Insurance RANT!!!

Join the club, seems like insurance is hard to get these days..

Are you using an independent marine (marine only) insurance broker? If not, I strongly advise one.

It s nuts. On the boat i run we went from $16k for a 2009 84 Lazzara to $51k for a 2005 116 Lazzara valued only 500k more. Same crew, same owners, zero claims. Our agent tried over a dozen insurers. Some declined because boat was too old, too big or the value was too low

I can’t get coverage for my personal boat , a 1970 53 Hatteras. The only quote I got was $12k a year for $150k value. Never mind that I have $250k of invoices for the repower and refit over the last 3 years.

Insurance companies took a beating during the last few storms. I know people who took zero precautions and got big fat checks for their totaled boats which the insurance companies sold for pennies on the dollars to people who fixed them up and made a killing.

disgusting.

It sure seems to depend on where you boat (no surprise). Recently, I paid $1850 for 340k hull value with $2M liability in the PNW. This was a slow boat (2x 210hp Cats, 52GB Europa).

Absentee owners and locals that do not tend their boats properly cause a lot of the losses in hurricane areas. Surprising the insurers pay their claims if not adhering to their hurricane plan.

Pantaenius does not currently offer new policies for US flagged boats.

They will not insure US Flagged boats now. I chose other than Pantaenius years ago so not a problem for me, but it's a change they made within the last couple of years. They do renew, but no new policies.

Lloyd's insures our vessels. Just paid $2Mn for $100Mn in coverage and $500Mn in liability

We're also with Lloyd's, but fortunately recreational coverage is far less expensive than commercial.

One thing to not to those not aware, Lloyd's is not an insurer, but an insurance marketplace. Much like traditional marine brokers may have to shop your coverage regularly, Lloyd's also has to do the same.

Yes 300 agents and 340 or so sub agemts. Or you can be in a syndicate, in which you share the gains and the losses every year. When there are gains, they apply it to our statement. Wonderful people to work with....more than 75 years with them.
https://www.lloyds.com/

StateFarm will insure up to $50k with out a Survey , regardless of the year of the boat…over $50k they want a current survey.
My previous insurance carrier canceled mine because the boat was just too old in their eyes even though it had a good survey.

Anyway, It’s better than nothing.
I have my 1981 Ocean insured with them@ $49k …lol. I forget how much it is offhand but under $800 a year.
You might consider it .

And a very interesting process it is. https://en.wikipedia.org/wiki/Lloyd's_of_London

Takes a while. They insured us when we were having the tugs built, thru to delievery and then ever since. Have had a dozen vessels insured thru them.
Only had one hull loss and they paid that in a week.

I got started decades ago insuring business property in Jamaica through them. Currently have lots of business insurance and boats through Lloyds plus homes insured through them. Consistency and continuation are their strengths.