insurance

Bertramp · Post by **Bertramp** » Feb 27th, '11, 07:29

Hey there .... what are you guys (myself included) in SE Florida or Florida in general paying for insurance? My insurance is $2,500 ay year on a boat with an insured value of $25,000. BOAT-US said same boat on LI in NY would be $700 a yr.

Carl · Post by **Carl** » Feb 27th, '11, 07:51

Sounds a bit pricey...

...but being in a hurricane area, the unlikely becomes a whole lot more likely and the Bean Counters take that into consideration.

Still seems a tad high for 25,000...

CaptPatrick · Post by **CaptPatrick** » Feb 27th, '11, 07:57

jrhaszard wrote:With $75,000 hull value and liability, restricted to the Chesapeake, my insurance cost is $1,200.00 from Markel, an associate of USAA.
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BERG1847M80F

Charlie J · Post by **Charlie J** » Feb 27th, '11, 08:27

with my hull value at 75,000, i pay $920 0n long island from boat us

Bruce · Post by **Bruce** » Feb 27th, '11, 08:28

Not high at all.

I was running into this before I retired. Many of my customers to get a decent premium HAD to take their boat out of Florida during hurricane season.
Many went up the coast where I guess hurricanes never hit.(sarcasam)

You can thank a few things for this.
1. People who didn't give a rats ass about taking care of the boat and filing a claim after our last storms and the inability of insurance companies to compete across state lines.

You think boat insurance is expensive, try insuring a home east of 95 in Palm Beach County.

Bertramp · Post by **Bertramp** » Feb 27th, '11, 08:40

Bruce... I'm east of rt 1, 100yds from the intercoastal in Broward ... yeah, they beat me up there too.
Charlie... They said my boat in Sag Hbr would be in the mid $700 range.

seems like the key is to be elsewhere in summer .....

jspiezio · Post by **jspiezio** » Feb 27th, '11, 10:21

Not only did the insurance want a high premium for the Bahia Mar, they wanted a complete hurricane evacuation plan including alternate contacts if the owner was out of state.

The insurance actually contacted people and visited the proposed hurricane plan to verify that the boat was likely to be safe if a cane hit.

They also asked detailed questions about how many boats had been owned during previous canes, how they had been protected, and how they had fared. Then they wanted to know all boat insurance claims that had been made in the past, everything, and they followed it all up.

I was amazed at the thoroughness. I don't remember cost but I can check on Monday and will report back.

Charlie J · Post by **Charlie J** » Feb 27th, '11, 11:16

The insurance actually contacted people and visited the proposed hurricane plan to verify that the boat was likely to be safe if a cane hit.

what co. was this

jspiezio · Post by **jspiezio** » Feb 27th, '11, 11:28

cwj wrote:The insurance actually contacted people and visited the proposed hurricane plan to verify that the boat was likely to be safe if a cane hit.

what co. was this

Yes- they also asked who was maintaining the boat when owners were out away. I will get the company name tomorrow in the office. They called me several times to verify info.

scenarioL113 · Post by **scenarioL113** » Feb 27th, '11, 12:05

I'm in Long Island and I pay $700 a year and the boat is insure for $18,000 and NO survey is required from progressive.

I basically insure my running gear. I would like more but just have to budget my funds on my civil service salary.

Tony Meola · Post by **Tony Meola** » Feb 27th, '11, 20:11

I have hull value of $80,000 and I am paying just under $1,000 in NJ. I am with Boat US.

In Memory Walter K · Post by **In Memory Walter K** » Feb 27th, '11, 22:00

VERY good Tony!

Russ Pagels · Post by **Russ Pagels** » Feb 28th, '11, 08:28

southern outer banks of NC, 80K for under $1,000, BoatsUs.

PaulJ · Post by **PaulJ** » Feb 28th, '11, 08:40

I have my S. FL B28 insured for hull value of $20K and $300K of liability through Jack Martin and Associates http://www.jackmartin.com/ for ~$700 a year. The policy is underwritten by Progressive. This year the deductible for hurrican damage doubled to ~$1K. I have an umbrella that takes the $300K up to $1M for liability.

Bertramp · Post by **Bertramp** » Feb 28th, '11, 09:52

Paul J .... sounds like yours is the info I was hoping for

jspiezio · Post by **jspiezio** » Feb 28th, '11, 11:09

PaulJ wrote:I have my S. FL B28 insured for hull value of $20K and $300K of liability through Jack Martin and Associates http://www.jackmartin.com/ for ~$700 a year. The policy is underwritten by Progressive. This year the deductible for hurrican damage doubled to ~$1K. I have an umbrella that takes the $300K up to $1M for liability.

PaulJ that is a very good deal.

In Florida the boat is insured with Atlas Special Risks, using Wallace, Welch, and Willingham Marine Insurance.

Coverage
Hull and Machinery $300,000
P&I $1,000,000
Medical payments $10,000
Tender $0
Towing $500
Personal Effects $1000
Uninsured Boaters $250,000
Pollution $1,000,000

Deductibles
$6000 general
$30,000 named windstorm

Annual Cost is $3762 with all taxes and fees included.

If I remember correctly they even asked about line types and diameters used for docking.

PeterPalmieri · Post by **PeterPalmieri** » Feb 28th, '11, 11:30

I chose progressive up here on LI. I pay less then $700 for an insured value of $30,000.

Progressive only provides a range away from your home port I believe it was 150 miles but I don't have the documents in front of me. You pay additional if you plan on traveling further. The good part about progressive is they do not require a survey.

Other insurance companies either did not cover 40 year old boats or required addressing all or some issues in the survey to lift the port risk on the policy. Meaning if your survey shows the running lights not working the policy would not cover anything away from the dock until proof of the repairs are made.

Rawleigh · Post by **Rawleigh** » Mar 1st, '11, 13:30

I pay $600+ to BoatUS with a Chesapeake Bay restriction.

bertram31.com

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