Insurance

[Kevin Kaldenbach]

I tried to price insurance today as part of my looking into finding a CD40. I was stunned when Progressive said they could not do it. The have a cap of 36000 dollars on these older boats. Has anyone else found this to be the case? I am open to suggestion in finding affordable insurance.

[jbenagh]

cap of 36000 dollars

I don't have that problem but try Heritage Marine Insurance -- they claim to be classic boat specialists and seem to live up to that reputation. No connection other than I have been a happy customer for three years.

Jeff

[JWSutcliffe]

Kevin:

I had the same issue with Progressive, but the maximum value they agreed to with me was a bit higher than 36K and covered what I had into Oryx and I was able to stay with them. Its too bad, because I have been very pleased with Progressive for both my boat and motorcycle insurance,and would love to stay with them if I go bigger

[Brian2]

We have Boat US insurance on our CD 28 and are quite pleased. However, we have never needed to make a claim.

Brian

[Steve Bryant]

n/m

[Len]

Believe it or not but State Farm actually has a good policy/rate. My policy covers ALL of the US and Canada to 75 miles offshore. (I haven't actually asked but the way the policy is written it would seem that it would even cover the Northwest Passage and the US Virgin Islands. The price is comparable to less expensive policies.The one incident I had -storm damage- was covered with no problems.
It is a package deal that requires you to also cover your car and home which may or may not be a problem for you.
Len

[Kevin Kaldenbach]

I did this post because the company I called first asked for a credit check before they could quote me. We have good credit but having every high priced insurance company making an inquiry might be bad for it. Boat US wanted 2807 per year and I consider that high.

[Bill Goldsmith]

Boat US wanted 2807 per year and I consider that high.

WOW. I am paying BOAT US $550 a year for agreed hull value of $50,000, although I save a lot being on the Hudson.

My cruising territory is "Hudson River North of the GW Bridge," which I can extend to "East Coast not including Florida" for $25 for a 14 day period. If I wanted permanent "East Coast not including Florida" it would be about $800 a year. They really get you if you are in hurricane territory. When I bought Loonsong from a Florida seller, I left it on the hard in Florida for the winter in 2002 and they got me for $1,600 that year.

[Kevin Kaldenbach]

Progressive is about 800 for my CD31 insured at 36000 and my Typhoon together. I sure wish they would insure a CD40 for 90000

[Como No Cruising]

Kevin: We have our Yacht policy with IMIS--International Marine Insurance Service--Al Golden. We carry 125,000 Agreed Value with $10,000 on contents and 100/300/100 general Liability coverage. Cost is around $2,800 annual premium. Operating areas are Caribbean, U.S., and Meditterrean. There is a named windstorm exclusion that raises the deductible to 10% of insured value. You can pay an additional premium to lower the Named Windstorm deductible---or do as we did for 13 years, move South of the Equator.
We did obtain a quote from State Farm. Good coverage, but about 25% higher.

Good luck and good sailing,

Will & Annie

[barfwinkle]

In January 2009 there was a fire at our marina, four boats and the dock were destroyed. My initial thoughts were several $100K and its all done. Actually it ended up in the several million range. And the biggest suggestion from the former marina owner: use BoatUS. people had to pay for fuel spill containment, disposal of contaminated waste, divers, recovery, dock replacement, damage to other boats (One of the boats was a $250,000 trawler, a total loss).

She (former marina owner) also stated that BoatUS recently upgraded their total liability to something in the range of $800k.

[Michael Abramson]

I had occasion to price coverage for my boat today, with very interesting results.

The boat is currently with Allstate, with whom I also have car, home and motorcycle insurance, so I think I get a good rate. My annual premium is $257, with boat value at an optimistic $25k. The deductible is $250. Liability is $300k per occurence.

I asked Geico, whose boat coverage is through "Ski Safe", to quote using the same value so I could do a direct comparison. The quote was $354, but the deductible is $2500, 10x the Allstate deductible. And in the event of a "hurricane, tropical depression or tropical storm", the deductible increases to 3x the standard deductible, or $7500. I have a emailed quotation with these figures, in case anyone thinks I got the info wrong, and the named storms are a direct quote.

I think the market value of my Intrepid is realistically no more than $15k. So I would have to absorb the first half of a total loss under the Geico policy. I understand about co-insurance, but this is ridiculous.

Note that new policies written for the eastern seaboard apparently now include these very high hurricane deductibles, if they will write it at all, per the underwriter whom I spoke to.

If you have insurance in this sailing location, one should not let go of an old policy, which will have a normal (1%)deductible "grandfathered" into the policy. Apparently one pays a very high price to have a modern policy written with a reasonable deductible, at least since the high hurricane losses of recent years.

Michael