Boat Insurance 1994 Vessel

[Drummer48]

I have a question for the group. I am coming u on renewal time for my boat insurance, and I am presently with United Marine Underwriters. What other boat insurance companies insure a boat of my age?

 

[Comodave]

I have my 1998 Formula insured through Peter Ricks at Novamar. He found us great insurance at a good price. 206-350-5051

 

[Bitstream]

I have a question for the group. I am coming u on renewal time for my boat insurance, and I am presently with United Marine Underwriters. What other boat insurance companies insure a boat of my age?

Markel insures both of mine, a 1964 Tollycraft 27 and a 1990 Bayliner 4588.
I go through Heritage Marine Insurance as broker for my classic Tollycraft.

 

[Art]

Mention SAFECO to your ins broker

 

[jrplatts]

We are with American Modern through NBOA. 1987 DeFever

 

[slowgoesit]

2nd for Peter Ricks of Novamar

• 2500 Westlake Ave N, Suite D, Seattle, WA 98109
• 206-350-5051
• www.novamarinsurance.com
• peter@novamar.net

Tell him I referred him, I'll get a free coffee cup!
Seriously, he's done great for us with our 1982 build boat.

 

[Greg QS]

I am using Chubb on a 1985 . The only down side to changing insurance companies is that you will most likely need to get an insurance survey. Costing you 1-1200 dollars. Which may offset any insurance savings you get.

 

[tiltrider1]

Peter and I just had a conversation about insurance underwriting trends. During that conversation it became clear that there is a market for everything if you are willing to pay. There appears to be a trend were some companies like Redshield are specializing in very specific types of boats in very specific areas to keep premiums very low. You won’t get a quote from Redshield if you live in Florida. If you are a Redshield customer your premiums are not being affected by Ian.

Contact Peter Ricks. He can explain what the trends are for your area.

 

[Comodave]

I am using Chubb on a 1985 . The only down side to changing insurance companies is that you will most likely need to get an insurance survey. Costing you 1-1200 dollars. Which may offset any insurance savings you get.

Peter got us a policy through Markel and we didn’t need a survey.

 

[garbler]

I have to ask Comodave about your coverage with Markel if you don’t mind. You say no survey but did you supply them with a previous report ? If not is your boat new or how old ? And would you happen to know if this is standard practice for Markel or a special accommodation for you and your agent ?

I only ask because I’m at sort of a loss how a serious marine underwriter could accept a risk with no hands on evaluation of a vessel’s condition and therefore apprx market value. I can see this happening where a producer ( agent ) can personally assure the underwriter about the boat and owner but have a hard time understanding the logic beyond that. There were a few companies years ago that broke into the small boat insurance game with self-survey forms completed by the owner or a boatyard. They didn’t last long as one problem was the owner’s opinion of ‘ very good or excellent ‘ condition if a claim was filed. Seems most of the time the company assigned a loss inspector or surveyor to verify damages and condition and it almost always ended up in a depreciation dispute.

Just curious
Rick

 

[Comodave]

I don’t have any other experience with Markel. Peter assured me they are a reputable company and I believe him. When we bought the boat about 1.5 years ago we had previously had Boat/US, Geico, for over 40 years. Last winter I spent $60K+ on hard improvements to the boat. I asked Geico to increase the insured value. They came back with nonsense. They said the book value was about .6 of what I paid for the boat according to BUC. I asked why they didn’t use soldboats.com. They said they only use that data, the most current, if the boat isn’t in BUC. Which is garbage in the current boat market. So I called Peter. Explained situation to him, his comment was to laugh because he said he hears this Geico story every week. He looked at my boating background, 60+ years, 24 boats, etc. He checked Chubb and Markel. Markel had better coverage and price in my situation. I asked if I needed a survey, no. BTW, when I bought the boat Geico said they didn’t need a survey either. I did have one done when we bought the boat but both insurers declined to see it. Markel wrote the policy for $70K more than Geico. So I gave Peter my credit card and about an hour and a half after I first called him we had our new policy in place and I told Geico to take a hike.

 

[garbler]

Well I’d say first off your agent has your back and somebody’s ear at Markel. However your insurance history has been very fortunate in that they never apparently quantified the risk they were insuring. Underwriting practices like this must either radically change either with new management and/or profit-loss margins, or the company just can’t swim and pulls out. I wish I could show you the number of casual marine writers that jumped into the pool and either drowned or swam ashore back to auto-home. So I may be 180° out of phase but I just don’t see any principal marine underwriters insuring something that is intangible.

Rick

 

[slowgoesit]

Peter Ricks background, IIRC is many years working for Geico. He is well known and respected by many of the big insurance companies. Another good thing about going with a reputable broker is that if your insurance needs require multiple policies to accomplish a voyage (like ours from the PNW, through the Panama Canal, across the Caribbean, and to Bahamas, and up East Coast of USA) even if you use multiple policies, PNW, coastal, offshore, etc) since you are working with the same broker he insures (see what I did there?) that there is no break in coverage, and therefore, less likelihood that a new survey is needed.
Note: He didn't pay me to say that, but I want more of those eyeglass holders!

 

[Slowboattochina]

I attempted to get a quote for a 65' 1995 Motoryacht we are contemplating. I have 55 years of experience, Coast Guard and Powersquadron certs. I have owned boats of the following feet: 16,18,20,26,30,33,45,50. NBOA refused to even quote me a pollicy due to the difference in size between my previous (and current) boats and 65'. Oh and btw I have zero claims in 55 years. Any ideas?

