Recommendations for yacht club insurance

[stevec22206]

We are a small yacht club located in Illinois, just over a hundred members. The club has been notified that our current carrier of our liability insurance is dropping us. No particular reason other than the risk is too high. Our agent cannot find anyone who will write the policy for any price. The current policy cost less than $350 a year. We need coverage that is specifically designed to cover not only the club but the directors, officers and volunteers. We have recieved one new quote for just under a thousand a year. Finances being what they are we a looking for the best deal. Looking for some recommendations.

Steve

 

[tkanzler]

My FIL, who was in the biz for 60 years and an avid boater and Power Squadron officer, suggests trying Travelers and Firemans Fund, though your agent may not have a relationship with either or both of them. Might have to try other agent(s).

But he also said he'd be amazed if you get any insurance of that sort for a club for under $1k. :cry:

 

[Rick D]

If you mean that you also want D&O insurance, I suggest you do some research to see what it really covers and what degree of risk your club would actually have to those perils insured against by a D&O policy.

Second, if your club is a member of US Sailing, they have an excellent Yacht Club policy available.

Finally, get another agent. Not every agent is authorized to underwrite with every insurer. Get a large general agency to check for you. Our policy is through Scottsdale Insurance, written through an independent insurance agent.

BTW, $1K annually is likely in the ball park.

 

[shemandr]

What Rick D said!

 

[Rick Webb]

Goree Group

The Burgee program best way to go by far from our investigation

 

[stevec22206]

Club insurance

Thanks to all of you who responded. The one quote we have was the Burgee Program. Guess the club has been truely fortunate to have skated by with the policy we've had in the past. We are still reviewing the options but will let you know how it pans out.

Steve

 

[Rick Webb]

Keep in Mind

This admonition from a guy from Goree; “wherever you buy your insurance from us or anyone else make sure your entire club’s policies are with the same carrier. Otherwise they will each try to sluff it off on the other policy when you have a claim.”

 

[JoyRide28]

US Sailing's Burgee Program was the only policy that we could find that covered the club, its officers and directors, our racing program and our teaching program (which interestingly enough is an ASA Keelboat Program).

We previously had a policy through a local agent. In the process of inquiring about adding a teaching program to our club we found out that that (old) policy already covered us to teach sailing, but astonishingly, contained no coverage for racing, which we had been doing for 40+ years.

Lucky for us we never had a serious incident!

The world of insurance has changed dramatically in the past 10 years or so (at least in my view). Specialty policies like these are now limited to very few willing underwriters and are much more expensive than they once were.