestliner off your homeowner's policy, and place it and the new acquisition onto vessel policies. Your homeowner's policy has limited/nonexistent marine related coverages such as pollution, salvage, wreck removal, and more. Thus, if you have one of these types of losses, you are out of pocket for the loss.

At least the Safeco vessel insurance policy has some pollution coverage (but it is not a standalone coverage- it is part of the overall marine liability coverage.) In reading the Safeco policy, I also don't see where they cover salvage or wreck removal.
Thanks Paul - Been many years since I've closely reviewed our SAFECO vessel policy [most recent document is on boat 100 miles away - or I'd reread it today!]. Will email our broker about salvage/wreck coverage on the Tollycraft... seems to me that coverage was in the policy... But???

Regarding the two smaller boats:

Such as was mentioned in "Tiltrider1" post above yours... I guess homeowner ins coverage limits the LOA and HP they will cover; kinda recall that being mentioned when we put the little 15', 50 HP o/b Crestliner onto the HO policy.

I'll put the "Barn Find" onto the SAFECO vessel policy. By so doing it will give me good chance to more closely review their entire vessel policy.

Happy Boat-Ins Daze! - Art
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Old 11-18-2019, 11:31 AM   #26
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Quote:
Originally Posted by Art View Post
Thanks Paul - Been many years since I've closely reviewed our SAFECO vessel policy [most recent document is on boat 100 miles away - or I'd reread it today!]. Will email our broker about salvage/wreck coverage on the Tollycraft... seems to me that coverage was in the policy... But???

Regarding the two smaller boats:

Such as was mentioned in "Tiltrider1" post above yours... I guess homeowner ins coverage limits the LOA and HP they will cover; kinda recall that being mentioned when we put the little 15', 50 HP o/b Crestliner onto the HO policy.

I'll put the "Barn Find" onto the SAFECO vessel policy. By so doing it will give me good chance to more closely review their entire vessel policy.

Happy Boat-Ins Daze! - Art
My pleasure! By way of comparison, my 15' Whaler Montauk with 60hp Mercury is $200/year at $30k coverage (yacht policy, agreed value) with trailer.
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Old 11-22-2019, 04:38 PM   #27
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Insurance.

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Originally Posted by Sidclark View Post
The last boat I insured was a Lagoon 410 catamaran based in Maryland. Insured value was $210,000. Cost was $1950 a year. Now shopping for a trawler with a valuation of $50,000 based in South Carolina. Got a quote for $1495 a year!

That's with decades of boating, a 100 ton captain's license and never a claim. Are you guys seeing numbers like this??
Contact Geico. I’m in Fl. Agreed upon value of $96.5k. Depreciation rider. Annual cost $2500. Every area is different but I think you will do better with them than anyone.
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Old 11-22-2019, 05:02 PM   #28
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Insurance

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Ok, so the latest quote I received sounds much better. The first quote was at $1495 from Geico. This quote is from Gallagher Charter Lakes. It's at $1000 dollars even. There are a couple of differences in the quotes. Here they are...

Geico...Can be in Florida during hurricane season (no plans to do that)
Gallgher..Bahamas is included in the coverage, but have to be above Florida/Georgia line during hurricane season.

Geico... $3000 towing
Gallagher...$1000 towing

Geico.... $3000 personal effects
Gallagher... $2500 personal effects

Both are at 2% deductible... $300000 liability...$3000000 uninsured boater...
$10000 medical...dinghy $1500

From what I can find on then net it seems folks are happy with Gallagher and 500 bucks is a pretty big difference...

You need $500k of liability, $950k for environmental cleanup and $950k for salvage and recovery, all of which Geico has. I almost switched to Allstate based upon cost till I discovered their salvage limit is 5% of the boat value. On a $100k boat that’s $5k which won’t pay for salvage. Make sure you compare every type of coverage item for item. You will find there are vast differences in the details.
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Old 11-22-2019, 07:26 PM   #29
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The posts contain some very good advice.

For example, look first at coverage, then look to the insurance company rating. Cost should be the last consideration. What good is insurance if the insurance company doesn't honor a claim?
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Old 11-23-2019, 08:30 AM   #30
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You need $500k of liability, $950k for environmental cleanup and $950k for salvage and recovery, all of which Geico has. I almost switched to Allstate based upon cost till I discovered their salvage limit is 5% of the boat value. On a $100k boat that’s $5k which won’t pay for salvage. Make sure you compare every type of coverage item for item. You will find there are vast differences in the details.
Hi, Bryant,

A few corrections, if I may:
  • I agree that liab coverage should be a minimum of $500k, but for some $300k is more than adequate.
  • GEICO has $939,800 (being increased to $997,100 per the latest amendment to the Oil Pollution Act of 1990.
  • GEICO does not have $950k of salvage coverage. I’ll pull the policy language when I wake up, but I believe that GEICO’s salvage is equal to the hull value (I’ll confirm shortly).

Allstate is OK for a small boat on a trailer in the garage worth $1000 (Allstate is an ACV policy), but for a boat like yours, they are non bueno.
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Old 11-23-2019, 08:31 AM   #31
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The posts contain some very good advice.

For example, look first at coverage, then look to the insurance company rating. Cost should be the last consideration. What good is insurance if the insurance company doesn't honor a claim?
Indeed!
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Old 11-23-2019, 11:20 AM   #32
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Your Lagoon was in low rated Chesapeake Bay and a sailboat; trawler is coastal, and a powerboat, and (likely) older. In addition many competitive yacht markets (particularly in London) have gone out of business over the last 12-18 months, allowing those remaining to increase rates - it is after all based on supply and demand. Thx
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Old 11-24-2019, 12:22 PM   #33
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'Lo All,
We lost the Celestial during Hurricane Michael. We had BoatUS (Geico) insurance. We called the claim number at BoatUS and within less than a week an adjuster showed up. His first questions were about how the boat was tied up during the storm. We showed him where the three, now missing, 50' pilings that the boat pulled out had been. After looking at the boat, he immediately declared it a total constructive loss @ the agreed value on the insurance policy. Later (one or two weeks - I forget), BoatUS called and asked how we wanted the funds. Money was in our credit union account the next day.
We are very satisfied with the claim service provided by BoatUS. We still have our 17.5' runabout that is insured by BoatUS. It was on its trailer and was only minimally damaged by the storm, hence no claim in it.
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Old 11-24-2019, 10:04 PM   #34
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Good experience with Boat US-GEICO Marine Insurance Program

I have Dream Catcher insured for an agreed-on value of $86,000. I've had the policy with Boat US-GEICO since 2013. The initial premium in 2013 was $2,467, with a 5% deductible. That was with $300,000 liability and $900,000 + for fuel spill, and $300,000 uninsured boater coverage.

We have never filed a claim in the 7 years that we have owned Dream Catcher. Because of no claims, they have reduced the premium and also reduced the deductible each year. My current premium is $1,731 and the deductible for other than a named storm is $0. With a named storm in any of the hurricane prone states, the deductible is 5% of the agreed-on value.

In 2008, we had a Bristol 40 sailboat that went through Hurricane Ike in Galveston. It was also insured through Boat US (this was before they partnered with GEICO). The boat made it through the hurricane with minimal damage, even though one of our dock's pilings pulled out, but our dinghy was nowhere to be found. Because we lost our dinghy, the total claim was significantly more than the 5% named storm deductible. We filed a claim with Boat US and they had an adjuster on site in a few days and they sent us a check in less than 2 weeks. I would rate their service as excellent.
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