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Another Insurance Cost Thread

Discussion in 'General Yachting Discussion' started by DOCKMASTER, Aug 23, 2021.

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  1. DOCKMASTER

    DOCKMASTER Senior Member

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    So like many, I find myself in need of a new insurance policy despite zero claims, no missed payments, etc. My broker has found me an underwriter but of course I got sticker shock at the premium. The quote is right at 2% of insured value. Is this in line with what most are seeing these days? My boat is considered older as a 1994 but they said they give me consideration for the complete repower/refit in 2020 and the clean survey I have. I also have limits on underwriter's as many won't write a policy for a boat in Alaska. Anyway, just curious what you all are paying as a % of insured value to see if I should keep shopping or take this policy. My broker doesn't have anything else to offer so if I want to shop more I need to find a different broker.
  2. rtrafford

    rtrafford Senior Member

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    Do you have access to seasonal relocation mitigation to lessen the risks for the underwriter? Ie, Florida waters has the north-of-Savana-River guideline that cuts the policy significantly. Is that an option for you?
  3. vacser

    vacser New Member

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    2% is the going rate in FL.
  4. DOCKMASTER

    DOCKMASTER Senior Member

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    Good thought but unfortunately not really a viable option. Puget Sound is 700 (ish) miles south so just the run down and back up would cost more in fuel than my insurance policy. And then there is the issue of having multiple slips in marinas.
  5. Pascal

    Pascal Senior Member

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    Insurance is a mess with no logic whatsoever. We re paying 0.65% for an 2009 84 Lazzara (for sale) and 1.9% of hull value for a 2003 116 Lazzara. Same owners... makes no sense.
  6. gr8trn

    gr8trn Senior Member

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    How far off is the 2% of hull value compared to previous/current policy?
    Are sport fisher inherently more costly to insure than say trawlers or sport yachts?
  7. DOCKMASTER

    DOCKMASTER Senior Member

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    I was around 1.25% previously. So the increase to 2% on top of more than doubling my insured value is a big "OUCH" to the wallet.
    I don't know how much other hull types are as a comparison.
  8. rtrafford

    rtrafford Senior Member

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    I ask because it keeps my rates down in the 1% range, actually a hair under. Yes, I spend more than that on seasonal dockage alone, but in building that into my pattern of use and enjoyment, it actually makes things less expensive from that perspective.
  9. gr8trn

    gr8trn Senior Member

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    Ouch is right, I imagine the increase in agreed value for the policy has something to do with it.
  10. DOCKMASTER

    DOCKMASTER Senior Member

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    Yes, I expected the premium to double due to increased value. But I didn’t expect it to nearly quadruple with almost double the % as well.
  11. Slimshady

    Slimshady Senior Member

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    My sf is .53% of insured value in Florida, Bahamas and NC. Includes good liability coverage for crew and guests. Just renewed last week with very small bump. 60' with c 18's.
    Smith Merritt is the broker.
    gr8trn likes this.
  12. DOCKMASTER

    DOCKMASTER Senior Member

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    That is a fantastic rate. I'll give them a call to see of they cover in Alaska and will cover an older hull like mine. Thanks!
  13. Ken Bracewell

    Ken Bracewell Senior Member

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    I got a break on my insurance for installing a Siren system. May be worth asking.
    www.sirenmarine.com
  14. DOCKMASTER

    DOCKMASTER Senior Member

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    Thanks. I have a GOST alarm and monitoring system that does similar (actually more I believe) and supposedly I am getting credit for having it.

    I called Smith Merritt and they don't currently have any policies in Alaska but said they would check to see if possible and are interested in quoting. We'll see if anything comes of it.
  15. Donzi 54

    Donzi 54 Member

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    Adam my rate is at 1.2%. Options on carriers are getting smaller and smaller. It seems like every year the insurance company we are with decides they no long want to insure boats and I'm looking again. Updated and flawless surveys are a must on a older vessel.
  16. DOCKMASTER

    DOCKMASTER Senior Member

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    Smith Merritt was a no-go. They said they are not licensed in my state of residence or Alaska so cannot write me a policy. They also indicated my current insurer is about the only one they know that will do Alaska anyway. They said that 2% with a 5% deductible is on the high side but not unheard of in today's market. They suggested I might try BoatUS so I guess I can try there. Otherwise looks like I just have to pony up.
  17. Slimshady

    Slimshady Senior Member

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    Sorry it didn't pan out.
  18. gr8trn

    gr8trn Senior Member

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    You don't seem to need a broker, you are doing all the leg work yourself so far.
    I am with Markel, they are international, I don't know if they issue policies in AK, but a quick call may be warranted. BoatUS maybe, but they just use Geico or some other home and auto outfit I think. Not that there is anything wrong with that, I just prefer marine experience and coverage.
    I can give you a contact there if need be. She is in claims but I am sure she can get you to the correct service agent.
    PM if you want her number.
    Way to go!
  19. cleanslate

    cleanslate Senior Member

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    Hmmm. how do I say this with YFs class and YFs couth....marine insurance companies suck and blow. Even at the same time . This is the current trend for sure.

    Boat US is GEICO btw.
    Try State Farm insurance that's what I have on my big boat, 1981 Ocean. GEICO direct, no BoatUS, for my Chris Craft 1974 Dory .

    Try my friend Damon at Fathom Insurance Agency 40 plus year in the marine insurance world. I'll PM his info to you.

    Sorry it's not panning out. I/We all know it's VERY frustrating.
    Last edited: Aug 24, 2021
  20. DOCKMASTER

    DOCKMASTER Senior Member

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    Thanks everyone. I very much appreciate the info and contacts. I do have a broker who got me my current policy with Markel. I got the sense that he didn't try real hard to find other quotes and thus my quest to find a better premium or at least validate what I'm paying. I'm finding that he likely did do some homework here and we just don't have lots of options.