Insurance

[Pau Hana]

I'm selling my 36ft trawler and looking to buy a 49ft boat with LOA 55'. Geico/BoatUS said they would not insure it because its more than 15ft longer than my current boat. I asked if there was anything I could do to get coverage, ie. hire a captain, get my captains license, etc. Nope. Just have to buy a smaller boat. After insuring 8 boats over 38yrs with Boat/US, I'm done with them. My friend got coverage for his first ever boat which is 46ft. I'm calling his broker.

Patrick, be careful of automatically pulling the trigger on the coverage your friend has- be sure you understand the policy form, and what is/is not covered.

There are some insurers that will offer coverage to first time large boat owners, but their policy language is junk.

 

[Comodave]

If all you are looking for is insurance then the junk companies are fine, but if you actually want the insurance company to cover you in the case of some incident then you need a good company and a good policy. As in most cases you get what you pay for. I have never had Boat/US ask me the OAL of a boat, they just ask the length and I give them the registered of documented lenght. Had my insurance with them for probably 40+ years. We thought about buying a Hatteras 58 LRCl. They asked what the largest boat I have owned, a 46’. They said no problem and gave me a quote. No questioning the OAL.

 

[Slowmo]

Our boat is 40 years old and we really didn't have problems getting insurance. Are you using a marine insurance broker? We had three quotes and are insured with Red Shield out of Portland Or. The insurance companies require a survey and I understand there are some hot issues for them. We were warned that older shore power systems that don't meet ABCY are an issue. Luckily our boat had been rewired. I would have thought that a '99 GB was new enough to be OK on that front though.

 

[DonW28]

Anyone have insurance cost for 2006 Mainship 34 trawler? Boat US just quoted me $4100 in NE

My 2006 34T is $1650 annually in SC.


Don

 

[DonW28]

USAA placed us with Markel when Progressive cancelled us. Markel isn't the lowest cost, but they are currently letting customers do their own 5-7 year renewal survey, which saves a big surcharge and eliminates the inconvenience of inept surveyors invading your space...what a scam that is. Anyway, call USAA and ask them about Markel.

I'm curious if Markel gave you wind/named storm coverage? I used them for our previous boat through USAA but they would not give us wind coverage on the current one. I'd check and make sure you have the coverage you want/need. Living on the coast of NC/SC we can't afford to not have a hurricane policy. Don

 

[Rufus]

I'm curious if Markel gave you wind/named storm coverage? Don

The boat operating area is defined as the Great Lakes to include the Saint Lawrence seaway, May-October. Inside a heated storage building for the rest of the time. Approximately $1500/year.

 

[Mike H]

We recently bought a 1988 Californian 48 CPMY. Like you, we moved up from a 35-foot sailboat. We had to shop around, but through a broker in Florida, we found Progressive willing to accept my boat resume. They would not go quite as high as the purchase price, but not that far off, so we were willing to accept the risk. Especially since the premium was lower than what we were paying One Beacon for insurance on our sailboat.

Since we live in Maine, hurricanes were not an issue.

 

[Pau Hana]

We recently bought a 1988 Californian 48 CPMY. Like you, we moved up from a 35-foot sailboat. We had to shop around, but through a broker in Florida, we found Progressive willing to accept my boat resume. They would not go quite as high as the purchase price, but not that far off, so we were willing to accept the risk. Especially since the premium was lower than what we were paying One Beacon for insurance on our sailboat.

Since we live in Maine, hurricanes were not an issue.

A 35’ to 48’ jump should not be an issue with respect to obtaining coverage. Was the vessel surveyed as part of your purchase?

 

[RoseLoper48]

Try Novamar Insurance. They helped me find insurance for my 1986 Kady Krogen. Check them out online.


Rose Loper
KK42 Catharine

 

[Mike H]

A 35’ to 48’ jump should not be an issue with respect to obtaining coverage. Was the vessel surveyed as part of your purchase?

Had a good survey. All I know is they were concerned with age. Length overall is pushing 53 feet. That could have something to do with it, too.

 

[pkirkll]

I may have made a mistake buying my 80' 1943 model wooden fishing boat with no experience as a captain. I was never planning on being the captain until i got my sea time and did some training ---
BUT now insurance is down to one company out of Seattle. No one wanted to talk with me when i told them my experience, the boats age, and the fact that she has a wooden hull..
(that is actually a positive for me after riding in her--- smooth as silk---)
I have even tried to get insurance for liability at the dock.
She has a great survey, sound hull and I have been rewiring and replumbing her--- along with aluminum decking on the upper deck with rubber gripper deck paint. And a lot of other improvements over the last few months....
I may end up having to sell if I cant get insurance---- I stayed on her for 2 months last fall at the dock and slept like a baby. She surveyed out at 200k--

I have at least 50k in improvements--- I cant believe that insurance is making the difference of whether or not I can keep her.... bitter pill .. but i should have thought about that earlier,,,, and Oh yeah-- im up in SE AK

 

[Bryant]

Hi Folks,

I am a new owner of a Grand Banks 42 1999 she is beautiful but no one wants to insure a 20 year old boat any more. The quotes are outrageous.$4000.00 plus. I have been with USAA for 30 years no claims. They sent me to Progressive which just cancelled my policy because she is 20 years old.

