Insurance

[MarkD]

Fellas:

Looking at a 1980 B31 and went to Boat US for insurance. They covered my B28 but told me they don't insure anything over 40 years of age now.

Any suggestions or recommendations from the group are appreciated.

Mark

[Tony Meola]

Mark

Getting harder and harder to cover an older boat. Surprised they will not do it with a good survey. I think the issue they are having is putting a value on them.

Not wild about them but try Progressive.

[Ironworker]

I have the same issue. I can't get insurance on my 69 Bertram. Not a big deal to me as I don't have insurance on any of my other boats.

[Charlie J]

call up Adam Meyer
910 726 3923
located im wrightsville beach n carolina
great people
ive used him when i was living down there and also up in new york

[cariedl]

Hey Charlie

Adam left, and after that Wells really started to give me a hard time on coverage. I switched to State Farm where the rest of policies are and they didn't ask any questions, I told them replacement value I wanted and sent several examples for sale and they put policy in place with me.

I've heard Progressive is often willing to work with older boats.

[CamB25]

Adam is with Maritime now, not Wells. I used him for my insurance, Traveler's. With a survey it was easy, not cheap, but easy.

[mike ohlstein]

Geico

[MarkD]

Geico now has a 40 year limit unfortunately.

[Craig Mac]

I had New Hampshire----which was eventually bought by Geico-----no problem with renewals at the moment.

[capy]

Been with these guys for years....

https://www.gowrie.com/Marine-Insurance ... Yacht.aspx

[HotSpot]

I went with Progressive since Allstate would not insure due to age.

Have not needed to make any claims, but their rates are good.

[Rawleigh]

Boat US still has the coverage on my 1966 Bertram. At least they take the money out each month! Maybe I better check on that!

[Tony Meola]

Boat US still has the coverage on my 1966 Bertram. At least they take the money out each month! Maybe I better check on that!

Do they reduce the value each year? Last year they dropped my hull value by $10,000.

[pschauss]

I have my house and cars insured with USAA. I used to have my sailboat covered by them as well, but several years ago the county marina where I dock increased their liability insurance requirement and USAA sent me to Progressive. When I bought my Bertram they covered her as well. They accepted the agreed value that I specified and did not require a survey. Boat boats are over 40 years old.

It may make a difference that they have me listed as a USAA member.

[Ironworker]

Boat US still has the coverage on my 1966 Bertram. At least they take the money out each month! Maybe I better check on that!

I tried Boat US and USAA. Neither would write new coverage for my 69'

[MarkD]

Thanks for all the help and suggestions. Tried almost all of these routes, Geico and Progressive cut it off at 40 years old now. So, I went to two places that will insure them. Haggerty and Maritime Insurance. Haggerty was significantly higher and required a full survey prior to insuring.

My experience with Maritime was exceptional. I spoke to Rod Clingman in Mystic, CT and they not only gave me a binder but allowed me to move the boat with a commitment I'd have a survey to them in 30 days. And, they were reasonable on pricing. Great service.

Maritime
860.245.2388 Direct ◆ 866.558.5270 TF
rod@maritimeii.com

[Tony Meola]

Mark

Glad you found someone who would handle it. How are they going to determine the Hull value? Based on the survey or are they using their best guess?

[MarkD]

Tony:

I set the amount based on the purchase price. They were fine with that.

Mark

[Tony Meola]

That's interesting.

After the survey, let us know if they change the Hull amount.

[wgiarratana]

Hey Rawleigh I have Boat US as well on my 74 were you able to find out if we’ll still be covered? Hoping we are grandfathered in my renewal is in July Thanks Bill

[Rawleigh]

I haven't been able to dig into it yet, but I notice they debited my checking account for the monthly premium last week.

[Rawleigh]

Well, according to my membership account I am still insured through GEICO through November 1. Whether they will renew then I don't know. My hull insurance is only $36,100.00 though, down from $42,500 the year before.

[PeterPalmieri]

Progressive has great rates. Have an insured value and submitted a survey when we bought the boat. They asked for receipts on a couple of things that popped up on the survey.

Last year when the boat was stolen and recovered they wanted approval, pictures and bills every time the boat yard sneezed. Then they haggled with the boat yard on the final bill. It was a complete pain in the ass and I would never recommend them. The boat yard also said progressive was the most difficult company to deal with when they were doing lots of jobs from Super Storm Sandy.

[Rawleigh]

I should add for full disclosure that my premium is $787.00 but I have a Chesapeake Bay and inland waters only endorsement

[Tony Meola]

Rawleigh

Actually it is suprising how steady my rates have stayed. Never a claim so I guess they should. I am at 9 and change for $65,000 in hull coverage. I had $75,000 but they lowered it last year, without giving me any options. I was going to try and argue it back up this year when it comes due, I expect them to cut it again.

This year I will yell but I have to be careful they don't tell me to take a hike.

[Yannis]

Question: Aren't you guys obliged by law to have an insurance policy?
Or is it that the insurance companies just agree to cover you for the legally "essential", that is, third party liability and pollution etc, but NOT for your own hull?
Thanks.

[Rawleigh]

Yannis: What you are talking about is the liability part of the insurance. Unless you have a loan on the boat you are not required to have hull insurance. That is your risk. I don't even think you are obligated to have liability coverage like you are on a car, but you are a fool if you don't.

[Yannis]

In the EU the Greek law, probably that of other countries too, abide by the “Institute Yacht Clauses” of the British law and practices.
The minimum insured amounts necessary by the Greek law, as applied by all insurance companies, call for a necessary boat value agreed between the owner and the insurer, third party accident liability of €500k, a per crew member accident liability of €50k, third party material liability of €150k and pollution of €150k. These are the minimums.

When you arrive at the ramp the person in charge asks for the insurance policy, if you fail to present it you cannot go in.
Coast guard will fine you and halt your journey if your policy is expired.

For the above, plus an agreed boat value of €53k (of which 50 is the boat and 3 are the various bells and whistles on board), I pay an annual premium of approx. €550, with a deductible of €750 per damage claim.