Yacht Insurance

atrick

atrick

Active Member
Mar 4, 2017
548
Penna, N Carolina
Boat Info
1998 400 Searay Sedan Bridge
1995 Searay 290 Sundancer
1990 21 maxum
2001 24' FlotBot Pontoon Boat
Engines
Twin 3116 Cats
Twin 4.3 mercrusers
305 chevy with a alpha one drive
Yamaha 90 HP Outboard
Where does everyone get their insurance from? Never had to buy yacht insurance before so new area for me. Also what was your experience with the insurance company? Under cotract for a 400 sedan bridge so covering bases.
 
+1 for Travelers.

Make sure you are shopping for a “Yacht” policy as it has coverages not included on a standard boat policy.
 
NBOA is the broker I have used for the past 10 years. I had my coverage with AIG but was non-renewed this year. Supposedly they are getting out of the small to medium size boat market. NBOA put me with Chubb. They didn't require a survey despite my boat being more than 10 years old.
 
JimT said:
NBOA is the broker I have used for the past 10 years. I had my coverage with AIG but was non-renewed this year. Supposedly they are getting out of the small to medium size boat market. NBOA put me with Chubb. They didn't require a survey despite my boat being more than 10 years old.
Click to expand...
Exact same scenario for me. NBOA/AIG for last ten years. Got the eviction letter from AIG a few months ago saying no renewal come November 19. NBOA hasn’t gotten back to me with new candidates yet. I’m sure whatever will cost me much more thanks to Ian. I hauled two weeks ago for bottom paint and went ahead and got an insurance survey to be ready.
 
I called a couple companies today about getting quotes and first question they asked was where it would be kept and when I told them NC I was informed that quotes for NC, SC, Va and Florida are temporary on hold until further notice even when I told them I wouldn't need it till mid Nov. What a racket!!
 
atrick said:
I called a couple companies today about getting quotes and first question they asked was where it would be kept and when I told them NC I was informed that quotes for NC, SC, Va and Florida are temporary on hold until further notice even when I told them I wouldn't need it till mid Nov. What a racket!!
Click to expand...
They have to see what their losses are to Ian before they can figure out how much of that loss to collect from you by way of premium.
 
atrick said:
I called a couple companies today about getting quotes and first question they asked was where it would be kept and when I told them NC I was informed that quotes for NC, SC, Va and Florida are temporary on hold until further notice even when I told them I wouldn't need it till mid Nov. What a racket!!
Click to expand...
Correct when ever their is a named storm happening in the area they stop. This is the same for cars. For me I use Chub and C&L Insurance is my broker. Scott is a great guy.

upload_2022-9-30_18-30-11.png
 
We are in Sanibel, so no, it's not a good situation right now. We are trying to close this week on a '15 410 Sundancer. The boat will be kept in Ft. Myers at St. Charles Yacht Club. I received a very good quote from Geico, but unfortunately they'll still on a moratorium due to Ian. The agent said it's the longest one he can remember, by many weeks. They have no indication at all when that might be lifted. I have an insurance broker looking, but not much available. I've received quotes from American Modern and Markel through brokers, both about 1.5-2x Geico's quote, along with other conditions. Feedback I've seen online for American Modern is downright scary from a customers service standpoint, so I'm concerned about that one. Markel was crazy high (2x). Any other suggestions where I might look or a broker who can help out?
 
Sounds like you have to go with 2X higher until GEICO starts writing again. Markel is a good company, local here in Richmond, VA.
 
+2 on Travelers with included mechanical breakdown coverage
 
TomS said:
We are in Sanibel, so no, it's not a good situation right now. We are trying to close this week on a '15 410 Sundancer. The boat will be kept in Ft. Myers at St. Charles Yacht Club. I received a very good quote from Geico, but unfortunately they'll still on a moratorium due to Ian. The agent said it's the longest one he can remember, by many weeks. They have no indication at all when that might be lifted. I have an insurance broker looking, but not much available. I've received quotes from American Modern and Markel through brokers, both about 1.5-2x Geico's quote, along with other conditions. Feedback I've seen online for American Modern is downright scary from a customers service standpoint, so I'm concerned about that one. Markel was crazy high (2x). Any other suggestions where I might look or a broker who can help out?
Click to expand...
I just talked to a buddy in ft Myer’s yesterday with a hatteras he uses CHUB
 
We used Ace Insurance for 12 years. It had a pretty strong market presence in Michigan. Premiums were reasonable and coverage was good but you had to read the fine print to insure proper coverage. Some of their “budget plans” were quite limited in what was covered. The most complaints with the company I am aware of stemmed from the North Shore Marina fire years ago. 10-15 of the more than 90 boats damaged in that fire were insure by Ace. The company used a surveyor from Chicago to assess claims. He was very difficult to work with and tried to deny coverage at every opportunity. Some older boaters got out of boating because of the frustration over getting their claims settled. The process took a year or more unless you rolled over and accepted the company’s initial offers which were very skimpy. Ace stood out among the companies involved in that fire as the most difficult to work with in settling claims.
 
I have a yacht policy through New Hampshire via a broker. I'm told it's AIG paper. I had one via NBOA, but that insurer left the market a few years ago and I wasn't pleased with either how NBOA handled that, or the replacement options.

Before I went with New Hampshire, the comparisons I got were from Travelers, ClearSprings, and SafeWaters. SeaTow's SeaInsure program also quoted New Hampshire but it was less competitive.
 
I have been thrilled with NBOA for over 25 years now and multiple boats. I’m sure it has to do with your broker but my experience has been outstanding
 
sbw1 said:
We used Ace Insurance for 12 years. It had a pretty strong market presence in Michigan. Premiums were reasonable and coverage was good but you had to read the fine print to insure proper coverage. Some of their “budget plans” were quite limited in what was covered. The most complaints with the company I am aware of stemmed from the North Shore Marina fire years ago. 10-15 of the more than 90 boats damaged in that fire were insure by Ace. The company used a surveyor from Chicago to assess claims. He was very difficult to work with and tried to deny coverage at every opportunity. Some older boaters got out of boating because of the frustration over getting their claims settled. The process took a year or more unless you rolled over and accepted the company’s initial offers which were very skimpy. Ace stood out among the companies involved in that fire as the most difficult to work with in settling claims.
Click to expand...
Chubb has traditionally been considered one of the best carriers, ACE not so much. ACE bought Chubb a few years ago, so that may be concerning to those of us covered by Chubb.
 
You must log in or register to reply here.

Forum statistics

Threads
113,123
Messages
1,426,634
Members
61,037
Latest member
wojozobl
Back
Top