I imagine this is a issue all of us older boat owners are grappling with.

I will keep you posted. Any feedback is welcome.

Thanks

My GB 36 is a 1984. I have insurance with GEICO/ Boats US. Very affordable and quite good coverage.

 

[bobi]

Try State Farm, they insure our 1970 42 GB for 100k. Costs around 1k a year.
They just require a survey not over 6 months old.
They also insured our 1928 Classic for 11 years before we sold it.
Good luck!

 

[Takoradi]

Markel isn't the lowest cost, but they are currently letting customers do their own 5-7 year renewal survey, which saves a big surcharge

Rufus,

I was a licensed property and casualty insurance agent here in CA and I wanted to mention something called post claim underwriting. The company may let you do your own renewal survey but be aware that at the time of claim, if they find any material deviation from your survey and what they see at claim inspection, they will deny the claim and cancel your policy. Same is true for life insurance. They'll take your word for it that you're a non-tobacco user and give you a reduced no-smoke rate. If the death benefit is high enough, upon your demise they will ask for a blood analysis. If it comes back with a trace of tobacco, they will deny the claim.

Tak

 

[Pau Hana]

Had a good survey. All I know is they were concerned with age. Length overall is pushing 53 feet. That could have something to do with it, too.

Just sent you a PM...

 

[TrawlerGal]

Insurance for older trawler

We recently purchased a 1989 GB - beautiful condition. Boat US insured her -- we provided a recent surveyor's report and price paid.

 

[Tim]

I have coverage on a 1988 Grand Banks with Markel which is recognized by USAA for my umbrella policy.

 

[Gulfstar]

I have a 1977 GB36 insured with Gieco/BoatUS and it's under $1,500 a year full coverage. Including the replacement value from the surveyor.

 

[Tiffany]

The insurance on my '73 Apollo 32 has gone from$650 to $1,650 in four years. Apparently one of the causes has been the high prices charged by boatyards for all repair work, coupled with bigger more expensive boats. As mentioned by others, a number of companies have left the market all together. Fingers crossed...


Doug

 

[rslifkin]

Progressive has no trouble insuring my 35 year old boat, so age is definitely not the only factor. It might be a combination of age and value for them.

 

[Mike H]

If you are really desperate, try Lloyds of London until you build your boat resume. I have used them in the past for buildings. Not cheap, but not totally out of line.

 

[jimfrens]

I had Progressive on my 1969 Chris Craft for several years. The only reason I don't still have it is because the boat's sitting on its trailer.

 

[Bryant]

insurance

Hi Folks,

I am a new owner of a Grand Banks 42 1999 she is beautiful but no one wants to insure a 20 year old boat any more. The quotes are outrageous.$4000.00 plus. I have been with USAA for 30 years no claims. They sent me to Progressive which just cancelled my policy because she is 20 years old.

I imagine this is a issue all of us older boat owners are grappling with.

I will keep you posted. Any feedback is welcome.

Thanks

Let me elaborate a little more. First, where are you going to keep the boat?
Secondly, you need to look at coverages actually offered before buying a policy. For instance, my boat is in Florida, so hurricane coverage is necessary. Allstate has a 5% limit of the boat's worth for salvage. This means that if your $100,000 boat sinks due to a storm, they will pay $5k to salvage it. That's not nearly enough. If your boat sinks and is totaled, you will pay a significant amount of your settlement just to have it raised and hauled away. When shopping for insurance, I called an international marine salvage company and asked for advice. They told me that they wouldn't even answer a call to an insurer that had State Farm because State Farm would not pay directly to a salvage company, they pay only to the owner an amount they think fair. I don't know if this is correct, but that's what they told me. My salvage coverage From GEICO/Boats US is $500,000.
My coverage with GEICO/Boats US is $2500/year for Florida Gulf Coast. My boat was damaged during Hurricane Sally and from the time I filed the claim till payment was 3 weeks. They covered $50k in damage with no problem. I also have a depreciation rider on my policy. If you go 3 years with no claims, they reduce your premium. I also have an "Agreed Value" on my policy based upon a survey that I provided to them. That means they will pay the value of the boat upon total loss.
So my advice is to be very wary of "cut rate" insurance policies. Make sure you know exactly what coverage you are getting. As of this date, I can't recommend GEICO/Boats US more highly. I don't know what the future of my policy will be, based upon this claim but so far, they have taken really good care of me.
For what it matters, I've done some shopping around for policies at various boat shows and I've been told every time by different companies that they can't touch my rates for the coverage I'm getting.

