The unthinkable has happened. Confused it never happened before. No moving violations in the last 37 years. No car accident claims w/4 kids No homeowner claims No business claims after 27 years in business as a builder. Two "act of god" claims for the boat in the last three years. Received letter today, Boat insurance cancelled! "policy became unprofitable" Does anyone know of a "reputable" boat insurance company.Is there a web site for ratings. Any information, I will appreciate it. Thanks in advance....Ron
Help! Insurance,State Farm Canceled
- Thread starter La Bella Vita
- Start date
- Status
boat insurance
I have Allstate Insurance for my boat, trailer and motor with a 22' Venture. I also have Allstate for some of my other insurance. When I turned over my last boat they paid 100% and quickly. Novelman (Duane)
I have Allstate Insurance for my boat, trailer and motor with a 22' Venture. I also have Allstate for some of my other insurance. When I turned over my last boat they paid 100% and quickly. Novelman (Duane)
What ever happened to Boat US insurance
That would be the first one I would think of, or maybe Zurich
That would be the first one I would think of, or maybe Zurich
probably the best thing that happened to you
is to lose that underwriter. Try Zurich or Markel who specialize on marine insurance or some other similarly positioned underwriter.
is to lose that underwriter. Try Zurich or Markel who specialize on marine insurance or some other similarly positioned underwriter.
insure
You don't say what kind of boat - is it an old woodie? Many insurers will not write a policy on wood boats, or ferro-cement, either. Try Hayden Yacht Insurance brokers in Newport Beach, CA.
You don't say what kind of boat - is it an old woodie? Many insurers will not write a policy on wood boats, or ferro-cement, either. Try Hayden Yacht Insurance brokers in Newport Beach, CA.
Call the agent
You should call & discuss with the agent. As with ANY insurance carrier, certain criteria trigger non-renewals, some maybe negotiable. In this case I would hope your agent can "go to bat" for you, especially if you have all the other lines with him. Bob
You should call & discuss with the agent. As with ANY insurance carrier, certain criteria trigger non-renewals, some maybe negotiable. In this case I would hope your agent can "go to bat" for you, especially if you have all the other lines with him. Bob
I sympathise. I was denied coverage after a CTL
(complete and total loss) situation with my sailboat. BoatUS paid the claim but would not take us on again the following year. You mentioned 2 'act of god' claims that they paid. How extensive were those damages and how recent are the claims for them? In NY they are allowed to ask if you have filed for a loss in the last three years and that set up the red flag for us. We had no yacht policy for a whole season which made me very nervous and conservative when on the water. Insurance can seem like a rip off or scam but really the only ones getting screwed are the folks who make no claims and pay their premiums. This is why insurers do not like taking on people's boats (risks) who have had extensive losses. In order to have the privelege of liability coverage (which is what you really need most - depending on how expensive your boat is) it is always a reasonable practise to pay for most damages out of pocket rather than expecting the insurance to cover every little ding and crack. It is your responsibility as owner/master/captain of your boat to ensure that it is in functional order and not the responsibility of the insurance carrier/underwriter. Try the other underwriters that other posters mentioned but I suspect that because of your 'recent' claims you will be kept at arms length especially if your boat is old (eg., pre 1975). Of course you could always lie on the application about recent claims but if they find out they WILL deny coverage because you lied to them. The point is that insurance is a two way street and you are supposed to do your part and if you do then they will do their part. I doubt this helps much but that is my $.02. Good luck with this one.
(complete and total loss) situation with my sailboat. BoatUS paid the claim but would not take us on again the following year. You mentioned 2 'act of god' claims that they paid. How extensive were those damages and how recent are the claims for them? In NY they are allowed to ask if you have filed for a loss in the last three years and that set up the red flag for us. We had no yacht policy for a whole season which made me very nervous and conservative when on the water. Insurance can seem like a rip off or scam but really the only ones getting screwed are the folks who make no claims and pay their premiums. This is why insurers do not like taking on people's boats (risks) who have had extensive losses. In order to have the privelege of liability coverage (which is what you really need most - depending on how expensive your boat is) it is always a reasonable practise to pay for most damages out of pocket rather than expecting the insurance to cover every little ding and crack. It is your responsibility as owner/master/captain of your boat to ensure that it is in functional order and not the responsibility of the insurance carrier/underwriter. Try the other underwriters that other posters mentioned but I suspect that because of your 'recent' claims you will be kept at arms length especially if your boat is old (eg., pre 1975). Of course you could always lie on the application about recent claims but if they find out they WILL deny coverage because you lied to them. The point is that insurance is a two way street and you are supposed to do your part and if you do then they will do their part. I doubt this helps much but that is my $.02. Good luck with this one.
Boat Insurance
Since you had two act of god claims you will be hard pressed to find a boat insurer. I had one and they said they wouldn't insure my boat. You have to go four years without a claim before they will insure, sounds rather odd because that is why we have insurance. Catch 22
Since you had two act of god claims you will be hard pressed to find a boat insurer. I had one and they said they wouldn't insure my boat. You have to go four years without a claim before they will insure, sounds rather odd because that is why we have insurance. Catch 22
Ditto what Frank (with no profile) said
I believe that the question on the insurance application was something like this: "Have you filed a claim that resulted in a Complete and Total Loss (CTL) within the last 3 years?" And if you have they will not insure you most likely. It usually works out best if you do your homeowners, auto and boat insurance through the same agent/company. I am somewhat surprised that they cancelled your yacht policy. If they will not renew your policy then this is their way of telling you that you are responsible and liable for any damages incurred by you or your boat while you are on it or at home.
