SteveK
Guru
- Joined
- Jul 5, 2019
- Messages
- 5,851
- Location
- Gulf Islands, BC Canada
- Vessel Name
- Sea Sanctuary
- Vessel Make
- Bayliner 4588
Peter,Never gauge a policy by price alone…
Care to list what we should gauge by?
Last edited:
Peter,Never gauge a policy by price alone…
Care to list what we should gauge by?
Care to list what we should gauge by?
Care to list what we should gauge by?
BB, Not the answer I was looking for, too obvious.Compare the key policy terms. Deductible, coverage limits, coverage areas, etc etc.
Credit rating of insurer.
And maybe some intangible sense of who is fair to deal with for getting claims reimbursed. (The latter is where an expert in the industry is useful)
After 7 years with GIECO through an independant Agent, GEICO is no longer writing or considering previous policies written through outside agents. We asked our AARP vehicle insurance company Hartford about marine insurance and they extended this through a Hartfort solutions partner. But their premium would probably not be any lower than the lowest quote that you already have acquired.I am new to the Forum.
I am shopping for insurance on a 1999 Sabre 36 Trawler and wondering if anyone can recommend an insurance company. I got quotes pre-survey from CHUBB and United Marine Underwriter for $2,600 and $1,300, respectively, for equivalent coverage. Really puzzled by the spread. The boat I just sold, a Sabre 34 sailboat, was insured by Gowrie Group for annual premium of $1,200, similar coverage to what I am seeking for the trawler.
Any and all advice or suggestions welcome.
Thanks.
Chris Mansfield
BB, Not the answer I was looking for, too obvious.
deductible can be lowered with higher premium, I am claims free boater so premium is my main concern. coverage limits? I have up to 2mil for each incident. coverage areas are what I specified asking for quote.
My biggest concern was discharge of fuel or oil in a marina. This has become much more concern protecting the environment.
I solved that concern by installing bilge switches that sense fuel and oil and will only discharge water. Should the bilge fill with fuel my high water alarm will alert me remotely.
.............
I also came to the conclusion that almost as important in your boating record, is a great credit record for deciding whether they will extend coverage to you, which originally surprised me.
Credit score. I guess they can look it up behind the scene. They may have asked if there was a loan, but I do not remember. Mostly my boating resume.
I know the agent I spoke to made comments which suggested I would have no trouble getting approved at a good rate.
Pau Hana here on TF does insurance brokerage.
For example, AIG won't renew coverage on my house as they are dropping all policies in that state due to the state's insisting they cover unprofitable geographic areas for wildfire fire coverage, yet can't raise rates there to cover the risk. (I'm not in their risk area either.) I have until June to find a new carrier.
I just want to chip in here as a common theme in these insurance threads is insurers that arbitrarily change their requirements and send non-renewal notices as happened to Bowball or impose untenable renewal terms.
I was an independent insurance broker for ~40yrs providing solutions for mainly Oil Cos, Offshore Drilling Contractors and Shipowners. What we small boat owners are experiencing is common throughout the insurance industry in all specialist lines of business. There are a variety of reasons for this which I can dive into if needed but the bottom line is that the largest buyers of insurance including in my personal experience: Shell, Esso/Exxon, Pemex, Petronas, Crowley etc. also face this exact same issue despite their massive buying power.
My job was to research and develop connections with a wide range of qualified insurers so that when the inevitable 'non-renewal' notice arrived, or the renewal terms offered were untenable, my clients had options.
That is what a broker does.
By and large the broker is paid by the insurer, not the insured, so their representation of us boat owners does not add to our cost. (Not true of my former clients which were mainly fee-based clients).
When you hire a broker you are getting your own representative in dealing with a number of insurers. You should ask for and expect to receive several competing quotes and an evaluation of those quotes considering insurer quality, claims responsiveness, coverage comparison etc. For more difficult risks (old wood boats, inexperienced owners etc.) there may be few options and it is even more important that you have on your side someone qualified to seek them out.
That is why I strongly recommend making a connection with a broker. Find a good Marine/Yacht insurance broker and THAT will become your long-term relationship as the insurers come and go over the years.
Bottom line: My recommendation is that you do your due diligence in the selection of a broker, then allow the broker to do his due diligence in the negotiation and selection of an insurer or a panel of insurers from which to choose.
My broker has been my broker since 2006. In 16 years we have moved insurers 5 times. Never for price, always for coverage and my required navigation limits.
~A
Good pointMy opinion regarding insurance is to use your favorite independent Insurance Broker.
You think about insurance once a year when you renew or buy a new policy. Your broker does this for a living.
Doesn`t seem to meet the insurers mutual obligation of "utmost good faith". If as they claim, they were affording you no cover, they ought return your $. But as that involves you implicitly accepting they were not obliged cover you, before you ask for your $ back,check you have no possible claim,or claim against you,that may be outstanding,or might arise.My experience with GEICO has been less than stellar. They took over my US Boats policy when I was in Mexico. My agent knew I was down there and the US Boats policy covered me down there. When I returned to the USA a year and a half ago due to Covid, I called my agent seeking a reduction in my premium since I was now stateside. Not only did I not receive a reduced rate, I was told that I had NOT been covered for the two years that GEICO was cashing my checks. WTF? Is that even legal? I was never notified of their change in coverage and they happily cashed my checks for the whole time.
That left a very bad taste in my mouth. I am currently back in Mexico and carry liability insurance (Chubb) only. Maybe I'll check with Paul about getting coverage again for Mexican waters.
STAY AWAY FROM GEICO!
Cheers, Bill
My opinion regarding insurance is to use your favorite independent Insurance Broker.
You think about insurance once a year when you renew or buy a new policy. Your broker does this for a living.
Good point
Does anyone the diference between ACE American and chub. both names are on my paperwork,
Was the cheque in the file your payment not cash or a refund cheque not given to you? And why was it for 5 years. When you paid your premiums I assume you were invoiced first and you were not just sending a cheque based on the quoted amount.Boat Insurance…. I used what I thought was a experienced trustworthy local agent with a good reputation….? Paid my premiums my policy was pretty steady for five or six years and then had a few major increases. then it’s renewal time no contact from the agent no invoice…. Reading comments on here and other sources about huge increases on vessels in Florida. So I telephoned my agent and see what’s up. She says hold on let me grab your file, she reports back that she looked in my file and there was check for last years Premium, they had canceled my policy, as the ins company had stopped writing in Florida?
As she shopped my policy told me the biggest issue I HAD was I HAD a gap in my Insurance coverage, never took ownership that Her agency never notified me… last time I spoke to her she said it was my boat I should’ve made sure I had coverage… So why do we hire agents….?
Does anyone the diference between ACE American and chub. both names are on my paperwork,
Here are some other important insurance points.
First buying direct from the insurance company does not save you money Vs using a broker. The broker gets paid by the insurance company, but the "buy direct" companies are not cheaper, they just make more profits, and or do not tailor a policy to fit your needs.
Another point is to actually read your policy. If you have specific questions ask your broker for clarification. If you do not like an exclusion, then go back to your broker and ask to have it removed or modified to fit your needs.
Last is to remember that your insurance policy is not designed to protect you against your unwillingness to properly maintain or protect your boat. It is designed to protect you against unforeseeable losses, not things that you could prevent if you took the time and spent the money to mitigate the risk before it became a big deal.