I use NBOA as a broker for this boat but I used Alan Mott http://www.boat-ins.com/ as a broker for my old boat for many years. He had me with one company and when they raised their rates he found me another one that was more reasonably priced. They are in Huntington. You can try them for a quote for comparison.
Read the exclusions and make sure they work for you.
Insurance companies score you based upon credit rating and multiple other factors. Your score sets the premium. We are all different.
The response I got when I asked NBOA on mechanical failure was this...
You are always at a disadvantage when dealing with insurance companies on issues of contract law. For three hundred dollars of added premium, you are at the table and in the discussion concerning a claim involving a question of loss due to mechanical failure. My policy eliminates the paragraph that lists loss caused by mechanical failures as an an excluded loss. The base policy specifically lists it as a reason to deny a claim. Not saying there would not be a fight to get coverage for such a loss, but getting mechanical failures off the list of excluded covered losses seems like a good thing for a consumer.
Are you going to upgrade to the policy that covers losses caused by mechanical failure? Added premium was around $300 for our boat.
You may be misunderstanding the coverage. The policy does not insure against wear and tear. It insures for a loss caused by the failure of some mechanical system. For example, if you were running the boat and a fuel leak developed because of a fuel system component failure and the boat was lost due to fire. You would want to have coverage for that type of loss.
I just put in a call to my agent to discuss this.
