Vessel insurance update Spring 2020

[Art]

Hi Peter!

Have you an outlook on SAFECO marine insurance??

Thanks,

Art

 

[Pau Hana]

Hi Peter!

Have you an outlook on SAFECO marine insurance??

Thanks,

Art

It's been some time since I reviewed a Safeco policy- let me see if I can dig one up for review.

 

[JohnS]

We had Geico through Jack Martin last year, at a good price (IMO) but at renewal, they wanted to go to a 10% per year of boat age depreciation on any partial loss, to 80% max, and a higher price.
Jack Martin found us a slightly more expensive policy with Chubb that not only did not depreciate partial losses, but had additional coverages not in the Geico policy.
We appear stuck with the need to be North of 32 degrees north by July 1, until September 1.
I don't know exactly where we will be able to go then, I hope to the Chesapeake Bay, but as long as we can take on fuel in Florida, 700 gallons should carry us through the summer, at 4 gal per hour.
I hope all of us will be safe well, and happy.
John

 

[O C Diver]

We appear stuck with the need to be North of 32 degrees north by July 1, until September 1.
I don't know exactly where we will be able to go then, I hope to the Chesapeake Bay, but as long as we can take on fuel in Florida, 700 gallons should carry us through the summer, at 4 gal per hour.
I hope all of us will be safe well, and happy.
John

Hi John,
Just as a waypoint for you, I will be heading North around May 1st. There seems to be a steady migration North now. Talked to Osprey marina in Myrtle Beach, SC yesterday. They are one of the few marinas taking transients in that area. There are a few places to anchor out near them if they're full. But regardless, they are open to pump out, fill water tanks, and pump fuel (diesel $1.48 per gallon currently). Have stopped there a number of times, and will be patronizing them heading North.

Ted

 

[menzies]

Folks, the OP's name is Peter.

 

[Pau Hana]

Folks, the OP's name is Peter.

No worries- I'll answer to most anything

 

[Alaskan Sea-Duction]

Hey bartender, Another please

 

[Art]

Hey bartender, Another please

You're cut off!!

 

[slowgoesit]

"CAT' is short for Catastrophic damage (also known as a CAT zone)- this is a broad definition for areas of the country that are subject to named storms, earthquake, flood, and other large scale catastrophes.

Example- the generally accepted CAT zone for hurricanes is from Brownsville, TX to the Carolinas from June 1st to November 1st.

Thanks Peter, I figured it was something like that, just didn't know what it was a contraction for!

 

[JohnS]

That sounds great. I will get in contact with them, and then figure out when we might get there. Thanks, John Sage

 

[SteveK]

I received my insurance renewal this week and was happy to see no increase in my coverage after what happened to me last year.
However will ask the boat to be only insured for storage as it won't splash this year, don't want to be insured for navigation.

L

On the hard for a length of time? Wonder if that is a change of use and when you go back to current insured everything is reviewed instead of rolled over. Peter?

 

[Pau Hana]

On the hard for a length of time? Wonder if that is a change of use and when you go back to current insured everything is reviewed instead of rolled over. Peter?

Some companies allow for a layup credit while the vessel is on the hard for a scheduled period (such as hauling the boat for the winter in the Northeast from November thru April). The insurance remains in place, but only while the vessel remains in its storage.

Have to check with your insuring company to see if they offer the credit.

 

[SteveK]

Some companies allow for a layup credit while the vessel is on the hard for a scheduled period (such as hauling the boat for the winter in the Northeast from November thru April). The insurance remains in place, but only while the vessel remains in its storage.

Have to check with your insuring company to see if they offer the credit.

Thanks Peter. I guess I was thinking on the hard during normal boating season, if that was a change of intended use, thus a policy change. with the way insurance is right now, would it give opportunity for insurance to re evaluate policy, whereas leave it alone, and renew without hassle next year.
you are right, check with insuring company to know for sure.

 

[Nightsky]

Hi Peter. My renewal with Pacific Marine Underwriting just came up. I expected a premium increase but did not expect them to NOT cover any named storms at all. This is a change from last year where deductible for named storms was 10% of Agreed Value. Also, last year's policy made no mention of lightning strike damage, this year they do, with a 10% deductible of AV for lightning damage. So, with a premium increase and drastic change in coverage, I am considering another underwriter. Can you recommend any that are still in the market that still have named storm coverage?
Joe

ps We are cruising East Coast and intend to get to Bahamas and beyond after this coming hurricane season.

 

[Pau Hana]

Hi Peter. My renewal with Pacific Marine Underwriting just came up. I expected a premium increase but did not expect them to NOT cover any named storms at all. This is a change from last year where deductible for named storms was 10% of Agreed Value. Also, last year's policy made no mention of lightning strike damage, this year they do, with a 10% deductible of AV for lightning damage. So, with a premium increase and drastic change in coverage, I am considering another underwriter. Can you recommend any that are still in the market that still have named storm coverage?
Joe

ps We are cruising East Coast and intend to get to Bahamas and beyond after this coming hurricane season.

Good morning!

Yes, there are several that offer named storm coverages. The bigger question have to do with your “Bahamas and beyond” navigation- manybinsurerwa have gotten out of the offshore cruising game, especially on itineraries that are open ended.

Pm me your contact info and let’s chat.

Pete