You guys are smarter than me, but I got a Progressive policy 15 years ago and the premium has dropped every year, I don't have a claim. No surveys is my reason. $40,000 value and $500 liabilty and the premium is now under $600. Not sure if they will ever react to a decent claim. No idea. BTW, I believe my boat is worth $55K based on the market but might sell for $35K. Go figure. Chuck S
> On 07/21/2023 6:00 PM EDT Neil Andersen via CnC-List <cnc-list@cnc-list.com> > wrote: > > > Amen! > > Neil Andersen, W3NEA > Rock Hall, MD 21661 > 484-354-8800 > > --------------------------------------------- > From: Matt Wolford via CnC-List <cnc-list@cnc-list.com> > Sent: Friday, July 21, 2023 4:15:59 PM > To: 'Stus-List' <cnc-list@cnc-list.com> > Cc: johnmcc...@comcast.net <johnmcc...@comcast.net>; wolf...@erie.net > <wolf...@erie.net> > Subject: Stus-List Re: Insurance > > > I don’t understand why Boat US first endorsed GEICO, then essentially > partnered with them (or are owned by them) given how GEICO treats Boat US > members with older boats. > > > > From: John McCrea via CnC-List <cnc-list@cnc-list.com> > Sent: Friday, July 21, 2023 3:59 PM > To: 'Stus-List' <cnc-list@cnc-list.com> > Cc: johnmcc...@comcast.net > Subject: Stus-List Re: Insurance > > > > Thanks Bill. I had Gieco up until May. They fired all US agents and will only > go direct and when I tried they denied. They do not want boats older than 20 > years now. > > > > My agent, Gowrie in CT is one of the best and they found me a new similar > policy at progressive. For the same $$ as well. > > > > From: Bill Coleman via CnC-List <cnc-list@cnc-list.com > mailto:cnc-list@cnc-list.com> > Sent: Friday, July 21, 2023 3:49 PM > To: Stus-List <cnc-list@cnc-list.com mailto:cnc-list@cnc-list.com> > Cc: Bill Coleman <colt...@gmail.com mailto:colt...@gmail.com> > Subject: Stus-List Insurance > > > > Just got this in a newsletter from the local broker, it does a little more > Plain 'Splainin on the subject of boat insurance. > > > > << At the YBAAU, we had an excellent presentation by Bob Peck of Triton > Marine Insurance. If you currently own a boat, you almost certainly noticed a > sizable increase in your premium this year. That said, marine insurance is > not as expensive as most people expect it to be, but the rub is obtaining > coverage in the first place. The whole insurance industry took an > $118,000,000,000 loss due to Hurricane Ian, and this catastrophic loss had a > wide ranging impact across the industry. Four large companies failed, and > there are fewer markets for your agent to place your coverage with. > > Four main areas the underwriters look for when a customer is looking for > insurance are location of use, age of vessel, owner experience, and the > “10-foot rule.” > > * Florida has become a very difficult place to obtain coverage, and so has > the Caribbean. If you can get coverage at all you need a storm plan, along > with other stipulations. > * The age of the vessel is also a key criterion, the older the boat the more > difficult it is to obtain insurance. > * Owner experience was always an issue, but until recently it was rarely an > obstacle to coverage; it was more a pricing factor. Now brokers need to work > with their agents to develop a plan to cover new owners who have little to no > prior boating experience. A package containing training is usually required. > * Finally the “10-foot rule” means the companies normally do not want an > owner to move to a larger boat that is more than 10 feet larger that the one > they currently own. A customer who currently has a 17-foot center console > runabout is unlikely to get coverage for a 40-foot boat for example. Often > they are requiring that a captain be aboard for a specified period of time > while the owners gain the requisite skill and experience. > * Other problem insurance risks are liveaboards and houseboats. The larger > and more expensive the boat, the more these rules come into play. > * Here at RCR we have been fortunate, through long-established relationships > with marine insurance specialists, to get our customers covered but it has > not always been quick and easy. Our suggestion is that if you presently have > coverage, don’t think of moving to another carrier to save a few bucks, be > satisfied that you have a policy. > > << > > Please show your appreciation for this list and the Photo Album site and help > me pay the associated bills. Make a contribution at: > https://www.paypal.me/stumurray > Thanks for your help. > Stu >
Please show your appreciation for this list and the Photo Album site and help me pay the associated bills. Make a contribution at: https://www.paypal.me/stumurray Thanks for your help. Stu
