bahamabreisus
Well-Known Member
- Oct 25, 2007
- 2,556
- Boat Info
- 370 dancer, previous 500,420,390,300 dancers
- Engines
- 454 CI MPI
We have had New Hampshire for 15 years, no claims no issues. Just got another policy from them on our new to us boat.
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It seems that some posters here don't know that insurance in Florida is a completely different animal. Statements and quotes in other states mean nothing to what we have to deal with here.Thanks all. I have another broker hunting, we'll see what he comes up with.
That’s tough. What a difference a few miles makes. I’m about 100 mikes north of Florida in SC. I’m in exact same situation with AIG pulling out when my policy ends on Nov 12. NBOA shopped and got me a policy with same coverages except they maxed the replacement value at $5K less than previous policy. Annual Premium is actually a few hundred dollars less than AIG. Now this carrier has history of denying marine claims but my main reason for the policy is access to marinas and liability.It seems that some posters here don't know that insurance in Florida is a completely different animal. Statements and quotes in other states mean nothing to what we have to deal with here.
My policy is due November 7th and the underwriter I'm with (SafeWaters) is pulling out of the market altogether. My broker has been looking for an Agreed Value policy since late April when we received the non-renewal. The insurance market is pretty much gone in Florida. We have been through every possible domestic and overseas market and can't get coverage primarily because my boat had a claim three plus years ago. Declaring a claim was within three years and now five years. Other discriminators are length, where/how the boat is kept, years actively boating in the length category, and survey rating. Insurance now has a "credit rating" that also plays into the risk formula.
Anyhow, we have a policy that I'm in the process of going through that is very restrictive from Concept Special Risk out of the UK. Unless, a rabbit can be pulled from the hat this is it - around $13,000 per year for my boat.
Another path is to carry liability only and self-insure which I can do but no one in Fl will write just a liability policy. I tried to fold the boat under my umbrella policy but an umbrella must have a base policy on the boat so that idea was shot.
This whole mess is making me re-think owning the boat; if someone made me a reasonable cash offer I'd probably move the boat. It's that bad here.
Oh, as an edit - usually there are 20 plus insurance booths at FLIBS; there were two this year. One was a deer in the headlights and took my contact information (crickets) and the other (Total Dollar Insurance in Tx) is actively trying to find coverage; they have until today to produce then I have to move out with Concept.
That sucks. I had planned to move to FLA in a few years and buy some kind of bridge boat. I was thinking somewhere near Naples or Marco. But maybe I'll target South Carolina or Georgia instead. As long as I can get to the Bahamas and the Keys.It seems that some posters here don't know that insurance in Florida is a completely different animal. Statements and quotes in other states mean nothing to what we have to deal with here.
My policy is due November 7th and the underwriter I'm with (SafeWaters) is pulling out of the market altogether. My broker has been looking for an Agreed Value policy since late April when we received the non-renewal. The insurance market is pretty much gone in Florida. We have been through every possible domestic and overseas market and can't get coverage primarily because my boat had a claim three plus years ago. Declaring a claim was within three years and now five years. Other discriminators are length, where/how the boat is kept, years actively boating in the length category, and survey rating. Insurance now has a "credit rating" that also plays into the risk formula.
Anyhow, we have a policy that I'm in the process of going through that is very restrictive from Concept Special Risk out of the UK. Unless, a rabbit can be pulled from the hat this is it - around $13,000 per year for my boat.
Another path is to carry liability only and self-insure which I can do but no one in Fl will write just a liability policy. I tried to fold the boat under my umbrella policy but an umbrella must have a base policy on the boat so that idea was shot.
This whole mess is making me re-think owning the boat; if someone made me a reasonable cash offer I'd probably move the boat. It's that bad here.
Oh, as an edit - usually there are 20 plus insurance booths at FLIBS; there were two this year. One was a deer in the headlights and took my contact information (crickets) and the other (Total Dollar Insurance in Tx) is actively trying to find coverage; they have until today to produce then I have to move out with Concept.
Oh, the Bahamas - Concept whom I mentioned earlier will not write a Bahamas rider into the policy. For each trip to the Bahamas, we do three or four a year, Concept will issue separate policy approvals/addendums with additional charges.That sucks. I had planned to move to FLA in a few years and buy some kind of bridge boat. I was thinking somewhere near Naples or Marco. But maybe I'll target South Carolina or Georgia instead. As long as I can get to the Bahamas and the Keys.
