Insurance

M

mooney

New Member
Jan 23, 2008
93
hanson ma
Boat Info
1999 260 sundancer
Engines
454 b3
Anyone ever get a non-renewal notice ?Two claims last season.....bimini got ripped in a noreaster,and ran aground at end of season.....coupler went..both covered and paid for....but not anymore got notice yesterday.

Question is.........where to look for replacement Ins. and am I going to pay through the......to get my boat covered again ??
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We got a non-renewal notice this spring because our carrier exited the consumer marine insurance business. Our agent Global Marine Insurance had a policy lined up with another carrier before even got the letter. You might want to check with your agent, they may already have it resolved.

Henry
 
. . .be prepared you may have to get a survey on your boat for the new policy.
 
I just got a good rate from NBOA. Not sure who you were with before.
 
I got a notice this year too. The company I'm with, Zurich, is getting out of the Marine Insurance business. But my broker let me know about it before the letter came, and has me placed with another company for the same amount of money when my policy with Zurich runs out.
Sometimes there is a benefit to going with an independent broker.
 
comsnark said:
. . .be prepared you may have to get a survey on your boat for the new policy.
Click to expand...

Yep. Most insurers want surveys every 3-5 years on boats over 10 yrs old even if continually insured through them. When changing carriers, they usually want a "current" survey- within the past year to 2 years max.
 
My broker sent a letter telling us we would be canceled because the company was exiting the boating insurance market. A week later we got a new policy from a different company for a policy that will take effect on July 22. Yesterday we got the cancellation notice from Zurich. Broker did a nice job of looking out for us.
 
It seems to me that being non-renewed as a result of claims activity vs a claims free client experiencing their carrier leaving the market are not very comparable.

Hopefully you don't have much difficulty in finding a new carrier that is willing to take you on as a new customer at a competitive price.

Those commenting on how easy it was to have their provider quickly find another company probably did not have a couple of recent claims under their belts.

Keep us posted please.
 
If you followed my destruction thread ... my 340DA was destroyed by marina roof collapse this winter and I was insured with NBOA. The BY FAR AND WIDE BEST experience I have ever had with any insurance. Period. They have me for life. No problems, no nothing. they were friendly and paid out the full agreed hull value, not even the deductible is being subtracted when they total a boat.
SO I am VERY HAPPY!

My slip neighbor was insured with Erie and they also very quickly settled and he had no problems whatsoever. He is again isnured with them after they totaled his 84 390EC and paid him twice the running market value because it was a fixed hull value policy too.

So I am going to stay with NBOA and he stayed with Erie
 
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Alex, How is the boat hunting going or did you already find one ??.
 
Ohhh well, not so good. We have the insurance settlement closed out and I was compensated via check. So we are in good shape, but our marina still has no building permit from AP ... they are throwing everything and the kitchen sink at them before they will issue it, so I am not buying until I know we have a slip row to be built in sight. This season will likely be a bust ...
My boat's up on www.cooperss.com they want $40 for it ...
 
Well that's sad. If you're ever up my way ??.
You're more than Welcome to use / stay on my boat . :smt001
Just bring gas money . :smt043
 
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That's too bad Alex.
I remember your thread and some of the uneducated and insensitive comments from others..... Good Luck hunting when the time comes. Do you own the slip at the marina? If not why don't you go to a different marina for a year? Obviously I don't know your entire situation so these questions may seem silly. Sorry if they do. Meanwhile going to let the old vessel ride on in memory in your signature? Todd
 
When considering an insurer, look at companies that will write all lines for your family. Homeowners, auto, personal umbrella, vacation home, boat, even life and disability....you will have some leverage with them outside of the premium you pay for just the boat.

This doesn't always work, such as when a carrier decides to exit a business line.

Also, remember that an insurance company is in the business of making money. If you have two claims within the same policy period(!)...the next question is how long have you been with them, what other lines do they carry for you, and how many total-portfolio claims have you had? Do you have any argument there? If it is the only line you have with them and you have been with them only a year or two, well....no ammo there....
 
I think the lesson to be learned here is to not file a claim unless it's for something major...like your slip collapsing on your boat. Don't take this the wrong way but I would not have filed claims for either of the things that you did. Your rates will likely go up with the new carrier which will eventually negate your compensation for the 2 claims.
 
Tonka Boater said:
I think the lesson to be learned here is to not file a claim unless it's for something major...like your slip collapsing on your boat. Don't take this the wrong way but I would not have filed claims for either of the things that you did.
Click to expand...

Same here. I would have chalked them up to my own mistakes, lesson learned. Because I would guess that an insurance company would do just as they did to you. Doesn't seem fair, but....that's the way it is.
 
mooney said:
Anyone ever get a non-renewal notice ?Two claims last season.....bimini got ripped in a noreaster,and ran aground at end of season.....coupler went..both covered and paid for....but not anymore got notice yesterday.

Question is.........where to look for replacement Ins. and am I going to pay through the......to get my boat covered again ??
icon9.gif
Click to expand...

Try Gary Clausen, tell him Ken Humphrey referred you (I get nothing for it). All they do is boat insurance and they are very good.

http://www.boatinsuranceonly.com/
 
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