The sailing press has been filled with stories of problems with boat insurance in recent months. The problems have included outright cancellations, inability to get insurance for bluewater cruises, minimum crew size requirements, refusal to pay claims, huge premium increases, and more. Apparently the insurance industry is going through one of it's periodic cycles. Losses from 9/11/01, hurricanes, earthquakes, etc., have hurt the insurance companies and their credit and bond ratings. At least part of the result is stiffer requirements and higher premiums for us boaters. What's your experience been? Has your insurer been good to you, or are you getting beaten up? Share your stories and be sure to vote in the Quick Quiz at the bottom of the home page. (Quiz by Gary Wyngarden)
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I think I've been treated fairly
Haven't made a claim, but we pay less than $200. a year for liability and losses. I think it's quite fair. It's Progressive and as far as the response on claims is concerned, I know of three others that were completly satisfied with their service and response by the company, when they made a claim. Anyone else know of a better deal?
Haven't made a claim, but we pay less than $200. a year for liability and losses. I think it's quite fair. It's Progressive and as far as the response on claims is concerned, I know of three others that were completly satisfied with their service and response by the company, when they made a claim. Anyone else know of a better deal?
My 2 cents
Insurance companies ,like the rest of us, have been earning low interest monies on investments, that, along with rising prices and services, lowers the profit, and requires them to raise prices, and change or add underwriting rules to discourage new business,encourage current policyholders to go somewhere else. Heven help you if yor boat is a bit different, or if you have had a prior claim!
Insurance companies ,like the rest of us, have been earning low interest monies on investments, that, along with rising prices and services, lowers the profit, and requires them to raise prices, and change or add underwriting rules to discourage new business,encourage current policyholders to go somewhere else. Heven help you if yor boat is a bit different, or if you have had a prior claim!
My insurance broker is Great!
After suffering 10%+ increases every year for 4 years from a big name company, I researched the market, compared coverages and premiums. My current broker writes me with one of his companies and offers the best coverages for the lowest price. And, the premium is guaranteed for 3 years and so far has been about a 10% increase after the first 3-year period. No increases every year!! Is he responsive? You bet! My calls with questions are answered immediately or I get a return call within 20-30 minutes. No BS. I would highly recommend him to anyone in the northeast.
After suffering 10%+ increases every year for 4 years from a big name company, I researched the market, compared coverages and premiums. My current broker writes me with one of his companies and offers the best coverages for the lowest price. And, the premium is guaranteed for 3 years and so far has been about a 10% increase after the first 3-year period. No increases every year!! Is he responsive? You bet! My calls with questions are answered immediately or I get a return call within 20-30 minutes. No BS. I would highly recommend him to anyone in the northeast.
Satisfied with Boat US
Late model boat. No-Claim discount. Modest increase just arrived...no worse than the increase in my homeowner's coverage.
Late model boat. No-Claim discount. Modest increase just arrived...no worse than the increase in my homeowner's coverage.
Boat US
On Christmas morning I received a call from my marina. My '88 Catalina had been gutted by fire during the night. (Thank God it didn't break out of the cabin.) After the survey and a few estimates, Boat US paid me the full agreed value of the boat. I've now purchased a '99 Catalina 380, no problems. I did lose my 10% no-claim discount. I have been and am very pleased with Boat US.
On Christmas morning I received a call from my marina. My '88 Catalina had been gutted by fire during the night. (Thank God it didn't break out of the cabin.) After the survey and a few estimates, Boat US paid me the full agreed value of the boat. I've now purchased a '99 Catalina 380, no problems. I did lose my 10% no-claim discount. I have been and am very pleased with Boat US.
No Complaints - Hunter Legend 33.5
I just dropped one insurance carrier not because of problems with them, but because of a somewhat unfriendly experience with my agent. Ended up going with Boat US and had no problems getting coverage for about the same amount as I was paying before. In addition, they were SUPER friendly and courteous.
