CHUBB MASTERPIECE PLAN ( TOO EXPENSIVE$$$)

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SILENTKNIGHT

Senior Member
Joined
Oct 19, 2018
Messages
194
Location
United States
Vessel Name
STELLA DI MARE
Vessel Make
2006 MAINSHIP 34T
Just got my policy renewal.... $4000.00 Never made a claim !, and the boat is a 2006 Mainship 34T with single YANMAR. Its documented but we only travel short distances( gREAT SOUTH BAY lONG iSLAND) throughout the season.
My piloting and navaigation experience is well versed as im the Lieutenant Commander for US Power Squadron.

COVERAGES

AMOUNT OF
INSURANCE

DEDUCTIBLE
AMOUNT

PREMIUM
Property Damage $ 174,000 $ 1,740 $ 3,620
Windstorm Deductible $ Not Applicable $
Emergency Towing and Service $ 174,000 $ 0 $ Included
Liability Coverage $ 500,000 $ 0 $ 527
Medical Payments $ 10,000 $ 0 $ Included A
Uninsured Boater $ 500,000 $ 0 $ Included
Trailer $ 5,000 $ 250 $ Included
Personal Property $ 25,000 $ 0 $ Included
Premium Bearing Endt(s) $

TOTAL PREMIUM $ 4,147
 
i believe lien holder requires the property damage coverage ???.
this is not your boat :) this is bank boat. pay boat to bank. take new loan on house. who buy boat, car on loan. now maybe I make mistake , for me to 100000€ for boat interest rate is 0,9% this is EU money. private bank 4-5% depend
 
I got a quote from Chubb for a boat I am looking to keep in Ga. All I can say is wow!

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Just got my policy renewal.... $4000.00 Never made a claim !, and the boat is a 2006 Mainship 34T with single YANMAR. Its documented but we only travel short distances( gREAT SOUTH BAY lONG iSLAND) throughout the season.
My piloting and navaigation experience is well versed as im the Lieutenant Commander for US Power Squadron.

COVERAGES

AMOUNT OF
INSURANCE

DEDUCTIBLE
AMOUNT

PREMIUM
Property Damage $ 174,000 $ 1,740 $ 3,620
Windstorm Deductible $ Not Applicable $
Emergency Towing and Service $ 174,000 $ 0 $ Included
Liability Coverage $ 500,000 $ 0 $ 527
Medical Payments $ 10,000 $ 0 $ Included A
Uninsured Boater $ 500,000 $ 0 $ Included
Trailer $ 5,000 $ 250 $ Included
Personal Property $ 25,000 $ 0 $ Included
Premium Bearing Endt(s) $

TOTAL PREMIUM $ 4,147
So what is the claims history for your region? While your personal claim history or lack of claims history can be a factor, it's whats going on in your region that has a significant effect on insurance. We in SW Florida have high car insurance partly because people intentionally leave their cars where named storms flood them. Another factor has to do with boatyard costs. Having run charters out of Fire Island inlet and Montauk, I would guess repair costs in your area are some of the highest in the nation. That will certainly effect claims cost and premiums.

With all due respect to your title (Lieutenant Commander for US Power Squadron) it means nothing to us as far as boating experience. This is like saying you graduated fron the US Naval Academy. That doesn't certify experience. Tell us you have a 500 days outside the line of demarcation. Tell us you've done 30 boat deliveries from Norfolk to Portland, ME. Tell us you and your wife did the Great Loop or cruised the Bahamas.

Ted
 
Raising the deductible often lowers the premium substantially. You could ask about a bigger deductible, if you're comfortable assuming a bit more exposure for loss.
 
Makes me very glad that we boat in the Southern California and Channel Islands. Our full coverage rates have always been 0.003-0.004 % of agreed hull value with restrictions from Pt Conception to Santo Tomas. Following a similar discussion in the Nordhavn Dreamers site where the east coast rates appear to range between 0.005% and 0.015% of Hull Value with restrictions. Differences can be length of ownership, experience in the size of vessel, as well as regional restrictions. We use Chubb for home, autos, umbrella, etc, but found that their yacht insurance was high. Traveler's has been the right price, T & C's, and restrictions for us.
 
