Need a GREAT Insurance Broker

[olaf hart]

Originally Posted by Tspringer

As to the other poster who just could not resist making the inevitable elitist snarky comment about never financing a boat.... how about you manage YOUR finances and I will manage mine. I hope you got the little ego boost you sought.

It’s not a personal comment, it’s sound advice, never borrow to buy a depreciating asset.

And never treat credit as an asset.

The insurer and finance company are behaving ethically, their primary responsibility is to their shareholders not their customers.

You have no consumer rights in this situation, you have chosen to enter this minefield and it isn’t working for you.

Walk away.

[Davidhoy]

Originally Posted by olaf hart

It’s not a personal comment, it’s sound advice, never borrow to buy a depreciating asset.

And never treat credit as an asset.

The insurer and finance company are behaving ethically, their primary responsibility is to their shareholders not their customers.

You have no consumer rights in this situation, you have chosen to enter this minefield and it isn’t working for you.

Walk away.

It may well be good advice, but clearly unwelcome. If the OP had asked for such an opinion, all good and well. Anything else is just you being a jerk!

[MooGroc]

Originally Posted by Sailor647

You might have luck with Gowrie Group. Rachel is a true professional and has ALWAYS answered our questions promptly via email or phone.

We have been dealing with Gowie Group through Rachel since 2013. Our boat wasn't financed, but we had a huge list of things to fix (some safety, some maintenance) - based on the buyer's survey completed for the sale before they would insure it.

We had to send digital photos as proof of the completed work and have a follow-up survey to prove the work was complete before Markel would write the policy that covered the boat in the Pacific and Mexico. You may be able to get an interim liability policy while you are doing the work that may satisfy the bank.

If anyone can help you in your situation, these folks can.

Rachel Sloan
Jackline Account Manager
rachel.imis@gowrie.com
p: 410.364.7707
f: 410.827.3758

International Marine Insurance Services by Gowrie Group
522 Chesapeake Ave, Annapolis, MD 21403
www.gowrie.com/imis

They will work with you regardless of location. Our boat was in Washington and Oregon, and now in Mexico.

Best of luck!

I had bad luck with the Gowrie group. I exchanged emails with them,
gave them all the info the asked for to get a quote. They assigned my
case to someone named "Jordan Spector" and promised to get back to
me shortly.

Never heard another thing from them. Not even the courtesy to tell me
they couldn't help me. If they are that poor in the sales phases, I hate
to think what kind of help I would get if I needed to make a claim.

[lhuff35204]

Both Boat US (Geico) and Progressive never asked for any survey info and wrote a policy in minutes no questions asked and at half the price. I had a different experience with the offshore underwriters who had numerous questions and all kinds of restrictions.

This guy can write your policy in minutes:

Russell L. Jamieson
26 Oleander
St, Cocoa, FL 32922
Rjamieson@atlassinsurance.com
(321) 459-9905

[TrentePieds]

Quote: "I feel like they just don't want to be bothered with it...."

Your assessment that it is so, is very likely correct. The reality (in contract law) is that insurance underwriters, in effect, say to the public, via the brokers: "Let us see the business opportunity YOU (the prospective insured) have to offer us. We will determine whether we are interested in it, and we'll let you know"

There is NO obligation on anyone, not even on insurance underwriters, to enter into a contract of any kind with you if they don't like what you have to offer them. Obtaining insurance is NOT a right. Nor does being in business as an underwriter confer a duty to conduct business with all comers.

Quote: "If their customer "no-service" is so bad up front, how bad will it be if there is ever a claim?

So at this point I want to try and get what I need with another insurance broker who actually will work on it including responding to emails and calls and pushing the carrier to actually do something to help."


Insurance brokers do not determine whether what you have to offer is a good business deal. All a broker does is pass your proposition to a number of underwriters. The broker will choose the underwriters that in his opinion are most likely to want to enter into business with you, but it's no skin off the broker's nose if all underwriters say "no".

The easy way for a broker to deal with applicants deemed unattractive, or deemed to have the potential for being a future PITA, is to pass the application to the underwriters knowing that none will take it, then look crestfallen and say: "I'm ever so sorry!" when the applicant comes back for an answer.

