Insurance question

[magna 6882]

Hi All
We got into boating salt water in the puget sound and made a jump from planing fishing boats to a 45ft trawler. When i went to get insurance i ran into a little trouble with the jump in size and most of the carriers wanted me to hire a captain or get 40 plus hours of training from a captain. One company did give me a quote with what i thought was good coverage limits.
Now that i have a year of boating behind me is the size jump a question?
Is the premium of 3K per year high as a reflection of my experience ?

They indicated they will send a renewal 45 days before expiration.Should i just renew?



Coverage Provided Amount Deductible


Hull & Equipment $761400 $7614


Electronics Deductible $250
Towing & Emergency Service $1500 per occurrence $0
Trailer $0 $0
Tender $0 $0
Personal Property $10000 $200
Liability Limit (P&I) $1000000 $0
Uninsured & Underinsured Boat Owners $1000000 $0
Pollution – Fuel Spill Liability $939,800 $0
Medical Payments $25000 per person $0
Named Storm Deductible $0
Named Storm Haul Out – 50% of your actual expense subject to a maximum of $500 per occurrence
Trip Interruption – Non Owned Watercraft – Jones Act – Longshoremen’s and Harbor Workers
Premium $2992 Tax Assessment & Fees $0 Total Premium $2992



The policy expires in June so i am reaching out to you guys for advise.


Thanks Guys

 

[magna 6882]

Update
I got my renewal today and the premium went down to $2400 per year. Not having any experience with marine insurance are these prices reasonable? Not complaining just don't want to be ripped off.

 

[SteveK]

Perhaps those with similar sized boats can give an opinion if you included the insured value. You may have paid a surplus in first year, and perhaps even in renewal due to the size jump.
IMO, regardless of all else the $1 million liability seems low, same with fuel spillage.

 

[magna 6882]

Perhaps those with similar sized boats can give an opinion if you included the insured value. You may have paid a surplus in first year, and perhaps even in renewal due to the size jump.
IMO, regardless of all else the $1 million liability seems low, same with fuel spillage.

Hi
I have an umbrella policy that significantly raises limits but the underlying policy's have to carry the first million. I should check the environmental coverage with the umbrella . Thanks

 

[JadePanama]

that seems like a pretty good price to me. I have a 60' vessel in Seattle valued a little less than that and we have a similar premium. $2400 for your NP45 seems very fair if not a good deal.

best of luck

 

[magna 6882]

Thank you. I think i will get the renewal set . I reached out to a couple guys and got no response. Called boat usa and they declined to quote do to my experience and suggested try again next year.

 

[PM]

Lots and lots of variables and options in the insurance market these days. I would suggest shopping around, although your proposed coverage does not seem bad.

Or, you could go like I did, less valuable boat. Mostly just liability insurance.

pete

 

[Porgy]

I don’t know what the NW market is like or your limits of travel but that doesn’t sound bad to me. Is that “agreed value” or appraised value. I believe agreed value is better in the case of a total loss.

The oil spill limit I think is standard. As I recall, that figure is the federal cap on liability. You might want to confirm.

 

[JohnEasley]

Based on your coverages, I wouldn't complain about a $2400 premium.

 

[magna 6882]

Thanks for the replies. I renewed the policy even though i have until 6-1 i want to get it out of the way. Who knows whats coming down the road. Again thanks for your confirmation.