Reply
 
Thread Tools Search this Thread Display Modes
 
Old 10-21-2022, 12:48 PM   #1
Member
 
City: San Diego
Vessel Name: Blue Moon
Vessel Model: Ponderosa 47
Join Date: Aug 2022
Posts: 9
Arrow My shiny new Insurance just got CANCELLED.

Hello Everybody,

I'm an annoying Newbie and got my new to me Trawler insured with Allstate earlier this month when I bought the boat.

Yesterday in the mail I received a lovely letter from Allstate stating they are now cancelling my insurance due to the age of the boat. I feel bad for the old girl as she isn't that old, not nearly as old as me.

Odd that a couple of weeks ago the boat was acceptable, but now - its too old! The insurance hasn't even been unwrapped yet.

Is this something you guys have come across often?

The boat is a 1986 and the letter is attached.

Thanks for any and all insights...

Newb out.
Kayenne is offline   Reply With Quote
Old 10-21-2022, 01:10 PM   #2
Member
 
City: San Diego
Vessel Name: Blue Moon
Vessel Model: Ponderosa 47
Join Date: Aug 2022
Posts: 9
The Letter from Allstate

Not so good at this attaching business, but I believe I got it now...
Here is the letter I received.
Attached Thumbnails
Insurance Cancellation.jpg  
Kayenne is offline   Reply With Quote
Old 10-21-2022, 01:13 PM   #3
Guru
 
ScottC's Avatar
 
City: Malmö
Vessel Name: ABsolutely FABulous
Vessel Model: Greenline 33 Hybrid (2010)
Join Date: Nov 2019
Posts: 1,294
What does the broker have to say about this? It seems he should have not sold you this policy in the first place!
__________________
Scott
2010 Greenline 33' Hybrid
Home port: Malmö, SWEDEN
Currently in: Valletta, MALTA
ScottC is offline   Reply With Quote
Old 10-21-2022, 01:16 PM   #4
Guru
 
psneeld's Avatar
 
City: Ft Pierce
Vessel Name: Sold
Vessel Model: Was an Albin/PSN 40
Join Date: Oct 2011
Posts: 26,132
Boat insurance was one of the reasons I got out of boating (at least for a while) as I can afford to play in the arena I was used to in boat size and operation...and I had the most discounts any company would offer.

Older boars are now on the blacklist for many insurance companies.

There will be a few viable suggestions shortly, so wait for them. Some may even suggest that depending on the bats worth you take partial insurance such as just liability, salvage and environmental which can be way more available for older boats. You just have to decide.
psneeld is offline   Reply With Quote
Old 10-21-2022, 01:29 PM   #5
Guru
 
mvweebles's Avatar
 
City: Saint Petersburg
Vessel Name: Weebles
Vessel Model: 1970 Willard 36 Trawler
Join Date: Mar 2019
Posts: 4,671
This topic comes up a lot, but not sure I recall the reason insurance companies won't insure an older boat. Actually, not even sure what type of insurance they object to - liability? Full coverage? Anyone know what exactly they take issue with?

Peter
(1970 Willard 36 - liability only in Mexico)
__________________
M/V Weebles
1970 Willard 36 Sedan Trawler
mvweebles is offline   Reply With Quote
Old 10-21-2022, 01:40 PM   #6
Senior Member
 
ofer's Avatar
 
City: Homer, Ak
Vessel Name: Unicorn
Vessel Model: 1970 50' DEFEVER OFFSHORE CRUISER Timber
Join Date: Apr 2020
Posts: 392
Quote:
Originally Posted by mvweebles View Post
Peter
(1970 Willard 36 - liability only in Mexico)
Hi Peter, is your policy from a Mexican insurance company?
ofer is offline   Reply With Quote
Old 10-21-2022, 01:42 PM   #7
Guru
 
mvweebles's Avatar
 
City: Saint Petersburg
Vessel Name: Weebles
Vessel Model: 1970 Willard 36 Trawler
Join Date: Mar 2019
Posts: 4,671
Correction. Via Baja Bound. Underwater is Chubb but is Mexico only. $300k liability. $500/yr.
__________________
M/V Weebles
1970 Willard 36 Sedan Trawler
mvweebles is offline   Reply With Quote
Old 10-21-2022, 02:39 PM   #8
Senior Member
 
