Stus-List Re: [EXTERNAL] Re: Insurance - again

[Della Barba, Joe via CnC-List]

Same way as any other boat!

From: David Risch via CnC-List 
Sent: Tuesday, January 3, 2023 1:59 PM
To: Stus-List 
Cc: David Risch 
Subject: [EXTERNAL] Stus-List Re: Insurance - again

How do you sink a Hinkley?

From: Danny Haughey via CnC-List 
mailto:cnc-list@cnc-list.com>>
Sent: Tuesday, January 3, 2023 11:01 AM
To: Stus-List mailto:cnc-list@cnc-list.com>>
Cc: djhaug...@juno.com
Subject: Stus-List Re: Insurance - again

Kind of a side note to this.  An owner of the company he works for bought a 
completely renovated Hinkley 60 in Florida.  He left Florida in it to bring it 
back to New England and it sank 100 miles off shore.   Insurance said he 
shouldn't have been more that 40 miles of shore and they aren't covering the 
loss.   I saw the listing for the boat and the coat guard coverage of the 
rescue.  The boat listed fur just under $1,000,000!

They are fighting it.   As was already stated, read the policy (and replace 
your standing rigging!).

Danny

On Jan 3, 2023 10:32 AM, Joel Aronson via CnC-List 
mailto:cnc-list@cnc-list.com>> wrote:
Happy New Year!

I've been looking for insurance to cover our boat in the Caribbean and Med.

READ THE POLICY BEFORE YOU BUY!

I got what I thought was a good quote through a British broker until I read 
that the value of the mast decreased by 5% per year - i.e. a 20 year old mast 
was not insured.

Joel
Rule One Hylas 49
Former owner The Office C 35/3

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Stu

Stus-List Re: [EXTERNAL] Re: Insurance... what is to much?

[Jeffrey A. Laman via CnC-List]

Boat insurance is always a lively topic on the list!  I have resisted 
participating, but wanted to offer a few more philosophical type thoughts.

As all of us know, getting insurance quotes for anything -- car, house, boat, 
life, will result in a very wide range of premiums.  Usually, the policies are 
not identical either making a comparison difficult.  It's a good idea to get 
several quotes for insurance every five years or so.

Before purchasing insurance, be clear about why insurance is being purchased 
and what is being protected.  Most financial advisors will promote insurance as 
a protection against catastrophe.  That will result in the most reasonable 
insurance cost and balances risk (risk = probability x consequence).  Many 
consumers want to insure against any and all loss.  That raises premiums 
dramatically because, for the insurance co. the probability of a claim is high 
now, but maybe the peace of mind is worth it to some.

As has been mentioned before, the liability coverage is absolutely necessary 
and the most important part of the insurance -- boat, car, home.

Insurance premiums for automobiles are closely related to the insureds credit 
rating.  This is permitted and there is a very close correlation between how 
someone handles finances and how they handle risks in life.  I don't know, but 
expect, boat insurance is similarly connected to credit rating.

I'd offer this about the $70k agreed value, 42-yr-old C Landfall, not to pick 
on that boat or owner, but it is very illustrative.  The owner is wanting to 
protect against any loss.  And the premium is high, as would be expected.  In 
10 years, the owner will likely have paid $30k in insurance premiums given rate 
increases.  A 52-yr-old C (ten years from now) in top condition might be 
sold for $30k to $40k. Something to think about.

My premium for a '81 C in above average condition and agreed value of $27k 
(now too high really after 5 years) is less than $220 per year.  That doesn't 
mean a lot to anyone unless we go through all the details of the policy, but 
the boat and I are covered for the worst -- liability, environmental damage, 
loss of boat.  In nearly 50 years of owning and insuring boats, I have never 
made a claim.

Jeff Laman
'81C Harmony
Ludington, MI

From: Della Barba, Joe via CnC-List 
Sent: Tuesday, June 28, 2022 9:45 AM
To: Stus-List 
Cc: Della Barba, Joe 
Subject: Stus-List Re: [EXTERNAL] Re: Insurance... what is to much?


I keep waiting for Progressive to get revealed as a huge scheme.

I was paying $700/yr. to Geico (nee BoatUS) for ONE boat and now I have all 
three of my boats on Progressive with better coverage for $700/yr. They had no 
issue with quoting a C 41 and I think their website states they go up to 50 
feet or so. I am also about to switch my car insurance to them, same deal, 
better coverage for less money. Not that I would actually try it, but my Boston 
Whaler is insured to go 100 miles offshore from Maine to Florida and so is the 
dinghy.

How do they do this?

I also wonder about the insured value, on the form to sign up it is whatever 
you say it is. I wonder if it has some algorithm to flag wildly inappropriate 
values. I swear I was being careful, but my $150,000 dinghy got loose and 
vanished. Darn the luck!





