Boat/US insurance Co - sold to other Co

[Allan Frey]

I received a letter from the Boat/US insurance co which seems to indicate that it has been bought by another company. One consequence seems to be that Boat/US is now going to use a different carrier to insure boats.

Anybody have information on how that change may affect Boat/US’s policies and practices?

Allan

 

[gettinthere]

I did not receive a letter like that and cannot tind anything in a google search

 

[Skipper]

Boat US was bought by Berkshire Hathaway some time ago. BH has their own ins co.

I don't know how this has\will affect policies, but from memory my impression was that the new ins co policy is better. I can't recall specifics, so this my be useless but for piece of mind.

My rates stayed the same.

 

[azguy]

I have not received a letter either....??

 

[Rick D]

I Did A Fast Scan...

Boat US was bought by Berkshire Hathaway some time ago. BH has their own ins co.

I don't know how this has\will affect policies, but from memory my impression was that the new ins co policy is better. I can't recall specifics, so this my be useless but for piece of mind.

My rates stayed the same.

...and it appears they are using the same policy form. Since they are acting as a general agent, they BUS may control policy forms, underwriting & claims, which means for us that they control everything but rates.

 

[Claygr]

This happened last year, I believe. One thing I noticed that was a positive was that you can now pay the premiums on a monthly basis after paying a down payment. The vanishing deductible is still in place. I didn't see any difference in the coverage, which is really the "gold standard" compared to other carriers.

 

[Charlie Jones s/v Tehani]

Wow- now maybe the BoatUS agents will be able to find their asses with both hands. Tried three different times to get coverage with them beginning in the early '80's, and never could get to talk to an intelligent person, The last time involved 4 phone calls, three fax's and several emails to get insurance on my SAILBOAT. I was repeatedly informed they did not insure boats that were "for sale":cussing:

I gave up and went with Progressive.

Dropped my BoatUS membership too

 

[Claygr]

For what it's worth, I have had really good experience with the Boat U.S. representatives. I was able to get an insurance binder the same day I applied. Fortunately, I have never had a claim but I have been told that their claim analysts really understand boats, as opposed to other carriers who do not specialize in marine insurance. I also think they are less expensive than other carriers when you truly compare apples to apples.

 

[CCHer]

When the BUS premiums went up last year due to Sandy I shopped around for the first time in years and came up with a truly apples to apples comparable policy with Markel at considerable savings. I kept my BUS membership for towing and also like to support their advocacy for boating.

 

[azguy]

Wow- now maybe the BoatUS agents will be able to find their asses with both hands. Tried three different times to get coverage with them beginning in the early '80's, and never could get to talk to an intelligent person, The last time involved 4 phone calls, three fax's and several emails to get insurance on my SAILBOAT. I was repeatedly informed they did not insure boats that were "for sale":cussing:

I gave up and went with Progressive.

Dropped my BoatUS membership too

Early 80's

I got my insurance last fall and never even spoke with a rep and I have never owned a boat before....I filled out an on-line application, e-mailed a half dozen pictures of the boat, paid and got a policy....

 

[Gunni]

For what it's worth, I have had really good experience with the Boat U.S. representatives. I was able to get an insurance binder the same day I applied. Fortunately, I have never had a claim but I have been told that their claim analysts really understand boats, as opposed to other carriers who do not specialize in marine insurance. I also think they are less expensive than other carriers when you truly compare apples to apples.

There are plenty of carriers who "understand boats", that is just a BoatUS pitch. What really matters is, do you have an agent that knows you, your ownership history, values your long-term business, and will go to bat with the insurance company bureaucracy? If you don't have an agent who you know on a first name basis, you aren't paying for one, but it isn't an apples-to-apples comparison with these direct insurers. You haven't included the cost of an attorney to get your claim paid in a timely manner.

 

[Warren Milberg]

I do think BoatUS changes underwriters now and then, but that should does not affect what is written in your policy. To me, while premiums are important, the way to pick a boat insurance carrier is to understand their claims handling ability. Think about a worst case scenario like a hurricane wiping out half of your marina and sinking or seriously damaging many of the boats there. How well will your insurance carrier meet your needs at such a time? That happened to me in 2003. A qualified BoatUS adjuster, who was also a marine surveyor, was on site within days. My claim was satisfied in a few short weeks (boat was totaled) while hundreds of other owners with damaged boats were still trying to get the attention of their insurance carriers. I would go with BoatUS in a NY minute....

 

[Gunni]

The easy claims are the "totaled" claims - the boat is without a doubt a total loss. Any claims agent with a pulse and one good eye can determine that fact. And you are done with the vessel.

The tough ones that challenge insurance companies are expensive partial losses like lightening strikes or flooding where the prudent owner will want to have entire systems replaced now rather than verify and file successive claims as the systems progressively fail. And further, what depreciation will be applied to those very expensive systems costs. You need an advocate, someone who sells that insurer's product for a living.

 

[Joe]

Wow- now maybe the BoatUS agents will be able to find their asses with both hands. Tried three different times to get coverage with them beginning in the early '80's, and never could get to talk to an intelligent person, The last time involved 4 phone calls, three fax's and several emails to get insurance on my SAILBOAT. I was repeatedly informed they did not insure boats that were "for sale":cussing:

I gave up and went with Progressive.

Dropped my BoatUS membership too

I've never had any kind of problems like that... one phone call.... copy of most recent survey... rate quote... done. Of course, I don't live in Texas and my boat's not for sale.

 

[Warren Milberg]

Let me take another run at this: I imagine that when many boat owners think of making an insurance claim, they think of a one-on-one situation, that is, their boat was somehow damaged and they are the only one making a claim at that time. They expect the insurance company to focus on their issues -- now. Now imagine you are at a marina that has been partially destroyed by a "natural" disaster and that 500-600 other boats there have been sunk, dismasted, or otherwise severely damaged. Some may have to be raised from the bottom, some lowered (see pic below), some perhaps repaired, and some carted off to a disposal lot. Perhaps the marina has one fiberglass shop, one rigging shop, one canvas loft, and an engine shop. Perhaps it has one or none of these repair facilities. All of those 500-600 owners are seeking estimates and/or repair services from limited sources. What would you do? What would you expect from your insurance company? Would you be satisfied with the result?

 

[NotCook]

One thing I noticed that was a positive was that you can now pay the premiums on a monthly basis after paying a down payment.

Boat US Insurance has offered this payment option for at least the last 3-4 years.

 

[Steve Dion]

So here is the scoop

 

[rfrye1]

FWIW...
I am in the insurance business. Berkshire Hathaway also owns GEICO.. No comment on GEICO, Buffett is a smart guy, he's not in it to lose money. For the most part rates are increasing on homes, boats etc, not a lot, but most of us will see +5-10% this year. I recommend to my clients higher deductibles (turn in fewer claims) to keep premiums lower.

Bob.

 

[Captn TJ]

There are plenty of carriers who "understand boats", that is just a BoatUS pitch. What really matters is, do you have an agent that knows you, your ownership history, values your long-term business, and will go to bat with the insurance company bureaucracy? If you don't have an agent who you know on a first name basis, you aren't paying for one, but it isn't an apples-to-apples comparison with these direct insurers. You haven't included the cost of an attorney to get your claim paid in a timely manner.

+1 on this comment. We were with BoatUS years ago but then found out we got better service and lower rates from our insurance agent (with a premium company). A local person that you can talk to face to face or call on a Saturday if needed trumps a call center. FYI same coverage and almost 10% cheaper!