Circumnavigator's Avatar
 
City: West Newbury.
Vessel Name: Morning Light
Vessel Model: Webbers Cove 42 Trawler
Join Date: Oct 2020
Posts: 255
We had no trouble insuring Fintry (1972 ex Royal Navy Fleet Tender, 79', 150 tons displacement) and the new owner also had no trouble. The fact that we're talking about an Allstate policy here suggests to me that possibly you need to go to a broker who specializes in boat insurance and not simply call the one who handles your Homeowners. While Allstate is a fine company, it does not come to mind as a good place to go for any but the simplest marine policy. I'm on the wrong coast to suggest a broker for you, but there are plenty of TF people who could.


Jim
Circumnavigator is offline   Reply With Quote
Old 10-21-2022, 02:42 PM   #9
Guru
 
mvweebles's Avatar
 
City: Saint Petersburg
Vessel Name: Weebles
Vessel Model: 1970 Willard 36 Trawler
Join Date: Mar 2019
Posts: 4,671
Peter at Novamar 206-350-5051 gets frequent mention on TF. I have no personal knowledge, but would be my first call when I return to US.

Good luck. Please keep us updated.

Peter

PS - I wouldn't worry about location. Chances are he works with cruisers in many places.
__________________
M/V Weebles
1970 Willard 36 Sedan Trawler
mvweebles is offline   Reply With Quote
Old 10-21-2022, 02:45 PM   #10
Moderator Emeritus
 
Comodave's Avatar
 
City: Au Gres, MI
Vessel Name: Black Dog
Vessel Model: Formula 41PC
Join Date: Jul 2015
Posts: 17,537
We have our insurance through Peter at Novamar. He is wonderful. And a nice guy too.
__________________
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 10-21-2022, 04:44 PM   #11
Guru
 
Pete Meisinger's Avatar
 
City: Oconto, WI
Vessel Name: Best Alternative
Vessel Model: 36 Albin Aft Cabin
Join Date: Oct 2012
Posts: 2,408
Allstate is not a marine insurer. I have my boat insured with American Family which also is not a marine insurer. My feeling is this: insurance will cover any catastrophe like an oil spill or a personal injury on my boat but as far as really having my boat "insured", I am "running naked".

I am fortunate in that my boat is paid off, owes me nothing and I can afford to walk away from any loss.

pete
Pete Meisinger is offline   Reply With Quote
Old 10-21-2022, 05:14 PM   #12
Senior Member
 
City: Jacksonville, FL
Join Date: Nov 2016
Posts: 111
Contact American Modern. They insured my 86 Marine Trader for stated value and liability,

Note: all you really need is liability, which shouldn’t be difficult to get.
hytedin is offline   Reply With Quote
Old 10-21-2022, 05:25 PM   #13
Guru
 
wkearney99's Avatar
 
City: Bethesda, MD
Vessel Name: Solstice
Vessel Model: Grand Banks 47 Eastbay FB
Join Date: Feb 2018
Posts: 2,053
Quote:
Originally Posted by Kayenne View Post
Yesterday in the mail I received a lovely letter from Allstate stating they are now cancelling my insurance...
I'd wonder if that 'cancellation' is going to be a black mark? Lord knows there's a ton of ways the insurance companies look to screw us, it wouldn't surprise me to find them dinging you for their own mistake.
__________________
-- Bill Kearney
2005 Eastbay 47 FB - Solstice, w/Highfield CL360 tender
wkearney99 is offline   Reply With Quote
Old 10-21-2022, 05:30 PM   #14
Senior Member
 
City: Jacksonville, FL
Join Date: Nov 2016
Posts: 111
According to that letter the policy was never issued.

There shouldn’t be a mark since there was no policy in the first place.

It’s no different than applying to Geico and they sending a letter later saying the same thing.

There’s a separation between the selling agent and underwriting that leads to this situation quite often.
hytedin is offline   Reply With Quote
Old 10-21-2022, 06:06 PM   #15
Guru
 
BruceK's Avatar
 
City: Sydney
Vessel Name: Sojourn
Vessel Model: Integrity 386
Join Date: Oct 2011
Posts: 12,535
Quote:
Originally Posted by hytedin View Post
According to that letter the policy was never issued.

