Blue Heron
Guru
I an due to renew insurance next month and my premium went up 350.00$. Anyone else have rates rise? I did make a haulout claim for Isaac.
Insurance
- Thread starter Blue Heron
- Start date
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DonnyP
Veteran Member
Yes, mine went up about the same 28%. I contacted my broker and this was their response:
The renewal increase is in-line to what we are seeing as a direct result of a very busy storm season. Due to adverse results including back to back storm seasons in the Atlantic, "xxxx insurance company" increased the base rates for all risks from DE north effective 2/1 for new business and 3/1 for renewals.
To which, I responded:
That is interesting. I actually work for a company called Weather Services International, we are the Professional Division of The Weather Company, which also owns The Weather Channel and other related properties.
Both 2011 and 2012 had 19 Atlantic storms in total. Each year had one landfalling hurricane; Irene in 2011 and Sandy in 2012. Both around NYC. The current forecast for 2013 is 16 named storms with a smaller East Coast threat this year. So there is DECREASING chances of a tropical storm Delaware northward.
I'm curious how "xxxx insurance company" could justify their increased fees and statement below, when the fact is that 2013 is forecasted to be less severe than 2012 and 2011.
Thanks,
Donny
....I have not heard back....
The renewal increase is in-line to what we are seeing as a direct result of a very busy storm season. Due to adverse results including back to back storm seasons in the Atlantic, "xxxx insurance company" increased the base rates for all risks from DE north effective 2/1 for new business and 3/1 for renewals.
To which, I responded:
That is interesting. I actually work for a company called Weather Services International, we are the Professional Division of The Weather Company, which also owns The Weather Channel and other related properties.
Both 2011 and 2012 had 19 Atlantic storms in total. Each year had one landfalling hurricane; Irene in 2011 and Sandy in 2012. Both around NYC. The current forecast for 2013 is 16 named storms with a smaller East Coast threat this year. So there is DECREASING chances of a tropical storm Delaware northward.
I'm curious how "xxxx insurance company" could justify their increased fees and statement below, when the fact is that 2013 is forecasted to be less severe than 2012 and 2011.
Thanks,
Donny
....I have not heard back....
ARoss
Guru
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- Vessel Name
- My Yuki
- Vessel Make
- 1973 Marine Trader 34
My insurance is due for renewal next month, and coincidentally I got an email from my insurer today that basically said "bend over".
I don't think the Ins. companies base premiums on expected losses -- I would guess they are trying to recoup the losses/ reserves they had to use to handle 2010-2012.
I don't think the Ins. companies base premiums on expected losses -- I would guess they are trying to recoup the losses/ reserves they had to use to handle 2010-2012.
- Joined
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- Vessel Name
- Pau Hana
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- 1989 PT52 Overseas Yachtfisher
Correct- the current increases are in fact based on the losses from Sandy and Irene. Depending on the book of business and the amount of policies the company has written in a given area, the increases could be minimal or overwhelming. Not all companies have increased rates beyond what is normal (about 2-5%).
Your broker/agent may not have the markets available to shop your policy competitively for you- this is especially true of a captive (Farmers, AmFam, Allstate, etc).
- Joined
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- Messages
- 2,679
- Location
- Good Ol' US of A!
- Vessel Name
- Pau Hana
- Vessel Make
- 1989 PT52 Overseas Yachtfisher
A haulout claim should not adversely impact your renewal.
beachbum29
Guru
Wow. Guess I better check with my insurance carrier with buying this new boat.
Blue Heron
Guru
Yea sucks that those of us without loss have increases in premiums.
healhustler
Guru
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Hmmm. Just paid mine in February with no increase. Guess I'd better lube-up for the next renewal.
JAT
Guru
I've heard a number of excuses for increases. We got huge increases back when Charlie and his 3 friends hit FL....but up north there was no increase. That said it was because of the risk in FL.... Boat insurance is slightly higher on the east coast of FL than it is on the west coast of FL.... They say its fewer crazies in boats, my car insurance was the same way. I renewed back in November....so it will be interesting to see what comes to pass this fall....
This, in my view, is the major big advantage of using an insurance broker as opposed to selecting and going with a specific carrier on your own. Unless one is actually in the insurance business, I would imagine that it woudl be difficult to impossible to know all the potential insurers, policy types, factors-- regional or nationa--- influencing the insurance providers, and the policy options that are avaialble.
A broker, on the other hand, does this for a living and if he or she is on top of their game, they will have a far more versatile set of options for the boat owner.
There are always two sides to every coin so I assume there are advantages to going directly with a specific carrier instead of using a broker but I don't know what they are.
