Tri County boat insurance in SoFla

B

Boulder GT3

New Member
Jan 28, 2008
336
Fort Lauderdale
Boat Info
56 Viking
MAN cr1550
Engines
C12
This definitely falls into the category of FWIW but it might help some. There may have been a shift for the better in boat insurance rates for Southeast Florida. Ironic, as there are other insurance issues in the state. As context, I'm only referring to PB-Broward and Dade which are the most difficult and costly to insure.

At any rate, in 10/08 I shopped everybody for insurance. There were only two companies at the time that would underwrite. Lloyds and AIG IIRC. Zurich had just stopped writing for the the tri-county area. In August, the quotes were from $6500-8200/year for coverage in South Florida and the Bahamas.

I just changed my tow service from Sea-Tow to Tow Boat US. As a part of the package I called them for an insurance quote. Apples to apples their quote is $4200. The only wrinkle is that I am getting a 10% discount for no tickets or claims in the past 4 years. Something changed as the the quote I got from Boat US in October was at the high end of the scale. October was a high point in the insurance scare so maybe that was the issue.

In any event, much better quote recently. Could be worth looking at before you send the next check in. Hope it helps.
 
I've shopped around last year and NBOA, SeaTow and Boat US were more than I was paying thru a local agent (that the MM recommended to me when I was buying my boat); Bateman, Gordan in Pompano Beach, -Alan Nederlander, which is about $3,400.00 a year including Bahamas... It is up again in May and I'll check again as I hear even Progressive is raising the size and dollar amount they insure.

Barry
 
They really give it to us because we are in the hurricane zone...and boat year round
 
You guys in FL are taking a big hit. I just got a quote for a 2009 36BD for $1,450 from Boat US. Have you read the recent articles about human and drug smuggling from Cuba using stolen boats? One statistic reported 1 in 10 boats are stolen and $400,000,000 claims last year. One article was in Boating Magazine.
 
I just got a quote for $1800 including Bahamas coverage for a 320 Sundancer. I think because I am not in S. FL we get a break. Boaters Insurance Company I think it is. Currently paying $1600 for my 280.

Be careful of Progressive, they don't cover the Bahamas, at least a couple of years ago when I had them, they said they would not cover me if I was in another country at all.
 
mistercomputerman said:
I guess I won't complain about my $1599 bill after looking at the rates you guys are paying.
Click to expand...

I never thought I'd defend insurance companies but based on some of the stuff I see in South Florida I'm not sure I'd take the business risk for a 1.5-2% premium.

It seems like every time I'm out I see something idiotic. Yesterday, I saw a 63' Azimut run aground about 2 miles out from Key Biscayne. He was running about 25knts cutting a corner in an area that is clearly marked 4'. It was about .3' below mean low water. You'd think by the time you have a boat that large you wouldn't make a mistake like that.

35-40' boats on canals tied up with 3/8 line. Note to self to stay away during hurricane season.

The threat of theft is real too. Many 30-37' center console type boats get picked off in the Bahamas. My understanding is that they are in Haiti in no time. A friend of mine with a perfect and lengthy boating record pays pays $9200/year to insure his 35' center console due to theft risk. He felt lucky to get the coverage.

I've got a friend that works for Lloyds and he says the only reason rates have settled is because the insurance companies have short memories and there hasn't been a big named storm in a few years. He predicts as soon as big storm hits the rates will go up 50-100% and the number of primary carriers will halve again.

It's not much but the 10% discount for no claims helps.
 
I am with progressive and progressive is the only insurance company in miami dade to write boat insurance. I paid 2300 and that includes coverages up to 75 NM.
 
that's not too bad.. There are a few other companies that will write-Boat US and NBOA to name a few, plus a few european companies, but they are all expensive. What dollar amount do you have on your policy and which coverage is it..replacement etc?

Barry
 
I called NBOA and they only told me progressive was the only insurance who would write in miami-dade county. I then called BoatUS and I was not approved for insurance. I have my insurance with progressive for 70k with replacement coverage, 75NM coverage, in the water towing coverage up to 500, with a 750 deductible. It was originally 1000 but for every year you have claim free year, it will reduce the deductible by 250. The only reason I have the insurance up high is to be the same amount of what I owe on the loan.
 
When I had Progressive, it was also 75 NM coverage, as long as that 75 NM does not include another country. So if you are planning on going to Bimini, make sure you have something in writing that states other countries are covered in the 75 NM, in 2006 they told me no way.....
 
Is there a difference in boat insurance and yacht insurance. When I call any of the insurance companies I am transferred to the yacht division. Also, I simply do not believe that all the 50' Hatts and larger are covered by Progressive when in Miami/Dade.

I do believe that for BOAT insurance, that may be the case, but for YACHT insurance, the case may be different. Maybe depend on the size of your boat.....apparently size does matter in this case.
 
trit21 said:
Is there a difference in boat insurance and yacht insurance. When I call any of the insurance companies I am transferred to the yacht division. Also, I simply do not believe that all the 50' Hatts and larger are covered by Progressive when in Miami/Dade.

I do believe that for BOAT insurance, that may be the case, but for YACHT insurance, the case may be different. Maybe depend on the size of your boat.....apparently size does matter in this case.
Click to expand...

As follow up, I talked to the insurance companies again on SoFla insurance. There are now three primary carriers for PB,BRWD and Dade. Lloyd's, AIG and CNA. Boat US is using CNA and they are rated A+ by Best. I don't have claim experience but there seems to be consistent comment that Lloyd's is very hard to process a claim with. The joke seems to be that the first call you make is to your lawyer not your agent.

On the big vs. small there does not appear to be a standard but 26' seems to be the most common break point. >26' the insurance companies call it a yacht.
 
That was what I was thinking....26' or there and abouts. I am in Daytona so obviously te insurance is cheaper up here...alot cheaper. Got quotes from Progressive (highest out of the bunch and still will not cover the Bahamas) AIG (screw them, already gave them my tax money in the bailout that they spent on a retreat in AZ for millions) and from Boaters Insurance Agency using Vigilant (I think, can't remember and it is not in front of me). Boaters Insurance Agency was the most affordable and the best coverage out of the 3.
 
I ended up with AMIG at $1450 for a stated value of $65K on my 390. The navigation clause covers east and west coast of US, South to Puerta Vallarta onthe Pacific side, the whole GOM to Cozomel. and out 175 miles. I called my agent and inquired about the Bahamas...was told no but she would check on Bahamas inclusion annual and trip specific. I thought the rate was reasonable for the age of my boat however they did require a current survey.

Interestingly I was told that this company will not insure any Open Fisherman CC style boats in excess of 30 feet on the east coast of Florida...period. Seems that the theft rate is highest for that category and is the vessle of choice for human smuggling. :huh:

FYI...Allstate will not write any new policies or renew existing on vessles in Florida>26'.
 
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I'm in Fort Lauderdale (Dania) and my insurance is with St Paul through USPS. I'm paying $1,200/year on a 260. My nautical limit is 15 miles out (which fits my needs OK).

I have quoted through Boat/US and Progressive and both were significantly higher.

Esteban
260 Sundancer
 
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