My shiny new Insurance just got CANCELLED.

We have an 81 Universal Trawler insured by Boat US, I think they are now underwritten by Geico.

On an older boat you have to have liability, oil spill, and marine salvage. Hull coverage is what you will have a problem with.

Ive had three years coverage with Geico direct. I wonder if I will get cancelled though never a claim in 45 years. Just that I am west coast of Florida and Geico was creamed here by Ian.

I often think that the older boats get cancelled due to some correlation between age and propensity for liability claims, where the total premium doesn’t justify the risk exposure.

Welcome Kayenne. I had Allstate for home auto and boat for 30 years. They would not cover my current 1979 trawler. I went with Boat US/Geico. I think you might try them.

BoatUS/Geico say they won’t insure new policies on boats over 30 years old. They will keep existing policies. But Geico has gone crazy with some new underwriting policies lately. We dropped them and went to Markel through Peter at Novamar. Geico wouldn’t up the value of our boat even though I had just put $60K+ into hard upgrades. Peter got Markel to up the value $70K without a survey. And the price was good too. Also the coverage with Markel was equal on all areas and better in some areas.

I have a good friend who is a boat broker on the West Coast. More and more marine companies deciding that boats over 20 years old are not insurable, and in California and elsewhere, boats can't stay in marinas without insurance. But what is worse is that banks will no longer give mortgages on boats over 20 years old. We had a sale fail to close for just that reason. Wonderful boat, solid buyers with income, but a flat No from several banks. When they heard the age of the boat it was an automatic fail. I don't know whether the insurance companies are following the banks or vice versa, but it's a real problem for folks who own expensive, well-maintained boats that happen to be drinking age or above.

Another recommendation for Red Shield. I have a 1971 wood Monk trawler. Our agent is Fathom Insurance in Seattle. Great rates, and most other marine insurance companies would not cover us due to boat age and wood.

Insurance

Try progressive no survey 40k hull max, inexpensive and easy..better than nothing…liability was not a issue..have 500k which is min to cover my umbrella policy..

That is not uncommon, sadly. Expecially with Allstate. When I bought my thirty year old Cheoy Lee, I surprisingly got coverage through my car insurance company, Progressive. That was ten years ago, and it was an agreed amount policy. It was a pittance compared to how much I put into the boat ($20k vs. $170k). But you will need liability insurance for staying at any marina I know. Good luck.

DaveGibson said:

But you will need liability insurance for staying at any marina I know. Good luck.

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And many marinas are now 'requiring' being added as a named beneficiary to the policies. I've yet to look into the legitimacy of such things.

wkearney99 said:

And many marinas are now 'requiring' being added as a named beneficiary to the policies. I've yet to look into the legitimacy of such things.

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Pretty common in my experience. Having an “additional insured” is not unusual language for insurance nor something new.

wkearney99 said:

And many marinas are now 'requiring' being added as a named beneficiary to the policies. I've yet to look into the legitimacy of such things.

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That's generally only required for a home marina, not a transient stay. It's mostly so that if your boat burns and takes out some of their docks it's easier for them to recover the cost against your liability coverage.

Here in Aus it is a joke really especially in the North, lots of companies just flatly refuse to fully insure a moored boat. Has to be in a marina cannot be left unattended on a hook, attracts a 25% excess with any named storm list of preclusions go on. Needs a insurance survey beyond a certain age etc.etc. Thinking quite carefully on self insurance beyond the required liability insurance needed for any marina berth and operation in and around the GBR. Or stay with large trailer boat. The area is crying out for decent infrastructure for boating and the way hurdles are continually put in place it will never get it. Shame as it would be an easy attraction for visitors.

Kayenne said:

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.

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Following this thread and other insurance threads with interest.
Trying too understand the underlying policy the underwriters of insurance use to insure or not insure. It certainly is changing. Just insured my new to me Bayliner and while more then one agent was ready, the one I went with, paid premium with took weeks after start date to send policy confirmation docs. But I have insurance on a thirty year old boat.
I also have insurance on a 51 year old boat up for sale.
I am the common denominator of two aged boats many here are having issue getting insurance.

Do you suppose the underwriters are not only looking at the boat, but also looking at the risk to insure with the owner of the boat.
Kayenne and others, nothing personal but so far the same boat with a different owner is insured.

Maybe experience of boat ownership, maybe it is financed, maybe some past claims history, there must be some perhaps small thing that rules out insuring because of the owner, the boat is only as sea worthy as an owner makes it, or has shown with previous boats.

Boat Insurance Agency is a great source for Red Shield and other specialty boat insurers. Great people and super helpful every time I have needed to add a rider for trips outside my home area.

https://www.boatinsurance.net/

Insurance challenges

Kayenne said:

Not so good at this attaching business, but I believe I got it now...
Here is the letter I received.

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I see you’re in San Diego. I’d try Novomar on Shelter Island. (619) 505-2076. They were less costly than State Farm and quite knowledgable. Good luck!!

Kayenne said:

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.

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I am a retired Allstate agent. Unfortunately, your agent didn't read the guidelines before issuing the policy. If he did, he/she would have seen the limitations on age, length, horsepower, maximum speed and so forth. You saying that the agent is confused makes me think that they are a newbie as well, or just aren't familiar with boat insurance. Having said that, I would echo what a lot of other posters have said: The big home and auto insurers don't know much about boat insurance. I would not get insurance on my Mainship from my own company for that reason and went with Chubb, who has an excellent policy, though not cheap.

I’ve been insured through Boat us since 2003. Received a notice yesterday that they are not renewing my policy next year. It was a Geico policy.

38ark said:

I’ve been insured through Boat us since 2003. Received a notice yesterday that they are not renewing my policy next year. It was a Geico policy.

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Not surprising. Unfortunately.

Closing the loop

With my Allstate boat insurance being cancelled, I searched around, and some of my findings were:
- Geico are not interested,
- Red Shield only insure in the Northwest (Oregon, Washington),
- The Marsh Rep said they won't insure assets individually, and only write 'bundle policies', ie: move your house/car over to their insurance and then they could insure the boat also.

Did get quotes from Markel, Intact, and Progressive, which are listed from most to least expensive.
Ended up going with Rob Lindley at Novamar here in San Diego (619) 478 6928 and the policy is thru Progressive.

The insurance provides excellent coverage, with the advantages of a large insurance company, and Rob has always been very responsive.

PS: up thread someone was asking about the boat owner's boating experience, and whether that was a factor in making it hard to find insurance... well, in my case, I have a Yachtmaster Offshore Certificate, 4 trans-Atlantic crossings under my belt, and up to this summer owned a Leopard 46 sailing catamaran that my family and I cruised around the Caribbean for a year and a half.

If all goes according to plan, that should be it for me on the insurance front until this time next year!

You know what I know, thanks for the comments.

Newb-out.