NBOA Isn't Renewing My Policy

Woody said:
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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Global Marine. That was what the agent said. He may have needed to add for over a certain age as mine is 5 years older than yours…
 
TTmott: "There is no shortage in Actual Cash Value policies available in Florida". Please tell me who is writing these boat policies in FL, at reasonable rates. That is not my experience.
 
LMBoat said:
TTmott: "There is no shortage in Actual Cash Value policies available in Florida". Please tell me who is writing these boat policies in FL, at reasonable rates. That is not my experience.
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I'm not so sure the rates are "reasonable" but definitely quite a bit less expensive than Agreed Value policies. I wasn't interested in an Actual Cash Value policy so didn't pursue with my broker. Regardless I was told they were available in Fl.
 
Jus Cruisin said:
I just got my Chubb renewal today. I didn't compare with last year yet but I don't think there's much premium change if at all.

Edit....
My premium went up $80 over last year.
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Mine went up about the same for mine this spring with Chubb
 
NBOA also dropped my current policy and found me another one however they are now requiring a recent survey which of course I do not have. Does any company out there write policies without a recent survey?
 
The Bill Collector said:
I went with Travelers after Anchor Marine pulled out of the market and I now have Mechanical Breakdown included...
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:)

I'm surprised Travelers didn't drop me after my mechanical breakdown claim last year for 12K. The policy was renewed last week for only a bump of $50 more per year. They seem pretty solid and the Marina I'm located is a broker so it's nice to have someone to go to if needed.
 
These threads get so confusing because folks do not differentiate between their agent and the insurance company.

Just for clarity, NBOA is not an insurance company, they are an agent. AIG, Chubb, are insurance companies.

If we properly differentiate it makes the discussion far more accurate…
 
MonacoMike said:
These threads get so confusing because folks do not differentiate between their agent and the insurance company.

Just for clarity, NBOA is not an insurance company, they are an agent. AIG, Chubb, are insurance companies.

If we properly differentiate it makes the discussion far more accurate…
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Are there any insurance companies that don't require a survey within 3 years?
 
MonacoMike said:
That is age dependent, on a 20+ year-old boat I believe most are going to require a survey within three years and a survey every five years there after.
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I’m a 2007 15 years old. I’ve been with NBOA as my broker forever and now they say they can’t insure without an out of water survey.
 
dcwjd said:
I’m a 2007 15 years old. I’ve been with NBOA as my broker forever and now they say they can’t insure without an out of water survey.
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Insurance surveys are common and not as involved as pre purchase surveys. Cost is usually around half, but still require a short haul. The older the boat and longer you own it will dictate the frequency.
 
Jaybeaux said:
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
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The put me with American Modern and was just looking at the policy for the layup time and it’s not stated anywhere on it.
It does say that the coverage area is from Maine to Key West! I guess I’m bringing my boat to Fla this winter. :)
 
Last edited:
@Captsteve427 Received my corrected insurance documents. Removed the on the hard layup requirement. Yes, this is the first policy that I've had that I could go that far north or south and I believe out like 125 miles or so. I am paying for this "priviledge" though. New policy is $700 higher than last year. We love boating!

Jaybeaux
 
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…
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Or boat had a 15K claim. They dropped me too..lol
 
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