Boat Insurers: Cartel or not? Time to leave BoatUS?

[TabbyCat]

Originally Posted by Tonali99

A...Geico .. have a hard time and no answers for my wanting to insure beyond the Bahamas. (I even sent them my CG papers for my seamanship)
Here's the question,
Anybody know a company that will insure the boat for beyond that?
No ocean crossing passages, just the DR, P.R. and maybe further.
Without ruining my retirement.

Geico is a US based company, and as such is restricted by ever increasing licensing regulations and enforcement as to what they can offer. In order to offer coverage for boats that are primarily moored outside the USA (which Geico defines as more than 4 months a year) they would need to be licensed in each of the foreign countries, which is a task most underwriters are not willing or able to manage. Many underwriters, such as Pantaenius and Novamar have left the Caribbean market altogether, but there are a few still left including Markel Jackline and Lloyds. Feel free to contact me directly if you need a quote.

[BMD21]

A quote from Trade Only Today:


"In 2007, BoatUS was sold by founder and former chairman Richard Schwartz to Berkshire Hathaway-owned subsidiary National Indemnity Co. In January, BoatUS was transferred in a change of ownership to Geico, another Berkshire Hathaway company, but one that BoatUS said is better suited to help it grow.
“We are better positioned for growth because Geico is a consumer-oriented company, rather than NICO, which is another insurance company, but one more focused on commercial auto and general liability coverage,” BoatUS vice president for public affairs Scott Croft told Trade Only Today. “Geico, which has assets of over $32 billion, really knows how to treat their customers well, so we share the same philosophy.”

Croft said growth among the group’s 530,000 strong membership has remained modest since the recession ended and the group is looking to jump-start growth under new ownership."


So now understand that BoatUS' primary goal is in the insurance business. Don't expect that they will do anything to disappoint their owner.


Boris