Boat Insurance Revisited

It's that time again- and it seems again that our premium is about 10% higher than last year. The boat is worth less. No major Hurricanes hit. What gives?
Who are you guys using? Has anyone shopped/ purchased cheaper coverage- then had a claim?

Steve, I saved a fair amount of money with Travellers through Rich Haynie.* Even though he is on the left coast, it might be worth giving his office a call.* They seem to me to the best group I have worked with for marine insurance in 35 years.* You can Google the phone number, and they pretty much only do yacht insurance.

Thanks!

Usually the new insurance company will want a currect survey in and out of the water.* So if*you added the cost of survey and pulling the boat is cheaper to pay the higher rate.*

I'll second Rich Haynie! He has our Ponderosa, J/29, Boston Whaler, home, auto and umbrella. GREAT service as well.

Thanks Brent. Phil, we had a haul out/ survey last year so I think we are good on that.

Check with www.pantaenius.us/*I think we got a good value from them. I don't have any experience with them but I've had good reports from others.

Their cost was very reasonable especially with full time in Florida coverage and essentially no area restrictions. They did require a written hurricane plan but I included nothing that a prudent mariner wouldn't do anyway.

-- Edited by GarryP on Wednesday 16th of February 2011 10:56:58 AM

who are you with now? check out http://www.boatus.com/insurance/default.asp

I am with Progressive through USAA, right at $1,000/year.

We are with Markel American Insurance Company. I may have spoke too soon, dug out the old policy and it went up 5%, but would still like to improve on that!

Delfin wrote:" I saved a fair amount of money with Travellers .... "

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As did I.

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SeaHorse II wrote:


Delfin wrote:" I saved a fair amount of money with Travellers .... "

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As did I.


When out of the state of Florida, I insure with Travellers.* I took a policy with them this year because we plan to head to the Chesapeake before hurricane season.* When in Florida, I insure with Atlass in Ft. Lauderdale throujgh their Lloyd's Seawise program.* More expensive, but it allows me to leave the boat in FL as I did last year.

The underwriters at Travellers are famliar with my pattern of in and out.* So far they have gone along with it.* The cruising limits on theirs is also Bahamas to Maine.

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If you bundle all your insurance with one carrier the total can be less then individual policies.** So you might want to find a broker than can handle all your insurance needs.* Being the Eagle is 32 year old not many insurance companies will insure the boat.* The last couple of years I been happy just having insurance.*

Each time we pull I have the hull surveyed and I give a copy so the insurance company know we are maintaining the boat.* Also if I have to shop for insurance the in water part of the survey can be done at the slip.


-- Edited by Phil Fill on Wednesday 16th of February 2011 04:16:51 PM

We are paying $1,040/yr for our 36 footer, with Ace Recreational Boat Insurance. I did have one claim about eleven years ago for a major engine failure, and they paid off as advertised. I'm sure you all know that you must have an addendum for Hull and Machinery in order to cover that type of damage. If you don't have it, check it out.

Thanks all
I am waiting to hear back from Robin Fuller at Rich Haynies office. She was as nice and as knowledgable as anyone I have talked to. GarryP, I'm showing a broken link on your post? Maybe a phone number? Thanks Phil, all good ideas. Carey, I am about to contact your company- that's a great rate. Ours is currently over THREE times that amount! Progressive looked very promising at Mikes suggestion, but it turned out the over 20 years old and being 42' long was a deal breaker for them.

Both Travellers and Sea Wise do not want my boat north of Tarpon Springs. I brought my Blackfin home from Orange Beach because of insurance.* They will both let me go anywhere on the East coast including Bahamas and Turks and Caicos, but are wary of the Gulf.

Gulf Comanche wrote:

I am with Progressive through USAA, right at $1,000/year.

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Same as me on our trawler. *truth be told though, the only reason I went through them was the fact they would insure without a survey. *Since when I bought it I knew I had work to do on her, I saw no point in over insuring and paying for a survey.

Now though that the refit is nearly done, I'd like to revisit the insurance route I've taken as I find progressive to be rather expensive. *But then I gotta go survey the boat! *decisions decisions. *Anyone know an insurance firm that would accept a stack of work orders and paid invoices for work completed along with a ton of pictures documenting the vessel or am I just gonna have to bite the bullet and go get her fully surveyed? *Seems a waste of money to survey a boat I know doesn't need a survey just to get it insured.

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Woodsong,I have never been able to get around the survey. Wish I could. We had an insurance survey/ haulout last year. Seems like every 3 we have had to get one.
The age of our boat sure seems to be an issue. I guess for $200,000 I could get a much newer vessel and save a load on insurance, but pay an outragous note!

Forkliftt wrote:

Thanks all

I am waiting to hear back from Robin Fuller at Rich Haynies office. She was as nice and as knowledgable as anyone I have talked to. GarryP, I'm showing a broken link on your post? Maybe a phone number? Thanks Phil, all good ideas. Carey, I am about to contact your company- that's a great rate. Ours is currently over THREE times that amount! Progressive looked very promising at Mikes suggestion, but it turned out the over 20 years old and being 42' long was a deal breaker for them.

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Steve

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Since my initial survey, all they have required is a self survey I did about five years ago. They sent me disposable camera and asked for specific photos of the shorepower cord and receptacle, batteries and a couple other things.

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Not only did they take care of my engine failure, but when they bought the company I was with, they resolved a claim I had over damage done to my boat by another. I had been fighting that deal for a year.

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