Magazine investigating marine insurance

[Bill Prince]

Hello again,

We are researching an article for Classic Yacht magazine about the current state of the marine insurance industry, particularly with regard to changes in coverage for boats in coastal hurricane-prone areas.

Many changes have taken place in Florida recently with regard to homeowner's insurance, both market-driven and as a result of government intervention. Some of these changes have resulted in substantial decreases in insurance premiums in the past year. We're investigating rate and coverage changes that are occurring in the marine market to see if they are keeping pace. If any of you have seen a substantial change in your insurance coverage on your Sea Ray, one way or another, consider contacting me at the magazine.

Thanks,

Bill Prince
Publisher
Classic Yacht Magazine
publisher@classicyachtmag.com
www.classicyachtmag.com

 

[ylwjacket]

There have not been any substantial decreases in insurance charges to homeowners in coastal areas of Florida. The state reduced the price of reinsurance to insurance companies, on the myth that they would pass the savings to consumers. Shockingly enough, that is far from true.

As for boats, 6 counties (Pinellas, Hillsborough, Charlotte, Dade, Palm Beach, and Broward) are almost uninsurable for boats, and named storm deductibles aree 10%.

Insurance will be the death of Florida boating.

 

[Bill Prince]

Ylwjacket,

I agree that insurance is the single largest problem for Florida boaters right now. As far as home insurance goes, I have seen the premium on my home in Safety Harbor go down by 20% this year after doubling in 2005.

Some have suggested that insurance companies may be collecting "more than fair" premiums from boatowners to make up for some of the changes in the home insurance market. We're looking into that also.

Cheers,

Bill Prince

 

[ylwjacket]

A big change from a few years ago is the 10% named-storm deductible.

That, and it's outrageously expensive.