Just received a letter from West Marine Insurance services .The letter said West Marine was changing from St Paul Insurance to INAMAR Insurance and my Insurance will be cancelled as of 3/22/2004 . They sent me an application for INAMAR with a premiun of double what I was paying . Sound like a good deal so far ? I called State Farm To get a quote they said they can't Insure me because I keep the boat in a costal area . Called NBOA they said know boat to old ( 1978 Catalina 30 ).Went on line with Boat US I'm waiting for a reply .Progressive said no Bahamas writer with out two engines . I wonder if dinghy motor counts? Anyone have any suggestion .Thanks in advance . Rob
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Try Travlers
Give Travlers a call, they picked up my insurance after my old carried bailed I guess, it was handled thru an insuraqnce agent. They seem quite reasonable.
Give Travlers a call, they picked up my insurance after my old carried bailed I guess, it was handled thru an insuraqnce agent. They seem quite reasonable.
Rob,
I have been using Global Marine Insurance Agency for about 7 years. I've seen small increases each year, but reasonable. I just asked about a rider for a planned trip to Bermuda and they said 'no problem'. Maybe give them a call 1800 748 0224.
I have been using Global Marine Insurance Agency for about 7 years. I've seen small increases each year, but reasonable. I just asked about a rider for a planned trip to Bermuda and they said 'no problem'. Maybe give them a call 1800 748 0224.
Just what we need, the spelling police. U a$$ h*le
and not even man enough to put his name on it! spring is comming!! Tom s/v GAIA
and not even man enough to put his name on it! spring is comming!! Tom s/v GAIA
Tom, Ignore Him...
All he is doing is trying to get a response. If you give it to him, he will be back...
All he is doing is trying to get a response. If you give it to him, he will be back...
Try IMIS (+)
(410) 827-3757--ask for June. they're great, they insure old boats, they're brokers who will look out for you. Insured our 67 Alberg 30...
(410) 827-3757--ask for June. they're great, they insure old boats, they're brokers who will look out for you. Insured our 67 Alberg 30...
reasonable ins
Try Chubb, the quote I received for their yacht policy on a 32' sailboat was very competitive to Boat US
Try Chubb, the quote I received for their yacht policy on a 32' sailboat was very competitive to Boat US
George S.---- your right, I should know better
I have seen the spelling police mess up too many forums in the past, it makes me krazy!!!*yks sorry about that. Tom s/v GAIA
I have seen the spelling police mess up too many forums in the past, it makes me krazy!!!*yks sorry about that. Tom s/v GAIA
Oh - what the hell -
Tom - The correct spelling is "you're". OK? Yuk yuk. Yes, some of our spelling and grammar is pretty atrocious. Cheers,
Tom - The correct spelling is "you're". OK? Yuk yuk. Yes, some of our spelling and grammar is pretty atrocious. Cheers,
Insurance whoa's
Rob, Its a sign of the times and the area we live. Many insurance carriers took a big hit last fall along the East coast. Many of us have seen hugh increases in quotes. In my own search in December/Janaury I found that BoatUS was very high (compared to what I was paying), West Marine would not quote on a 1980 madel Tartan. Progressive would only insure for liability and not cover the hull. I ended up talking with a local broker and he quoted $400. for full coverage from Allstate, but they required a survey completed within the last year. I then found the name of a broker over in Tampa, (found the ad in Southwinds Mag.) They also quoted around $400., also from Allstate, but they waived the 1 year requirement for a survey and used a survey that was 2 years old. Go figure. Anyway, keep shopping you'll find affordable insurance. Good luck.
Rob, Its a sign of the times and the area we live. Many insurance carriers took a big hit last fall along the East coast. Many of us have seen hugh increases in quotes. In my own search in December/Janaury I found that BoatUS was very high (compared to what I was paying), West Marine would not quote on a 1980 madel Tartan. Progressive would only insure for liability and not cover the hull. I ended up talking with a local broker and he quoted $400. for full coverage from Allstate, but they required a survey completed within the last year. I then found the name of a broker over in Tampa, (found the ad in Southwinds Mag.) They also quoted around $400., also from Allstate, but they waived the 1 year requirement for a survey and used a survey that was 2 years old. Go figure. Anyway, keep shopping you'll find affordable insurance. Good luck.
Co-op Insurance...??
It is too bad that no 'non-profit' Co-op or credit union type association exists for sailors....BY sailors...and FOR sailors that want to pool the risks and set the bench mark for low premiums...rather than be driven by the necessity of gradual increases in premiums to satisfy stockmarket investors. Anybody up for something like that? Would it work?
It is too bad that no 'non-profit' Co-op or credit union type association exists for sailors....BY sailors...and FOR sailors that want to pool the risks and set the bench mark for low premiums...rather than be driven by the necessity of gradual increases in premiums to satisfy stockmarket investors. Anybody up for something like that? Would it work?
