I'm rejected. NEED Insurance

[Flyrod1]

Originally Posted by FernleyE

Latest reason for rejection is the jump in size from previously owned boats. My biggest is the current on at 25'.



Emphasis on, "owned." Apparently have sailed/ raced Larger boats for several years is not relevant

Had the same thing happen to me when I bought my first sailboat 18 months ago, and the longest boat I have owned.

After being turned down by several carriers, and having just gotten rejected by American Modern, I asked what their biggest concerns where in priority order and then wrote a letter refuting each one of them.

#1 was running aground. I explained that while it had a deeper keel and was longer than anything I had ever operated I had spent 30+ years running around those waters in a motor boat. Modern technology shows me the depth, maps, routes, where trouble is and I get to see this and react at a measly 6 to 7 knots. Most of my life I have been running 35 knots through the same waters, a whole lot less time to read and react.

I explained that every sailor will tell you the most perilous moments are getting in and out of the slip where at those speeds all damages will be below my deductible.

They reversed their opinion and wrote my insurance.

You might try that.

[rslifkin]

Check with Novamar if it hasn't already been mentioned. They work with Markel and a few others. And their agent out of Seattle (Peter) is excellent to work with in my experience.

[mike mck]

Originally Posted by sailingunity

Right now I'm grandfathered in with Geico / BoatUS, but in calling around I typically get told "no" even before I request the level of coverage, so I'm not sure it makes a difference?

I am also grand fathered in with Geico on a 45 ft Hatteras I keep in Mexico. I renewed 6/1/2022 and was told I could only be outside the US for 4 months out of the year. I'll need new insurance by end of August or so to give myself some breathing room. I also need to source Mexican Liability insurance.

[Flyrod1]

Originally Posted by waterman46

I don't understand it, since at the rates they charge, one would have to incur total loss every 15 years or so. How many of us do that?

The answer is a surprising number of people.

And the payback period is longer than 15 years for most boats, more like 30+ years.

Good chance this situation is going to get worse. In bad economic times it is amazing how many more boat fires, boat wrecks and sinkings occur, some by design, some due to deferred maintenance.

And from a liability standpoint take a look at what social inflation has caused in court verdicts and awards. An insurance company is not going to make money just selling liability only policies due to cost of issuance of the policy, state taxes, and the cost of capital that must be set aside for that risk.

I am not trying to be an apologist for the industry but recognize they have all the data…they are exempt from anti trust rules in regard to sharing and collecting data to base rates on….they are quite certain about loss rates, etc.

A co-op (group captive) is potentially a viable idea but requires a lot of organization and marketing to get it up and running. It can be done for not a lot of money.

[svjarahian]

Ed,

My last boat was a 1986 Morgan 41 and now I have a 1985 Endeavour 42! Try Hagerty Classic Marine Insurance Agency, LLC.

"Classic" being the buzz word for old!

Steve

[Nav4425]

You will be able to eventually find insurance but not with a whole lot of coverage. Love Morgans, owned an Outislander for years. Don't give up. You started with the most elite insurance companies that actually gatekeeps.
Try your smaller agents. They have resources that will underwrite. It may take an expensive very detailed survey. Don't rely on your seller's survey. I found lots of possibilities by browsing "Vintage yacht insurance."

[Happ]

To all who contributed to this topic thank you. My next offer will stipulate that I am able to obtain insurance. I’ve been noticing lately the prices of 1990 40’ boats have been dropping in the US. Insurance?

[crossbow]

I had to shop around also. Same excuse: too old (the boat. 1972). Finally found my local State Farm in Gulfport Florida. Done over the phone in 10 minutes. Good luck. Arbitrariness reigns.

[Nav4425]

oh no. very pricey I'm told.

[mike mck]

Originally Posted by sailingunity

Right now I'm grandfathered in with Geico / BoatUS, but in calling around I typically get told "no" even before I request the level of coverage, so I'm not sure it makes a difference?

I am also grand fathered in with Geico on a 45 ft Hatteras I keep in Mexico. I renewed 6/1/2022 and was told I could only be outside the US for 4 months out of the year. I'll need new insurance by end of August or so to give myself some breathing room. I also need to source Mexican Liability insurance.

[capn jlp]

We got dumped by BoatUS insurance (before Geico) after our second lightning claim. Went with Allstate for our condo, car, truck AND boat insurance for our 1983 Morgan OI 416. I think the key is going with one company for all your insurance needs, but even then not all will insure boats that old. Good luck!

[sailorladd]

Try State Farm...

[Eric Carnell]

You need a good insurance broker who can write for many companies and knows which companies may work for you a priori. Any rejection can be “seen” by other companies you call and can make the process more difficult. Call Kerry Gonzalez who owns AMG insurance International at (317) 670-2112 or email at kerry@amginsuranceintl.com. Be sure to give her your # so she can call you back. Good luck.

[MoonlightSailor]

State Farm Insurance

[ksuderman]

Originally Posted by Eric Carnell

You need a good insurance broker who can write for many companies and knows which companies may work for you a priori. Any rejection can be “seen” by other companies you call and can make the process more difficult.

This.

I had a similar problem, except my problem was due to lack of experience with a similar sized boat (note going from a 16' Hobie to a 38' keel boat makes it HARD to find insurance).

I recommend finding a good broker and not shopping around yourself. As my broker told me, once an underwriter says "no" to a boat there is nothing an agent can do to make them say "yes", you are basically blacklisted. So it is worthwhile to have a knowledgeable broker do the shopping for you.

You don't say where you are located, but Tommy Mott at Al Mott Insurance in Huntington NY is a miracle worker and managed to get me an agreed value policy for my boat.