Here we go again with Insurance issues

JB MARSHALL said:
I am with Travelers and my renewal went up $550. Unbelievable! This is probably not the best time to shop boat insurance after the hurricane in Fla.
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Sometimes a big increase is an insurance company's way of saying "we don't want to be in this market anymore but if someone will pay the increase, we'll stick around". I used to have all of my insurance with State Auto. They doubled the premium on my boat. They wanted out of insuring boats, but didn't want to make it widely known. I've seen it happen more times than I can count with commercial insurance, which I have been dealing with for the last 26 years.
 
bbwhitejr said:
NBOA is shopping for me now. The past two years with the 420DA on an inland lake have been right around $1k/year. Interested to see what they come up with.

Bennett
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NBOA just gave me a quote yesterday for $1000.00. My old policy was just under $800.00.
AIG didn't renew, so NBOA " shopped around" for another one.
My old policy had $1,000,000.00 liability, the new quote was only $500,000.00.
I am required to have the 1mil by my marina.
When I told NBOA that, I got a response, this is the only quote we have for you.
It sounds like they don't want my business anymore. Lol
 
wyrman said:
NBOA just gave me a quote yesterday for $1000.00. My old policy was just under $800.00.
AIG didn't renew, so NBOA " shopped around" for another one.
My old policy had $1,000,000.00 liability, the new quote was only $500,000.00.
I am required to have the 1mil by my marina.
When I told NBOA that, I got a response, this is the only quote we have for you.
It sounds like they don't want my business anymore. Lol
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Do you have a personal umbrella?
 
wyrman said:
NBOA just gave me a quote yesterday for $1000.00. My old policy was just under $800.00.
AIG didn't renew, so NBOA " shopped around" for another one.
My old policy had $1,000,000.00 liability, the new quote was only $500,000.00.
I am required to have the 1mil by my marina.
When I told NBOA that, I got a response, this is the only quote we have for you.
It sounds like they don't want my business anymore. Lol
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I’m waiting on NBOA for a quote. They called yesterday to go over the details. Fortunately my Marina has a $500k requirement.

Hopefully they get it down to $1,000 again.
 
highslice said:
That's the answer. Umbrella's are cheap, purchasing specific liability can be expensive. Most companies require you to carry $500,000 in liability on the underlying insured vehicles and home(s).
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That's what I don't get about insurance. One man's cheap is another man's outrageous. It must be a regional thing.

I thought my umbrella was high, but at least reasonable. Then, 2 years ago they DOUBLED the rate. My credit rating is 820 and the last time I had an insurance claim was in 1976, so it can't be me!
 
With the markets down, don't be surprised if the insurance companies try to make up the difference with premium increases.
 
Golfman25 said:
With the markets down, don't be surprised if the insurance companies try to make up the difference with premium increases.
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I wouldn't expect it to be all about the markets. Have you seen how much it costs to repair a new-ish car these days? I hit a deer not too long ago and learned that these uber popular LED headlights are over a full boat buck, each.

We can't blame all of this on named storms :)
 
Tim Fila said:
Do you have a personal umbrella?
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No, but I probably should look into that.
It wouldn't be a bad idea to have that kind of coverage on everything.
I'm done with NBOA though, no claims and they didn't seem like they even tried.
 
wyrman said:
No, but I probably should look into that.
It wouldn't be a bad idea to have that kind of coverage on everything.
I'm done with NBOA though, no claims and they didn't seem like they even tried.
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It is a wise investment when you own a boat. I bought an umbrella originally when my kids were young and having friends stay over. Couldn't afford to lose everything if little Johnny slipped and fell down the stairs, etc. Then when we bought a boat, there was no way I wouldn't have one. Too much potential liability, even if you aren't at fault.
 
GypsmJim said:
That's what I don't get about insurance. One man's cheap is another man's outrageous. It must be a regional thing.

I thought my umbrella was high, but at least reasonable. Then, 2 years ago they DOUBLED the rate. My credit rating is 820 and the last time I had an insurance claim was in 1976, so it can't be me!
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My $1M Umbrella was a little over $200/year 20 years ago. Now it's about $400. No brainer for me.
 
highslice said:
My $1M Umbrella was a little over $200/year 20 years ago. Now it's about $400. No brainer for me.
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I agree but I never considered it satisfying the Liability requirement at the Marina for fuel spills and damage. Additionally, at least our Marina requires that the Liability policy name them specifically which would be problematic with an umbrella policy.
 
