Boat Insurance

FloFar · 24-08-2009, 14:39

Aye Mates, ...am about to purchase a S/B (37' cruiser) and am interested in information, horror stories, good stuff and the like about marine insurance/companies.

Anyone care to share their personal experiences both good and bad, cheap and expensive, and to whom???? would you recommend

Thanks,
FloFar

Paul L · 24-08-2009, 23:01

try the search button. There are many insurance threads here.

Paul L

tomperanteau · 25-08-2009, 13:06

When we bought our boat, I went online and was able to obtain insurance from Progressive within a few hours. I have not had to make a claim, so no information on how they pay off. I can tell you that most insurance companies are horrible to deal with when they owe you money, and have been involved in law suits on several occasions because of this

Kaya 09 · 25-08-2009, 14:10

Congrats on your boat purchase! My husband and I have Zurich. They have been awesome to deal with during our recent claim. I will, however, suggest to you that be sure you know and like your agent. I realize that life is full of 'click and quote' but one cannot underestimate the value of an agent when the insurance is actually needed. The agent will make the biggest difference between a good claim experience and a bad claim experience.....regardless of the insurance carrier.

S/V Illusion · 25-08-2009, 14:58

In addition to the agent suggestion which is a good one, you should thoroughly read competing policies before buying anything. It amazes me how many people buy insurance without first reading the limitations, exclusions, ACV terms, etc.. and just go by price which is a false economy. Doing otherwise opens yourself up to taking suggestion from people who think they have a great insurance underwriter.

TabbyCat · 25-08-2009, 15:31

Quote:

My husband and I have Zurich.

Kaya 09 - Zurich exited the Marine insurance business in May of this year. You're going to have to get a new policy at your renewal. You agent should have notified you by now.

Best Regards,
Susan

TabbyCat · 25-08-2009, 15:34

Quote:

insurance from Progressive within a few hours.

Tomperanteau,
Progressive is a good A- rated company. Unfortunately they will not insure vessels over 35' long, and FloFar is purchasing a 37' vessel.

tomperanteau · 25-08-2009, 16:04

Quote:

Originally Posted by TabbyCat

Tomperanteau,
Progressive is a good A- rated company. Unfortunately they will not insure vessels over 35' long, and FloFar is purchasing a 37' vessel.

Thanks for the update. We're about to purchase a larger boat and will need to get different insurance.

Kaya 09 · 27-08-2009, 13:53

Tabby Cat,
Thanks for the heads up, but we knew Zurich was exciting the marine insurance industry. However, I think the exit might have been July as they renewed our policy in June. My main objective of the post was to recommend using an agent vs point and click purchasing. Just an opinion!!!

s/v Moondancer · 27-08-2009, 14:18

Tabby,
We have IMIS and have found them to be competative, professional, efficient, and much preferable to a company based in the Ukraine that was a little cheaper.

Phil

FloFar · 28-08-2009, 14:53

Everyone, thanks for the great info and suggestions. I have beed looking at prices and policies, particularly the policy itself. I have a freind that lost his boat to flooding and is still trying to collect (times over two years now). If I know which company I would certainly tell you all.

I, too, believe that sometimes, but not always, you get what you pay for. I just don't want to spend a lot of money or even a little and not be covered.

I haven't looked at IMIS yet....thanks Y'all!
FloFar

osirissail · 30-08-2009, 07:00

I was looking at a cruising friends policy policy that he stated allowed him to remain in the "box" Tropical Storm area of the Caribbean. Sure enough the main body of the policy had the old language defining the southern limit of the "box" to at N12 - 40 - or up at the top of the Grenadines. But further back in the package was the Addendums or attachments to the basic policy and lo and behold there was one resetting the southern limit down to the current N11 degrees and it clearly stated that this addendum negates anything in the basic policy.
- - So read the - whole - thing, many significant modifications are contained in those extra pages at the back of the policy.

FloFar · 30-08-2009, 07:40

Thanks Osirissail! Now that's what I am talking about...
I speak Athabascan better than I do legalease.

I guess the best thing to do is flip a few bucks, or beers into my lawyer cousin to read over whatever policy that I decide to get.

...just trying to do the "right" thing from the get go. 'Don't want to get caught with my pants down.

nautical62 · 30-08-2009, 07:48

I've had boat US on a few boats now over 10 years. IMIS has a very good reputation as agents for lining people up with good companies at a good price. Realize, they are agents, not the underwriter. (Same with Boat US, but they only represent one company I believe).

Progressive has good prices if you only need US coverage.

iiii · 30-08-2009, 12:18

We insured with Progressive this year.
Our boat is 38 foot, so someone is giving you bad information.

