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Insurance?

Discussion in 'General Yachting Discussion' started by crackerD, Dec 23, 2016.

  1. crackerD

    crackerD New Member

    Joined:
    Jul 10, 2010
    Messages:
    22
    Location:
    Clearwater FL
    I currently have XL insurance for my sportfish. Every year they raise the premium $1000 or so despite no claims. It started at $14k a year when new in 2013...now this years quote for 2017 is $17K.
    Who are you guys using and are you happy?
  2. Danvilletim

    Danvilletim Member

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    Oct 30, 2011
    Messages:
    319
    Location:
    isleton, ca
    Yikes are you chartering? We are a fraction of that with overseas insurance for 62 sportfish. Now they were 4 times more expensive on our 33 center console so we went with charter lakes insurance for that one.
  3. crackerD

    crackerD New Member

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    Location:
    Clearwater FL
    the policy is for up to 12 charters a year. 1.7million value on boat.
  4. Danvilletim

    Danvilletim Member

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    Location:
    isleton, ca
    I guess that drives it up a ton. We are under $5k for $500k value.
  5. Ormond Bert54

    Ormond Bert54 Senior Member

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    Location:
    Ormond Beach, FL
    Seems like a great price considering I pay $8,600 for a boat valued at around $300k.
  6. bliss

    bliss Member

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    Location:
    Racine
    Underwriters check your FICA and C.L.U.E. reports. FICA for a look at your finances and C.L.U.E. for a look at ANY insurance claims (not just boat related) for about seven years back.
  7. bliss

    bliss Member

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    Location:
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    That should read FICO. Sorry!
  8. wiredup

    wiredup New Member

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    Location:
    va beach
    That's high. I just purchased a 62' sportfish, about same value as yours, paying 7k per year. I do not have a charter policy though. I use charter lakes.
  9. olderboater

    olderboater Senior Member

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    Comparing prices of insurance policies without knowing all the details of coverage tells one absolutely nothing. Coverage is more than just an amount for the boat value or even that and a liability limit. It includes all the details. For instance is it agreed value or market value at the time of damage, does it provide new replacement for old parts and equipment, what are the deductibles for various types of accidents, environmental coverage, salvage coverage, whether all risks or any underlying warranty of seaworthiness, areas and times of navigation covered, latent defects coverage, incidental damage, chartering, and more.
  10. bliss

    bliss Member

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    Well said, OB ! One of the things that makes picking an underwriter difficult is many of the factors to consider are moving targets. Has an underwriter moved away from the broad form he may have been offering? Is there an underwriter that is buying his way into a market? Etc, etc.
  11. Ken Bracewell

    Ken Bracewell Senior Member

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    My experience is that Bob Peck, from Triton Insurance, in Newport, RI is a very good agent. He has always found me the best pricing for insuring large and small vessels.
    He is a friend, but I have no interest other than putting a good word out for him.
  12. bsd222

    bsd222 New Member

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    Oct 1, 2012
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    Location:
    new orleans
    I'm paying 10k thru Loyds of London for 1.1 ml in agreed upon value with 10k deductible and a 10% named storm deductible.Includes 10k tender coverage,40k fishing equipment,salvage,towing,environmental, owner operator coverage,its a very comprehensive policy.The boat is a 04' 65 Viking.I get my agent to shop the policy annually and by doing so have been able to get a slight reduction in premium every year.If your interested in getting my agent info send me a PM.Good Luck!!
  13. olderboater

    olderboater Senior Member

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    We're insured through Lloyd's as well. I also know that the broker Ken mentioned sells many companies including Lloyd's.
  14. Danvilletim

    Danvilletim Member

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    Interesting how all the quoted costs shared in this thread turn out to be between .008 and .0092%
  15. olderboater

    olderboater Senior Member

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    They are between .8% and .92%. (.008 = .8%, .0092 = .92%)

    You will see as boats get smaller and less expensive that number tends to rise to 1.2% and even up to 1.6%. On older boats it's even more as the boat value becomes such a small factor. As you get to larger boats the numbers drop below the .8%. If you had a single $25 million new boat it would probably run around $85k.

    Ours is substantially less than .8% but it's multiple boats plus discount for other insurance.
  16. Danvilletim

    Danvilletim Member

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    Thanks. My math was a bit off. It's interesting to learn that the rate scales down. One. Ore reason to buy a bigger boat :)
  17. olderboater

    olderboater Senior Member

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    Yes, very logical, buy a $25 million boat so you can pay $85k for insurance instead of a $1.1 million paying $10k. That's a real money saver. lol

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