Insurance and Hurricane question?

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R

Rob

I was just reading over a CNN report from NOAA about this upcoming hurricane season. Then I started thinking of my new Boat US policy I received. We have kept our boat in the water the last year and I was thinking of hauling next fall for maintenance then dropping her back in. My New BOATUS policy states they will pay 50% of the haul out fee when a named storm is predicted......So I called Boat US just now...and asked when would they cover the haul out???...When the storm was in the Caribbean?,,Florida??,,NC,,,Or storming right up the Chesapeake????,,,she said ANY time a storm is named the haul out may proceed. With NOAA predicting 9 hurricanes this year and 4 to hit the US I guess Ill get my bottom work done sooner than latter...heck,,, didn't they just name a Hurricane in Honduras so can I haul now?? This may need a second phone call. What's your take??...How about you California sailors?? This sounds far to ambiguous to me.
 
D

Don

in your area only

Underwriters will share in the expense of hauling for named storms only when the area in which the boat is located is under a hurricane warning or watch - you don't get a free-be for storms 1000 miles away. What someone says isn't binding - read the policy before you change carriers or pay your annual premium. Giving false info such as what you were told is reason enough to question the truthfulness of BoatUS
 
Jun 4, 2004
56
- - Sasafrass
The line

I beleive mine covers the bulk of a pulling charge once a named storm is forcasted for a given area. The problem is once the area is definetly forcasted time is limited and the line for pulling is way longer than the amount of time avaiable.
 
May 28, 2004
175
Oday Widgeon Beech Bluff, Tn.
Named Storms

We were kicking this around a couple of months ago and got somewhat of a firestorm going. All you folks that live in hurricane prone areas better take a real good look at the "Named Storm Clauses" in your policy. I'm with BoatUS and don't know if the other carriers have done the same thing or not. The way I figure it, there are loopholes in the policy that allow the carrier to pay out about a $1.32 if your boat is killed in a "Named Storm". Don't think because you have insurance that everything will be okay!! You hurricane folks are screwed, and if they ever start giving names to tornados, I am too.
 
Dec 2, 1997
8,915
- - LIttle Rock
Base policy may no longer cover named storms, but

Can you get a rider that does? Many policies don't cover freeze damage in "snow belt" states either...but riders that do cover it are available for an additional charge. It makes sense to only offer "named storm" or freeze coverage to those who need it--and are willing to pay extra for it--instead of including both in all policies. Why should Gulf state boats owners pay for freeze damage protection or Michigan boaters pay for hurricane protection? So when you're shopping for insurance, instead of just asking if the policy includes "named storm" coverage, ask if a rider is available and if so, how much? No matter where you live, also ask about about the difference in premium for a 2% or even higher deductable vs. the standard 1%...'cuz raising the deductable can save you a bundle in premium costs unless you're accident prone. A 1% deductable for a boat insured for, say, $75,000 means the first $750 of any claim comes out of your pocket...raising the deductable to 2% only adds a maximum of another $750 to your share of the risk--painful, yes...but only IF you have a claim over $750 (which few are), but affordable....and can reduce your total premium over just a few claim-free years by more than than that. Insurance should only cover what you can't possibly afford to pay for yourself...the more of the risk YOU assume, the less it costs. Anyone who can afford to own a boat should be able to handle UP TO a few hundred dollars more *IF* you have to. But by keeping the deductable low, you're paying for coverage you may never use...so why spend it unless you have to?
 
May 28, 2004
175
Oday Widgeon Beech Bluff, Tn.
Peggie

Morning: I looked my renewal over pretty good with I got it in March. By reason that I'm inland, most of the new changes didn't really effect me. I looked at if from more of a humerous standpoint due to the carriers building wiggle room into the policy with the named storm business. Like most insurances, they love you when your sending premiums in but really don't want to hear anything out of you if you have a claim. I didn't see any mention of additional information about a rider for additional coverage, however, this might be one of those things that you would have to call about. I'm in agreement with you about regional coverage and and paying for coverage that you wouldn't need due to your location. Where I am, it doesn't get that cold and a one inch snow is considered a huge storm. I love Florida and the costal areas, but I really don't think I'd like to live there because of the built in head aches. There is something to be said about living 400 miles inland on the ICW!! By the way, there were numerous transient boats last hurricane season with Alabama and Florida registrations in my area marinas. Some folks just drove their boats up the ICW and parked them for the season. Slips went fast. Every one has their on devils to chase!!
 
