Florida Resident Boat Insurance

[BandB]

Originally Posted by zboss

It ended up being a misunderstanding by my insurance company. They apparently failed to remove the clause about being out of florida and failed to update our hailing port, while at the same time changing our residence to florida. I guess some people live in florida but don't keep their boats here.

Also, our insurance did NOT go up. We did pay an additional $550 for additional hurricane coverage, though.

We are limited to the immediate St. Augustine area during the season but I'm not sure what exactly that means. I asked the insurance company about traveling southbound during hurricane season and they said as long as STA remains your "primary" mooring area, we are covered. I could not nail down if this meant "more than 50%" or some such.

Don't have things not nailed down. Read the entire policy. Every word. If it doesn't say or leaves things open to interpretation get an interpretation in writing from the underwriter, not the broker.

And the question of "more in Florida" is so open ended. More than where? More on what kind of boat? More on what cruising areas? In general policies will probably be more than they might in Maryland, as an example, but that doesn't mean everyone's policy is.

As to recommending insurance companies, it varies so with individuals, boats, experience, restrictions. I like Pantaenius but they are only for certain sizes and conditions. We like Lloyd's but they're limited in what and how they can write in certain areas where they are only a surplus lines writer.

[colemj]

Originally Posted by Hudson Force

In my case, the total of premiums that I have not paid for boat insurance while living aboard in Florida since 1972 far exceed the value of my relatively inexpensive boat. I've been subject to risk with about seven hurricanes over this time and countless tropical storms, but I have never had any damage. I have anchored in hurricane holes at times.

Yes, this summarizes the entire insurance operation. It is a risk decision that is slightly in the insurers favor. That doesn't mean the system is gamed - the insurer just has deeper pockets and can accept more risk than any single boater. It is the old gambler's ruin situation - just like a casino.

We took a lightning strike in which the insurance payout was 11 years worth of premiums. We had only been paying premiums for 5 years, so in our case, the game favored us and stays in our favor for another 6 years.

It is not wrong to not have insurance, and it isn't a rigged game to have insurance. It is simply a decision that is unique to every individual's circumstances and needs.

Mark

[BandB]

Originally Posted by colemj

It is not wrong to not have insurance, and it isn't a rigged game to have insurance. It is simply a decision that is unique to every individual's circumstances and needs.

Mark

It is not wrong to not have insurance on your boat, but it is wrong not to have liability insurance and environmental and salvage insurance unless you can afford to pay large amounts out of pocket. You can choose to risk your own boat but you have a responsibility to others on the waterway.

[colemj]

Originally Posted by BandB

It is not wrong to not have insurance on your boat, but it is wrong not to have liability insurance and environmental and salvage insurance unless you can afford to pay large amounts out of pocket. You can choose to risk your own boat but you have a responsibility to others on the waterway.

Yes, sorry. I was only speaking about boat insurance and not liability because that was what Hudson Force was specifically talking about and I was responding to. I didn't make that clear.

Mark

[Boatguy30]

Just about any liability only policy I've seen doesn't really cover salvage. I have seen progressive policies pay to remove boats sunk in marinas, but they will only do so if pushed by the marinas insurance.

The few I have heard of require the same survey interval as a full coverage policy as they need to make sure your boat isn't at risk of sinking.

I'd be quite interested to know where that other fellow is getting his 500k liability and what it costs.

Progressive only wants to Insure boats to 35' unless maybe newer boats with preferred with agents or whatever. A liability only policy for 300k on a 35' boat built in say 1980 would run somewhere around $600. Which seems like a lot to me, but maybe not others.

[BandB]

Originally Posted by colemj

Yes, sorry. I was only speaking about boat insurance and not liability because that was what Hudson Force was specifically talking about and I was responding to. I didn't make that clear.

Mark

I just wanted to be sure it was clear to those not fully aware as I've run across many who decide no boat insurance, property or liability. Plus environmental is another issue.

[BandB]

Originally Posted by Boatguy30

Just about any liability only policy I've seen doesn't really cover salvage. I have seen progressive policies pay to remove boats sunk in marinas, but they will only do so if pushed by the marinas insurance.

