I recently moved from Novamar (brokerage recommended by my broker) to Boat U.S.
I have had excellent experience with Boat U.S. over the last 20 years, and
after Hurricane Irma got us concerned last year, I vowed to re-shop the
insurance this year and go with a more "known" market. Boat U.S. was
previously covered through CNA, but now is Geico due to the ownership by Warren
Buffett. However, if my memory serves me correctly, it is Boat U.S. who drives
the policy language and claims settlement procedures. Not only that, I
consider the A.M. Best rating of the carrier, as I'm in the business.
In the end, Boat U.S. was less expensive than the quote from my expiring
carrier, and given the combination of the Best rating and my experience with
their claims staff, I stopped looking elsewhere.
By the way, I stopped by a couple insurance brokers' booths at the St. Pete
boat show, and gave them opportunities to quote. They were not competitive.
All this being said, marine insurance, like many other types, is greatly
impacted by location, value of the boat, year of the boat, etc. I know some
brokers that won't even consider quoting until the boat exceeds $10 Million in
value. There are also lots of companies that don't want hurricane exposure,
stay away from Florida, etc.
So, no one solution will work for everyone. Yet, knowing about all the
potential alternatives is a great thing, and kudos go to the list for that!
Kindest Regards,
Bruce Whitmore1994 C&C 37/40+, "Astralis"Madiera Beach, FL
bwhitm...@sbcglobal.net
From: Matthew L. Wolford via CnC-List <cnc-list@cnc-list.com>
To: cnc-list@cnc-list.com
Cc: Matthew L. Wolford <wolf...@erie.net>
Sent: Monday, February 5, 2018 1:45 PM
Subject: Re: Stus-List Boat Insurance
I assume you saw my e-mail note over the weekend where I went through GEICO’s
on-line quote process. In my case, in 2017 I paid a $1040 annual premium
versus a $523 on-line quote for the same or better coverage (and slightly
higher hull value). All you did was remind me about the call I planned to
make. Besides, I’m not going to rat you out. From: Frederick G Street via
CnC-List Sent: Monday, February 05, 2018 1:26 PMTo: cnc-list@cnc-list.com Cc:
Frederick G Street Subject: Re: Stus-List Boat Insurance Once Geico finds out I
started an avalanche, they’re going to raise my rates again… — Fred
Fred Street -- Minneapolis
S/V Oceanis (1979 C&C Landfall 38) -- on the hard in Bayfield, WI :^(
On Feb 5, 2018, at 12:16 PM, Matthew L. Wolford via CnC-List
<cnc-list@cnc-list.com> wrote: Well done, Fred. On the phone now.
From: Frederick G Street via CnC-List Sent: Monday, February 05, 2018 11:51 AM
To: cnc-list@cnc-list.com Cc: Frederick G Street Subject: Re: Stus-List Boat
Insurance I’ve been on the phone with Geico Marine this morning, trying to
get a straight answer as to why the premium for my current policy (rolled over
from BoatUS) is nearly 50% higher than a quote I got online over the weekend
with the same deductibles and coverage. This is on an agreed hull value of
$50,000 (yes, I know that’s really high for my boat, but I haven’t seen any
reason to change it…), with 1% deductible and $500,000 of liability; and covers
sailing on the Great Lakes and tributaries. My BoatUS premium was a little
under $700.00; when it moved to Geico it went up to $852.00. The quote I got
online was for $571.00.
In my initial conversation this morning, the agent on the phone said that my
renewal coming in March was going to be less than last year; somewhere in the
$750.00 range. She said that I could go ahead and get insurance at the online
quoted rate, but I would need to get a survey done before they’d cover me on a
new policy. After talking at length with an underwriter and reviewing my
policy, the agent just called back: my renewal in March will cost $494.00. I
guess it pays to be the squeaky wheel sometimes… — Fred
Fred Street -- Minneapolis
S/V Oceanis (1979 C&C Landfall 38) -- on the hard in Bayfield, WI :^(
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Thanks everyone for supporting this list with your contributions. Each and
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_______________________________________________
Thanks everyone for supporting this list with your contributions. Each and
every one is greatly appreciated. If you want to support the list - use PayPal
to send contribution -- https://www.paypal.me/stumurray
_______________________________________________
Thanks everyone for supporting this list with your contributions. Each and
every one is greatly appreciated. If you want to support the list - use PayPal
to send contribution -- https://www.paypal.me/stumurray