I would check with Peter Ricks at Novamar. He is a broker and can advise you as to what is a good value. He was very good when I contacted him. 206-350-5051
 
It seems to me that the %ages listed a couple of post back should have the decimal point moved two places to the right or just drop the % sign.

If your agreed value is a million and your insurance rate is 0.004% of that value, your annual bill for insurance is $40. Where do I sign up?

Compared to what I pay for hull, machinery, boathouse and misc, plus $10,000k in Liability coverage from Lloyds, even at $4k (which is likely what you meant), it is still a bargain.

Survey required next year, that's my chance!
 
I would check with Peter Ricks at Novamar. He is a broker and can advise you as to what is a good value. He was very good when I contacted him. 206-350-5051
Peter is great and has done an excellent job with our insurance for multiple boats.
 
Look up the math. 1% is represented by 0.01 (1/100). 1 is 100%. 1/2 of one percent is 0.005. Or AI makes it easy, you can just ask : )
 

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There seems to be a website for just about everything.

Try having a look here: 0.004% As Decimal

In your own words, "1/2 of one percent is 0.005". I agree. As a result it cannot be 0.005% as that is a number that is one hundred times smaller because of the percent sign.

You don't have to believe me, I'm a nobody.
Both Silent Knight and Twistedtree when quoting their rates upthread, used the decimal point in the tenths location. You so far are singular in using the thousands location. (eg 0.x versus 0.00x)

Maybe it's the new math.
 
My mistake was not writing out the word percentage when leaving in the decimal form. Sorry for the confusion. If you have a $700,000 boat and want to calculate what 1/2 of one percent of its' value, you multiply by 0.005 ( $700,000 x 0.005 = $3,500 ). That's all I was trying to convey. Pretty sure most figured it out.
 
Makes me very glad that we boat in the Southern California and Channel Islands. Our full coverage rates have always been 0.003-0.004 % of agreed hull value with restrictions from Pt Conception to Santo Tomas. Following a similar discussion in the Nordhavn Dreamers site where the east coast rates appear to range between 0.005% and 0.015% of Hull Value with restrictions. Differences can be length of ownership, experience in the size of vessel, as well as regional restrictions. We use Chubb for home, autos, umbrella, etc, but found that their yacht insurance was high. Traveler's has been the right price, T & C's, and restrictions for us.
Travelers seems to have the best rates for boats in SoCal for whatever reason. I'm paying about 1.5% for pretty good coverage and I'm not complaining. I do have a decent boating resume including having a 6-pack license sometime in the last millennium, so that might help. Interestingly, when we moved the boat from the PNW down to San Diego the rate went up 10% which I find surprising considering the lack of logs to hit down here.
 
Travelers seems to have the best rates for boats in SoCal for whatever reason. I'm paying about 1.5% for pretty good coverage and I'm not complaining. I do have a decent boating resume including having a 6-pack license sometime in the last millennium, so that might help. Interestingly, when we moved the boat from the PNW down to San Diego the rate went up 10% which I find surprising considering the lack of logs to hit down here.
If the fee that you pay Travelers is 1.5% of the agreed value, you might want to talk to your broker as that math challenged Southern California boater (with the marvelous boat) was quoting rates from Travelers at about 0.35%. I think I got that right.

Here in Canada even with a decent resumé, different rules, smaller market, less choice, almost as litigious, I would be happy to pay only 1%.
 
If the fee that you pay Travelers is 1.5% of the agreed value, you might want to talk to your broker as that math challenged Southern California boater (with the marvelous boat) was quoting rates from Travelers at about 0.35%. I think I got that right.

Here in Canada even with a decent resumé, different rules, smaller market, less choice, almost as litigious, I would be happy to pay only 1%.
I'm just a dumb engineer, but I think my math and calculation of percentages is correct, 1.5%. Somewhere in earlier postings I suspect a decimal place was put in the wrong place. If you are getting good coverage for sub 1% of agreed value in SoCal I would be amazed.
 
