Is this just stupid Marina thinking?

[RobertLangdirect]

Check with progressive! One milion is not much in today's market maybe three or four boats.

Ross -- Strange you should say that.

GOOD TRADE was bought on the cheap so I do not have comprehensive or collision. If I am dumb enough to hit Bill or Dave in port, or on the river, my bad for the damages to my boat. So I carry what was the minimum required before -- that is 100/300/50. I paid $128.

Progressive has various al a carte coverages until you get to 300K. Then is is 300/300/300 . . . which is $100K short of a million dollar policy.

But there next break is $500K for a 500/500/500 policy. That will cost me $306 per year. More than double the cost.

But that too is not so bad, in some manner. A little lizard from down under has a compliant policy -- 300/300/300 and a separate $854k for fuel and environmental -- for $388 -- or abut three time what I pay today.

So, I sort of agree on Progressive, at first blush. But I think the real question is, what are the real requirements at other marinas and aside from that, who has the best priced policy.

 

[RobertLangdirect]

I asked and got $1M. I wanted nothing less. State Farm. My agent lurks here. I have that amount on two boats, need to drop one of them, now out of the water.

Please pass my name and contact information to your agent. RobertLangDirect"AT"Verizon.net

I'd love to clue him into a new Marine Corps driven market.

 

[dlandersson]

Sounds like a govt bureaucrat who may not care about your business (or wants you to leave).

\

I keep my boat at the Quantico Marine Corps Base marina. Got an email from them today I need to show up by mid August with proof of my insurance and that it now has to have a minimum $1M liability. I have had Allstate for almost 15 years and my agent said they could get me a $500K rider, but if I really needed a $1M liability they would need to do a balloon option which would raise my rates on everything (house, car, auto, ...). Agent pretty much discouraged this. I went over and checked on BoatUS and their standard is $300K.

Thoughts? Seems like yet another bureaucrat who came up with a "great idea" with no idea of what it entails. We don't even want to discuss the last big change on storm policy they had to repeal. :cussing:

 

[rpwillia]

Even More Confusion

I got this response from the marina.

"I called the point of contact on the letter that was distributed regarding the new insurance requirements, as there are many questions and concerns. She informed me that the total coverage ($1M) can be a combination of primary, excess and pollution liability, which wasn’t fully explained in the letter. The total does not have to be solely boating liability. Please let me know if you have any questions."

FTR, as well as talking to my Allstate agent (where I have gotten great service and coverage - my agent is also a boater) I spent some time on Geico, Progressive (personally think Flo is cool), BoatUS and another I forget getting quotes. Most of them wanted me to call for the higher coverage. All had under their standard selections a max of $300K for liability. I suspect the amount has more to do with state law than something else. At this point I am not sure I want to jump out and do anything until there is a little more clarity.

 

[justsomeguy]

snip-, Progressive (personally think Flo is cool), -snip

Marketing geniuses, huh?

 

[tommays]

the real question is do you have fuel spill / your boat sinks and needs to be salvaged coverage ?

if you have nothing else these are the ones that cost a fortune even if something out of your control like a lightning strike sinks the boat

they are also the ones that the non-marine insurance company's are a bit fuzzy on

 

[dlandersson]

Interesting.

Here all they asked for was proof of insurance.

Hoosiers tend to keep things simple.

I got this response from the marina.

"I called the point of contact on the letter that was distributed regarding the new insurance requirements, as there are many questions and concerns. She informed me that the total coverage ($1M) can be a combination of primary, excess and pollution liability, which wasn’t fully explained in the letter. The total does not have to be solely boating liability. Please let me know if you have any questions."

FTR, as well as talking to my Allstate agent (where I have gotten great service and coverage - my agent is also a boater) I spent some time on Geico, Progressive (personally think Flo is cool), BoatUS and another I forget getting quotes. Most of them wanted me to call for the higher coverage. All had under their standard selections a max of $300K for liability. I suspect the amount has more to do with state law than something else. At this point I am not sure I want to jump out and do anything until there is a little more clarity.

 

[dlandersson]

lol

Please pass my name and contact information to your agent. RobertLangDirect"AT"Verizon.net

I'd love to clue him into a new Marine Corps driven market.

 

[Freedom77]

Have $1M umbrella policy through State Farm. Cover house, cars, boat, dog, etc. Didn't cost a whole lot more in premiums. IN this day and age with lawsuits galore you can never have too much insurance. Q: What's the difference between an attorney and a vulture? A: An attorney can take off his wingtips.:cussing: Semper Fi.

 

[RobertLangdirect]

Have $1M umbrella policy through State Farm. . . . Semper Fi.

Please have your agent contact me.

 

[MrBill_FLL]

get a 1m liability umbrella policy. it covers you for anything that happens. whenever wherever.

I have a 2m umbrella, costs ~800/yr. (also state farm).

but I did need declare some stuff that wasn't covered by them... which bumped up the costs (racecar).


-how much do you think it would cost if you cut off some swimmers foot?

-damn lawyers!