No broker is going to spend a lot of time on an application that in his opinion will be DOA at the underwriters. The broker is busy earning his commissions on applications that he knows WILL be accepted by an underwriter.

TrentePieds

[wjcoates]

www.offshorerisk.com

[Giro]

I was with AAA FOR 30 years + with my real estate and vehicles until I wanted to add my sailboat. They wouldn’t so I shopped around and found Nationwide. I dropped AAA and went with them. Premiums are competitive and coverage is much better including umbrella coverage.

[DLECF]

Contact Jim Park at:800-937-8895. He is a marine insurance broker with Marine Insurance Services, a division of McGriff, Seibels & Williams. He found a CHUBB policy for about half the premium and better coverage. My previous insurance broker wanted to increase the premium 30% with no history of any prior boat insurance claim.

[Maka]

State Farm insures my boat from day 1.

I am happy with them

[justakiss]

Originally Posted by Sailor647

You might have luck with Gowrie Group. Rachel is a true professional and has ALWAYS answered our questions promptly via email or phone.

We have been dealing with Gowie Group through Rachel since 2013. Our boat wasn't financed, but we had a huge list of things to fix (some safety, some maintenance) - based on the buyer's survey completed for the sale before they would insure it.

We had to send digital photos as proof of the completed work and have a follow-up survey to prove the work was complete before Markel would write the policy that covered the boat in the Pacific and Mexico. You may be able to get an interim liability policy while you are doing the work that may satisfy the bank.

If anyone can help you in your situation, these folks can.

Rachel Sloan
Jackline Account Manager
rachel.imis@gowrie.com
p: 410.364.7707
f: 410.827.3758

International Marine Insurance Services by Gowrie Group
522 Chesapeake Ave, Annapolis, MD 21403
www.gowrie.com/imis

They will work with you regardless of location. Our boat was in Washington and Oregon, and now in Mexico.

Best of luck!

Thank you for the recommendation! Although not working directly with her, but we will attest to her professionalism.

We're not in the market yet and won't sail away for another 4 years, but we've been diligently planning future costs. Insurance costs have been one of the trickier values to determine because of the market conditions, boat type, experience, etc.

Despite our broad (and vague) questions, Rachel was gracious enough to give us 15 minutes of her time and help focus us our research.

[botanybay]

Originally Posted by olaf hart

Never buy a boat on finance...

Nice concept for some, not realistic for most...

As for the topic at hand, a port binder is what you need to close. You will need receipts and yard Bill's prior to splash or at least leaving the yards docks.

I would recomend a second survey for insurance once ready to splash. Let the yard know you are doing this for insurance reasons and might avoid so-so work.

Good luck

[john61ct]

Originally Posted by botanybay

Nice concept for some, not realistic for most

Many believe borrowing to buy something that isn't for business, sure to return profits much higher than the carried interest, as simply foolish if not immoral.

How is refraining from spending money (you don't have) on something "not realistic"?

Maybe if the item was essential to survival?

It's simple, for such toys, items of ease comfort or pleasure,

if you don't have the cash, you can't afford it. Even if you **do** have the cash, doesn't mean you can afford it!

Do without it, work and save until you can.

Anything else is not realistic.

Now if you're living fulltime on the boat, give up all other housing costs that goes a long way toward funding the dream. . .

[botanybay]

Originally Posted by john61ct

Many believe borrowing to buy something that isn't for business, sure to return profits much higher than the carried interest, as simply foolish if not immoral.

How is refraining from spending money (you don't have) on something "not realistic"?

Maybe if the item was essential to survival?

It's simple, for such toys, items of ease comfort or pleasure,

if you don't have the cash, you can't afford it. Even if you **do** have the cash, doesn't mean you can afford it!

Do without it, work and save until you can.

Anything else is not realistic.

Now if you're living fulltime on the boat, give up all other housing costs that goes a long way toward funding the dream. . .

The house you buy is a depreciating asset, the land under it may or may not appreciate, so never get a loan on a house is your suggestion.

Different approaches for different folks. Way off topic for this thread....

[Giro]

Please refrain from jousting in this manner. Let’s get back to using this forum in the proper way in which it was created. Enjoy your sailboats and your business of living.