Joe Della Barba  Coquina

Stus-List Re: [EXTERNAL] Re: Insurance... what is to much?

[Matthew via CnC-List]

FYI, I also have an 18 foot runabout insured with Progressive for about $200 
per year.

 

I did have a potential issue when I first switched the 42.  Based on my 
proposed agreed upon value of $50K, the application had to go to underwriting, 
and the broker said I may need a survey.  Underwriting then looked it over and 
decided a survey was unnecessary.  My broker opined that if my proposed value 
had been higher than $50K, the underwriter likely would have reached a 
different conclusion.

 

Matt

C 42 Custom 

 

From: Della Barba, Joe via CnC-List  
Sent: Tuesday, June 28, 2022 9:46 AM
To: Stus-List 
Cc: Della Barba, Joe 
Subject: Stus-List Re: [EXTERNAL] Re: Insurance... what is to much?

 

I keep waiting for Progressive to get revealed as a huge scheme.

I was paying $700/yr. to Geico (nee BoatUS) for ONE boat and now I have all 
three of my boats on Progressive with better coverage for $700/yr. They had no 
issue with quoting a C 41 and I think their website states they go up to 50 
feet or so. I am also about to switch my car insurance to them, same deal, 
better coverage for less money. Not that I would actually try it, but my Boston 
Whaler is insured to go 100 miles offshore from Maine to Florida and so is the 
dinghy. 

How do they do this? 

I also wonder about the insured value, on the form to sign up it is whatever 
you say it is. I wonder if it has some algorithm to flag wildly inappropriate 
values. I swear I was being careful, but my $150,000 dinghy got loose and 
vanished. Darn the luck!

 

 

Joe Della Barba  Coquina

Stus-List Re: [EXTERNAL] Re: Insurance... what is to much?

[Della Barba, Joe via CnC-List]

I keep waiting for Progressive to get revealed as a huge scheme.
I was paying $700/yr. to Geico (nee BoatUS) for ONE boat and now I have all 
three of my boats on Progressive with better coverage for $700/yr. They had no 
issue with quoting a C 41 and I think their website states they go up to 50 
feet or so. I am also about to switch my car insurance to them, same deal, 
better coverage for less money. Not that I would actually try it, but my Boston 
Whaler is insured to go 100 miles offshore from Maine to Florida and so is the 
dinghy.
How do they do this?
I also wonder about the insured value, on the form to sign up it is whatever 
you say it is. I wonder if it has some algorithm to flag wildly inappropriate 
values. I swear I was being careful, but my $150,000 dinghy got loose and 
vanished. Darn the luck!


Joe Della Barba  Coquina

Stus-List Re: [EXTERNAL] Re: Insurance

[Della Barba, Joe via CnC-List]

I have $500K with Progressive.
Joe

From: Matthew via CnC-List 
Sent: Friday, October 15, 2021 11:07 AM
To: 'Stus-List' 
Cc: Matthew 
Subject: [EXTERNAL] Stus-List Re: Insurance

This issue came up when I moved from Travelers to Progressive this past spring. 
 I went through a local Erie Insurance agent, where I have home and car 
insurance.  When I realized how much Travelers had increased its premium over 
three years (without apparent justification), I called my Erie Insurance agent 
to see if Erie has gotten into boat insurance.  It still has not, but my agent 
brokered a deal with Progressive.  One of the policy differences between the 
Travelers and Progressive policies is Progressive’s lower amount of liability 
coverage.  My Erie agent advised this was of no consequence because of my 
umbrella policy with Erie.

Matt Wolford
C 42 Custom
Erie, PA
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Stus-List Re: [EXTERNAL] Re: Insurance

[ALAN BERGEN via CnC-List]

Joe:
I have full coverage on my 1984 C with Progressive.

Alan Bergen
35 Mk III Thirsty
Rose City YC
Portland, OR



On Fri, Sep 24, 2021 at 8:14 AM Joe Della Barba via CnC-List <
cnc-list@cnc-list.com> wrote:

