Haylands
Senior Member
- Joined
- Nov 29, 2015
- Messages
- 148
- Location
- England
- Vessel Name
- Barefoot Lady
- Vessel Make
- 1976 Hatteras 42LRC Mk1
We bought our first boat, a 1976 Hatteras LRC last year, coming from the UK we had no experience with insurance in the US, I had joined the MTOA sometime before and remembered that they had an insurance scheme, we went with their broker, the insurance seemed competitive when compared to online quotes and I wanted a person to deal with instead of a computer as I had many questions.... We obtained the insurance, and then got on with all the other more exciting things... Unfortunately Hurricane Michael interfered with our plans and although we had Barefoot Lady shrink wrapped and well secured in a Yard some 10 miles inland she received a fare bit of damage, the Insurance was with Geico, they were always helpful and although the claim took a few months (they were rather busy) they paid out and we were able to start repairs... After speaking to others in a similar circumstance we realized how good the MTOA benefits were....
1. Favorable underwriting
2. $25K in medical pay
3. $10K personal effects
4. Tow Boat US coverage
5. Tender / Dinghy coverage with only $100 deductible
6. $250 electronics deductible
7. Consequential damage coverage
8. Hold harmless agreement coverage
9. Waiver of depreciation for partial losses if vessel is over 20 years of age
10. Guarantee of no more than a 4% increase at renewal
The most important being item 9... it turns out that the insurance companies have a sliding scale for a deductible against parts starting at a boat age of 20 years and finishing at 40 years with an 80% deduction...!!!! That means if your boat is over 40 years old they will only pay 20% of the cost of new parts...!!!! If this had applied to our claim we would have lost tens of thousands of dollars...!!!
If you have an old boat, please check your coverage.....
As an aside I was also pleased with item 10 but our renewal this year was actually less than last year even with the big claim...!!!
Thank you MTOA...
1. Favorable underwriting
2. $25K in medical pay
3. $10K personal effects
4. Tow Boat US coverage
5. Tender / Dinghy coverage with only $100 deductible
6. $250 electronics deductible
7. Consequential damage coverage
8. Hold harmless agreement coverage
9. Waiver of depreciation for partial losses if vessel is over 20 years of age
10. Guarantee of no more than a 4% increase at renewal
The most important being item 9... it turns out that the insurance companies have a sliding scale for a deductible against parts starting at a boat age of 20 years and finishing at 40 years with an 80% deduction...!!!! That means if your boat is over 40 years old they will only pay 20% of the cost of new parts...!!!! If this had applied to our claim we would have lost tens of thousands of dollars...!!!
If you have an old boat, please check your coverage.....
As an aside I was also pleased with item 10 but our renewal this year was actually less than last year even with the big claim...!!!
Thank you MTOA...