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Insurance will not be renewed

Discussion in 'General Yachting Discussion' started by dewald, May 28, 2021.

  1. Norseman

    Norseman Senior Member

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    Been hauled out frequently in SE Florida, never been asked for proof of insurance.
    (That I can remember, perhaps I have dementia, but if the yard has the boat on the stands, they effectively have a lien (the boat) and won’t launch the boat until I pay whatever they ask)
    Granted, I only deal with smaller boats, 40’ or less, but can’t remember having to show proof of insurance. :confused:
  2. Danvilletim

    Danvilletim Senior Member

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    Even the marinas are asking for insurance.
  3. SplashFl

    SplashFl Member

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    Also SE Florida and have used yards from Pompano to up the river in Ft. Laud. to Dania and never asked for insurance.
  4. MBevins

    MBevins Senior Member

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    I just signed a contract with Safe Harbor for winter storage. Insurance information was part of the contract. My yacht club required it as well for at least 5 years.
  5. Capt Ralph

    Capt Ralph Senior Member

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    We were just notified by our agent. Not renewing after November.
  6. Norseman

    Norseman Senior Member

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    Which company and what was their excuse? (Older boat, no recent survey, too many claims, or just F.U.?)

    I use Charter Lakes, up for renewal soon, not heard any bad news yet.
    (Kind of hybrid policy, Recreational with 24 Commercial Charters allowed per year.)
  7. bayoubud

    bayoubud Senior Member

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    That is a bummer. Post the company name so all those that have a policy with them will get a heads up to inquire as to their status.
  8. bayoubud

    bayoubud Senior Member

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  9. olderboater

    olderboater Senior Member

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    Non renewals are quite common right now. I'd advise everyone to have a good independent marine broker who can advise them and can find other policies. The marine market has especially been squeezed this year by Geico discontinuing the use of independent agents and deciding only to sell directly plus Geico discontinuing certain policy types altogether.
  10. Capt Ralph

    Capt Ralph Senior Member

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    Finally back at my desk.
    Agent called and above post was a poorly typed from my cell phone.

    Geico.
    No claims ever.
    No survey hits ever.
    42 year old Bertram 58MY.

    We will try Geico directly tomorrow.
  11. olderboater

    olderboater Senior Member

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    Who is your agent? They should be working on finding a replacement policy. I suspect with your boat's age, Geico won't take it directly either. Geico is focusing on smaller, newer boats. They've eliminated their Charter Program, code CBT, and their Super Yacht Program, code SSY.

    I know Novamar had a lot of Geico customers and was working hard to place them elsewhere.
  12. SplashFl

    SplashFl Member

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    Geico had no problem renewing my 1979 Bertram. Never even asked for a survey.
  13. Capt Ralph

    Capt Ralph Senior Member

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    Our agent is working on a replacement policy. Afraid we have been caught up in the old boat excesses.
    F M
  14. olderboater

    olderboater Senior Member

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    Is your policy direct or through Boat US?
  15. Capt Ralph

    Capt Ralph Senior Member

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    Stand by for that call.
    Month old thread. Didn't think we would be called, till today.
  16. SplashFl

    SplashFl Member

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    It was but I recently sold and cancelled the policy. They sent a renewal for my smaller boat but increased like 12% and cut the insured value even more so I had Charter Lakes shop it and did a LOT better. I also had both of them provide quotes for when I find the replacement and Charter lakes also did a LOT better. Ever since Boat US turned to Geico their rates kept going up. Shame on me for not shopping when that change first took place.
  17. olderboater

    olderboater Senior Member

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    If it is through an independent agent, no Geico policy will be renewed.
  18. SplashFl

    SplashFl Member

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    Thanks for the reminder. They will shortly get my 2nd cancelation call. First boat was sold; other one written by another for a LOT less.

    PS They sent the following about 3 weeks ago; then followed up with a quote, but I won't be handing them anymore money. Maybe due to Boat US Membership.
    "Thank you for your email. Our Insurance team is processing your request and will respond to you within the next business day. If your email includes a survey attachment, you will be contacted within the next 2 business days. Please be aware, coverage cannot be bound, altered or cancelled via email.

    Thank you for choosing GEICO Marine.
    Last edited: Jun 22, 2021
  19. maldwin

    maldwin Senior Member

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    I know of many 50 year old boats which are in better shape than most 5 year old boats, but insurance companies seem to be focusing on age rather than condition. One would think that modern data systems would make it easier to segment the market, but they seem to prefer blunt instruments.
  20. Capt J

    Capt J Senior Member

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    Yes and it's insanely cheap. I just bought a 20' Lake & Bay flats boat. $100k liability insurance $183 per year.......full coverage stated value $1183 per year.........The previous owner was paying $800 per year with the same company (Geico).