24-08-2009, 14:39	#1
FloFar Registered User Join Date: Feb 2009 Posts: 8	Boat Insurance Aye Mates, ...am about to purchase a S/B (37' cruiser) and am interested in information, horror stories, good stuff and the like about marine insurance/companies. Anyone care to share their personal experiences both good and bad, cheap and expensive, and to whom???? would you recommend Thanks, FloFar

25-08-2009, 14:10	#4
Kaya 09 Registered User Join Date: Mar 2008 Location: On the boat Boat: Cantana 401, 41' Kaya Posts: 19	Congrats on your boat purchase! My husband and I have Zurich. They have been awesome to deal with during our recent claim. I will, however, suggest to you that be sure you know and like your agent. I realize that life is full of 'click and quote' but one cannot underestimate the value of an agent when the insurance is actually needed. The agent will make the biggest difference between a good claim experience and a bad claim experience.....regardless of the insurance carrier. __________________ Life is a banquet and most people are starving to death!

27-08-2009, 13:53	#9
Kaya 09 Registered User Join Date: Mar 2008 Location: On the boat Boat: Cantana 401, 41' Kaya Posts: 19	Tabby Cat, Thanks for the heads up, but we knew Zurich was exciting the marine insurance industry. However, I think the exit might have been July as they renewed our policy in June. My main objective of the post was to recommend using an agent vs point and click purchasing. Just an opinion!!! __________________ Life is a banquet and most people are starving to death!

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24-08-2009, 23:01	#2
Paul L Registered User Join Date: Jul 2005 Posts: 452	try the search button. There are many insurance threads here. Paul L

25-08-2009, 13:06	#3
tomperanteau ... Join Date: Aug 2009 Location: California Boat: Harstad 31' (32' LOD) Serendipity Posts: 95 Images: 2	When we bought our boat, I went online and was able to obtain insurance from Progressive within a few hours. I have not had to make a claim, so no information on how they pay off. I can tell you that most insurance companies are horrible to deal with when they owe you money, and have been involved in law suits on several occasions because of this

25-08-2009, 14:58	#5
S/V Illusion Registered User Join Date: Oct 2007 Location: Narragansett Bay, RI Boat: Alden 50 Posts: 366	In addition to the agent suggestion which is a good one, you should thoroughly read competing policies before buying anything. It amazes me how many people buy insurance without first reading the limitations, exclusions, ACV terms, etc.. and just go by price which is a false economy. Doing otherwise opens yourself up to taking suggestion from people who think they have a great insurance underwriter.

27-08-2009, 14:18	#10
s/v Moondancer Registered User Join Date: Nov 2008 Location: Caribbean and moving north Boat: Tayana 55 Posts: 355	Tabby, We have IMIS and have found them to be competative, professional, efficient, and much preferable to a company based in the Ukraine that was a little cheaper. Phil

28-08-2009, 14:53	#11
FloFar Registered User Join Date: Feb 2009 Posts: 8	Everyone, thanks for the great info and suggestions. I have beed looking at prices and policies, particularly the policy itself. I have a freind that lost his boat to flooding and is still trying to collect (times over two years now). If I know which company I would certainly tell you all. I, too, believe that sometimes, but not always, you get what you pay for. I just don't want to spend a lot of money or even a little and not be covered. I haven't looked at IMIS yet....thanks Y'all! FloFar

30-08-2009, 07:00	#12
osirissail Registered User Join Date: Feb 2009 Location: onboard in the Caribbean - mostly in Grenada Boat: Gulfstar 53 - Osiris Posts: 1,056	I was looking at a cruising friends policy policy that he stated allowed him to remain in the "box" Tropical Storm area of the Caribbean. Sure enough the main body of the policy had the old language defining the southern limit of the "box" to at N12 - 40 - or up at the top of the Grenadines. But further back in the package was the Addendums or attachments to the basic policy and lo and behold there was one resetting the southern limit down to the current N11 degrees and it clearly stated that this addendum negates anything in the basic policy. - - So read the - whole - thing, many significant modifications are contained in those extra pages at the back of the policy.

30-08-2009, 07:40	#13
FloFar Registered User Join Date: Feb 2009 Posts: 8	Thanks Osirissail! Now that's what I am talking about... I speak Athabascan better than I do legalease. I guess the best thing to do is flip a few bucks, or beers into my lawyer cousin to read over whatever policy that I decide to get. ...just trying to do the "right" thing from the get go. 'Don't want to get caught with my pants down.

30-08-2009, 07:48	#14
nautical62 Registered User Join Date: Jul 2008 Location: Iowa Boat: Beneteau 32 - Aurora Posts: 845 Images: 11	I've had boat US on a few boats now over 10 years. IMIS has a very good reputation as agents for lining people up with good companies at a good price. Realize, they are agents, not the underwriter. (Same with Boat US, but they only represent one company I believe). Progressive has good prices if you only need US coverage.

30-08-2009, 12:18	#15
iiii Registered User Join Date: Jun 2008 Location: Florida Boat: C & C Landfall 38 Posts: 125	We insured with Progressive this year. Our boat is 38 foot, so someone is giving you bad information.