J

John Q. Doe

here's our new policy...

We live at ground zero for hurricane Charley and our home, business, cars and both boats sustained major damage. Insurance did it's job but on our Boat US policy (the new one) they say that if my boat sustains damage from a named storm than I have to pay a percentage of the value of the vessel instead of a set deductable. It has been that way for our home owners policy for several years now. No problem, I'll just wait a couple weeks (if possible) than make a claim for one of our numerous severe thunderstorm's that roll over us all summer long. I too can play the game. No, the hurricane didn't damage the boat but that last thunderstorm sure did! Hell, my new home owners policy no longer covers mold/mildew damage. They are making the new policies quite nice for themselves. Like someone else said, they are sweat as pie to us as long as we just send in out checks every year but when they have to send them back to us the attitude changes. The insurance industry is one giant multi-billion dollar game that requires study of their rules to break even. I'm not trying to make money on them just get what I have been paying for all along, to be made whole as I was the day before Charley.
 
R

Rob

We seamed to have gone down the bad insurance co r

I didn't mean this to be a beat on the insurance company thread..I was just wondering about proximity of storms......actually Iv been very happy with Boat US... we have owned our boat for about 5 seasons. The first month we owned the boat we had an electrical fire that basically fried our engine....Not picked up on the survey, and he was on the Boat US recommended list. They covered us completely less deductible. Then last year in August we were struck by lightning..they hauled us immediately, structurally we are fine but electronically we were fried...they completely covered us. Less deductible. When our last statement came in the mail there was an increase but it sounds like everyone else's increase. So I'm sticking with Boat US...until the next claim,,,,, then THEY will probably toss ME!
 
Dec 3, 2003
2,101
Hunter Legend 37 Portsmouth, RI
Here's the Poop from BoatUS

I just read this in BoatUS magazine. When a hurricane approaches this season, all BoatUS insureds can rest a little easier knowing that there is help available to pay for getting their boat out of harm's way. All BoatUS Yacht and Boat Saver insurance policies will now include Hurricane Haul-out coverage as part of the policy. If a hurricane threatens to make landfall in your area, BoatUS will pay 50% of the cost, up to a maximum of $1,000, to have your boat hauled and strapped down ashore, or moved out of the storm area by a professional. The coverage is not limited to one storm - so if by chance we have a repeat of last year's multiple storms, you'll be covered for each one. Talk to your marina now about what service they will provide and what it will cost. Policyholders will find more information in their 2005 renewal package. If you aren't insured with BoatUS. yet, you can get a free online quote by going to www.boatus.com or by calling 800-283-2883. :)
 
J

John Q. Doe

Boat US

You're correct, Boat US did do a stand up job this summer in our area. They came down and toughed out the heat, humitity, mosquitoes and all around crappy conditions we all dealt with (still dealing with). In the end they did what I have always paid them to do so my hat's off to Boat US insurance. As for the industry as a whole, I can't say the same thing. May King Neptune have mercy on Florida this year so both we and the insurance industry can catch our breath. By the way, in Boat US's mag. they had some great info on what worked and what didn't work when Charley came to town. Great reading whether you live on a lake in Arkansas, Florida or Michigan. Bad weather could care less what state it's in.
 
S

Steve

BOATUS Dropped

I've been with BOATUS for around 15 years, always been satisfied with the service. However, I lost my boat to IVAN and they will not write a policy for me now on another boat. They told me that since I've had a claim within the past 3 years they will not insure another boat. I'm prepared to buy another boat but not if I can't insure it.
 
P

Pete

For Steve...

I, too, lost a boat to hurricane Isabel afew years ago. Boat was fully insured by BoatUS. They did a great job as they had to deal with thousands of damaged or sunk boats in this area. My boat was totaled by them and I had a check for the full insured value about a month later. A month after that, I bought another boat and insured it again with Boat US. They never blinked or questioned me about the previous loss. I wonder if they've changed their policy about insuring people and boats who have had hurricane losses? Anyone know?
 
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