Yes, mine is about 0.4 percent (or 0.004 multiplier of agreed value) for comprehensive coverage with the standard Southern California navigational restrictions. We do have a 2% rather than a 1% deductible. Historically, over 5 boats (sail and power) and 40 years, the range has been 0.35-0.5 percent. And while normally there are no logs, we once ran into 3 separate groupings of numerous logs following a surprise southern swell that took out 3 piers and docks on Catalina leaving a massive and, at the time, unexpected debris field. Fortunately we saw the evidence in time, and the Coast Guard eventually broadcasted regular notices on the VHF.
 
With your comprehensive coverage that commands the 0.4% fee, what kind of liability coverage do you get?
What are the limits?
 
I stand corrected, I looked up the wrong premium amount. We are actually just a bit under 1% of agreed value. Still, 0.4% sounds like a great deal. It might be less for higher end boats than my old Lindell.
 
I get $1M liability but we have an umbrella policy for much higher coverage. The umbrella requires a minimum $1M underlying liability coverage.
 
Keep in mind that relative rates will vary a bit depending on the value of the boat. A lower value boat will often pay a higher percentage for insurance as the liability portion of the insurance doesn't reduce much in cost based on boat value like hull coverage does.
 
This is an interesting thread. I did not know that the insurance premium was based on a percentage of the value of the boat. I know there is an increase in the premium based on the assigned value of the boat. In my case the surveyors appraised value was used and my boat is insured for that amount. I have had Chubb insurance for two boats. and have been insured with them for 9 years. My first boat was a 26' Cutwater 2016 it was purchased new and the coverage was 146K for the boat, liability 500K, 146K for tow endorsement, apples to apples to the OP. It was a standard Master plan insurance policy. I sold the boat in 2021 and was paying just under $600.00 per year for the full coverage. I had coverage for all coastal waters , Great Lakes , Canada and Bahamas. The boat did have a trailer. This was a benefit for insurance cost. I did not have limitations to the use of the boat in southern waters during hurricane season because it was trailerable.

When I sold the Cutwater I purchased a 2002 Mainship 34 Pilot. After a survey I contacted my broker for insurance. The broker used several insurance companies but always starts with Chubb. Chubb is not always available to use. Their underwriters are "picky" My broker gave me three insurance company options that said they would insure the boat for coastal waters, Great Lakes, Canada, and the Bahamas. This was requirement because we were planning a Loop trip. I have a 6 pack captains license with coastal endorsement (no more than 100 miles off shore) and Great Lakes endorsement ( this made no dollar amount change in my premium) Chubb was the highest in price by $200.00 over, but offered much more coverage EPA, search and rescue, storm coverage and full liability insurance while operating another vessel. The Mainship is insured for 140K with all the same coverages included in the master plan. The premium in 2021 was 2100.00 per year. I was shocked at the cost. I had my Cutwater insured for 146K and the premium was 1500.00 less. After shopping around and comparing deductibles and coverages. I went with Chubb. This year my premiums went up to 2450.00 a year. The boat right now is in storage in Chicago. So 5 months it is in a building insured. Should get a break? No!!

Insurance is pissing in the wind until you need it. I never want to need it but will always have it. I could just have liability and self insure the boat. If I own the boat for 5 years and it cost me 12K for those 5 years to insure it and I never use the insurance I pissed 12K away. If I do need the insurance, it will be the best 12K I ever spent!!

I never thought of the cost of insurance being based on a percentage of the boat value. If that is the case why was my Cutwater insured by Chubb @ .4% of the value. and my Pilot was 1.5 %. Same owner, same port of call. The area it is used in or value did not change in my case. It may have to do with the type of boat and age of the boat. I do know that If I tried to insure my boat in Florida. Chubb will not write a policy. I asked because I plan to run it down to Florida next year and may leave it there. I can run it down to Florida and have insurance through Chubb but the insurance ends June 1st to November 1st. I have looked into insurance from other companies. I can get insurance but it is pricey with a lot of stipulations in the policy.

To the OP I agree it hurts paying the high premium. I would shop around and compare apples to apples in coverages. You get what you pay for even when it comes to insurance.
Brian
 

They are a multi-line insurance broker that only insures boats. There is an office in Mystic Ct.

My boat is older, however it is the same class boat and insured at a 1/3 of that quote.
 
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