I believe that the question on the insurance application was something like this: "Have you filed a claim that resulted in a Complete and Total Loss (CTL) within the last 3 years?" And if you have they will not insure you most likely. It usually works out best if you do your homeowners, auto and boat insurance through the same agent/company. I am somewhat surprised that they cancelled your yacht policy. If they will not renew your policy then this is their way of telling you that you are responsible and liable for any damages incurred by you or your boat while you are on it or at home.
I Agree With Rick!
State Farm seems to have no problem taking your money for the insurance on your house, your cars and your business. Set up a meeting. If nothing can be reasonably worked out be prepared and cancel ALL your business with them at that meeting. Know where you will be moving your policies BEFORE you meet and have it worked out. We had recently done this bank accounts. Got a much better deal and much better service! Best move we made.
State Farm seems to have no problem taking your money for the insurance on your house, your cars and your business. Set up a meeting. If nothing can be reasonably worked out be prepared and cancel ALL your business with them at that meeting. Know where you will be moving your policies BEFORE you meet and have it worked out. We had recently done this bank accounts. Got a much better deal and much better service! Best move we made.
Yep! Take your business elsewhere or at
least threaten to. I've used this tactic successfuly before.
least threaten to. I've used this tactic successfuly before.
Not so easy in coastal Fl anymore
The customer has little/no leverage down here. I used to make fun of the idiots that built their hideous crypt like condos and tacky shacks on our barrier islands until all their multi million$$ storm claims swamped our insc carriers and their equally insane density of exposure on a sand bar. State farm recently announced non-renewal of virtually all coverage within 8mi of the coast in our area. State farm, Allstate, and a dozen others have now jacked their rates for our hm owners and boat coverage to the breaking point. Our bunker like hm is 15mi from shore and 50ft above sea level and if I threaten to pull our policy they'd be glad to ditch us for virtually no reason and after no claims. Newer boat, newer block hm, 15mi from shore and now our 26' trailer boat's becoming an expensive insc problem. Arrrggg. Forget about local dock fees adding to my frustration. Our hm owners policy doubled again this yr. Now our only other option will soon be the state run insc carrier($$$$$$) and a separate marine carrier. Progressive will do a newer trailer boat policy down here and I hear that state farm may add the boat as a rider but I haven't priced it. My renewal is this week so I'll post my results. Sorry for the rant of insc frustration. Michael
The customer has little/no leverage down here. I used to make fun of the idiots that built their hideous crypt like condos and tacky shacks on our barrier islands until all their multi million$$ storm claims swamped our insc carriers and their equally insane density of exposure on a sand bar. State farm recently announced non-renewal of virtually all coverage within 8mi of the coast in our area. State farm, Allstate, and a dozen others have now jacked their rates for our hm owners and boat coverage to the breaking point. Our bunker like hm is 15mi from shore and 50ft above sea level and if I threaten to pull our policy they'd be glad to ditch us for virtually no reason and after no claims. Newer boat, newer block hm, 15mi from shore and now our 26' trailer boat's becoming an expensive insc problem. Arrrggg. Forget about local dock fees adding to my frustration. Our hm owners policy doubled again this yr. Now our only other option will soon be the state run insc carrier($$$$$$) and a separate marine carrier. Progressive will do a newer trailer boat policy down here and I hear that state farm may add the boat as a rider but I haven't priced it. My renewal is this week so I'll post my results. Sorry for the rant of insc frustration. Michael
Free market
The bottom line is that insurance companies have to make money in order to survive. Their total premiums need to outpace their total losses paid. If Florida allows insurance companies total rein to set their premiums and control their risks, then we have the best possible free market working for home and boat owners. In that situation some inflexible insurance companies will abandon the state, while others more nimbly calibrate their risks and decide to stay. If some of those insurers who decide to stay are too high-priced, their competition will offer you coverage for less. If that doesn't happen, then the fair conclusion is that the new premium level is the true cost of insurance in a free market in Florida. The worst thing that could happen for Floridians (don't know if this is happening or not, but it has happened in other states) would be for state regulators to try to cap insurance premiums. That will just cause a bigger exodus from the state of insurers.
The bottom line is that insurance companies have to make money in order to survive. Their total premiums need to outpace their total losses paid. If Florida allows insurance companies total rein to set their premiums and control their risks, then we have the best possible free market working for home and boat owners. In that situation some inflexible insurance companies will abandon the state, while others more nimbly calibrate their risks and decide to stay. If some of those insurers who decide to stay are too high-priced, their competition will offer you coverage for less. If that doesn't happen, then the fair conclusion is that the new premium level is the true cost of insurance in a free market in Florida. The worst thing that could happen for Floridians (don't know if this is happening or not, but it has happened in other states) would be for state regulators to try to cap insurance premiums. That will just cause a bigger exodus from the state of insurers.
- Status