NBOA Isn't Renewing My Policy

wyrman

wyrman

Well-Known Member
Jul 12, 2012
1,921
Tri-Cities, Wa
Boat Info
2007 310 Sundancer
Engines
Twin 350's, V drives
2003 Fisher 17 aluminum
90hp Honda 4 stroke
I've had NBOA for several years, and without any claims. I received a certified letter today stating they won't be renewing my policy when it's up.
The letter states the underwriting criteria no longer meets the company's revised minimum premium, and/or minimum coverage.
I'm guessing that means my policy wasn't costing enough to warrant keeping me as a customer.
I guess I'll be on the hunt for a new insurance carrier.
 
AIG just did that also. Agent said AIG now does not want policies on boats under a million. They said it was the second time they have done this type of move then in a few years they change their minds on it…
 
The top of the letterhead says AIG, but I'm insured with NBOA.
The bottom of the letter says NBOA.
I'm guessing AIG is the underwriter.
I'm not sure if that means NBOA won't be renewing through a different underwriter or not.
I'll have to call and find out.
 
NBOA is just an agent. I had coverage thru them with Progressive for 15 years, long after Progressive stopped writing boats in Florida. I'd call them and ask what they plan to do and why they didn't alert you to the non-renewal given the age of your boat and your no claims history.

Here is kind of a NBOA quirk………we had a Cat 5 storm hit our area in 2018….Hurricane Michael. Totally destroyed 5 of 7 marinas in the area with 100% of t he boats in 4 of the 5 totaled. Our marina had only one boat damaged when it fell off an outdoor storage rack. My 450DA was blocked up inside a steel dry-stack storage barn in main aisle way in the center of the building. I phoned the service manager at 9:30AM mainly to check on him and his family. He immediately answered his cell phone and said "I'll have to call you back in a few minutes, your Progressive Adjuster is here looking at your boat". I said "why, the boat didn't even get rained on, I have no damage and haven't filed a claim? . He said: "I'm not sure, they showed up at 7AM and wanted to see all the boats they had coverage on" and yours was the first on his list. Later, the service manager called back and said "Just relax…….yours is an older boat that they know is obviously well cared for and they just wanted to be sure there was no damage since they know you are 400 miles away. We decided to sell the boat about 18 months later and the new buyer was able to get coverage bound over the phone when they told the underwriter where the boat was, the HIN, and who they were buying the boat from. Progressive and NBOA was not even taking applications for new coverage in Florida for boats over 30 ft at the time. I was certainly impressed and glad I kept full coverage on a 25 year old boat. One other fact: My next renewal was 6 months later….and they reduced my premium by about $700 when they renewed thew policy.

Good luck with NBOA and I suspect they will find you another carrier pretty quickly.

FW
 

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Call Charter Lakes in Michigan. They are a broker and I've been with them over 10 years now.

I started out with NBOA but Charter Lakes always beats their rates. I check with NBOA yearly....and it's no comparison.
 
I've been with NBOA since 2006 and was informed a few months ago that the insurance company (Acord) was not renewing my policy. NBOA shopped prices and the cheapest premium they could find was with Modern American for $550.00 more annually, but for $25,000 less coverage on the replacement value and I had to present a survey that was performed within the last 2-years to bind it.
Fortunately, I had the survey from my purchase of the boat last July.... unfortunately, they would only cover the boat for the value stated in the survey. I'm going to have to show receipts for the extra $25k in upgrades I put into the boat since then to get that additional coverage and it'll probably cost me $500.00 more for it!
 
Captsteve427 said:
I've been with NBOA since 2006 and was informed a few months ago that the insurance company (Acord) was not renewing my policy. NBOA shopped prices and the cheapest premium they could find was with Modern American for $550.00 more annually, but for $25,000 less coverage on the replacement value and I had to present a survey that was performed within the last 2-years to bind it.
Fortunately, I had the survey from my purchase of the boat last July.... unfortunately, they would only cover the boat for the value stated in the survey. I'm going to have to show receipts for the extra $25k in upgrades I put into the boat since then to get that additional coverage and it'll probably cost me $500.00 more for it!
Click to expand...

