Insurance options?

I just got off an interesting call with Geico/Boat US insurance. We have Hall out and full survey scheduled for Thursday of this week on a Grand Banks 42 we hope to purchase. We also have a 40 foot gaff rigged schooner sailboat that is insured with the above. I contacted them for a quote on the trawler and learned they have changed their policies and although our schooner policy is grandfathered for a boat of over 40 years old they will not give me a quote on another boat that old.

I’m hoping to get some suggestions here to save me going on a goose chase for companies interested in ensuring our vessel. what companies do those of you with boats over 40 years old have policies with?

We are also contemplating the trade-offs between homeporting her in Guntersville Alabama, which is much closer to home than the Alabama coast, where we love to spend time but have a much further drive to. Given coastal waters and recent hurricane activity do any of you have an opinion on whether our insurance policy should we homeport in Guntersville would be cheaper?

Contact Peter at Novamar Insurance Seattle.

He used to be an underwriter for Gieco. He knows how the market works from both sides.

tiltrider1 said:

Contact Peter at Novamar Insurance Seattle.

He used to be an underwriter for Gieco. He knows how the market works from both sides.

Click to expand...

+1. He is very good.

We just went through same insurance issue when recently purchasing our 1977 Mainship 34 MK I. Have been BOATUS insurance customers for decades. Ended up getting insurance through our auto and home agent. Boat at Goose Pond Colony in Scottsboro.

Find a good marine broker and let them go on the wild goose chase so you don't have to.

As far as where to keep your boat, that depends on the time you have to use it. If you're still working normal jobs, then I'd vote for Guntersville. You can cruise for days on the TN and Cumberland Rivers but also have weekends to cruise. If you have weeks or months at a time then the coast might be preferable. Even then though you can take the rivers to the coast.

Yes, an inland policy will likely be less expensive than coastal.

Two good marine insurance brokers are Jack Martin and IMIS in Annapolis. There are very few insurers who will cover boats that old and these brokers know who they are and can get quotes for you.

David

Just insured via Jack Martin using Morgan Wells. He had recommendations from fellow boaters and have known of him for decades with no bad reports. Being insured by Travelers. Prior due to our program couldn’t find a US company to use. Happy that’s no longer the case.
Know there are groups of folks who carry liability only so pay just a fraction of typical costs and eliminating age concerns. Some figure with most total loss scenarios they would face they’re dead anyway so don’t care or over time self insuring is so much cheaper they’re willing to accept the odds when the boats value is low. Our personal thinking is at the other end of the spectrum. More concerned about not having other assets exposed so rather have more coverage in the details of the policy as well as face page being willing to pay a little extra for it.

Use a broker to help you!

We just got a reasonable progressive quote from Jon Horton (great broker!) with Jack Martin for our 1990 Grand Banks 46 classic. Chubbs rejected us. Markel quote was 2 fold higher than progressive.
Rules for getting insurance we were told:
If the boat is:
-1-10 years old, they will insure you up to $350K in value
-11-20 years old, they will insure you up to $250K in value
-over 20 years old, they will insure you up to $150K in value

Also, can't keep boat in Florida...we were suggested to be above the 31st parallel.
Good for USA and Canada. Need to get a rider for Bahamas travel

Try:
https://www.hagerty.com/insurance/boat-insurance/
They insure older boats, boats undergoing a rebuild and their usual insurance covers US and Canadian waters to 25 miles out.
Most brokers can sell Hagerty or you can buy direct.

Hi, those rules for getting insurance - I question them unless you are talking only about a single underwriter’s policies. My 18 yo boat is insured with Traveler’s for more that the limit you quote for its age

I recommend a good broker to do the groundwork!