Insurance

[Andy G]

We have just been advised by our insurance company that our IG 36 now requires a marine survey every year on renewal of the policy. This is because of the age of the boat, she was built in 1980. It is an out of water survey so I guess they are checking thru hull fittings. This adds another $580 to the ongoing upkeep of the old girl. Just wondering if this is usual practice.

 

[jleonard]

Who is your insurance company?
I have BOAT US and so far they have not said that to me. My boat is a 1983.

 

[skipperdude]

Yeah. Sounds a little out of control.

I would look for a new insurance company.

SD

 

[markpierce]

I'd expect a new insurance company would want a new survey, but hopefully wouldn't require annual inspections.

 

[Steppen]

Yeah, who is your carrier?* We have a 1981 boat that required a survey when we first insured her with BoatUS (but that was the same survey that we used when we bought her in 2002).* They never required a subsequent survey.* We had a valuation survey done in 2008 and that one was used when we changed over to Pemco Insurance in 2010.*

You're kind of stuck right now.* If you decide to change carriers then the new carrier will want a current survey.* I think I would be looking for a new company.

 

[Woodsong]

How much do you want to insure it for? Call Progressive Insurance. They are the only carrier I know of that will insure without a survey whatsoever. Crazy on their part, but if you are insuring for under around $40-50k it would maybe work. Their rates are a littler higher I believe but cheaper than throwing a survey into the mix. I used them when I bought our Monk as I knew there was no point in surveying the vessel with the decks needing repair, etc. So- I went with progressive when I purchased it so that I could skip the official survey. I actually had a good friend of mine who is an excellent, excellent surveyor go through the boat with me on an informal basis- just didn't see the point in doing a full survey.

 

[Capn Chuck]

Andy, Every year is a bit over the top. You might want to contact IMIS in Graysonville, Maryland. Chuck

 

[Phil Fill]

You might want to ask the insurance company what their concerns are and start to address and eliminate them.* Our insurance company sent their own inspector/surveyor to inspect the Eagle.* He spent about 6 hours going through the Eagle with me.* His main object was not the value to but to find things that need to be added/deleted/change, and/or brought up to ABYC standards.* 19 items most of them electrical, but one was to remove/fill in the un used through hulls, and have the remain re beded.****

The electrical on most older boats do not meet ABYC standards and are potential danger/hazards.* The biggest is not having the recommend breakers/fuses/ground faults and smoke, CO, propane and high water alarms.* It cost about as lot, but the Eagle is safer.

Over the years I have call the insurance inspect at enough times he known my name and voice.* So now he is a good source for advise.* So call the insurance company and ask them what their concerns are and what you can do to eliminate them.* Make it a positive not a negative.****
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-- Edited by Phil Fill on Thursday 3rd of March 2011 05:19:30 PM

 

[JD]

My thought is they want out so their next step is going to be raise the rate until you quit which is better than them canceling you.

So get the boat hauled get a real survey pay them (the*present company)*on a monthly basis and*hunt a new insurance company.* You will be in the drivers seat.* If they find a bunch of stuff you will have to fix it for the new company anyway and maybe you need to fix it for your own good.* But in either case you will have some time to fix it.

 

[Delfin]

An annual survery is very unusual, and you shouldn't find that a common practice.* Delfin was built in 1965, she was re-launched 5 years ago and hasn't been surveyed since.* We're with Travellers now through Rich Haney, who I like very much.* Traveller's didn't even require a new survey when I switched to them a year ago.

 

[Forkliftt]

QUESTION:
Why can't we pool our buying power and find someone to treat us fair in the insurance game?
After a recent thread I started on insurance I contacted all agents listed. On our 83 model trawler, sorta near the Gulf Coast, we could not even be underwritten by most companies. Boat USoffered a quote on great policy but the price was 33% higher than the increased Markel policy we ended up going back with. My dock neighbor has a 42GB and he said a couple of years ago he attempted to get a better premium by showing how protected we are at our Marina, maps of how far we are from the coast and Nawlins', and still no help. He is on his 4th policy in 6 years.
Participants on this forum are probably much less risk on a policy than the average boater.