• On September 1st, Maine Sail suffered a major hemorrhagic stroke. One of the most generous members of our sailing community, he has helped thousands. Now it's our turn. Click here to learn more

Time for New Insurance

Jun 21, 2004
1,884
Beneteau 343 Slidell, LA
I received notification from my insurer that the program that provides insurance coverage for my '06 Beneteau 343 is being discontinued.
The underwriter represents additional insurance companies; however, a replacement quote will only be issued AFTER a marine survey is submitted.
My boat is now 15 years old; I have owned it for 9 years and have had it insured by the same company. No insurance claims and the boat is in better than average condition. I understand the underwriter's desire for a survey; however, I am not scheduled for another haul out for another year. I refuse to bare the expense of a haul and survey (approximately $1200) to satisfy the demands of an insurance company that has been increasing premiums substantially every year. Last year I almost pulled the plug on my current insurer and switch to Progressive Insurance Co. Yesterday, I obtained an online quote from Progressive in (10 minutes) with comparable coverage for approximately $700 less than my current policy...no survey required. In previous threads, most of you have been pleased with Progressive Insurance. I think its time for a change. Have any of you experienced this?
 
Jan 11, 2014
7,852
Sabre 362 113 Fair Haven, NY
With all things insurance, the devil is in the details. Make sure you are comparing apples to apples. You will want Agreed Hull Value not Actual Cash Value insurance, not all general insurance agents understand the difference. And don't forget oil spill insurance.
 
Jun 14, 2010
1,727
TBD Looking for my next boat CT
I’m currently with Foremost. Their rates are competitive. I had one claim back in 2019 and the way they handled it was very good. They did not increase my rate upon renewal after that. I would recommend them.
 
Jun 21, 2004
1,884
Beneteau 343 Slidell, LA
Yes, Dave. Definitely agreed hull value and all other $ coverages are same.
The only reason that I have stuck with the current insurer is because of their claim that they include "consequential damages", if a component that was defective fails or was not maintained (such as a hose or thru hull fitting) and results in a total loss, there would be no questions asked, the agreed value would be paid (less deductibles). I keep up with all preventive maintenance; however, the "piece of mind" was worth the additional insurance cost. But, I can no longer justify the increased cost of the policy and requirements of a haul & survey.
 
Jan 11, 2014
7,852
Sabre 362 113 Fair Haven, NY
Yes, Dave. Definitely agreed hull value and all other $ coverages are same.
The only reason that I have stuck with the current insurer is because of their claim that they include "consequential damages", if a component that was defective fails or was not maintained (such as a hose or thru hull fitting) and results in a total loss, there would be no questions asked, the agreed value would be paid (less deductibles). I keep up with all preventive maintenance; however, the "piece of mind" was worth the additional insurance cost. But, I can no longer justify the increased cost of the policy and requirements of a haul & survey.
That's good. The consequential damage clause is important. However, if a through hull fails and the boat is total loss they will pay the AGV, less deductible and less the cost of the failed through hull.

I have BoatUS/Geico. For the past 7 years the rates have been pretty stable. The rates have been up and down over about a $70 range, or less 10%.
 

dLj

.
Mar 23, 2017
1,833
Belliure 41 Now on the Chesapeake
Boat US/Geico have stopped insuring boats over a certain age is my understanding, actually maybe only boats over a certain size and age.

Not sure if you can get grandfathered in if you have an existing policy but I couldn't get my new to me boat insured through them even though I have another boat on their policy...

dj
 
Feb 10, 2004
3,510
Hunter 40.5 Warwick, RI
I have been with Progressive for the last 5 years. As a member of USPS, we have an agent that writes policies with various companies and I have been written with Progressive.

At the outset they were excellent. No survey required and I have had a policy with an Agreed Value (NOT Actual Cash Value) for these past 5 years. Last year I was not launched thanks to the Chinese virus restrictions in Rhode Island and I reduced my insurance to liability only. Now I asked to restore the insurance levels that I had in 2019 and I was told by both my agent and by Progressive themselves that they will not write a Agreed Value policy because my boat is over 20 years old. But in 2019, my boat was 22 years old with an Agreed Value policy with them. So this must be something new.

I asked if a recent survey that established the current value would let them write a Agreed Value binder. The answer was NO.

So I am very disappointed and I am now shopping for a new insurance company. So far I am finding that other companies will write Agreed Value and the agreed amounts and cost of the insurance varies widely.
 
  • Like
Likes: Rick D

dLj

.
Mar 23, 2017
1,833
Belliure 41 Now on the Chesapeake
But in 2019, my boat was 22 years old with an Agreed Value policy with them. So this must be something new.
I was told by an independent marine insurance agent that about 6 months ago there were major changes in the marine insurance underwriting policies so yes - this is something new.

dj
 
Jun 21, 2004
1,884
Beneteau 343 Slidell, LA
I have been with Progressive for the last 5 years. As a member of USPS, we have an agent that writes policies with various companies and I have been written with Progressive.
Rich,
Sorry to hear of your dilemma.
Glad that you mentioned the USPS connection; I will have to check that out as I am also a member.

I certainly get it that a new insurer would want a haulout & survey to insure a 15 year old boat with an agreed value policy; however,
I don't have time to do it now nor do I wish to incur the cost just for insurance purposes.
 
Feb 10, 2004
3,510
Hunter 40.5 Warwick, RI
Glad that you mentioned the USPS connection; I will have to check that out as I am also a member.
The USPS National Agent is:

MSW Marine Insurance
mswmarine@mcgriff.com
800-937-8895

If your boat is under 20 years old you may not have a problem. The only other option may be to go with B/US (Geico) as they do not require a survey form me for an Agreed Value. My problem with Geico is that ;the agreed value they will do is pitifully low. But you could go with Geico for a year, have your haul-out and survey, then go with your company of choice.
 