PlayDate said:
I agree but I never considered it satisfying the Liability requirement at the Marina for fuel spills and damage. Additionally, at least our Marina requires that the Liability policy name them specifically which would be problematic with an umbrella policy.
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It covers any liability that any underlying policy covers. I have my marina as an "additional insured" on my boat and jet ski policy as well as my umbrella. Any broker worth their salt can arrange that.
 
bbwhitejr said:
NBOA is shopping for me now. The past two years with the 420DA on an inland lake have been right around $1k/year. Interested to see what they come up with.

Bennett
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I guess this is not the best time to need to renew a policy. I have been with NBOA for 5 years, but got to shop now. With the $44DB on an inland lake we were around $1250/year. The 420DB has been right at $1000/year for the past two. Just got the quote today for just over $2600/year. I am like Wryman…I guess they do not want my business. If I had moved to the coast, might be a different story.

Guess I will look back through here and make some calls.

Bennett
 
For reference, I just got new boat us ins. 370DA, lake michigan. Ran about $1200. Big jump from by 28 footer which was less than $300.
 
bbwhitejr said:
I guess this is not the best time to need to renew a policy. I have been with NBOA for 5 years, but got to shop now. With the $44DB on an inland lake we were around $1250/year. The 420DB has been right at $1000/year for the past two. Just got the quote today for just over $2600/year. I am like Wryman…I guess they do not want my business. If I had moved to the coast, might be a different story.

Guess I will look back through here and make some calls.

Bennett
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Bennett,

Call Ricky at Statewide Insurance Solutions. (847) 689-4649

They got me a policy thru Global Marine that is about $1,100 for my 2000 400DB and my dinghy.

-Steve
 
highslice said:
It covers any liability that any underlying policy covers. I have my marina as an "additional insured" on my boat and jet ski policy as well as my umbrella. Any broker worth their salt can arrange that.
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I'm not sure we are talking about the same thing. USAA insures my cars, personal property and real estate properties. I have an umbrella policy with them that addresses those insurance policies. I am 100% happy with their service, cost and support.

USAA does not cover boats which presents the insurance problem. I spent two decades with Boat US until they almost went bankrupt and sold themselves to Geico. Geico kept raising the rates year over year so last year I switched to Progressive in 2021 and was happy until they gave me a 44% increase over 2022.

So like many others......I'm shopping around for a new boat insurance company. It has been 3 days since I last talked to NBOA so hope is fading with them too. They just have insurance agents that front other insurance companies.

I am open to any suggestions but it is only for boat insurance.
 
PlayDate said:
I'm not sure we are talking about the same thing. USAA insures my cars, personal property and real estate properties. I have an umbrella policy with them that addresses those insurance policies. I am 100% happy with their service, cost and support.

USAA does not cover boats which presents the insurance problem. I spent two decades with Boat US until they almost went bankrupt and sold themselves to Geico. Geico kept raising the rates year over year so last year I switched to Progressive in 2021 and was happy until they gave me a 44% increase over 2022.

So like many others......I'm shopping around for a new boat insurance company. It has been 3 days since I last talked to NBOA so hope is fading with them too. They just have insurance agents that front other insurance companies.

I am open to any suggestions but it is only for boat insurance.
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My boat and jet ski are with Progressive as well. I don't remember how much it costs me, it is wrapped up in the premium, but for a small fee State Auto covers those assets under the umbrella. That said, insurance companies have to comply with state law so DC could be different.
 
PlayDate said:
I'm not sure we are talking about the same thing. USAA insures my cars, personal property and real estate properties. I have an umbrella policy with them that addresses those insurance policies. I am 100% happy with their service, cost and support.

USAA does not cover boats which presents the insurance problem. I spent two decades with Boat US until they almost went bankrupt and sold themselves to Geico. Geico kept raising the rates year over year so last year I switched to Progressive in 2021 and was happy until they gave me a 44% increase over 2022.

So like many others......I'm shopping around for a new boat insurance company. It has been 3 days since I last talked to NBOA so hope is fading with them too. They just have insurance agents that front other insurance companies.

I am open to any suggestions but it is only for boat insurance.
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USAA now has an arrangement with Markel for boat insurance. I believe they provide a discount against Markel's market price. USAA made me move my yacht insurance to Markel when I applied for an umbrella policy a couple of years ago. It's a requirement for boat owners, at least for the initial application. I'm not sure if they enforce it after the umbrella policy is written. I need to check to see if it's written in to the umbrella policy and you might want to do that as well. Markel has been perfectly fine so far so I haven't had any urgency about checking.
https://www.usaa.com/inet/wc/insurance_watercraft?akredirect=true#
Unless you have to use USAA/Markel or for anyone else you might want to try Jack Martin and Associates in Annapolis, they are a boat insurance broker. I used them for about 20 years. If the current provider's rates go up or any requirements are not acceptable they will shop for a new provider. They also will liase with the provider if you need them to for any reason.
 
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