Insurance rates and companies

Are you sure on the enviro damage in your example. Law requires we carry enviro damage of nearly a million dollars as I understood it.

MM
Mike, that must be a local law from your state. I just pulled my policy out and checked two things:
1. Protection and indemnity has a limit of $500,000 and I pay a premium for that.
2. Accidental Fuel Spill Coverage has no deductible and is included in the policy with no additional premium.
 
As an example, if you have $100,000 agreed value coverage on your boat policy and your boat sinks, causing an oil spill, and the oil spill costs $75,000 for the cleanup and recovery, that only leaves $25,000 to pay for your boat. Wow, and you figured they would cover your boat plus all that other "stuff".

With my YP they would pay the $75,000 cleanup cost and that doesn't come off the agreed value of your boat.

Would this not be covered by the "Accidental Fuel Spill Coverage has no deductible and is included in the policy with no additional premium"?

MM
 
Mike, you're absolutely right. In a yacht policy that's how it's written. In a boat policy, any cost for fuel recovery and cleanup comes off the agreed value of the policy and whatever is left over after the cleanup has been paid for is left to pay for the boat.

At least that's how it was explained to me when I was talking with my insurance broker.
 
I’ve got a Yacht Policy with AIG through NBOA. Price was very competitive when I was shopping around in December of 2016. NBOA is also pretty easy to deal with as a brokerage.
 
Called Global Marine. The agent took my existing yacht coverage and submitted for pricing to several companies including Geico.

Markel Helmsman Yacht was 1/2 of Geico for the same coverage amounts.
So I am going with them. Hopefully ( when and if ) I file a claim, I don't find any unwanted surprises...... Thanks all.

Does anyone else have Markel ? If so, comments???

We have our YP through Markel. USAA referred us to them. Rates seem decent and customer service has been good. We have never had a claim though (thankfully).
 
I have no strong personal interest in this other than my boat I'm selling is with Geico. I have asked marine brokers about them and they all have said they have no issues with them in their marine coverage. Geico is owned by Berkshire Hathaway and some good reputation marine insurers have been bought out and put under the Geico name. Seaworthy was one of them.

Geico is a high risk insurance company as is Progressive, hence their ads targeting young drivers, motorcycles, boats, and RV's.

They may not be as bad as that.

For the record Global Marine has Geico and Progressive policies available.

MM
Progressive is owned by people who support left wing causes. George Soros used to be involved but is no longer. Still the owners use the profit motive to bash our system. Company is well named.
 
I’ve got a Yacht Policy with AIG through NBOA. Price was very competitive when I was shopping around in December of 2016. NBOA is also pretty easy to deal with as a brokerage.
We're with NBOA and the same underwriters. They are one of the few companies that did not have a separate wind storm deductable. My only gripe, is providing a current survey every 5 years. Factoring the costs, they are still very competitive.
 
We're with NBOA and the same underwriters. They are one of the few companies that did not have a separate wind storm deductable. My only gripe, is providing a current survey every 5 years. Factoring the costs, they are still very competitive.

They asked me for a C&V survey a month or so ago. I sent them the pre-purchase survey from December of 2016. Oddly, they didn’t ask me for the survey when I first insured the boat with them in December of 2016.
They accepted it but said I’d have to provide a C&V Survey again in 2021.
No big deal. I’ll pay for the survey, and as long as I have a fresh survey in my hands I’ll contact two or three marine insurance brokers for fresh estimates before committing to them again.
Never hurts to re-evaluate insurance every 5 years or so anyway.
 
They asked me for a C&V survey a month or so ago. I sent them the pre-purchase survey from December of 2016. Oddly, they didn’t ask me for the survey when I first insured the boat with them in December of 2016.
They accepted it but said I’d have to provide a C&V Survey again in 2021.
No big deal. I’ll pay for the survey, and as long as I have a fresh survey in my hands I’ll contact two or three marine insurance brokers for fresh estimates before committing to them again.
Never hurts to re-evaluate insurance every 5 years or so anyway.

A good strategy. I have heard from the broker they are not as picky about surveys for freshwater vessels.

MM
 
I have liberty mutual. I've had one claim (new outdrive) over the 7 years I've owned the boat. The rates are the same as yr 1.
 
I'm closing on a 08 SR310 in couple of weeks, any insurance recommendations? MarineMax in RI will store the boat for me and launch in Spring. Should the policy include or exclude nay thing until the season starts? I will be boating in MA.
 
I'm closing on a 08 SR310 in couple of weeks, any insurance recommendations? MarineMax in RI will store the boat for me and launch in Spring. Should the policy include or exclude nay thing until the season starts? I will be boating in MA.

I had a "Insurance Survey" done ($450.00), so that I could shop around for better rates, Thou I am leaning towards Sea Insure. I've found that Insurance companies vary greatly with Rates and Coverage. Due Diligence is a must, do your homework and check the reviews and ratings etc.
a few will ask how the boat will be stored and for how long. Not only in the off season but also during a "Named" storm. I would keep insurance during the Off Season.... you never know what could happen. Would MarineMax Cover and damage to your boat if the roof of the building fell on the boat?

Todd
 
Make sure that you get a “yacht policy” versus a boat policy.
 
Find a good broker, needs and coverages are very different as is reading and understanding the policy and coverages- not to mention a claim advocate.If you need one let me know and I will connect you to mine. Invaluable- especially if someone else is at fault.
 
Find a good broker, needs and coverages are very different as is reading and understanding the policy and coverages- not to mention a claim advocate.If you need one let me know and I will connect you to mine. Invaluable- especially if someone else is at fault.
Yes please, i sent you a text.
 
AIG was priced well $1800 for a 420 Dancer but submitted two claims in one year under $10k total and they dropped me.
 

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