 

[sbu22]

My 1976 boat is insured by Geico/BoatUS since 2019. At that time, my prior insurer of 8 years - zero claims - would not renew due to age of the vessel. I went to a local agent who specializes in commercial marine - responses through his contacts were all negative.

Through a couple of personal referrals and on line found several insurers that would take the boat - at a price - think 150% of what I'd been paying with less coverage. Then I tried Geico - 20% lower rate and better coverage than the non-renewal policy. And, amazingly, they didn't need a survey and have never requested one.

As to owner/operator quals - I'm a nub compared to some of the guys above - skippered USN patrol boats back when, owned half a dozen sail and power boats over 25 years or so of 26 to 41 feet. When I picked up Geico, had about 8 years ownership of the 43'.

From the outside, it looks to me like the actuaries crank a bunch of numbers, then throw it away and get out a Ouija board.

 

[tiltrider1]

I attempted to get a quote for a 65' 1995 Motoryacht we are contemplating. I have 55 years of experience, Coast Guard and Powersquadron certs. I have owned boats of the following feet: 16,18,20,26,30,33,45,50. NBOA refused to even quote me a pollicy due to the difference in size between my previous (and current) boats and 65'. Oh and btw I have zero claims in 55 years. Any ideas?

Call Peter Ricks. You might need to pay a Captain to give you 10 hours of training before the insurance company will let you go solo but I can’t imagine anything more severe.

 

[slowgoesit]

I attempted to get a quote for a 65' 1995 Motoryacht we are contemplating. I have 55 years of experience, Coast Guard and Powersquadron certs. I have owned boats of the following feet: 16,18,20,26,30,33,45,50. NBOA refused to even quote me a pollicy due to the difference in size between my previous (and current) boats and 65'. Oh and btw I have zero claims in 55 years. Any ideas?

See post # 6

 

[Slowmo]

We insure our 1979 Tollycraft through Red Shield (out of Portland OR). Our previous wooden boat (1939/51) was insured through Markel. The latter was only for liability. Both required a survey and for any safety related finding to be repaired within some time period. Our current Red Shield policy does have a geographic restriction but that's mainly a cost thing. If we wanted to cruise to Alaska we'd have to get a supplement. I like it since I don't pay for something I'm not going to use.

 

[Portage_Bay]

We insure our 1979 Tollycraft through Red Shield (out of Portland OR). Our previous wooden boat (1939/51) was insured through Markel. The latter was only for liability. Both required a survey and for any safety related finding to be repaired within some time period. Our current Red Shield policy does have a geographic restriction but that's mainly a cost thing. If we wanted to cruise to Alaska we'd have to get a supplement. I like it since I don't pay for something I'm not going to use.

OP is in North Carolina. As you know Red Shield only writes policies for the PNW. If you can get it good coverage for a reasonable cost. It's who I have for my 83 Californian.

 

[Slowboattochina]

I will contact Peter Ricks. My best friend owns a big Huckins yacht and has his 100 ton Coast Guard license. Maybe the insurance companies will allow him help me transition. I only twice flew a new plane without getting checked out in it.

 

[Cold Duck]

The insurance market is shrinking for OLD BIG boats. Area also affects coverage. My 1970 65fter got insured but had to leave Fl during hurricane season. Later they allowed with a bigger premium. I have a boat with Safeco and one with Progressive but they have size and value limits which would not cover a 65fter. I am in Hawaii now otherwise I would give you the name of the company who insured our OLD BIG boat. My buddy with an older 58' Hatteras had the same problem.

 

[timb7734]

Older boat insurance

A lot depends on the boat location, whether you lay up off season, and whether you live aboard 365. One of my boats is a 42 steel trawler made in Guatemala as a one of, in 1998. Travelers has insured this vessel on an agreed value policy since 2014, with a disappearing deductible, at about 7 per cent of hull value with an extra 1M liability. No claims in 45 years.

Herbie Wiles agency in St Augustine FL.

 

[Tim]

Boat Insurance

I have Markel on my 1988 GB 42. Have home, auto and umbrella with USAA. They would write the umbrella only if I carried Markel on the boat. They must think highly of it. No claims for 4 years so all is good.

 

[sbu22]

I have Markel on my 1988 GB 42. Have home, auto and umbrella with USAA. They would write the umbrella only if I carried Markel on the boat. They must think highly of it. No claims for 4 years so all is good.

Odd. I, too, have home, auto and umbrella with USAA. Boat (1976 Viking 43 gasser) is insured with Geico/BoatUS. USAA clearly and explicitly acknowledged boat ownership and Geico insurance.

No boat claims in the 12 years I've owned her - or ever with any other boat for that matter. Got the renewal notice this morning. 17% increase over last year, 5.3% of agreed value, zero deductable. Never a survey requested.

I'm sticking with my Ouija board theory.

 

[Pau Hana]

The markets, they are a' changin', for sure! Lots of players have exited various markets, and underwriters have become tougher in reviewing both material condition of vessels and owner experience.

It's certainly not impossible to find coverage, but it certainly is a different market than just a few short years ago.

 

[jgwinks]

I am using Chubb on a 1985 . The only down side to changing insurance companies is that you will most likely need to get an insurance survey. Costing you 1-1200 dollars. Which may offset any insurance savings you get.

Your existing company will probably want a new one eventually, probably just not this year. If/when they ask is the time to shop around.

 

[Pau Hana]

Chubb does not have a requirement for a survey every “x” number of years. If there is a claim or a significant value increase requested, they may ask for a survey to justify material condition and value…