Best Insurance Practices for Lagoon 420

[psychfeld]

Hey gang,

I'm shopping for insurance for a 2009 Lagoon 420 that I expect to own within a month.

Does anyone have an agent or suggestion for a company? I have a bid now from Pantaenius and Lloyds. I will be hugging the eastern seaboard through hurricane months, then south to carib.

It sounds like the Pantaenius has the better coverage because the policy includes lightning strike damage.

I'm game to hear any experiences, good-bad lessons, opinions that might be relevant.

I'd like someone to compare against the fellow who's bidding now. I like to back up what anybody in the insurance biz says just to get a second opinion.

Cheers in advance!!

[Palarran]

I've used these guys for 6 years now and really recommend them. I've never had a claim though.

Bill Porter
Account Manager
Kolisch Marine Insurance
Phone: 954-568-7804
Fax: 954-563-2367
Visit us at kolisch

[Ostinato]

Extremely good experiences with Pantaenius in Europe in any case. Much less expensive than US carriers and better coverage. Very flexible and responsive on claims.

[Jeannius]

Originally Posted by Ostinato

Extremely good experiences with Pantaenius in Europe in any case. Much less expensive than US carriers and better coverage. Very flexible and responsive on claims.

Funnily I had exactly the opposite experience. Pantaenius USA were way cheaper when compared to Pantaenius UK. At the time we were a UK flagged boat cruising the Caribbean and USA.

[wrwakefield]

We prefer working with an insurance broker. [Brokers represent you; insurance agents represent their company...]

Al Golden at IMIS has earned a great reputation [and is an ex-cruiser...] They get our business, and are always competitive price wise... They can put together a policy to meet your specific needs, and have an ongoing reputation for no fuss claims handling and quick payouts.

Key points for us when shopping insurance include:

We specify All Risk [vs. Named Peril] coverage. All Risk covers everything that isn't on the not covered list; Named Peril tells you what is covered, but not specifically what isn't, so unless you can read between the lines...]

For total loss, we prefer an Agreed Value [negotiated price] vs. Actual cash value [which is their adjusters estimate of what it is worth after the loss...] policy. No surprises that way; you know what you will be paid and are not at the mercy of their adjuster's estimate.

For Partial Loss, we prefer Replacement Cost [new for old] vs. Actual Cash Value [depreciated value of item(s) to be replaced... pennies on dollars...]

When comparing policies, only compare the ones that have matching criteria as outlined above, otherwise you aren't comparing similar products.

Best wishes finding what you need.

Cheers!

Bill