Insurance Non-Renewal

Group9 said:

We took the higher coverage for less premium. Who knows what the hell it would actually pay out if it sunk?

I don't even try to understand insurance any more.

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Actually you didn't get higher coverage. You got market value for less premium. You also got depreciated value for partial losses in addition to full losses.

BandB said:

Actually you didn't get higher coverage. You got market value for less premium. You also got depreciated value for partial losses in addition to full losses.

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None of it makes any sense to me. It's like tax returns. You take them to five differnt people, get five different returns, and every preparer can tell you why he's the only one who is right.

I'm sure it all makes sense in a room full of insurance folks. I can't be too critical. They probably wouldn't understand what I did for a living, either.

Just got my March renewal from Geico. Almost doubled in price, but suspect it would be even higher if I went anywhere else.

Hamrow said:

We were one of the folks with Falvey.. . as we fill out new insurance applications, we won't have to talk about "not being renewed" since its not about anything we did.
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Here at least, I`d think you`d have to disclose it,even in those circumstances. Especially if asked.

"Just got my March renewal from Geico. Almost doubled in price, but suspect it would be even higher if I went anywhere else."

You wont KNOW till you ask,

newbernbuck said:

Just got my March renewal from Geico. Almost doubled in price, but suspect it would be even higher if I went anywhere else.

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Mine renewed in November for about a $150 increase to $850. Same area, similar value I'd guess...

Who knows....seems to be voodoo economics at play

BruceK said:

We had a severe east coast low here a couple of years back.I heard Pantaenius sent owners of boats on swing moorings an SMS saying to go out and check their moorings. There was 35 knots of wind and driving rain, not something I`d want to do in a rowing dinghy, which is what most insureds would use.

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That's brilliant. Life over material goods - not.

Reply to comment on Panteneius (not my insurer). Panteneius and Panteneius USA are two different companies. Panteneius will not insure an American flagged vessel. Panteneius USA is a New York based company that sells insurance which is underwritten/covered by two US companies.

Bay Pelican said:

Reply to comment on Panteneius (not my insurer). Panteneius and Panteneius USA are two different companies. Panteneius will not insure an American flagged vessel. Panteneius USA is a New York based company that sells insurance which is underwritten/covered by two US companies.

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The last time I was quoted by Pantaenius American Yacht insurance, the underwriters were AGCS, Liberty Mutual, and Torus. That has been a few years.

Similarly, Lloyd's isn't the insurer either on their policies. They are simply a rather elaborate marketplace and corporate unit actually governed by their own law in the UK starting with the Lloyd's Act of 1871.

Starting to get responses to my inquiries. Have three quotes in hand, awaiting two more. Alleviates my concern that she is "uninsurable" - on a practical basis - I know you can insure virtually any exposure - for a price.

The two lowest quotes are virtually identical in terms of $ and coverage. Similar coverage to the non-renewed policy. That's a very preliminary eval on the coverage. I have homework to do this weekend.

The third, from one of the "high end" outfits, is 100% higher premium, with a lot of "extras." I think they're the people I'd be talking to if I had a new 62 Nordy - not so much my antique.

Appreciate the advice and encouragement.

sbu22 said:

Starting to get responses to my inquiries. Have three quotes in hand, awaiting two more. Alleviates my concern that she is "uninsurable" - on a practical basis - I know you can insure virtually any exposure - for a price.

The two lowest quotes are virtually identical in terms of $ and coverage. Similar coverage to the non-renewed policy. That's a very preliminary eval on the coverage. I have homework to do this weekend.

The third, from one of the "high end" outfits, is 100% higher premium, with a lot of "extras." I think they're the people I'd be talking to if I had a new 62 Nordy - not so much my antique.

Appreciate the advice and encouragement.

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You're experiencing what so many do in all types of insurance. It happens on boats, autos, homes, and businesses. Insurer one has been with dramatically raises rates or refuses to renew (generally won't refuse on cars and homes in FL since they're state regulated, but sure will raise rate) and you shop and find someone else still reasonable.

Insure anything for a price sounds like Lloyd's theme song. lol

After going through myriad conditions, exclusion, whereases, limits, deductables etc. etc. (and with the able assistance of my insurance broker pier neighbor), it turns out that BoatUS/Geico had the best package. That results in an approx 9% increase over what it cost last year for marginally less coverage.

Still recovering from the two week whiplash of “no renewal” to seven quotes – four of which were suitable for my boat/usage and competitively priced. One quote was interesting and promptly rejected – really good price (about 20% below the competitive others) – reading the fine print, discovered it did not cover named storms, unnamed storms, depressions, etc. – anything above a fresh breeze, apparently. Caveat emptor.

Thank you all, again, for the assist.

sbu22 said:

it did not cover ... depressions

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It's always important to keep your boat's emotional state in a happy-place, otherwise, you may not get good insurance.

Tom.B said:

It's always important to keep your boat's emotional state in a happy-place, otherwise, you may not get good insurance.

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Best insurance agent EVER! HanHam Insurance!

If you want AWESOME customer service, with all your questions answered clearly by someone happy to guide you through all of the ins-and-outs, you must use Hugo.

Hugo is a true gift in the insurance agency business. He recently helped us modify our policy when our new boat was finally delivered after June 1st in Florida, and it now needs lots of repairs - so it has to stay in Florida for now.

He took extraordinary good care of us by answering all of our emails promptly and calling us right away when he had questions for us. We had numerous enlightening discussions regarding our options; and his knowledge concerning the marine insurance industry was phenomenal.

