Insurance?
- Thread starter Daddyo
- Start date
The friendliest place on the web for anyone who enjoys boating.
If you have answers, please help by responding to the unanswered posts.
If you have answers, please help by responding to the unanswered posts.
Delfin
Grand Vizier
- Joined
- Jan 20, 2010
- Messages
- 3,851
Rich Haynie Insurance.* None better, whereever you are in the boating world.* He has a dog named "Boat US", however....
Mark,
Progressive will insure without a survey but last I checked their max limit was $40k but you may want to call to see what their limit is in your area. They are a little more $$$ but for older boats where a survey could be a waste of money it is sometimes a good option IF they can get the insurable rate up to the right level for you.
Progressive will insure without a survey but last I checked their max limit was $40k but you may want to call to see what their limit is in your area. They are a little more $$$ but for older boats where a survey could be a waste of money it is sometimes a good option IF they can get the insurable rate up to the right level for you.
Edelweiss
Guru
Currently I have Boat US and from time-to-time hear people say they don't like them, but nothing specific. I have never had a claim, but I keep hearing these comments and thinking maybe I should change companies? *I have stayed with them for ten years now, as they don't require updated surveys every five years.
I've shopped their prices around and they seem to be competitive price wise. *Any specific problems or experiences you would like to share concerning Boat US and recomendations for insurers?
Larry B
jleonard
Guru
- Joined
- Jun 25, 2008
- Messages
- 5,180
I've shopped their prices around and they seem to be competitive price wise. *Any specific problems or experiences you would like to share concerning Boat US and recomendations for insurers?
Larry B
*Ditto for me.
OP
OP
Daddyo
Guru
My biggest problems with BUS is their pricing has not compared well in the cases I have checked and perhaps even more important to me is the limitations and small print in their coverage and coverage areas.
We've been with Mariners General since 2003 and had one small claim.* Our agent has worked well for us.* They're a West Coast based company but they do have a FL office.***http://my.marinersins.com/
Giggitoni
Guru
- Joined
- Jun 21, 2008
- Messages
- 2,097
- Location
- United States
- Vessel Name
- Mahalo Moi
- Vessel Make
- 1986 Grand Banks 42 Classic
Depends whether you want boat or yacht insurance. The later being "agreed value" replacement. I use Ace for yacht insurance.
Capn Chuck
Guru
- Joined
- Jan 20, 2009
- Messages
- 897
Contact Peter Teuten at 410 752 0505. He has been in the marine insurance industry for decades. Tell him that Chuck referred you. I don't get any commission. Chuck
Edelweiss
Guru
*Hi Larry
Have they asked for a survey since your initial survey, if so how often? *Also what is your covered insured cruising area. *I submitted a request for a proposal with Mariners a few minutes ago. *I haven't had contact with them before, so thank you for responding.
Also another poster mentioned "Agreed Value". *Below is what I currently have and what I am looking for:*
Hull and Equipment coverage must be "Agreed Value."
Salvage and total wreck removal must be covered under the Liability Coverage
Are outboards and Accessories covered and based on "depreciated value"
How often do they ask for a survey (my previous company began asking for one every two years, in the water and the 4th year out of the water, at my expense.)*
Replacement costs used when determining partial losses?
How much*Pollution Coverage? (1 million isn't too much!)
Does the policy have a "Named Storm Deductible?"
What is the covered cruising area: *
(This is Boat US weak area in my opinion. *In my case*coverage is all of Puget Sound and British Columbia to the north end*of Vancouver Island. *If I want to go to S.E. Alaska or outside the Straits of Juan De Fuca, I have to call in for a rider on*my policy. Doesn't happen often but just another annoyance.)
Thanks
Larry B
*Hi Larry
...Have they asked for a survey since your initial survey, if so how often? *Also what is your covered insured cruising area....
Larry:* We typically do an out of the water*survey every 3 to 4 years based on which underwriters we are with and what the boats haul out schedule is.* We last hauled in 2010 knowing that we would probably be changing underwriters to go from Mexico to Trinidad and we paid for a survey then since we were already out of the water.* When we got the initial quote we asked them to back out the western Caribbean and the Canal transit (which we're glad we did since we*are in Panama).* The quote dropped $800.00.* If we were to go through during the policy year we only needed to pay and amend the policy.* They did say we couldn't go to Cuba, Haiti and Columbia.* We did get them to accept us going to Columbia without and additional premiums.* We also try not to be tied to hurricane restrictions (geographic and calendar).* Because of that we have a*10% Named Storm Damage deductible.* We are also a crew of 2 that goes off shore and*that limits the number of underwriters that will accept us.* When we left the US in 2008 our agent got quotes from 3 different underwriters that they work with and the dollar*difference in premiums was almost 50%*
Based on a particular*seasons cruising itinerary,*we have*paid anywhere from*1% to 3% of the hull value per year in premiums.
We do have an agreed value policy on the boat and electronics (the*electronics have $250 deductible).* The dinghy and outboard have a $100.00 deductible.
For our cruising situation, I really think the experience of an*agent has really helped.*
Good luck.* Nothing like paying for something you hope you'll never use.
We have our yacht policy with Anchor Marine.* They have offices in Seattle and Alaska but I believe they will insure regardless of location.* They are insurance brokers so shop for the best policy for you and continue to do that as long as you are with them.* Over the last 13 years we have had policies with three different companies including Lloyds through Anchor Marine.* Because of their ability to shop around our annual insurance cost has not changed much at all in the last 13 years but our coverage has stayed the same and most recently, improved.**Our annual*cost*has stayed at about $1,200.
Anchor Marine was recommended to us by the Grand Banks dealer/brokerage we bought our boat through.* A lot of people on the Grand Banks owers forum use Anchor Marine, at least in this area.
Edelweiss
Guru
Larry:* We typically do an out of the water*survey every 3 to 4 years based on which underwriters we are with and what the boats haul out schedule is. * .....................................
Good luck.* Nothing like paying for something you hope you'll never use.
*Isn't that the truth!!
Sounds like an excellent company and some amazing coverage. *I didn't know it was possible to have that kind of coverage in Latin and South America short of Lloyds.
I have contacted them and await their response.
Thanks Again
Larry B
Insurance experience
This spring, while returning from the Bahamas in our 40' trawler, we struck a submerged log in the Alligator-Pungo Canal, resulting in significant damage to our rudder and propellor. We eventually filed a claim with our insurance company, Travelers. They assigned a professional marine adjuster to handle the claim. He really knew his stuff and was very professional and fair throughout the process of having our vessel repaired. We quibbled over one small item on the claim and he agreed to pay for it after we explained why we felt it should be covered. In short, we were very pleased with the way they handled our claim, especially considering that this was our first year with them. They were professional; were fair; and paid promptly. Based on my claim experience, I would really recommend Travelers. I found them through Al Golden with IMIS.
This spring, while returning from the Bahamas in our 40' trawler, we struck a submerged log in the Alligator-Pungo Canal, resulting in significant damage to our rudder and propellor. We eventually filed a claim with our insurance company, Travelers. They assigned a professional marine adjuster to handle the claim. He really knew his stuff and was very professional and fair throughout the process of having our vessel repaired. We quibbled over one small item on the claim and he agreed to pay for it after we explained why we felt it should be covered. In short, we were very pleased with the way they handled our claim, especially considering that this was our first year with them. They were professional; were fair; and paid promptly. Based on my claim experience, I would really recommend Travelers. I found them through Al Golden with IMIS.