I just dropped one insurance carrier not because of problems with them, but because of a somewhat unfriendly experience with my agent. Ended up going with Boat US and had no problems getting coverage for about the same amount as I was paying before. In addition, they were SUPER friendly and courteous.
Satisfied
Am very satisfied with BoatUS.. Had a national firm a couple of years ago but they charged higher rates with less coverage and some hassle. BoatUS has worked out well
Am very satisfied with BoatUS.. Had a national firm a couple of years ago but they charged higher rates with less coverage and some hassle. BoatUS has worked out well
Insurance experience
For our Hunter 37.5 we have a Yacht Policy through Boat US (CNA). My policy is based on an agreed to value. We've never had a claim in over 7000 NM cruising the Great Lakes. Rate has gone up modestly.
For our Hunter 37.5 we have a Yacht Policy through Boat US (CNA). My policy is based on an agreed to value. We've never had a claim in over 7000 NM cruising the Great Lakes. Rate has gone up modestly.
dinghi theft
I've had a dinghi rider on my policy for the past six years. When my dink was stolen recently, the insurance investigator at the company headquarters in NY sent a form for me to sign authorizing him to investigate, in perpetuity, everything from my phone bills to my credit card receipts to my bank records OR ANY OTHER PRIVATE RECORD THEY THOUGHT MIGHT BE RELEVANT,INCLUDING MEDICAL RECORDS. I called my broker and raised hell. Of course I was told that this was standard operating procedure, and I responded that I was not going to sign away my right to privacy just because somebody ripped off my dink. I also told him that any other forms he wanted signed should be sent directly to my attorney. Three days later I received a check for full replacement cost. What bothers me was my broker's response, which was that even though there's no requirement to sign the form, most theft victims don't complain about doing it because "it expedites the process."
I've had a dinghi rider on my policy for the past six years. When my dink was stolen recently, the insurance investigator at the company headquarters in NY sent a form for me to sign authorizing him to investigate, in perpetuity, everything from my phone bills to my credit card receipts to my bank records OR ANY OTHER PRIVATE RECORD THEY THOUGHT MIGHT BE RELEVANT,INCLUDING MEDICAL RECORDS. I called my broker and raised hell. Of course I was told that this was standard operating procedure, and I responded that I was not going to sign away my right to privacy just because somebody ripped off my dink. I also told him that any other forms he wanted signed should be sent directly to my attorney. Three days later I received a check for full replacement cost. What bothers me was my broker's response, which was that even though there's no requirement to sign the form, most theft victims don't complain about doing it because "it expedites the process."
Paying Less! : )
When I took the basic boating class from United States Power Squadron and had a Vessil Safety Check I qualified for a discount on my boat insurance.
When I took the basic boating class from United States Power Squadron and had a Vessil Safety Check I qualified for a discount on my boat insurance.
No insurance problems
We have our O'Day 30 insured through the U.S. Power Squadron.One of the benefits for members is a great insurance policy. When we went from our 25 MacGregor to the O'Day the increase was modest. We even received expanded sailing area coverage.
We have our O'Day 30 insured through the U.S. Power Squadron.One of the benefits for members is a great insurance policy. When we went from our 25 MacGregor to the O'Day the increase was modest. We even received expanded sailing area coverage.
Boat US
Last year I switched to BOAT/US after my old insurance company jacked their rates up. BOAT/US's rates were about 25% less, and for more coverage. Today I received my insurance bill. While they say that my rate had increased, with the "no claim" discount it's actually a little lower than it was last year. Furthermore, several years ago I was with BOAT/US and had the misfortune of having to file a claim. I have to say that they were quite easy to work with. Friends of mine who have had claims with them report the same type of experience.