 

[Kit_L]

My insurance went up substantially this year: it's an agree-value policy for $200,000, on a 1969 wooden vessel. The fees (including the broker's modest fee) are $4,255. This is about 1/2%, if I have done the maths right. So, with respect to the 1-1.5% people are talking about here, we seem to be in a decent place. Of course, I'd rather spend the $4,255 on gear for the boat!

 

[Pau Hana]

Let me elaborate a little more. First, where are you going to keep the boat?
Secondly, you need to look at coverages actually offered before buying a policy. For instance, my boat is in Florida, so hurricane coverage is necessary. Allstate has a 5% limit of the boat's worth for salvage. This means that if your $100,000 boat sinks due to a storm, they will pay $5k to salvage it. That's not nearly enough. If your boat sinks and is totaled, you will pay a significant amount of your settlement just to have it raised and hauled away. When shopping for insurance, I called an international marine salvage company and asked for advice. They told me that they wouldn't even answer a call to an insurer that had State Farm because State Farm would not pay directly to a salvage company, they pay only to the owner an amount they think fair. I don't know if this is correct, but that's what they told me. My salvage coverage From GEICO/Boats US is $500,000.
My coverage with GEICO/Boats US is $2500/year for Florida Gulf Coast. My boat was damaged during Hurricane Sally and from the time I filed the claim till payment was 3 weeks. They covered $50k in damage with no problem. I also have a depreciation rider on my policy. If you go 3 years with no claims, they reduce your premium. I also have an "Agreed Value" on my policy based upon a survey that I provided to them. That means they will pay the value of the boat upon total loss.
So my advice is to be very wary of "cut rate" insurance policies. Make sure you know exactly what coverage you are getting. As of this date, I can't recommend GEICO/Boats US more highly. I don't know what the future of my policy will be, based upon this claim but so far, they have taken really good care of me.
For what it matters, I've done some shopping around for policies at various boat shows and I've been told every time by different companies that they can't touch my rates for the coverage I'm getting.

Well stated.

Further to your points: Not only is location a factor, but vessel age, experience, loss history, and more are all considered when a vessel is rated.

Caveat Emptor is certainly a good watchword to consider when looking at vessel insurance.

 

[mbdana]

Hi Mike
We have a relatively new to us, 1988 36' Grand Banks which is also quite beautiful. We are insured through BoatUS for about $950/yr. We are 11 years older and smaller than you but seems BoatUS could do better than 4k as relative to our boat. Ours is out of the water in our yard from Oct to June so this might make difference too.

Good luck, it's a movin target.

Mike Dana
Third Reef
36' GB Heritage Classic
Potts Harbor Maine
207-833-5080

 

[Pau Hana]

Hi Mike
We have a relatively new to us, 1988 36' Grand Banks which is also quite beautiful. We are insured through BoatUS for about $950/yr. We are 11 years older and smaller than you but seems BoatUS could do better than 4k as relative to our boat. Ours is out of the water in our yard from Oct to June so this might make difference too.

Good luck, it's a movin target.

Mike Dana
Third Reef
36' GB Heritage Classic
Potts Harbor Maine
207-833-5080

The mooring location of Maine and the Oct-June layup are certainly factors that affect your annual premium. The value may also play significant difference in the premium.

 

[cks]

We have an ‘03 42 EU w/ Boat US.
About $4K but I don’t begrudge the cost one bit.
When there’s an issue they are Johnny on the Spot!

 

[Wdeertz]

My insurance went up substantially this year: it's an agree-value policy for $200,000, on a 1969 wooden vessel. The fees (including the broker's modest fee) are $4,255. This is about 1/2%, if I have done the maths right. So, with respect to the 1-1.5% people are talking about here, we seem to be in a decent place. Of course, I'd rather spend the $4,255 on gear for the boat!

Isn’t a $4255 premium on a $200k boat 2.13%? Maybe I missed that new math day in school ?

 

[Ron Stevenson]

I am looking at my renewal for my 1979 37' North Sea trawler, $59,500 agreed value (what I bought it for) for $979 with Red Shield Insurance company. My broker was alarmed at the increase from $829, and did some shopping.
She can do a same policy with Progressive for $537. I had a bad experience with Progressive on a car insurance claim, and they are rotten to the body shops.