Ins. value inspection

dvx216

dvx216

Well-Known Member
GOLD Sponsor
Feb 1, 2012
2,696
Catawaba Island/Orrville,Oh.
Boat Info
340 Sundancer 2001
Engines
8.1s 370 v drv.
I have insurance with AIG marine insurance. The premium is only $350 a year but every three years they require a inspection. Well my 2000 310 Da past with flying colors . I used Byran Shrock Marine Inspection he spent 2 hours going over the whole boat all but running the motors. It's nice to know that hull and structure all checks out.
 
Interesting, I'll have to check this AIG marine insurance. My current insurance is a little steep.

Appreciate a point of contact
 
dvx216 said:
I went through NBOA
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Have been working with NBOA for about 10 years. I am insured with AIG. Agreed value coverage and so far no requirement for a survey on renewal. My boat is coming up on 10 years so perhaps a survey is in my future.

FYI, I had a client in STT with an older boat but quite expensive totaled in Irma. Turns out the insurer had sent a letter requiring a survey within 90 days AFTER renewal. No survey was done by oversight. Claim denied.
 
JimT said:
Have been working with NBOA for about 10 years. I am insured with AIG. Agreed value coverage and so far no requirement for a survey on renewal. My boat is coming up on 10 years so perhaps a survey is in my future.

FYI, I had a client in STT with an older boat but quite expensive totaled in Irma. Turns out the insurer had sent a letter requiring a survey within 90 days AFTER renewal. No survey was done by oversight. Claim denied.
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Not sure why this is but I know when I was buying my boat multiple insurance agents told me that in Ohio if it's older then 10 years and over 30' long I would need a survey to get it insured.
 
I just received a non-renewal notice from Premiere Marine Insurance 12 years with them and only 1 claim for the burglary 3 years ago... So, I'm going to need an insurance survey done to get new insurance. Fun Fun Fun !!!
 
dvx216 said:
Not sure why this is but I know when I was buying my boat multiple insurance agents told me that in Ohio if it's older then 10 years and over 30' long I would need a survey to get it insured.
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I'm not sure why either. I've never been told that. Do you have or have required a loan when buying boats? That may be why...

I always get surveys for myself anyway for bargaining and to know what I'm buying.
 
We went with Progressive just because the house, vehicles and motorcycles were all already there. Got what I thought was a decent rate. I do have a loan against it. But, I insured it at appraised value which was much higher. Didnt need an inspection, though.
 
Getting insurance for my 310 Da. was an eye opener for me . The agent that insured my other three smaller boats through Allstate was in way over his head and was willing to sell me a policy that was inaccurate and if anything would have happened to my boat I would not have been covered . If I didn't catch the mistakes and question them I would have been paying for nothing. The process getting insurance through Allstate dragged out way to long for me so I called the main Allstate company and that was when they told me that i was not covered. It says in the fine print that any inaccuracies is the responsibility on the policy holder and will make the policy null and void. There is so many things to take into consideration when covering a in water boat properly that I felt better off with going through a marine insurance broker NBOA and that is why I'm with AIG marine insurance. With that said I would recommend anyone take a good look at your Doc. sheet to make sure it's correct because if it's not then it's worthless. Hopefully this is not something that happens all the time but unless you check your insurance Doc. you will not know.
 
I’m with AIG through NBOA. They accepted my purchase survey upfront to write the policy and want another one on the 5th anniversary.
 
Give Charter Lakes in Grand Rapids Michigan a call. They are a broker and have done a great job for me. 10+ years over multiple boats and they write with A+ companies.

@Kwik - hoping you have an "agreed value" policy. I was unaware Progressive wrote those.
 
NBOA is a broker. They will put you with the best market for best price. They have great customer service. A few years ago I was moving my boat from the lake to Charleston. I was following the transporter when I realized with all my focus on preparing and loading the boat I hadn’t updated my policy to include off shore. I called my lady at NBOA and she said no problem. She verbally bound the coverage, confirmed with an email and an endorsement before we got the boat to the Ashley. That’s what you get when you deal with experts. Insure you car with Geico. Insure your cruiser with a yacht policy through an experienced marine broker.
 
firecadet613 said:
Give Charter Lakes in Grand Rapids Michigan a call. They are a broker and have done a great job for me. 10+ years over multiple boats and they write with A+ companies.

@Kwik - hoping you have an "agreed value" policy. I was unaware Progressive wrote those.
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You folks have me worried, now. Going home tonight to study the policy. It truly was an "agreed policy". I verified that little piece when I received the documentation. Vessel is covered for $45,000 for total loss.
 
Even with a small boat, you need to insure with a company that knows how to write marine coverage - and you need to understand what your policy covers and what it does not - read it, don't just rely on the agent to tell you. My State Farm agent tries to quote my boat every year - since I have an umbrella through State Farm they always need the declarations page for my boat for the umbrella. Everytime he quotes it the rates are all over the place and they can't seem to cover the important things like environmental cleanup, salvage etc, - he just goes blank when I start asking those questions about things like actual value vs agreed value. Granted the value of my boat is not a lot, but it could still dump fuel and oil into the water in an accident - which could exceed the value of the boat many times over. Claim time is not the time to realize you insurance is sub par - get between them and a huge liability claim and the insurance company will get quite business like real quick - it's all in the fine print. My father was an independent insurance agent - I've seen first hand the good and bad with casualty insurance.
 
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