I Can't Get Boat Insurance

[newhaul]

Originally Posted by Mike OReilly

That sounds consistent with ours. Any idea why the default is only $300k? Seems laughably low.

No idea but looking around the marina with few exceptions 300k would easily replace any boat in here . There are 2 that are valued higher but they are not near me .

[hpeer]

We carry $1m, for Caribbean, about $1,200/year and they required a rigging inspection.

The variations drive me nutz.

One insurer, a poster here, explained somebody it to me. Has a lot to do with international law and being licensesed to practice in multiple countries.

[BuoyCall]

Originally Posted by hpeer

We carry $1m, for Caribbean, about $1,200/year and they required a rigging inspection.

The variations drive me nutz.

One insurer, a poster here, explained somebody it to me. Has a lot to do with international law and being licensesed to practice in multiple countries.

Alot has to do with where the boat is registeted. The agent has to be licensed where tbe boat is registered. We are licensed in pretty much all 50 states and Canada. Ive also helped clients find agents elsewhere in other countries if we are unable to be their agent.

[hpeer]

BouyCall,

Thanks for the additional explanation.

[BuoyCall]

There are only a handful of carriers out there and 95% of the agents have access to the same ones so it boils dwn really to who you feel comfortable with and trust him/her to have your back. Occasionaly the agent will become complacent and not do their due dilligence. I always like a challenge and hearing all these different situations is very interesting...it's alot diff than 25 yrs of cop work.

[tml]

If you have an umbrella liability policy it generally requires a minimum underlying policy for your umbrella to be in effective. Ours requires a $300,000 liability marine policy before our umbrella policy kicks in.
That may explain some of the low limits some marinas require.

[newhaul]

Originally Posted by tml

If you have an umbrella liability policy it generally requires a minimum underlying policy for your umbrella to be in effective. Ours requires a $300,000 liability marine policy before our umbrella policy kicks in.
That may explain some of the low limits some marinas require.

What are low minimums? Mine requires 300k liability per occurance and a million minus 5 dollars epa cleanup fee

[newhaul]

Originally Posted by BuoyCall

Alot has to do with where the boat is registeted. The agent has to be licensed where tbe boat is registered. We are licensed in pretty much all 50 states and Canada. Ive also helped clients find agents elsewhere in other countries if we are unable to be their agent.

Ok can you write in Washington state?

[Rockinar]

I had no zero sailing experience like 3 years ago for a 1984 boat. Bought a 28' that was damaged and survey not good. Insurance companies were all "No problem!"

Fast forward 3 years later of experience, ASA courses and newer 1994 boat with clean survey.

INSURANCE: "No thanks!!"

[Mike OReilly]

Seems pretty clear the boat insurance world has really shrunk and become a lot tighter -- at least here in North America. A couple of years ago I got dumped by our underwriter when our broker decided to switch affiliations and then said they couldn't find us a policy.

I went to another broker who actually did their job*, and actually shopped around. They eventually found us an underwriter, but in our case they are one which specializes in "Special Risks."

As I understand it, these Special Risk insurers are a group of underwriters who take on unique or less-standard risks. Those of you having trouble finding insurance might want to push your broker to look at these underwriters. So far, it has worked for me.

* The broker we were with clearly didn't shop beyond their newly established underwriters. I don't know how the relationships work with brokers and underwriters, but I always thought a broker was supposed to work for the insuree, not the insurer. Clearly that didn't happen in our situation.

[goboatingnow]

Well Ive settled my lightening damage claim
And my renewal is 6 weeks away , hmmmmm

[BuoyCall]

Originally Posted by newhaul

Ok can you write in Washington state?

Yes, I can write in pretty much every state, just helped a charter company in Alaska. Trade off is if I ever get up there he will take us on a ride...lol. Send me an email to Frank@spacecoastinsurance.com

[BuoyCall]

Originally Posted by goboatingnow

Well Ive settled my lightening damage claim
And my renewal is 6 weeks away , hmmmmm

Let us know how the renewal goes over there and if they ding you for the claim. Good luck!

[BuoyCall]

Originally Posted by Mike OReilly

Seems pretty clear the boat insurance world has really shrunk and become a lot tighter -- at least here in North America. A couple of years ago I got dumped by our underwriter when our broker decided to switch affiliations and then said they couldn't find us a policy.

I went to another broker who actually did their job*, and actually shopped around. They eventually found us an underwriter, but in our case they are one which specializes in "Special Risks."

As I understand it, these Special Risk insurers are a group of underwriters who take on unique or less-standard risks. Those of you having trouble finding insurance might want to push your broker to look at these underwriters. So far, it has worked for me.

* The broker we were with clearly didn't shop beyond their newly established underwriters. I don't know how the relationships work with brokers and underwriters, but I always thought a broker was supposed to work for the insuree, not the insurer. Clearly that didn't happen in our situation.

Your pretty spot on....Agents and/or Producers gain access to the brokers who have access directly to the carriers/underwritters or they go thru yet another broker to get access. I've gotten access to 2 different brokers to be able to shop amongst about 15 carriers both here in the states and London where the really big carriers are who take the "special risks" like you said. This is exactly why I got into this career/niche with boats and yachts to see how the game is played for when we pull the trigger and get our own yacht. I had no clue how it worked until I got off the bench and onto the field. I find this new career alot more interesting than 25 yrs of playing cops n robbers.

[BuoyCall]

Havnt logged in in a few weeks. Seeing if I missed anything. Lol