The few I have heard of require the same survey interval as a full coverage policy as they need to make sure your boat isn't at risk of sinking.

I'd be quite interested to know where that other fellow is getting his 500k liability and what it costs.

Progressive only wants to Insure boats to 35' unless maybe newer boats with preferred with agents or whatever. A liability only policy for 300k on a 35' boat built in say 1980 would run somewhere around $600. Which seems like a lot to me, but maybe not others.

Typically salvage is attached to property and not liability and salvage can run many times the value of a boat. And you're right on the survey requirement still generally applying.

As to liability, often the best option is a certain amount on the marine insurance and the remainder on an umbrella policy of some type. Honestly I can't see Progressive on a 300k coastal boat. I would recommend to anyone struggling finding the right policy to instead find the right insurance broker. They cost you nothing and they can save you a lot, plus they should be knowledgeable about the strengths and weaknesses of the various insurers.

[Boatguy30]

I was meaning 300k in liability as that happens to be what the city of st augustine wants for the mooring field. I doubt an umbrella policy will cover any watercraft risk on a vessel over 16' unless you have a bullet proof yacht policy as the first payer. I looked into getting like a 2 mil umbrella last year and I mentioned I owned about 8 boats but most were under 20 feet. They said I'd need seperate polices for each boat!

[CSY Man]

US Boat, paid 3% of surveyed value to include Florida and the Bahamas year around. Double deductible for hurricans.
Had the boat insured for 14 years, initial premium was $700 per year, after Wilma in 2005, premiums skyrocketed.
Probably paid $15k or more for insurance but never needed it.
If I was full time live aboard or cruiser, would probably be self-insured.

[Boatguy30]

Sending a PM to Hudson Force to ask him who he buys that 500K liability from.

[Shanachie]

Don't overlook the point on salvage. It's only available if you have the hull insured, and it's very important.

I lost my C&C 25 in Hurricane Wilma, and it washed up in a protective area for Florida crocodiles on Key Biscayne. Federal types tracked me down in three days -- we didn't even have power at the time -- and demanded removal of the boat.

I was happy to be able to tell them to call Progressive, which now owned the wrecked boat. Never heard from the feds again, and the boat was removed.

Salvors were charging immense amounts of money -- 10-20K -- to remove even small boats. This for a boat worth maybe 5K before the storm.

[jcapo]

Originally Posted by DotDun

Does insurance in Florida really cost more?

I pay ~1.2% of surveyed value for agreed value coverage, $500k liability, territory is US East Coast, Florida west coast, Bahamas, & T&C.

An excellent rate. I need to shop more.

After Wilma my rates went to almost 4% of survey value. Now I have a Jackline policy with just US and Bahamas coverage this year for 1.88% but I have to be out of the box during hurricane season.

[Cheechako]

There are thousands of boats in the water in southern florida year round. Somebody is insuring them.

[Boatguy30]

Originally Posted by Shanachie

Don't overlook the point on salvage. It's only available if you have the hull insured, and it's very important.

I lost my C&C 25 in Hurricane Wilma, and it washed up in a protective area for Florida crocodiles on Key Biscayne. Federal types tracked me down in three days -- we didn't even have power at the time -- and demanded removal of the boat.

I was happy to be able to tell them to call Progressive, which now owned the wrecked boat. Never heard from the feds again, and the boat was removed.

Salvors were charging immense amounts of money -- 10-20K -- to remove even small boats. This for a boat worth maybe 5K before the storm.

Did you have "full" coverage. I'm fairly certain that the progressive liability only polices do not cover salvage. I'll have to double check. I have had their full coverage in past, but they canceled the insurance on my present boat, but did offer me liability only.

[zboss]

Originally Posted by jcapo

An excellent rate. I need to shop more.

After Wilma my rates went to almost 4% of survey value. Now I have a Jackline policy with just US and Bahamas coverage this year for 1.88% but I have to be out of the box during hurricane season.

I also have Jackline and when I compare their coverages vs. everyone else, its much more comprehensive and at 1/2 the cost of a boat us policy (that doesn't cover everything the jackline policiy covers).