Insurance

stephen Penny · Mar 14, 2010

Ace Recreational Marine Insurance is good option. Suggest getting a quote from U.S. Boat. I found them to offer a competitive, low cost package.

Warren Milberg · Mar 14, 2010

I'm not a shill for Boat US insurance, but to me insurance is only as good as the claim service you receive when you need it. In over 30 years of owning and sailing boats, I never had a claim -- until my boat was totaled by Hurricane Isabel in 2003. Hundreds of boats at my marina were sunk, or severly damaged by this storm. The pressure to just get a claim adjuster to look at your boat was enormous. Yet Boat US used qualified surveyor to assess the damage to my boat -- who recommended the boat be totaled about 2 weeks after the event. I had a check for the full insured value about a month later. While I don't know how other insurance companies dealt with this catastrophe, I do know that some other boat owners were still trying to get their boats repaired many months later. So take a hard look at how any boat insurer would deal with you and your boat if and when you might them to.

Ed Schenck · Mar 14, 2010

Two things I know about US Boat. You will require a new survey because of the age of your boat. If you were ever to go south you would have a major increase. My State Farm has not changed between Lake Erie and Tampa. When I discovered a bent rudder shaft in Oriental it was repaired without question. And my rate did not change.

Bill1565 · Mar 14, 2010

Warren Milberg said:
I'm not a shill for Boat US insurance, but to me insurance is only as good as the claim service you receive when you need it. In over 30 years of owning and sailing boats, I never had a claim -- until my boat was totaled by Hurricane Isabel in 2003. Hundreds of boats at my marina were sunk, or severly damaged by this storm. The pressure to just get a claim adjuster to look at your boat was enormous. Yet Boat US used qualified surveyor to assess the damage to my boat -- who recommended the boat be totaled about 2 weeks after the event. I had a check for the full insured value about a month later. While I don't know how other insurance companies dealt with this catastrophe, I do know that some other boat owners were still trying to get their boats repaired many months later. So take a hard look at how any boat insurer would deal with you and your boat if and when you might them to.

I agree with Warren. You need to think about the insurance company's response if you have a claim. I'm closing on 55 years of boat ownership. My only claims for insurance were from Hurricane Charlie in 2004. Boat US sent a licensed surveyor who used generous yard rates to cost out repairs to my Morgan 34 and my Whaler. It took a little longer than 2 weeks to get my check, but my bank had not yet re-opened so it didn't matter.

sailingdog · Mar 14, 2010

I'd recommend looking at Chubb as well as Boat US. My current policy is with Zurich, and expires shortly as well. I am guessing that your agent is through Hartge Insurance, as Ace is what they are switching most of their Zurich Marine customers to.

sailingdog · Mar 14, 2010

One advantage of Chubb, at least according to a friend who works in the insurance business, is that they will generally allow riders for Caribbean and foreign water travel. So if you're planning on going to the Caribbean or the Bahamas, they might be a better choice.

BobM · Mar 14, 2010

Older boats and Boat US

Mike G. said:
SD, you are correct.

I will take a look at Chubb as well. For some reason I never looked at Boat US. Maybe I was thinking that I read (here) that they don't insure older boats?

I have had two boats insured with Boat US. The first, a 1982 Lancer 25, I paid $1000 for. They would not give me a policy beyond liability (others were covered if I hit them) as they said they didn't want to encourage me to sink my boat for the insurance. I only asked them for $3000 coverage! Coverage was about $600/yr. No survey required.

The second is my current boat, a 1981 S2 9.2A. I have a loan on the boat so required replacement insurance or at least insurance to pay off the loan. They wrote an "agreed upon value" policy for what I bought the boat for and a survey was required. Note that an insurance survey is much simpler and cheaper than a purchase survey and if you have the later and it is recent they will accept it. I haven't tried to increase the value of the policy, but suspect that may require an updated insurance survey to verify the improvements I have made to justify the increase. Coverage was about double at $1200/yr, if I recall correctly and the policy is for $20K of value.

Bill1565 · Mar 14, 2010

Mike G. said:
SD, you are correct.

I will take a look at Chubb as well. For some reason I never looked at Boat US. Maybe I was thinking that I read (here) that they don't insure older boats?

Don't know about present restrictions, but they insured my 1966 Morgan. Sent their own surveyor. He told me he was basically taking attendance. People had gotten papers on boats they didn't have and then didn't have a carcass to dispose of before they made a claim. I had a pre purchase survey done on my !979 Hunter 37c, which I reccomend for anyone buying a boat. I sent them a copy. They asked me to respond to the items the surveyor found. I did that. No further questions from them. No second survey.

higgs · Mar 14, 2010

I am presently with Boat US, but have not made any claims. When in WI I was Allstate and they were great. No survey and, when I made claims, they were fast and more than fair. Rates were reasonable. I moved to NY state and suddenly Allstate there got real hard to deal with. they wanted a survey, which I had, but wanted me to hire a marine mechanic to sign off on all the faults the survey found. This was things like the rigging was too loose, the boom gallows needed varnish, etc. This is why I used the same survey to go to Boat US. Allstate in your area may be more like it was for me in WI so it could be worth a try.

stephen Penny · Mar 14, 2010

Mike G. said:
Received a letter yesterday from the insurance agent informing me that Zurich is getting out of the business of insuring yachts. They are offering Ace Recreational Marine Insurance as an alternative. Does anyone have any experience with Ace?

The policy is good through June but, I want to start shopping now. Assuming that an insurance survey will be required, I want to at least have the bottom surveyed before spring splash.

Thanks,

Mike
1977 Pearson 323 #2

My US Boat policy for a 31' Hunter is $210 per year in San Francisco with full coverage plus towing and very low deductible. This is lower cost than any of the other quotes. It is also lower cost than my Progressive insurance for my ski boat. Farmers and Allstate would not provide coverage. Suggest getting lots of quotes.

Jumpstart · Mar 14, 2010

Mike G. said:
Received a letter yesterday from the insurance agent informing me that Zurich is getting out of the business of insuring yachts. They are offering Ace Recreational Marine Insurance as an alternative. Does anyone have any experience with Ace?

Ace is a marine specialty insurance company. I've had them for several years. Their better policies have Jones act coverage which most don't. Personally, after not having a claim for 20 years, I had 2 claims totaling $40,000 in 2008 and 2009. They handled both claims fairly and expeditiously. A quality underwriter and highly recommended.

Bob S · Mar 15, 2010

Has anyone heard of The Northern Assurance Company of America, International Marine Underwriters? They insure my boat valued @ 52,000 for $604.00/year with a $1040 deductible. My navigational limits are from Eastport ME to Port Washington NY.

Seems like a pretty good rate I think. Fairly new to boating and insurance wasn't something I shopped when buying the boat.