Jan 19, 2010
10,010
Hunter 26 Charleston
My boat is bundled with home and auto through State Farm. No complaints.... but I only carry liability (bodily harm, property, environmental)
 
Mar 20, 2011
594
Hunter 31_83-87 New Orleans
For progressive, my experience is they are cheaper than BoatUS/Geico that I’ve compared in the past. Had 2 claims with progressive and they did not provide consequential damages. Also if
Possible obtain a copy of the new policy before siging up and if not then do not cancel existing policy until you’ve had a chance to read thoroughly and absorb all the exclusions in the new policy. There is where the devil in the details lie. For me on a 34 year old boat the biggest exclusion was rust, wear and tear and fatigue which can be almost anything on an older boat, even one excellently maintained.
 
  • Like
Likes: BigEasy

CarlN

.
Jan 4, 2009
577
Ketch 55 Bristol, RI
The insurance companies have lost a lot of money in the last few years from hurricanes - mostly in Florida and the Caribbean. Pantaenius closed down their US operation and several stopped writing policies for the Caribbean. This is impacting everyone.

As long as you haven't had a claim in the last 5 years, you're likely to do better shopping around. In many cases the price from the new company will be better because getting your business counts as a new sale. I find that after 3 years with one carrier I'm "taken for granted" and pricing starts to be less competitive. Loyalty doesn't count for much in the insurance business. In rare cases you might have "grandfathered" rates with your old company - but not usually. I always use a broker since it doesn't cost anymore - but when getting quotes I always use a new broker. Again, they'll work a bit harder for the new client. And before you leave your current insurer tell them about the lower quote and ask them if there might have been a mistake in the first quote - with the business at risk - they'll often magically discover one.
 
Last edited:
Jan 19, 2010
10,010
Hunter 26 Charleston
I am with SF too, but in addition to liability insurance, I have an Agreed Value policy on the boat.

Greg
I just reread mine. I also have an agreed value and some other odd things are covered... like theft ... but only for certain categories of items... and what they cover island not for theft seems odd.
 
Jan 11, 2014
7,852
Sabre 362 113 Fair Haven, NY
I just reread mine. I also have an agreed value and some other odd things are covered... like theft ... but only for certain categories of items... and what they cover island not for theft seems odd.
Can you give us an example of the theft coverage.
 

DougM

.
Jul 24, 2005
2,183
Beneteau 323 Manistee, MI
Big Easy: I’m in the same boat (excuse the pun). Recognize that there is a significant difference between an “insurance survey” and a full blown “marine survey” . Its normally not as rigorous and the boat may not have to be hauled out.
I had to have a survey done at age 10, and now again at age 15. I have located a surveyor but don’t yet know if he wants me to leave the boat on the hard, or go ahead and launch. I think the cost of a survey is insane, especially when portal to portal time for the surveyor is added to the cost, (at more than twice the cost of my annual coverage).At the same time, I understand why the insurer would require that the survey take place.

I take good care of my boat, but still there is always the possibility of missing something that the surveyor would pick up, and that would be worth it in my opinion.
 
  • Helpful
Likes: JamesG161
Feb 14, 2014
5,714
Hunter 430 Waveland, MS
In previous threads, most of you have been pleased with Progressive Insurance.
The insurance companies need an "appraisal" of boat value.

I had reached the 5 year mark 2020 for another Appraisal.

But Hurricane Zeta damage beat me to the 5 year haul out and maintenance that was due.:facepalm:

Progressive has renewed my boat policy 2021 :clap: [$1180]

In discussions with them, they use the "Survey" for basically Market Value or Appraisal.
The Survey describes, in detail, the Amenities, maintenance , and work needed.

Progressive used their own judgement on mine, but the Damage Adjuster and I both had similar "market values".
I got mine from here.
2006 Beneteau BENETEAU 343/CU Price, Used Value & Specs

@BigEasy I did that for your base boat, but you have to set your Zip Code and Amenities.
______
When my boat is ready for floating again, I will have a survey done.
Jim...

PS: @BigEasy my landlubber insurance carrier, for many properties I own, is married to a Boat Surveyor 20 miles from you.:cool:
 
Jan 19, 2010
10,010
Hunter 26 Charleston
Can you give us an example of the theft coverage.
Silverware is covered:huh:? (I don't understand this one)

and cash only up to $200? But traveler's checks, annuities, stocks, bonds and firearms up to $2000 in each category. Designated marine based electronics are covered, other electronics are not... It looks like it was written with the long range cruiser in mind.
So if someone steals my forks or guns I'm insured but not if they steal my laptop :facepalm:....It is a longish document printed in 8 point font.
 
  • Like
Likes: jssailem
Jan 11, 2014
7,852
Sabre 362 113 Fair Haven, NY
Silverware is covered:huh:? (I don't understand this one)

and cash only up to $200? But traveler's checks, annuities, stocks, bonds and firearms up to $2000 in each category. Designated marine based electronics are covered, other electronics are not... It looks like it was written with the long range cruiser in mind.
So if someone steals my forks or guns I'm insured but not if they steal my laptop :facepalm:....It is a longish document printed in 8 point font.
At least it wasn't 6 pt type.

Limiting cash makes sense, as there is no record of cash, but with the other items, traveller's checks, bonds, etc there would be a purchase record. Presumably the marine electronics are attached to the boat, while cell phones, laptops, and tablets could easily be "accidentally" disposed of and a claim filed.

Of course silverware should be covered, who would think of eating with anything less than sterling and fine china on a yacht. ;)