Yikes! I wish my income had gone up 20% to match. Has anyone else seen this kind of increase since last May?
Yacht Insurance renewal up 20%!!
- Thread starter Rich Stidger
- Start date
i have been hearing rumors of late that some of the marinas are requiring you to have full coverage to stay at their marina and some are even requiring that you name them as beneficiary.....now having said that it is beyond me how they can do this... on an auto the state law requires you to have liability nothing else ....i personally feel with a 35 year old boat one should have liability.spill coverage and a good tow policy with someone like boats us and if you lose your boat that your problem not the marina...has anyone else heard this
if you are with the same company that you were when sandy hit i have to wonder if you are now paying for sandy through your increase
If no one pays these pirates, they'll come online.
Again; bastards.
I like writing that.
have your broker get a quote from "markel"
b**t*s policy was $1200 markel under 600 same coverage.
mike
b**t*s policy was $1200 markel under 600 same coverage.
mike
Most marinas here require you to carry $300,000 Liability insurance and name the marina company as an "insured party" as a requirement to berth your vessel.
Chartering in British Columbia in the summer of 2013, we stayed overnight at a yacht club marina that required liability insurance of $1,000,000 (Canadian) just to visit! Since we were on a charter boat out of Vancouver I had no idea the amount of general liability coverage it carried. Eventually, we worked something out--but man, let's not be too harsh on what we have going for us here!
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Rich,
I sent you a PM with the name of the marine insurance agent we use. They are an agent and will work with many different insurance companies. We have actually changed insurance companies a couple of times with them because they were able to get us better rates.
Last year when we became full time liveaboards I priced them out against Boat US and Progressive and they came in cheaper than both.
Good luck,
Jesse
I sent you a PM with the name of the marine insurance agent we use. They are an agent and will work with many different insurance companies. We have actually changed insurance companies a couple of times with them because they were able to get us better rates.
Last year when we became full time liveaboards I priced them out against Boat US and Progressive and they came in cheaper than both.
Good luck,
Jesse
H.Sandy. Not a price increase, but a steeply increased deductible. The insurers took a bath on all those New England losses.
Suggest you shop, and negotiate around your out-of-pocket risk (ie: deductible).
As previously mentioned, it is unlikely that the marina is asking to be named as a beneficiary in the policy they require you to carry. They may very well want to be named as an "additional insured," which is very common and typically costs you nothing.
Don't blame the marina for increased insurance requirements. They have to carry insurance too and you can bet these mandates come down from the marina's insurance company.
Yeah, ours at BOAT US did not increase. Overall, rates on the west coast are less than the east coast or the Gulf b/c we don't have widespread storm-related disasters nearly every year. Also, about the marinas. There is no extra cost to one's policy to have them indemnified (additional insured) under that policy. Essentially, you can't "park there" unless you do. They need it in case your, or someone's, boat made fast with undersized or chaffed lines (common) breaks free and smashes into a dock, cracking it, or into another tenet's boat damaging it, and litigation starts. If you wanted to go in and plop down $100,000 for them to hold in case of damages caused by your boat, then you might not have to name them as an "additional insured." Really, there ought to be a similar requirement for boats "permanently" anchored along coastlines to perhaps cover the costs of pulling them off the beaches now often at taxpayer expense, etc.
My insurance climbed over the time I had the Catalina 30. Funny...Boat value goes down premiums go up. I am not sure what planet the insurance people are from but their math is off!
The year after Sandy my premiums went up. I called Boat US and asked why. They said because of Sandy. I then said I am in the Chesapeake Bay...We weren't hit by the storm. They said that they had to raise everyone because of the losses of Sandy. My retort was why not charge the people in the area where the storm hit instead of hitting anyone else. I was 8 years with them without a single claim and the premium kept on going up and up.
Another odd thing, how can the company profit margins grow after they take a loss like Sandy. Take a look, a lot of companies gained after that time period. Must be nice! I wish my livelyhood worked that way. Hell, I would be rich with all the crazy stuff that has been happening this year.
The year after Sandy my premiums went up. I called Boat US and asked why. They said because of Sandy. I then said I am in the Chesapeake Bay...We weren't hit by the storm. They said that they had to raise everyone because of the losses of Sandy. My retort was why not charge the people in the area where the storm hit instead of hitting anyone else. I was 8 years with them without a single claim and the premium kept on going up and up.
Another odd thing, how can the company profit margins grow after they take a loss like Sandy. Take a look, a lot of companies gained after that time period. Must be nice! I wish my livelyhood worked that way. Hell, I would be rich with all the crazy stuff that has been happening this year.
They pay out millions to a billion+ in a year, so have to get it back quickly. Could face another storm the very next year running up the Chesapeake and wipe out the works there. A few insurers went bankrupt in FL the year hurricane Andrew hit Homestead; who ultimately paid off on the unpaid claims when they ran out of money, I wonder?
My Boat US has not changed in 3 years. Between 2012 and 2013 it went up 17% and between 2011 and 2012 it increased 11%. Maybe they are just taking a breather.
Are you asking who insures the insurers? Ultimately, that would be the taxpayer, of course.
Mine has been the same for several years with the same company listed above. I don't renew until Oct so won't know about increases until then. No claims here either. Remember premiums are based on a myriad of factors from credit scores to claims and of course losses. I use the old adage of if I can afford to repair it I won't file a claim. It saves money in the long run.
SC
I love it! This is supposed to be a strong El Nino year which usually means a rather weak Atlantic hurricane season, so you are getting screwed royally. I can't wait to see the increase on an El Nina year.
Marinas are just screwing us like every other business we must deal with. I don't ever recall having to add a mall parking lot to my car insurance, or the mechanic, or the city on who's streets I often parked.
Marinas have a gazillion dollar coverage anyway and I doubt that their policies get cheaper if we have all this stuff to protect their insurance company. Insurance companies have never given me any discounts for experience or licensing. Rich Joe Blow buying his first big high powered speed boat without even a Power Squadron course, gets his insurance a lot cheaper than I, because he carries all kinds of other policies with the company. And they pay off even if he doesn't comply with his policy; which we all have to pay for.
Sorry, rant over.
Marinas are just screwing us like every other business we must deal with. I don't ever recall having to add a mall parking lot to my car insurance, or the mechanic, or the city on who's streets I often parked.
Marinas have a gazillion dollar coverage anyway and I doubt that their policies get cheaper if we have all this stuff to protect their insurance company. Insurance companies have never given me any discounts for experience or licensing. Rich Joe Blow buying his first big high powered speed boat without even a Power Squadron course, gets his insurance a lot cheaper than I, because he carries all kinds of other policies with the company. And they pay off even if he doesn't comply with his policy; which we all have to pay for.
Sorry, rant over.