This thread caused me to double check with my broker whether or not my boat and jet ski are covered under my umbrella policy since the umbrella is with Safeco and the boat and ski are with Progressive. Turns out they are, like I always thought.
Oh, the Bahamas - Concept whom I mentioned earlier will not write a Bahamas rider into the policy. For each trip to the Bahamas, we do three or four a year, Concept will issue separate policy approvals/addendums with additional charges.
And, here is another one - I can no longer captain the boat by myself; not even to the pumpout station across the marina. I must have another person over the age of 21 on the boat.
I have travelers.
They have been good to me with my mechanical breakdown claim.
And, here is another one - I can no longer captain the boat by myself; not even to the pumpout station across the marina. I must have another person over the age of 21 on the boat.
I mentioned it twice? Maybe that is an age or health situation - no?@ttmott You’ve mentioned this twice I believe. Is this an age or health requirement? Not trying to pry. I’m just curious as to why.
Jaybeaux
- This coverage requires an additional person to accompany you (over the age of 21) while the vessel is underway; though I understand that this is handicapping, this is not something that is negotiable in this program. This is not a requirement for additional ‘operators’ but should be interpreted literally.
- This coverage does not include crew; however, crew can be added (and must be scheduled/approved) for additional premium if needed
Interesting. A requirement to have another person on board over 21 years old. Does that person count as "crew" which requires additional premium?
I mentioned it twice? Maybe that is an age or health situation - no?
The requirement isn't specific to me but all of the policies issued by them.
Anyhow this is what the broker sent me regarding the details -
- This coverage requires an additional person to accompany you (over the age of 21) while the vessel is underway; though I understand that this is handicapping, this is not something that is negotiable in this program. This is not a requirement for additional ‘operators’ but should be interpreted literally.
- Deductibles apply to coverage line items you may not have seen in the past because this is not standard insurance. Please read the limits, deductibles, terms and conditions carefully.
- All coverage forms are included for your review because this is unlike any coverage you have ever purchased. Please let me know what questions you have.
- The vessel year in this program is always based on the year of manufacturer, not the model year.
- Please maintain all service (labor & parts) receipts and documentation; though this is based on the Agreed Value requested, this provider is known to depreciate the agreed hull value each renewal and if you wish to maintain the same insured value in years to come, we may need proof to dispute the upfront depreciation. Documentation also always helps us advocate for you if you ever need to use your insurance.
- This coverage does not include crew; however, crew can be added (and must be scheduled/approved) for additional premium if needed
- Your prior coverage was based on operators with ‘permissive use’; however, this is a ‘Named Operator’ policy; each operator is subject to underwriting approval (approval is usually based on a minimum of 3 years’ experience on a similar type, similar size, similar waters)
- Navigation and BAHAMAS – Navigation is provided for up to 150 nautical miles for the East Coast USA and Florida. If you need Bahamas navigation, it would be at an additional premium and is subject to declaration of the dates you intend to be in the Bahamas; I recommend we add by endorsement later once you can identify the certainty of travel dates.
- Our surplus lines/nonadmitted brokerage fee of $200 applies to this; this is to offset our administrative and exorbitant licensing fees to be able to offer this type of coverage.
- Coverage is offered by a Managing General Agent called Concept Special Risks; the insurance company is Accelerant Specialty; this is a nonadmitted, surplus lines company that is subject to a 4.94% Surplus Lines (Florida) tax plus a .06% stamping/service fee (both included on your attached invoice). Installment options are unfortunately, not available; this is offered on an annual payment basis (only). Accelerant Specialty is filed in the United States and has an AM Best rating of A-.
- A 25% minimum earned premium applies
Markel would write a policy if the boat was hauled and on the hard for any named storm which is impossible for my location. We are into the "L's" on named storms right now. Markel was the only other market but had impossible requirements. The only other markets were if the home port was out of Florida and the boat was not in Florida during the storm season - whatever that is.Would your ability to get insurance be any easier if your boat was laid up for August and September in a facility like the one by lake O.? I would assume costs would likely be a wash, but at least get you better operating clauses.