Last year I switched to BOAT/US after my old insurance company jacked their rates up. BOAT/US's rates were about 25% less, and for more coverage. Today I received my insurance bill. While they say that my rate had increased, with the "no claim" discount it's actually a little lower than it was last year. Furthermore, several years ago I was with BOAT/US and had the misfortune of having to file a claim. I have to say that they were quite easy to work with. Friends of mine who have had claims with them report the same type of experience.
not real positive
My carrier went out of the business and because I had a claim to find another was difficult (my broker couldn't). I found one but it was really expensive. Fortuately I discovered that my homeowners covers the liability and since the boat itself is worth relatively little (1981 hunter25) I can accept the risk of not having insurance to cover damage to the vessel.
My carrier went out of the business and because I had a claim to find another was difficult (my broker couldn't). I found one but it was really expensive. Fortuately I discovered that my homeowners covers the liability and since the boat itself is worth relatively little (1981 hunter25) I can accept the risk of not having insurance to cover damage to the vessel.
earnings expectations must be met
The insurance industry invests money not used for contingencies. The current return on "safe" investments is poor, so what do the insurance companies do? They manufacture their rate of return by jacking up the insured's rates and using the excess after losses to reach their mark. And of course, the executives have to get their high pay and options or they "leave" for better jobs! *o
The insurance industry invests money not used for contingencies. The current return on "safe" investments is poor, so what do the insurance companies do? They manufacture their rate of return by jacking up the insured's rates and using the excess after losses to reach their mark. And of course, the executives have to get their high pay and options or they "leave" for better jobs! *o
I purchased my 1980 37 cutter 1 year ago this month. I hired a surveyor ( that I have used for one other boat purchase)at the cost of 550.00.When I tried to get insurance I needed to use there surveyor at the cost of 600.00.So with 1150.00 in survey fees and my new insurance in hand I had a clame free season.I just recieved my renewal and the cost went up 29.00. The only problem I have is that the insurance company requires a survey and no two are the same.The survey that my guy gave me stated that the boat was in better shape and worth more than the one from the insurance required one.Which one is correct. I could go on for hours but you get the point.I have been boating for 25 years and have had no clames (knock on wood) and want to keep it that way. I don,t want to find out how bad insurance companys are.
Act of God
If I hear one more time the storm was an Act of God and not the resposabilty of the boat owner to make sure his boat is tied up and properly maintained I think I will s#$$#@#@. Since when is it an Act of God when the dumb so-in-so does not tie his boat up and it breaks loose and causes damage to other boats an docks? If you ask me I think they are just trying to get out of paying the loss.
If I hear one more time the storm was an Act of God and not the resposabilty of the boat owner to make sure his boat is tied up and properly maintained I think I will s#$$#@#@. Since when is it an Act of God when the dumb so-in-so does not tie his boat up and it breaks loose and causes damage to other boats an docks? If you ask me I think they are just trying to get out of paying the loss.
Please Check Again T. Wanderer!
Just a bit of cautionary advice. Most homeowners' policies genarally follow a standard format. That standard coverage usually excepts liability coverage on a boat. There are of course, exceptions from state to state and company to company. I would recommend that if your agent says that you are covered, that you get it in writing.
Just a bit of cautionary advice. Most homeowners' policies genarally follow a standard format. That standard coverage usually excepts liability coverage on a boat. There are of course, exceptions from state to state and company to company. I would recommend that if your agent says that you are covered, that you get it in writing.
How Strong is God
A number of years ago my boat was damaged in a storm when one of the two lines on the boat next to mine broke. I had a total of seven lines on my boat and none broke. The insurance company did not want to pay the $1500 in damages, citing "act of God". After considerable wrangling with the insurer I asked if they were prepared to stand in a Georgia court and argue that God can break two lines but not seven. They paid my claim.
A number of years ago my boat was damaged in a storm when one of the two lines on the boat next to mine broke. I had a total of seven lines on my boat and none broke. The insurance company did not want to pay the $1500 in damages, citing "act of God". After considerable wrangling with the insurer I asked if they were prepared to stand in a Georgia court and argue that God can break two lines but not seven. They paid my claim.
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