There shouldn’t be a mark since there was no policy in the first place.

It’s no different than applying to Geico and they sending a letter later saying the same thing.

There’s a separation between the selling agent and underwriting that leads to this situation quite often.
There is a November "cancellation date". They can`t cancel a Policy that doesn`t exist, so a Policy issued. Was premium paid/accepted?

The Insurer can only cancel the Policy on terms in the Policy. What are they? A right of unilateral cancellation for any capricious reason seems unlikely.

That said, not sure I`d want them as an insurer.
__________________
BruceK
2005 Integrity 386 "Sojourn"
Sydney Australia
BruceK is offline   Reply With Quote
Old 10-21-2022, 06:23 PM   #16
Guru
 
psneeld's Avatar
 
City: Ft Pierce
Vessel Name: Sold
Vessel Model: Was an Albin/PSN 40
Join Date: Oct 2011
Posts: 26,132
According to the letter, no policy was issued because the vessel was "ineligible".

I believe there are "binder policies" that cover you till the "official" policy is issued. The binder policy gets you recognized with a file and policy number.

Often the duration is based on fixing items noted in surveys, providing information, completion of training, etc.....

From the net....

"An insurance binder is a temporary proof of homeowners insurance provided by your insurance company
You may need an insurance binder to close on a home mortgage
The binder will include information about your insurance such as policy coverage limits and covered perils
Insurance binders aren’t permanent, they typically expire in 30–60 days
psneeld is offline   Reply With Quote
Old 10-21-2022, 07:33 PM   #17
Senior Member
 
Slowmo's Avatar
 
City: Lafayette, CA
Vessel Name: Esprit
Vessel Model: 40' Tollycraft tricabin diesel
Join Date: Oct 2018
Posts: 397
We use Red Shield on our 1979, so far no issues on renewal. Some insurance companies are dodgy if the 110V system hasn't been upgraded for older boats.
Slowmo is offline   Reply With Quote
Old 10-21-2022, 07:57 PM   #18
STB
Guru
 
City: Clearwater
Vessel Name: Seas the Bay
Vessel Model: 1981 Hardin 42 Europa/Sedan
Join Date: Aug 2016
Posts: 1,788
Exactly. The coverage was bound over, issued temporarily, for review by the underwriters. They bounced it.
STB is online now   Reply With Quote
Old 10-21-2022, 08:22 PM   #19
TF Site Team
 
slowgoesit's Avatar
 
City: Puget Sound
Vessel Name: Muirgen
Vessel Model: 50' Beebe Passagemaker
Join Date: May 2019
Posts: 2,230
Quote:
Originally Posted by mvweebles View Post
Peter at Novamar 206-350-5051 gets frequent mention on TF. I have no personal knowledge, but would be my first call when I return to US.

Good luck. Please keep us updated.

Peter

PS - I wouldn't worry about location. Chances are he works with cruisers in many places.

We are insured with Novamar through Peter as well. I highly recommend him. Give him a call! Your boat is four years newer than ours.
__________________
Vessel Name: Muirgen
Vessel Model: 50' Beebe Passagemaker
slowgoesit is offline   Reply With Quote
Old 10-21-2022, 08:34 PM   #20
Veteran Member
 
City: Stuart
Vessel Name: Destiny
Vessel Model: Mainship 40 M/Y & Trojan 10.8 Sportfish
Join Date: Oct 2021
Posts: 74
Had a similar problem. The company I had been using wouldn't cover another boat because it was too large. Other companies wouldn't cover because it was too old (1980). Tried "Peter" he unfortunately was no help (don't remember what his reason was). I ended up going with a company called "Ski Safe". Don't know how they will have worked out in the long run, but they were very easy to work with. I have since sold that boat so I can't tell long run opinion, however I am thinking of using them when my other boat policy is up for renewing.
AquaDestiny 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 03:09 AM.


Powered by vBulletin® Version 3.8.8 Beta 4
Copyright ©2000 - 2022, vBulletin Solutions, Inc.
Search Engine Optimization by vBSEO 3.6.0
Copyright 2006 - 2012