Please give a big welcome to a new CSR Sponsor - NBOA Marine Insurance

Then you don't have an equity problem, not an insurance problem.

During the heavy storm years, a lot of carriers withdrew from the Florida market. Boat/US was one who stayed, but their primary carrier charged a ton for coverage. When you are one of just a few companies who will covers high risk market, it can appear that you own it even though your costs are ridiculously high.

I've been with NBOA for 5+ years. They do what insurance agents are supposed to do. They are current, on time, questions are answered quickly by experienced folks who understand this market and write with highly rated companies. How much you pay for insurance can be dependant on a lot of things like location, the amount of debt you have, accident experience, deductibles, limits selected, etc.

In my case, I shop insurance every other year. I've had coverage from Boat/US and know them to be a good company, so I get quotes from them. I do have a high deductible and self insure for the low risk coverage like personal effects and NBOA is typically 50-60% of the Boat/US quote........and I've got an old boat that isn't eligible for the Sea Ray discount, even though it is a Sea Ray.

As far as I am concerned, it is NBOA that owns the Florida market.............

I wish we could have used NBOA, but they will not cover a vessel greater that $500,000 stated value with a 10% deductible. We have tried for the last two years. They will not insure us.

Our 340DA is insured with NBOA since we got her.
NBOA member #DROTAL1

Missnmoutains..I've been insured by NBOA for over 6 years, and they insure my new 48DA with a 1% deductable. The only clause is that the boat be "professionally winterized and pulled to land" and that's a small matter, since I have given all my boats to the dealer to winterize anyway. Their premiums are lower then Boatus. The carrier is Zurich.

I wonder if it's due to the area you boat?

Rich

They called me after my post. I appreciate that. It is mainly due to the fact that we own another home outside of Florida and do not pull the boat during hurricane season.

We use a yacht management company to make sure everything is secure during storms.

I do appreciate their quick response.

Morpheus said:

They would of saved me $400 a year but they can not insure a boat for more then it's book value and my loan is just over that

Click to expand...

They won't insure a boat for more than you paid either. I just got a good deal on a 2003 300DA and they wouldn't let me insure it for "book" value. (Nothing outrageous ... I am talking about a middle-of-the-road retail price from BucValue ... 85k. Most 2003 300DAs are listed above the value I wanted to insure the boat for.) On top of that the salesman was bordering on rude and confrontational during our phone conversation. He treated me like I was trying to rip them off.
I'm nervous about how they might behave if I ever actually have a claim.

-Charlie

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They gave me a low quote too, but the guy I spoke with was already in "beat down" mode. That scares me ... a low quote doesn't mean much if they won't pay up when you need them. My quote referenced American Bankers Insurance Co. not Zurich.
Has anybody actually filed a claim with NBOA? How did they perform?

I just got a price, but they require a survey too....Is that standard, and how much will a survey cost me? I went to Progressive last year, and they did not require a survey.