I'm thinking about moving up to a bigger boat. I'm pretty sure that's going to mean I'll need to move from "boat" insurance to "yacht" insurance. This is a new area for me - any recommendations on yacht insurance providers?
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This!I have used BoatUS insurance for years. I've never filed a claim so I can't speak to that part of the equation, but their customer service has always been good when I had a question or needed to make a change.
I currently have my 400 Sundancer and 24' Runabout insured through them. I insure my Sea Doos through Progressive because BoatUS wasn't as competitive on those.
I shop them periodically and they are always price competitive on boats.
Their underwriting company changes periodically (currently Geico I think) but the customer service remains good.
NBOA
We have a yacht policy with Travelers. We've had it for a few years and they've handled 3 claims for us. The first was for a runaway starter that cooked a bunch of wiring, battery chargers, etc. They paid up to the tune of $35K without question.
Next was a lightening strike they paid about $12K for new electronics.
Now we're in the middle of the 3rd claim for a blown transmission.
There has never been a question with them about covering the cost of the claims. Your insurer is only as good as the company behind the letterhead. I can't say enough good about Travelers.
We have a yacht policy with Travelers. We've had it for a few years and they've handled 3 claims for us. The first was for a runaway starter that cooked a bunch of wiring, battery chargers, etc. They paid up to the tune of $35K without question.
Next was a lightening strike they paid about $12K for new electronics.
Now we're in the middle of the 3rd claim for a blown transmission.
There has never been a question with them about covering the cost of the claims. Your insurer is only as good as the company behind the letterhead. I can't say enough good about Travelers.
What was the source of the trans oil leak?The question about whether or not they're going to pay for it comes from the language in the policy that says (going from memory here) that sudden and unanticipated breakdowns that are not due to lack of maintenance or poor maintenance are covered.
Same as the runaway starter motor. Not due to faulty maintenance or lack thereof.
The question about the trans repair being covered is still open. They did some in-water testing of the trans before they pulled the boat to see what indications it showed. The boat was to be pulled yesterday so they could do more testing but I have not heard from the marina about what they found.
Either way (they pay or not) it has to be fixed. The yard can do the repair there but they have to remove the trans from the boat. It weighs about 525 pounds and has to be unbolted and slid back several feet so it can be lifted through the engine room access hatch. Not an easy task.
I have no timeline yet on the repair. I told them I would rather have it fixed correctly than quickly. While the boat is on the hard they're going to do the bottom paint, true up the shafts if needed and some other stuff.
Mark, look at my reply just above yours. That pretty much answers your question.Now we're in the middle of the 3rd claim for a blown transmission.
Hey Mike, what kind of policy covers mechanical breakdowns ?