Notice of Non renewal - NBOA / American Bankers Insurance

[Vince_nj1]

Last week I received a letter from NBOA informing me that the insurance company that held my boat policy is no longer writing marine policies. The letter went on to say that NBOA represents several A rated insurance companies and they are working on finding an alternate company.

Yesterday I received a letter/notice from American Bankers Insurance that they are not renewing my policy because "The agent no longer represents this company. Contact NBOA 1-800-248 3512 for alternate coverage" I found the reason confusing. Is American Bankers getting out of the marine business or did the relationship with NBOA break down?

I am waiting to see what NBOA comes up with as an alternate insurance company. I am also wondering if I should be concerned if the company is only an A rating..

Any thoughts?

AAA : EXTREMELY STRONG
AA : VERY STRONG
A : STRONG
BBB : GOOD
BB : MARGINAL
B : WEAK
CCC : VERY WEAK
CC : EXTREMELY WEAK
R : UNDER REGULATORY SUPERVISION
NR : NOT RATED

 

[Turtlesboat]

I got the same letter in the spring. They found another company for me and my rates also dropped. Can't comment on claims etc... I'll try and dig up my policy and see what company it is.

 

[Bridog]

Same here. I'm waiting to see what my new company is too.

 

[ChuckW]

I got the same notice in the spring when mine came up for renewal, too. NBOA got me a policy underwritten by MARKEL AMERICAN INS CO

 

[MonacoMike]

Global Marine Insurance an agency out of Michigan that spe0alizes in boat insurance. The service has been great, and they stay on top of my policies. They contacted me to let me know my carrier had raised my rates, and they could switch me to a better rate and coverage with a well rated carrier on their own. I was referred to them here and have been very pleased with their marine specialization. Good luck! MM

 

[fwebster]

Being on the Gulf coast and having been visited by Andrew, Ivan, Katrina, George, Opal and their various siblings, we've seen non-renewal notices before. Insurance companies are always trying to reduce risk and increase margins and marine insurance can be tricky. For that reason, companies are always moving into and out of writing marine policies. Give your company 3-4 years and they'll ddecide they are missing something and start re-offering marine coverage again. NBOA is nothing but an insurance agent, give them a chance and they'll give you the alternatives they can offer. In the meantime, shop other agents like Boat/US, Marine Underwriters Agency, etc. so you know your options.

 

[Henry Boyd]

Global Marine Insurance an agency out of Michigan that spe0alizes in boat insurance. The service has been great, and they stay on top of my policies. They contacted me to let me know my carrier had raised my rates, and they could switch me to a better rate and coverage with a well rated carrier on their own. I was referred to them here and have been very pleased with their marine specialization. Good luck! MM

+1 Global has been great for us as well

Henry

 

[docofthebay]

Markel is who I use too. I use State Farm for my house and cars but they don't sell insurance for houses or nontrailerable boats on the coast. They brokered out my boat insurance to Markel. It was also the lowest cost of all the quotes I got. Now how the coverage compares--I dont know, but it at least covers the biggies.
Weird thing on my renewal this year, I had to specifically decline coverage for terrorist events. It would have been $250 extra for terrorist coverage.

 

[Southpaw II]

Got the same letter from NBOA and they just switched me to someone else. Coverage and rates were about the same.

Don

 

[320Bob]

Vince,
Same thing happened to me with NBOA with Bankers and they switched me to a CIGNA subsidiary with only a slight premium increase after last year's $13K claim. You should have nothing to worry about, they will find you coverage just like they did for me.

 

[quality time]

They switched me to Travelers at the beginning of the year. I think my premium went up like $20.

 

[MonacoMike]

They switched me to Travelers at the beginning of the year. I think my premium went up like $20.

Travelers had raises of 10% on average. We moved to Seaworthy. MM

 

[skibum]

I called NBOA on 7/7 to tell them that I had to make a claim. During that call, Stephanie from NBOA said "Hey, I recognize your name. I just sent you out a renewal notice. Your current carrier, American Bankers is getting out of the marine insurance business and we had to switch you to another carrier. Your rate went up by $1". On July 29th, I was switched to ACE. On August 10th, American Bankers bought me a new outdrive...

 

[Aerobaticflyer]

Same notice here......I'm supposed to have an alternative in the next few days from NBOA. In the meantime I went shopping but what I found was UGLY. Hoping NBOA comes back better. Being in FL has all kinds of insurance challenges.

 

[Gimme Time]

Mine renewed today and the new rate dropped almost $400.00

 

[Bugsy24]

I called NBOA on 7/7 to tell them that I had to make a claim. During that call, Stephanie from NBOA said "Hey, I recognize your name. I just sent you out a renewal notice. Your current carrier, American Bankers is getting out of the marine insurance business and we had to switch you to another carrier. Your rate went up by $1". On July 29th, I was switched to ACE. On August 10th, American Bankers bought me a new outdrive...

I've had ACE for years, reasonable and Stable!!!

 

[bahamabreisus]

Switched to Global last year, Service was great, price, very competitve.

 

[skibum]

Thanks Marshall. That's nice to know.

 

[Ka1oxd]

I went to Liberty Mutual, save a big expense on a 20 year old boat.

 

[JVM225]

The same thing happened to me twice in the past two years. The broker found a replacement company for me both times. The latest one is cheaper than the last.