new insurance

[irwinsailor]

I just replaced Boat US insurance with National Marine Underwriters and save $400. per year and have ALL of my coverages doubled! They are in Annapolis MD.

[CSY Man]

Got my insurance bill from National Marine Underwriters today.

They had the nerve to jack up the rates from $750.00 per year to $2150.00 per year.....

(No claims, no accidents, no nothing...Just greed)

Anybody else got sticker shocks this year from N.M.U. or other companies..?

[delmarrey]

All my insurances have gone up this year. House, health, cars and boats. I sold two of the four cars I had. That droped it $800. Everytime the terrorist blow up something or there is a national disaster like fires the insurance co's compensate for the loss. Ins. co's are non-loss companies?

[CSY Man]

Yeah but a 300% increase in one year.....?

Left 'em a message asking if somebody in their office have been smoking crack lately.

[CSY Man]

Got a quote today from Borbolla Insurance Agencies, Inc, 1-877-217-7445.

$548.00 per year for the same coverage as I have with NMU.

Seems like a hell of a good deal, and I am wondering where the catch is, if any.

The above price also reflects a small discount for having the car with the same agency, which is just fine as they quoted $200.00 less per 6 months than Geico for the car insurance.

So I am changing both my insurances and see a substantial saving, but have this nagging feeling that it seems too good to be true....

[MShea]

last Fall, I received word from my marine insurance broker (Hinckley) that effective 1/1/04 my policy would be transfered from ROYAL to TRAVELERS. Aparently, ROYAL is backing out of the US marine underwriting business and TRAVELERS is picking up the slack and honoring the rate - for now.

Should be interesting as I need to file a claim for minor grounding damage that occured in 10/03. Can't wait to see what happens to my rates at renewal...and what the available options will be.

[Harriet]

If I were you, I would look at the deductible amount on my policy, get an estimate of the cost for the grounding damage repair, and suck it up. The insurance company is definitely going to raise your rates, unless they decide to cancel you instead! When you go to another company for coverage, they will ask if you have ever been cancelled.
IMHO, if the damage is truly minor, I would not file the claim - it will cost you far more than you will get in return.

[GordMay]

Our local Municipal marina requires that each boat carry "Liability" insurance.

I've never conducted (nor seen) a scientific poll - but I'd venture to guess that most cruisers do NOT carry boat insurance (property damage nor liability).
We could never (personally) justify the expense.

OMO

[CSY Man]

True mr. GordMay, I bet few cruisers carry insurance, I certainly did not when I was crusing the Caribe...Typical boat-poor, bought too big and too old an boat and could barely afford to eat.

These days with a smaller and newer boat, I carry insurance 'cause I have the boat docked in Florida, right in the path of the next hurricane...And because my arsehole neighbor with his 55 ferro-cement ketch does not have insurance...If a nasty 'cane came around to say hello, the arsehole neighbor's boat with his rotten dock-lines may end up crushing my boat.

Therefore I carry insurance these days...But if I was to cast off again, maybe not.

Finally settled on Boat US for my insurance company.
The cheap deal mentioned earlier was Allstate and they have a terrible reputation for paying up, also they don't do agreed value.

Perhaps better than nothing, but if one can afford a better company that actually puts out, that be better...

[MShea]

Self-insurance is a financial strategy. It makes sense if one is off-shore, away from land, US boaters and marinas and/or when the cost:value equasion with the vessel is out of whack.

But in this litigous society, if one has significant assets beyond one's boat or has a tight nest egg for retirement, liability and medical insurance should be obvious. Also, if the boat itself represents the bulk of your assets, what would life look like if you suddenly lost everything? It's a reasonable, calculated risk.

HOWEVER, as someone who had a parent killed by a car driven by a uninsured motorist, I can only hope the boat that slams into mine is either insured (preferably) or has the means (and ethics)to pay for repairs. Nothings adds insult to injury like the arrogance of someone who says, "F.You" twice.

[tenknots]

My insurance is with BoatU.S. They seem to have knowledgeable people and that's the only kind of insurance they do. When I had a claim, I was amazed at how easy and fast it was to handle.

Prices are only part of the equation.

[Pblais]

Folks here in VA that had Boat US had some good and not so good experiences. The good part was that Boat US satged up a lot of adjusters and were in pretty fast. They processed claims quick too. HOWEVER, a freind got a bad estimate from Boat US compared to a local yard that did a detailled estimate. He refused the inital settlement. Just last week he got a new offer that he felt was fair. So while they were here fast they did not always follow up as quick when things were not so good.

Another friend that had a 48 ft Krogan (trawler) with some serious damage got a 10 minute survey from the adjuster and when my friend told him he was 30% low he just paused and said "well then just send in the yard estimate" and drve off. In the end I think it all depends on the actual adjuster and how well they do their job.

It took Boat US a long time when one adjuster failed.

I'm saying bad things abpout Boat US insurance, just that there are a lot of different situations where the company does not always come through. Boat US is not a real insurance underwriter they just act as the middleman / agent. while as a whole folks here after Isabel had more good to say than not some didn't make so well as far as service goes. I think 4 months to settle a claim is too long. I also think 10 minutes to settle a $40,000 claim was perhaps too quick.

[Sonosailor]

This is good stuff. Can we continue, but each provide the name of the underwriting insurance company, .the annual fee as a percent of the boat's value , and then any experience with claims? That would make this quite valuable to all. Thanks

(wow, just learned how the bolding works - cool)

[irwinsailor]

I just paid my renewal with National marine underwriters. It had a increase of about $250. from last year. I stayed with them because I did not find anyone that could do it for less.
My deductable is 1% of the agreed value and the cost is about the same 1%.

[exposure]

I think you need to includewhat your coverage area is as well.

I am paying .74% of an agreed value with a 1% deductible to Progressive. It covers me within 50 nm of the US East coast.

Woody