Good question.
Semantics- yes (legally speaking).
It's the lack of information that puts a damper on things.
Thank you Pete, that is why I asked the question.
I believe, in many cases, Achilles heel is spelled v-a-g-u-e.
Good question.
Semantics- yes (legally speaking).
It's the lack of information that puts a damper on things.
Gieco owns BoatUS who tows and salvages thousands of cases each year some of which become claims. Their database gives them good insight into how experience effects risk. Boats are very different than cars. Right now you don’t know what you don’t know and I’m sure it is surprising to be refused. Once you get insurance and you will, on a windy day when the kids are tired and the wife wants to go home and the dog has to go, and you are in a hurry to dock, the difference will become a bit clearer to you. I used to own a tow boat business and during the recession the case load really reduced as less new boaters entered the market. Learn and practice with your captain once you get your boat. I’m sure you will love boating too! Good luck.
Thanks for this clarification!! Very useful. I am carefully optimistic at this point. Will keep you posted.
Karin, I am a long-time insurance agent with a major national company which is more known for auto and homeowner insurance. We do also insure boats, but since insurance rules and rates vary by state, I am not certain about the rules where you live. However, in Pennsylvania, where I am located, we would be able to insure that boat with no problem, even with no experience.
I think that insurance companies that do NOT specialize in boat insurance tend to be more lax in their underwriting. The downside is that they don't know as much about boat insurance but if you can't find it anywhere else, try the majors like Allstate, State Farm, Nationwide, etc.
My policy is with Chubb and it has superior coverage to any other policy I have seen, but that is not who I work for so I am not trying to sell you on any particular company, just offering suggestions.
We just switched our insurance to a Geico policy through the agent for the Marine Trawler Owners Association, Jon Horton at Jack Martin and Associates, Annapolis, MD, 866 206 8821.
Our policy was almost 1K cheaper than the quote for a Geico policy through BoatUS, and did not have the horrendous 80% depreciation on partial loss that the BoatUS policy had.
The cost for an MTOA membrrship is minimal, but see if they can help you with a policy first.
As noted above, you may want to present the boat as being operated by a licenced training captain for some period of time, while you are also taking any classes available in your area.
Good luch with insurancevand with the new boat.
Welcome aboard. JohnS
Great news. Glad you found something.UPDATE: Dear all, many thanks for your kind words of advice and encouragement. I have made contact with Global Marine and thus far they have been awesome. I received a quote from them and it seems like “my” little tug might go a chuggin’ sometime soon. Thanks again and see you on the ICW.
We also had a similar scare with insurance when we purchased our 32NT. But it was because of the tugs age not our expierence. At first even our home owners insurance said no to us. But the agent called us back after a week or so and said the underwriter had changed their policy and are now excepting boats up to 35 years old.Thanks - I am very happy
Mine was written by multi-line agent. This year they dropped coverage here in the Gulf Coast area, wait for it....because hurricanes tore up a bunch of boats. Agent switched us to different carrier at a higher premium, again because of good old Harvey! I have had no claims or suffered any loss. You bet the boat is going to be destroyed, they bet it will float gently in my marina!
Losses do happen, and insurance is there to assist. Massive losses caused by storms will affect the market in the form of higher premiums, refusal to offer coverage in hurricane prone areas, or (like Falvey) closing the doors and shutting down the business unit.