Stus-List Re: Insurance for larger boat - 15 foot increase maximum?

[Dave S via CnC-List]

I had unexpected challenges insuring my new boat, and in the end was finally able to overpay for minimal coverage.  Through the process I spoke with several brokers and got a sense of the climate.     Each carrier has its own quirks, rules and inclinations but overall I was left with the impression that the industry has seen a rise in risk in aggregate and has become more conservative and selective.  Boats with less than perfect surveys and older boats generally seem not to be  an attractive market for most insurers, (perhaps it’s the demographic!). unless the boat is a high$ ‘gold plater’.   For the small premium involved it’s seems not to be worth it to many insurers.   I had made my offer subject to insurability, without expecting it to be a problem, and it was.   One broker told me that she now recommends this to all clients.  Dave 33-2 Sent from my iPhoneOn Jul 18, 2023, at 2:11 PM, Dennis C. via CnC-List  wrote:I'm not overly surprised at this.  In some ways I support it.  I've seen some obnoxious, if not outright dangerous, situations caused by operators of larger powerboats.  Perhaps handing the keys to a 40+ foot express cruiser to a newbie isn't exactly a bright idea.Although I don't hold a master's license, my insurance company liked the fact that I was a certified Officer of the Deck Underway Fleet Steaming on a 384 foot, 2800 ton US Navy ship.  They give me a discount for that.--Dennis C.Touche' 35-1 #83Mandeville, LAOn Mon, Jul 17, 2023 at 9:06 PM Martin DeYoung  wrote:






When we purchased our 1956 Matthews 42 with twin 454 gas V8 engines we had difficulty obtaining insurance at any cost. After a haul-out survey, drawn fasteners, and certifying the survey findings we got to my qualifications to own and operate the vessel.




The insurance company that was most promising asked about my ownership and experience operating/navigating similar size vessels. They also asked about what training/education related to boat operation I had competed.




Fortunately, I had all those bases covered and we were able to bind coverage.  The cost is 4X what we pay for Calypso.  We were expecting 3X, hoping for 2X.




I expect newbies, possibly during COVID buying more boat than they could handle along with high payouts from storm damage is driving insurance companies out of the market.




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/stumurrayThanks for your help.StuPlease show your appreciation for this list and the Photo Album site and help 
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Stus-List Re: Insurance for larger boat - 15 foot increase maximum?

[Dennis C. via CnC-List]

I'm not overly surprised at this.  In some ways I support it.  I've seen
some obnoxious, if not outright dangerous, situations caused by operators
of larger powerboats.  Perhaps handing the keys to a 40+ foot express
cruiser to a newbie isn't exactly a bright idea.

Although I don't hold a master's license, my insurance company liked the
fact that I was a certified Officer of the Deck Underway Fleet Steaming on
a 384 foot, 2800 ton US Navy ship.  They give me a discount for that.

--
Dennis C.
Touche' 35-1 #83
Mandeville, LA

On Mon, Jul 17, 2023 at 9:06 PM Martin DeYoung 
wrote:

> When we purchased our 1956 Matthews 42 with twin 454 gas V8 engines we had
> difficulty obtaining insurance at any cost. After a haul-out survey, drawn
> fasteners, and certifying the survey findings we got to my qualifications
> to own and operate the vessel.
>
> The insurance company that was most promising asked about my ownership and
> experience operating/navigating similar size vessels. They also asked about
> what training/education related to boat operation I had competed.
>
> Fortunately, I had all those bases covered and we were able to bind
> coverage.  The cost is 4X what we pay for Calypso.  We were expecting 3X,
> hoping for 2X.
>
> I expect newbies, possibly during COVID buying more boat than they could
> handle along with high payouts from storm damage is driving insurance
> companies out of the market.
>
>
>
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

Stus-List Re: Insurance for larger boat - 15 foot increase maximum?

[Korbey Hunt via CnC-List]

I am anticipating liability only cicerage this fall.  Last year hull value 
coverage of $77k caused $3,600

Get Outlook for Android

From: Martin DeYoung via CnC-List 
Sent: Monday, July 17, 2023 7:06:00 PM
To: Stus-List 
Cc: Martin DeYoung 
Subject: Stus-List Re: Insurance for larger boat - 15 foot increase maximum?

When we purchased our 1956 Matthews 42 with twin 454 gas V8 engines we had 
difficulty obtaining insurance at any cost. After a haul-out survey, drawn 
fasteners, and certifying the survey findings we got to my qualifications to 
own and operate the vessel.

The insurance company that was most promising asked about my ownership and 
experience operating/navigating similar size vessels. They also asked about 
what training/education related to boat operation I had competed.

Fortunately, I had all those bases covered and we were able to bind coverage.  
The cost is 4X what we pay for Calypso.  We were expecting 3X, hoping for 2X.

I expect newbies, possibly during COVID buying more boat than they could handle 
along with high payouts from storm damage is driving insurance companies out of 
the market.

Martin DeYoung
Calypso
1971 C 43

Greta
1956 Matthews 42
Port Ludlow

From: Dennis C. via CnC-List 
Sent: Monday, July 17, 2023 4:49 PM
To: Stus-List 
Cc: Dennis C. 
Subject: Stus-List Re: Insurance for larger boat - 15 foot increase maximum?

Still haven't gotten any more information on this.

Dennis C.

On Sun, Jul 2, 2023 at 2:19 PM Dennis C. via CnC-List 
mailto:cnc-list@cnc-list.com>> wrote:
This is strange.  I was chatting with a friend who is looking for a larger boat 
(power).  He said a couple of insurance representatives and a knowledgeable 
broker told him he could not get insurance for a boat more than 15 feet longer 
than his existing boat unless he has a master's license.  Anybody else heard 
that?

Can't seem to find an answer on the internet.  And how does one buy a first 
boat if it's long?

He's okay because he is only moving from 23 feet to 37 feet.  He has taken the 
Power Squadron course and said that didn't matter.

--
Dennis C.
Touche' 35-1 #83
Mandeville, LA
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


--
Dennis C.
Touche' 35-1 #83
Mandeville, LA
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