Yacht funny!Of course silverware should be covered, who would think of eating with anything less than sterling and fine china on a yacht.
Time for New Insurance
- Thread starter BigEasy
- Start date
Thanks for the info Doug. If I could get an in water insurance survey done, that would be Ok by me; however, I would prefer to avoid a haulout at this time. Going to speak to underwriter to determine if omitting haulout is negotiable.
Jim,PS: @BigEasy my landlubber insurance carrier, for many properties I own, is married to a Boat Surveyor 20 miles from you.
Thanks for the appraisal & surveyor info. Will let you know how it goes.
jssailem
SBO Weather and Forecasting Forum Jim & John
- Oct 22, 2014
- 23,371
This would be a concern for me. But, I just received my renewal from BoatUS/Geico. 1974 boat. Agreed Value. Coastal cruising PacNW to include Canadian waters should they reopen.
I wonder if where you plan to sail may be a factor as to deciding to underwrite. My experience was the required boat owner survey statement not a professional survey. The BoatUS cost was significantly lower than the insurance broker quote for like coverage.
Additionally I was insured thru Foremost using my home and car agent, till Foremost issued “None renewal“ letter. The company stated they were no longer interested in the risk. They were changing their underwriting rules.
Change happens.
@jssailem As I think back on it, I'm pretty sure BoatUS/Geico said for boats over 40 feet and over X number of years old - I don't remember X - they no longer will insure those boats. The boat I just bought is from 1984 so that's 37 years old - I don't recall if X was 35, 30 or 25 years old (I seem to think it was more than 20). They said it to me over the phone, and as no matter which my boat was too old - I didn't fix the number of years in my brain as to whatever it was. I don't qualify. But your boat is under 40 feet so I think you're fine.
dj
My experience is that you can get insurance without a haul out and survey but the coverage will not be as comprehensive.
Rich,
Looks like a lot of us are reevaluating our insurance. I bought my boat in 2017 (it's a 2003) and my premium has gone up each year. I decided to go out for a competitive bid and was shocked at the pricing. My dock neighbor has the same boat so asked for a referral. He is using an agent out of Newport. Triton Insurance Agency. He shopped it around for me and had two quotes better than my current insurer. Travelers, who wanted a survey and Chubb who will write it without a survey. Chubb was the least expensive and beat my current premium by $400. BoatUS, who I have been a member since 2007, was $1,100 higher.
I don't think that sailing limit on the policy is a problem; most cover 75 to 150 miles offshore including waters from Texas and Florida, and some include Bahamas. Those limitations are fairly standard for this part of the country. The real crux of the matter is the Gulf Coast is more prone to hurricanes and that is reflected in the price of the policy, $2100 last year.
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wow!... $2100 last year.
Mine was only $310/year. Agreed value of $15,000 + 1,000,000 liability (Environmental + Property & Salvage) and then damage to items and theft up to $2,000 for a list of catagories. Also covers my trailer.
Maybe SF is the place to shop... of course mine is bundled with my homeowners and cars.
Yes, I have SF homeowners, cars, and a small runabout with outboard. Last time I checked with them (years ago), they didn't write policies for larger boats kept in water year round. Will have to check that out as that may have changed. BTW, I paid the six month premium on my wife's car yesterday; they increased the premium by $150 for six months! Never had any claims or violations.
Insurance is legalized piracy. I once dinged the fender on a truck, filed a claim, got it fixed (no problems) then got a notice that my insurance was going to go up $50/mo for the next 20 months. Doing the math it was almost exactly what it cost to fix the fender. INSURANCE? Seems more like I pay a premium each month for a guaranteed loan in the future. I've often thought that an entrepreneur could set up a company that helps others become legally "self-insured". Structure it similarly to an escrow account. Seems like you should be able to legally prove you can cover any damage you create and not be foreced to buy a lame product from an insurance company.
For instance, Minimum liability insurance coverage for the State of SC must be at least $15,000 for bodily injury or death of each person as a result of any 1 accident and $30,000 for bodily or injury or death of all persons as a result of any 1 accident and at least $5,000 for damage to property as a result of any 1 accident. So seems like I should be able to carry an "insurance card" that shows I have (lets call it $50K) in the escrow account and I no longer have to pay State Farm a monthy fee.
NotCook
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- Dec 29, 2008
- 806
I’m not surprised they are asking for a survey. When we sailed the boat down here to the Caribbean, we could no longer use BoatUS, and our insurance more than tripled. We have to get a survey every 5 years. We don’t like that the popular companies don’t write insurance down here, but I guess we should be glad that we can still get coverage.
This is basically how the insurance companies began. Ship owners in London formed a group to share the risk of crossing oceans. They met in Edward Lloyd's coffee shop in the late 17th century.
History - Lloyd's
From those beginnings in a coffee house in 1688, Lloyd’s has been a pioneer in insurance and has grown over 300 years to become the world’s leading market for specialist insurance.
Health insurance is much newer, having only formed in the 1920s. According to one story I heard, it began with women to spread the cost of hospital child births. Everyone chipped in a little each year and the hospital bills were covered. Here's another take on the start of this part of the insurance industry.
A Short History of American Medical Insurance
American medical care over this period has saved the lives of millions who could not have been saved before—life expectancy today is 78.6 years. It has relieved the pain and suffering of tens of millions more. But it has also become a monster that is devouring the American economy.
imprimis.hillsdale.edu
Remind me not to be the victim of an auto accident in SC, those minimums are woefully low.
I've worked for or with large corporations with deep enough pockets to self-insure. There is, as far as I am aware, a legal structure where one could be self-insured.Insurance is legalized piracy. I once dinged the fender on a truck, filed a claim, got it fixed (no problems) then got a notice that my insurance was going to go up $50/mo for the next 20 months. Doing the math it was almost exactly what it cost to fix the fender. INSURANCE? Seems more like I pay a premium each month for a guaranteed loan in the future. I've often thought that an entrepreneur could set up a company that helps others become legally "self-insured". Structure it similarly to an escrow account. Seems like you should be able to legally prove you can cover any damage you create and not be foreced to buy a lame product from an insurance company.
For instance, Minimum liability insurance coverage for the State of SC must be at least $15,000 for bodily injury or death of each person as a result of any 1 accident and $30,000 for bodily or injury or death of all persons as a result of any 1 accident and at least $5,000 for damage to property as a result of any 1 accident. So seems like I should be able to carry an "insurance card" that shows I have (lets call it $50K) in the escrow account and I no longer have to pay State Farm a monthy fee.
Maybe you are about to start a grass roots revolution! I'm on board! Let's go!
dj
There is another level of insurance, the re-insurance market. Organizations that are large enough to self-insure will buy re-insurance which covers the cost of claims that exceed a certain level.
My former employer, a school district, self-insured for health care and liability because most of the claims were fairly small, some tripped, fell and broke a bone, a fender bender with a district vehicle, and so on. However, they had re-insurance to cover the unlikely large claims. This was especially important in health care as every few years someone would have a huge medical expense due to cancer or some other life threatening disease and the bills would run in 7 figures. The district could not handle many of these in a year.
Insurance is just a way of sharing financial risk so everyone pays a small amount to be protected against a big expense. I think of it as for profit socialism. When insurance companies put profit before service, we start complaining.
jssailem
SBO Weather and Forecasting Forum Jim & John
- Oct 22, 2014
- 23,371
Pretty much. In some ways it is like a personal umbrella policy, the other policies pay first and then the umbrella kicks in.
Reinsurance - Wikipedia
en.wikipedia.org