Vessel insurance update- Spring 2020

[ArmyDaveNY]

Originally Posted by tradrockrat

Right?!?!?!

I figure there's got be a mistake, but when I called them, they basically told me to submit a survey and that was the quote. I'm 90% sure I just had somebody not listening to me and trying to give me a hull value quote or something.

I think that is a very reasonable possibility. I have had that before, where the quote ended up including very little of what I requested. Good luck with your hunt.

[Pau Hana]

Originally Posted by tradrockrat

JE-ZUZ

Progressive just told me they won't insure my Tayana in Kemah Texas because it's longer than 35 feet. I was looking for liability only.

Geico wants $1900 for the year for liability only.

Details, please- $1900 is too high for liab only (I was a program manager for GEICO Marine, so I speak from the standpoint of experience).

PM me- I believe i can help.

[SVAdventuress]

Hi all.

I have a Geico policy, and am in the middle of spending $100k on enhancements, upgrades etc on Adventuress. She’s on the hard in St Augustine, FL, at a yard getting the work done.

They will not cover work in progress. Does anyone have any suggestions? There are 5 major projects that are enhancing the value of the boat, and I don’t want to lose their value

Thanks for any help you might be able to give!

[Pau Hana]

Originally Posted by SVAdventuress

Hi all.

I have a Geico policy, and am in the middle of spending $100k on enhancements, upgrades etc on Adventuress. She’s on the hard in St Augustine, FL, at a yard getting the work done.

They will not cover work in progress. Does anyone have any suggestions? There are 5 major projects that are enhancing the value of the boat, and I don’t want to lose their value

Thanks for any help you might be able to give!

Work in progress is typically not covered by insurance- but any hard upgrades (electronics, repower, rewiring ow electrical systems, other things not maintenance related) can be covered after the work is complete with receipts and/ or a survey reattend.

The reason WIP is not covered is that much of the time, parts purchased don’t make it onto the vessel, and insurance won’t cover parts intended for install.

It’s also important to note that maintenance is not generally covered as an upgrade by insurance: so, changing out old but working seacocks for new Marlon seacocks is not considered an upgrade.

Keep good records, then submit all for review by GEICO for potential valuation increase.

[Setsail360]

This year, the boat is still in Papeete and the renewal price for the policy remained the same but so did the restrictions. We were able to find a BC broker who could supply a policy similar to the more flexible one as long as we don't leave FP. And the price is about US$1200 cheaper than last year. At the moment the boat is parked in a marina in Papeete and will likely be there for awhile. If and when we get back there, we plan to spend the season or longer in FP so the policy is fine for this year.[/QUOTE]



Hi Pau and Marathon,

I am trying to figure out insurance for my 2014 Boreal 47 on a mooring in Bay of Islands NZ. I think I will leave it until April/May 2021 and sail it back to Canada, either to BC, or through Panama and up eastern seaboard to Nova Scotia.

Any thoughts on who I might look at for insurance?

Thanks!

[DeValency]

Have you looked at Pantaenius? They are great with my international cruising coverage at a very reasonable rate. Unfortunately, as of this year, they pulled out from the US, including foreign vessels cruising in US waters.


*******
I am trying to figure out insurance for my 2014 Boreal 47 on a mooring in Bay of Islands NZ. I think I will leave it until April/May 2021 and sail it back to Canada, either to BC, or through Panama and up eastern seaboard to Nova Scotia.

Any thoughts on who I might look at for insurance?

Thanks![/QUOTE]

[GRIT]

I just renewed my insurance with Susan Waters. She's a cruiser herself, and I've been quite happy with her service.

International Waters Insurance Services

Cheers.
Paul.

[Mike OReilly]

Originally Posted by GRIT

I just renewed my insurance with Susan Waters. She's a cruiser herself, and I've been quite happy with her service.

International Waters Insurance Services

Cheers.
Paul.

This looks interesting Paul. I love how they specifically list "liability only" as one of the coverage options. Do you know which underwriters they use?

[GRIT]

I'm presently insured through Concept "special risks".
https://www.special-risks.com/

Susan found that was the best deal, for what we're doing.

Cheers.
Paul.

[Wallaby]

Does anyone have insurance with Geico and experienced an increase of 20% this year? My policy just arrived and I spent 30 minutes with an agent. I've had only once claim in 30 years--a lightning strike. Apparently, the BOAT US/Geico policies were 'rewritten ' this year. Whatever that means.

My auto policy is also with Geico, and the rate increased by 20% as well.

[CFS Klopas]

My car and boat premiums with Geico haven't gone up. My car premium went down.

[rslifkin]

I'm with Progressive for both, but for this summer's renewals, the boat went down a couple of $$$ and the cars went up noticeably. Not really sure why considering how much less driving everyone (myself included) is doing...

[Mike OReilly]

Mine jumped about 20% for no apparent reason. I've never had a claim -- ever. I pushed back and my broker claimed all their underwriters were doing the same. Who knows...

[GRIT]

Ours went up too, about 20% or so. I was told; with so many insurance companies jumping out of the pleasurecraft market, it's become a "supply and demand" kind of increase. Fewer companies offering a service, means they can increase the cost of that service.

What can you do? Until we all decide to "self insure", we're stuck.

Cheers.
Paul.

[Wallaby]

It increasingly sounds like the boat insurers have collaborated on premium increases--that is as a cartel, which would fall under anti-Trust laws. So much for BoatUS representing its membership. What a joke!