Co-Op
If you're offering to start one Dale, I would say we're all in!! Bryon Thomas "Shore Leave"
If you're offering to start one Dale, I would say we're all in!! Bryon Thomas "Shore Leave"
Co-op
Dale, I spent some years (more than few years ago) as head of a group of contractors who pooled their health care plans to acheive better group pricing from providers. It worked pretty well for us and we did much better negotiating with carriers as a group than we did as individual companies. We also were able to get additinal coverages within the pricing. The largest was owner coverage for job related injuries. This was a very big deal because it allowed owner workers to opt out of workers comp, which is a huge cost in the construction business. But I digress. We at one point considered self insurance. It is a pretty involved process and even doing so, you will still have to insure stop loss at some level consistent with your exposure. It turns out that our group size was marginal for the risk involved (I think we had around 5,000 insured, but that's from memory). Something like this takes incredibly good management too. I always thought we were very lucky in that regard as we had a great company that worked with our board to run the day-to-day administration. IF that part gets screwed up, you are really in trouble. I think getting something together like that on the necessary national level would be very difficult to pull off. Who is willing to spend the necessary one day a month attending board meetings that might be held in varying places around the country in order to save a few hundred dollars a year in premiums? It's also a long term commitment. The first few years on the board you probably won't know enough to really understand the ramifications of all your decisions. After that, your participation value would go up greatly. Some of the decisions are difficult too. Your administrator shows you studies that indicate loosses on boats in a certain part of the country run disproportionately higher than average. Do you exclude that part of the country to provide lower rates to other parts? Do you charge higher rates in that part of the country? Some of these fairness issues are in the minds of the beholder and can make real interesting board meetings, particularly in a non-profit setting where the administration is an employee rather than a stake holder. The group I participated in were all located within a 200 mile range. Great idea, but sure be difficult to launch. Dan Jonas (S/V Feije II)
Dale, I spent some years (more than few years ago) as head of a group of contractors who pooled their health care plans to acheive better group pricing from providers. It worked pretty well for us and we did much better negotiating with carriers as a group than we did as individual companies. We also were able to get additinal coverages within the pricing. The largest was owner coverage for job related injuries. This was a very big deal because it allowed owner workers to opt out of workers comp, which is a huge cost in the construction business. But I digress. We at one point considered self insurance. It is a pretty involved process and even doing so, you will still have to insure stop loss at some level consistent with your exposure. It turns out that our group size was marginal for the risk involved (I think we had around 5,000 insured, but that's from memory). Something like this takes incredibly good management too. I always thought we were very lucky in that regard as we had a great company that worked with our board to run the day-to-day administration. IF that part gets screwed up, you are really in trouble. I think getting something together like that on the necessary national level would be very difficult to pull off. Who is willing to spend the necessary one day a month attending board meetings that might be held in varying places around the country in order to save a few hundred dollars a year in premiums? It's also a long term commitment. The first few years on the board you probably won't know enough to really understand the ramifications of all your decisions. After that, your participation value would go up greatly. Some of the decisions are difficult too. Your administrator shows you studies that indicate loosses on boats in a certain part of the country run disproportionately higher than average. Do you exclude that part of the country to provide lower rates to other parts? Do you charge higher rates in that part of the country? Some of these fairness issues are in the minds of the beholder and can make real interesting board meetings, particularly in a non-profit setting where the administration is an employee rather than a stake holder. The group I participated in were all located within a 200 mile range. Great idea, but sure be difficult to launch. Dan Jonas (S/V Feije II)
"captives" "co-op" "self-insured pools"
pretty much all work the same. as the fomer Dan wrote are very labor intensive to step up. further you have to meet the requirements of each state in which you operate. Florida requires a minimum of $1 mil in captial just to get started, along with actuaries, re-insurance, mission statement, board of directors, and all must be approved by the dept of insurance. my math shows your would need around 1250 people will to throw down $800 and let it ride for three years and lots more people willing to work for about a year for nothing. good luck!
pretty much all work the same. as the fomer Dan wrote are very labor intensive to step up. further you have to meet the requirements of each state in which you operate. Florida requires a minimum of $1 mil in captial just to get started, along with actuaries, re-insurance, mission statement, board of directors, and all must be approved by the dept of insurance. my math shows your would need around 1250 people will to throw down $800 and let it ride for three years and lots more people willing to work for about a year for nothing. good luck!
Co-Op? Association for sailors....by sailors...
Isn't that what Boat-US is supposed to be about ? Ok maybe not sailors but at least "boaters".
Isn't that what Boat-US is supposed to be about ? Ok maybe not sailors but at least "boaters".
no Tom
that's is just what they would like you to think. it is an "infinity" program. an insurance company comes along like a CNA or St Paul and tells an association like BoatUS, let's work out a marketing arrangement to your members. I have written about it before. it is very simalar to the program the Hartford has with AARP. BTW, the assocition gets a kickback from the insuror out of the deal. buyer beware!
that's is just what they would like you to think. it is an "infinity" program. an insurance company comes along like a CNA or St Paul and tells an association like BoatUS, let's work out a marketing arrangement to your members. I have written about it before. it is very simalar to the program the Hartford has with AARP. BTW, the assocition gets a kickback from the insuror out of the deal. buyer beware!
Co-op in Theory
I, too, am in the process of renewing my insurance coverage for another year and, like many of you, my premium increased about $150 over last year. This has been the trend over the past few years. The idea of pooling our resources is very interesting. As Dan accurately points out, there would be substantial obstacles to overcome, I think most notably the regional cost issue he mentioned. Could you possibly overcome some of these issues by operating seperate companies for each region of the country. For example, Sailors Insurance Co. East Coast, Sailors Ins. Co. Gulf Coast, Sailors Ins. Co. West Coast. Each could operate under one parent company but provide premiums, coverage, etc. based on just that region. Feel free to shoot holes in this idea. Just brainstorming.
I, too, am in the process of renewing my insurance coverage for another year and, like many of you, my premium increased about $150 over last year. This has been the trend over the past few years. The idea of pooling our resources is very interesting. As Dan accurately points out, there would be substantial obstacles to overcome, I think most notably the regional cost issue he mentioned. Could you possibly overcome some of these issues by operating seperate companies for each region of the country. For example, Sailors Insurance Co. East Coast, Sailors Ins. Co. Gulf Coast, Sailors Ins. Co. West Coast. Each could operate under one parent company but provide premiums, coverage, etc. based on just that region. Feel free to shoot holes in this idea. Just brainstorming.
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