It is also going to be great to have him on our side if we ever have to file a claim.
We can't recommend him highly enough. You can reach him here:
HANHAM INSURANCE AGENCY
Yachts, Boats, Marine
Hugo Hanham-Gross
T: +1 843 410 2990
E: hugo@hanhaminsurance.com
W: www.hanhaminsurance.com


Hugo handles boat insurance anywhere, too, not just the U.S.A.

_______________________________
Pea & Dan
with pooches Birdie & Lucy

Miz Trom said:

If you want AWESOME customer service, with all your questions answered clearly by someone happy to guide you through all of the ins-and-outs, you must use Hugo.

Hugo is a true gift in the insurance agency business. He recently helped us modify our policy when our new boat was finally delivered after June 1st in Florida, and it now needs lots of repairs - so it has to stay in Florida for now.

He took extraordinary good care of us by answering all of our emails promptly and calling us right away when he had questions for us. We had numerous enlightening discussions regarding our options; and his knowledge concerning the marine insurance industry was phenomenal.

It is also going to be great to have him on our side if we ever have to file a claim.
We can't recommend him highly enough. You can reach him here:
HANHAM INSURANCE AGENCY
Yachts, Boats, Marine
[/URL]


Hugo handles boat insurance anywhere, too, not just the U.S.A.

_______________________________
Pea & Dan
with pooches Birdie & Lucy

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I don't know Hugo but one thing I'd add in his favor is he represents all the major marine insurers, 11 insurers. This gives him the ability to place a policy with whomever is best for you. Also, in a non-renewal like the OP, then a nice multi-line agent like Hugo would be best equipped to find an alternative.

My insurance company sent me a nice email thanking me for being a loyal customer, right before Harvey hit Houston (home). I thought, "How kind and appreciative of them". The next sentence in the email reminded me of my Hurricane Preparedness Plan that I wrote up for them and promised to follow. I did NOT think "How kind and appreciative of them". Apparently, I had a good plan (I can pull out) - no issues - no claims. Then they rose my insurance premiums. I guess I get to pay for others who didn't follow a Hurricane Preparedness Plan as effective as mine.:lol:

Not knocking anyone who sustained losses - just trying to add a little humor to the subject.

Great thread by the way - learned a lot. Thanks all.

Todd

Todd2 said:

The next sentence in the email reminded me of my Hurricane Preparedness Plan that I wrote up for them and promised to follow.

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You scared me with these words, "promised to follow." Please people don't make such promises. These are plans you'll consider and may follow but making promises of what you'll do in the event of a hurricane is going too far. What if the yard that was to pull it out, won't or can't? What if you can't move it to get it where you planned? What if your family has more critical issues such as spouse and kids at home who need you there? What if you and your spouse are on a vacation in Italy? A "plan" should never be a "promise". Very big difference between the two words. I'm thinking you didn't really promise but just want to reiterate that isn't what one should do or what is required. I always suggest wording in your plan too that makes it clear and ultimately you may or may not follow any of the plan.

BandB said:

You scared me with these words, "promised to follow." Please people don't make such promises. These are plans you'll consider and may follow but making promises of what you'll do in the event of a hurricane is going too far. What if the yard that was to pull it out, won't or can't? What if you can't move it to get it where you planned? What if your family has more critical issues such as spouse and kids at home who need you there? What if you and your spouse are on a vacation in Italy? A "plan" should never be a "promise". Very big difference between the two words. I'm thinking you didn't really promise but just want to reiterate that isn't what one should do or what is required. I always suggest wording in your plan too that makes it clear and ultimately you may or may not follow any of the plan.

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Sorry, poor choice of words, on my part. You are correct. The paperwork actually asks for your first plan, then for an alternate plan in case you cannot carry out the first plan, then a name of someone else who may respond if you are unable to get to your boat (on vacation in Italy) to implement your first plan or your alternate plan. So I never "promised" to do anything. It was all worded as "I may choose to do...". The paperwork I filled out actually required alternatives.

This is actually a very good point to bring up ,because this paperwork could be used against you in court. I learned to make this distinction while researching online (maybe even on this site) how to write up a plan. I'll conclude with "I am not a lawyer, anything I say is just my opinion and should not be taken as a factual truth". You know what they say bout free advice on the internet. So much for my first post.

Todd

Todd2 said:

Sorry, poor choice of words, on my part. You are correct. The paperwork actually asks for your first plan, then for an alternate plan in case you cannot carry out the first plan, then a name of someone else who may respond if you are unable to get to your boat (on vacation in Italy) to implement your first plan or your alternate plan. So I never "promised" to do anything. It was all worded as "I may choose to do...". The paperwork I filled out actually required alternatives.

This is actually a very good point to bring up ,because this paperwork could be used against you in court. I learned to make this distinction while researching online (maybe even on this site) how to write up a plan. I'll conclude with "I am not a lawyer, anything I say is just my opinion and should not be taken as a factual truth". You know what they say bout free advice on the internet. So much for my first post.

Todd

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Excellent clarification and very good post. This is an important point and you made it well too. Many people do take a plan as a firm commitment and it could be one if improperly worded. Your approach is exactly like ours except for our one strong disclaimer that says we may do none of the options.

Also, leaving the boat tied exactly where it is may be part of the plan. People get asked for a hurricane plan and often assume it means they must have a plan to move the boat elsewhere or pull it out of the water. The majority in Florida do not move their boats and the majority do not have damage. Unfortunately, there are storms that cause massive damage in specific areas.