Insurance

[John Stone]

Jim, IMS had no issue with me singlehanding with liability only. I can provide contact info if you like.

Only carrying liability, I was prepared to be uncovered for damage to my boat but not some innocent bystander who might only have liability on their boat. The liability policy I carried also provided for salvage of the Far Reach if she sank in a channel, etc.

I will say there were a number of people that I talked to in the West Indies that had no insurance at all. And I am not talking about derelict boats but some fairly expensive ones. I don't understand how they figured on covering damages if their boat dragged in high winds or the tranny stuck in forward while maneuvering in a marina or something and smashed into another boat or a megayacht. Talk about a lawsuit.

[Jim Walsh]

Jim, IMS had no issue with me singlehanding with liability only. I can provide contact info if you like.

Only carrying liability, I was prepared to be uncovered for damage to my boat but not some innocent bystander who might only have liability on their boat. The liability policy I carried also provided for salvage of the Far Reach if she sank in a channel, etc.

I will say there were a number of people that I talked to in the West Indies that had no insurance at all. And I am not talking about derelict boats but some fairly expensive ones. I don't understand how they figured on covering damages if their boat dragged in high winds or the tranny stuck in forward while maneuvering in a marina or something and smashed into another boat or a megayacht. Talk about a lawsuit.

Thanks John. Please PM me the contact info. I was aware of the risks but felt my exposure was minimal where I was headed. I know, those fall into the category of "famous last words".

[John Stone]

Jim
If you OM me your email I can forward the contact info.

[Sea Hunt Video]

I have decided to renew with BoatUS/Geico for one more year. In my last two conversations with a BoatUS employee within their Marine Insurance Division I told both employees that I was not happy with the actions to date of Geico and that, while I was renewing this year because I have several time consuming projects I am working on and do not have the time to research other marine insurance, I will be contacting other companies later this year. I have no hesitation in leaving BoatUS insurance.

Surprisingly, both employees admitted that BoatUS has received a significant number of complaints about Geico's rates, coverages, etc. Perhaps BoatUS management will have a serious sit down with Geico and modify some of their actions. Of course, this may be wishful thinking.

[gcm52]

Interesting that people are having trouble with Boat US. I have insured with them for about 20 years but just switched to Progressive this year. I got way better coverage for less cost.

[ricks]

Before you buy give Charter Lakes a call. Very flexible, incredibly responsive when you have a claim, and reasonably priced. I just insured my 25D for $15,000 agreed value and a very comprehensive liability and salvage policy for under $500. It is US only, but that at my request since I had no plans to go further. Marine insurance is a core competency. They actually quoted me a liability/salvage policy with agreed value coverage for my boat as a separate charge so I could decide which way to go.

Lest you think you get what you pay for, I unsure a $70k power boat with them for very reasonable money. I recently had a trailering accident with my boat returning from FL. Charter Lakes stepped up and let's just say they went above and beyond handling my claim in a quick and very professional manner. Fortunately the other driver was found to be 100% at fault and his insurance paid everything, but it was touch and go for awhile and Charter Lakes made me feel very comfortable that I would be taken care of in any event.

I have heard other testimonies about Charter Lakes which is how I ended up with them.

Rick

[Boyd]

Hi All:

Well the dust has finally settled and I have insurance. What an experience. Its been traumatic. I had been quoted $3900 from Boat U.S. ... an $800 increase from the year before. I was uncomfortable with the $3100 I had been paying before. Keep in mind that I have been with Boat U.S. for 20 years, two boats, three hurricanes, and no claims.

I solicited proposals from at least a dozen brokers. The proposals were mostly either from Geico or Progressive with quotes ranging from as high as $8400 to $3100 for those policies. It seems to me that these companies are set up for trailer boats and Jet skis. They dont have policies for boats capable of extensive offshore work.

The other level of quotes came from LLoyds Syndicates thru brokers such as IMIS. Their prices were centered around $2000 and I liked the language in the policies. It seems that Lloyds knows offshore boats. But they all wanted a survey. I havent had the boat surveyed since I bought it so I thought that spending $1000 on one might be a good investment. Boy was I wrong. The surveyor I used the most irrational person I ever met. Consider a couple of the comments:

"Have all fire extinguishers inspected and tagged annually."

I checked with the fire extinguisher company who services my building. The said thats not done on private boats.

"Have the ship to shore radio removed and bench tested for output annually".

Has anyone ever heard of this one? When I asked him for specific regulations on these and other issues he got all arrogant and told me to become a surveyor myself.

Basically I wasted $1000 on a bunch of ridiculous comments. The insurance company's response was "let us know when you have all this done" and "there will be no coverage on items uncompleted"

I will certainly not use that surveyor again. If you want his name so you can avoid him send me a PM.

On the recommendation of a neighbor, I found a local insurance agency who got me coverage without a survey for $1600. Thats less than half the Boat U.S. quote.

The company is Foremost and the agent is :

Casey L Heer President
Casey Insurance Group Inc.
151 North Nob Hill Rd #269
Plantation, FL 33324
888-537-1412 Ext. 701
888-537-1412 Toll free fax
954-473-4109 Local fax

I now have insurance for another year. I hope to not go thru this again next year.

Boyd
s/v Cat-A-Tonic
Prout 34 Catamaran
Fort Lauderdale, Fla