> I just logged in – I still have insurance. I had to up my liability
> insurance to $500,000 per my marina.
>
>
>
> Joe
>
> Coquina
>
>
>
> *From:* Della Barba, Joe via CnC-List 
> *Sent:* Friday, September 24, 2021 11:03 AM
> *To:* Stus-List 
> *Cc:* Della Barba, Joe 
> *Subject:* Stus-List Re: [EXTERNAL] Re: Insurance
>
>
>
> I have full coverage on a 1970 boat and a 1973 boat through Progressive.
>
>
>
>
>
> *Joe Della Barba*
>
>
>
> *From:* rockland bazemore via CnC-List 
> *Sent:* Friday, September 24, 2021 10:23 AM
> *To:* Stus-List 
> *Cc:* rockland bazemore 
> *Subject:* [EXTERNAL] Stus-List Re: Insurance
>
>
>
> Just looked into it and Progressive is only liability coverage for boats
> over 20 years old. If your boat gets struck by lighting or sinks you get
> $0. Guess I'll stick with Geico. I got struck by lightning last year and
> they fixed everything. Yes it is expensive.  Correct me if I'm wrong.
>
> Rocky
>
>
>
>
> Thanks to all of the subscribers that contributed to the list to help with
> the costs involved.  If you want to show your support to the list - use
> PayPal to send contribution --
> https://urldefense.com/v3/__https://www.paypal.me/stumurray__;!!LIr3w8kk_Xxm!8mHdQzBoIWw67mbu1ua_Q3gn7eKs0vpwNHnBzbEcenDgkYMz2QOD1U2jjkvcMWZ9UG8$
>  Thanks - Stu
Thanks to all of the subscribers that contributed to the list to help with the 
costs involved.  If you want to show your support to the list - use PayPal to 
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Stus-List Re: [EXTERNAL] Re: Insurance

[Doug via CnC-List]

I just got a new policy for my boat, it was expensive, but I needed coverage 
down the west coast to mexico. I have full coverage including rigging engine 
and Hull to $80k. This is through markel and USAA. Policy was $1500. More than 
double what I was paying Red Shield where I was limited to the Pacific 
northwest. Doug Mountjoy sv Rebecca Leah C & C Landfall 39Port Orchard Yacht 
Club Port Orchard, WA
 Original message From: "Della Barba, Joe via CnC-List" 
 Date: 9/24/21  08:03  (GMT-08:00) To: Stus-List 
 Cc: "Della Barba, Joe"  
Subject: Stus-List Re: [EXTERNAL]   Re: Insurance 

I have full coverage on a 1970 boat and a 1973 boat through Progressive.
 
 
Joe Della Barba
 

From: rockland bazemore via CnC-List 

Sent: Friday, September 24, 2021 10:23 AM
To: Stus-List 
Cc: rockland bazemore 
Subject: [EXTERNAL] Stus-List Re: Insurance

 

Just looked into it and Progressive is only liability coverage for boats over 
20 years old. If your boat gets struck by lighting or sinks you get $0. Guess 
I'll stick with Geico. I got struck by lightning last year and they fixed 
everything.
 Yes it is expensive.  Correct me if I'm wrong.

Rocky


 








Thanks to all of the subscribers that contributed to the list to help with the 
costs involved.  If you want to show your support to the list - use PayPal to 
send contribution --   https://www.paypal.me/stumurray  Thanks - Stu

Stus-List Re: [EXTERNAL] Re: Insurance

[Joe Della Barba via CnC-List]

I just logged in – I still have insurance. I had to up my liability insurance 
to $500,000 per my marina.

 

Joe

Coquina

 

From: Della Barba, Joe via CnC-List  
Sent: Friday, September 24, 2021 11:03 AM
To: Stus-List 
Cc: Della Barba, Joe 
Subject: Stus-List Re: [EXTERNAL] Re: Insurance

 

I have full coverage on a 1970 boat and a 1973 boat through Progressive.

 

 

Joe Della Barba

 

From: rockland bazemore via CnC-List mailto:cnc-list@cnc-list.com> > 
Sent: Friday, September 24, 2021 10:23 AM
To: Stus-List mailto:cnc-list@cnc-list.com> >
Cc: rockland bazemore mailto:rockybazem...@gmail.com> 
>
Subject: [EXTERNAL] Stus-List Re: Insurance

 

Just looked into it and Progressive is only liability coverage for boats over 
20 years old. If your boat gets struck by lighting or sinks you get $0. Guess 
I'll stick with Geico. I got struck by lightning last year and they fixed 
everything. Yes it is expensive.  Correct me if I'm wrong.

Rocky

 

 

Thanks to all of the subscribers that contributed to the list to help with the 
costs involved.  If you want to show your support to the list - use PayPal to 
send contribution --   https://www.paypal.me/stumurray  Thanks - Stu

Stus-List Re: [EXTERNAL] Re: Insurance

[Della Barba, Joe via CnC-List]

I have full coverage on a 1970 boat and a 1973 boat through Progressive.


Joe Della Barba

From: rockland bazemore via CnC-List 
Sent: Friday, September 24, 2021 10:23 AM
To: Stus-List 
Cc: rockland bazemore 
Subject: [EXTERNAL] Stus-List Re: Insurance

Just looked into it and Progressive is only liability coverage for boats over 
20 years old. If your boat gets struck by lighting or sinks you get $0. Guess 
I'll stick with Geico. I got struck by lightning last year and they fixed 
everything. Yes it is expensive.  Correct me if I'm wrong.
Rocky

Thanks to all of the subscribers that contributed to the list to help with the 
costs involved.  If you want to show your support to the list - use PayPal to 
send contribution --   https://www.paypal.me/stumurray  Thanks - Stu