Charter Lakes...
 
I went with Travelers after Anchor Marine pulled out of the market and I now have Mechanical Breakdown included...
 
I'm with NBOA/Acord... Have been since the boat was new in 2008 with no claims. I hope I don't get the same letter.
 
Yup, I got my certified letter about 2 months ago..NBOA/Accord. My agent at NBOA said they would need to place my coverage with another company when its renewal time. Fingers crossed that premium isn't gonna jump.
 
I really hope you guys up the eastern seaboard don't experience what we see in Florida………every time the damned wind blows a bunch of companies stop selling coverage if your boat is moored Florida,
 
brewster16 said:
Yup, I got my certified letter about 2 months ago..NBOA/Accord. My agent at NBOA said they would need to place my coverage with another company when its renewal time. Fingers crossed that premium isn't gonna jump.
Click to expand...
Got my letter several months ago. NBOA put me with American Modern. The policy reads "rock solid" and agreed values are all correct. Still working on getting the layup language correct. Policy jumped about $800/year.

Jaybeaux
 
fwebster said:
I really hope you guys up the eastern seaboard don't experience what we see in Florida………every time the damned wind blows a bunch of companies stop selling coverage if your boat is moored Florida,
Click to expand...
Frank is right, it's a real problem in Fl; I was notified of non-renewal last week from SafeWaters who is pulling out of the marine market. Was actually sitting with my State Farm agent this morning on another matter and asked if they could write my boat - $35,800 per year.... Yes, you read that correctly. It seems my agency for the boat insurance is struggling to write anyone in the recreational end of business in Florida. Geico has stopped using independent agencies so I might see what they have to offer.
Worst case I'll self-insure and get a liability policy.
 
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wyrman said:
I've had NBOA for several years, and without any claims. I received a certified letter today stating they won't be renewing my policy when it's up.
The letter states the underwriting criteria no longer meets the company's revised minimum premium, and/or minimum coverage.
I'm guessing that means my policy wasn't costing enough to warrant keeping me as a customer.
I guess I'll be on the hunt for a new insurance carrier.
Click to expand...
Try United Marine Underwriters. Best rate and coverage I've found
https://www.unitedmarine.net/boat_insurance/
 
Got my NBOA letter about 2 weeks ago notifying me that Safewaters was getting out of the business. This has happened before and NBOA has always come through.

Bennett
 
My Chubb policy has almost doubled in the last 3 years. No good options. Agree on what is happening in FL. With insurance, dockage, and fuel getting so expensive, we will not be trading up anytime soon....if ever.
 
A lot of this revolves around Agreed Value vs Actual Cash Value insurance policies. There is no shortage in Actual Cash Value policies available in Florida. If you don't know the difference and you own a vessel of any size/value at all then you should find out. The problem we in Florida are dealing with (maybe everywhere) is the insurance underwriters are depreciating boat equipment faster than the market is. So, if one should have the less expensive premium of an Actual Cash Value policy and have a loss you will struggle with the insurance representative to recoup even the current market value; it's all about the age of the vessel and the accelerated depreciation the insurance company assesses which is in the fine print of the policies. You will lose on a claim with an Actual Cash Value policy - you are much better off self-insuring if you can, and invest what those premiums would have been. Agreed Value on the other hand, pays for replacement regardless of age/depreciation up to the policy value.
Then there are the individual deductibles like for Windstorm and now Lightning which can be as high as 20% of the loss. The higher the deductible the lower the premium.
Then there is the location where the vessel is kept / registered which determines the ability to obtain reasonable coverage and the coverage premiums.

So, the idea of one saying they have no issues with insurance in Mi and another that can't get insurance in Fl is underlining that insurance isn't apples to apples contrary to what some are trying to allude in this thread.
 
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MonacoMike said:
AIG just did that also. Agent said AIG now does not want policies on boats under a million. They said it was the second time they have done this type of move then in a few years they change their minds on it…
Click to expand...
Are you going through Great Lakes? I am, and AIG lowered the Agreed Value on my boat. Wasn't told anything about the million dollar boat thing you refer to.
 
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