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Insurance will not be renewed

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

  1. SplashFl

    SplashFl Member

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    My boat sustained some damages from a long ago hurricane due to both bolts that anchored a cleat onto concrete sea wall cap being sheered off. Long story short ins. quickly paid the claim and then a week or so later cancelled the policy.
    Curious as to their reason since the policy had been annually renewing for many years and it was my first and only ever ins. claim I called the home office to find out why. They said it was due to age and had nothing to due with the claim so I asked where their cut off age was and it turned out my boat was 3-4 years beyond that confirming what I had many times heard with some of these dam ins. companies. Pay and pay and pay but put in a claim and they cancel the policy.
    Turned out same company cancelled a buddies policy who's boat was a few years newer then mine and the only damage he had were bent outriggers; he later realized he was foolish to put in a claim.
  2. bayoubud

    bayoubud Senior Member

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    You have to consider if the claim is worth the consequences.
    Nowadays you have to consider if the making the insurance claim is worth the consequences.
    cleanslate likes this.
  3. SplashFl

    SplashFl Member

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    It appears to me they really only want to be in the auto & life insurance business. A few years ago we started receiving annual non renewals on the commercial properties, none of which had any claims so doesn't seem to be limited to the boating industry. Perhaps the up side is it keeps the agents on their toes. I recall one rare year (although not recently) when the new policy premiums actually came in lower.
  4. Ralph Holiman

    Ralph Holiman New Member

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    Apr 27, 2017
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    We just had our 1973 Bertram 42 MY renewed by Geico in March. Year five on this boat and policy, no new survey asked for. The policy premium even went down from $2848 to $2613 (actual cash value/$300,000 liability). We've never had a claim and have gone through several hurricanes without damage, including Zeta last year. We got it through Boat US.

    Nervous about what happens next year. The reduction threw me. It's been going up $300 to $400 a year the last few years before.
    We do have all our vehicles with Geico as well. Maybe that makes a difference. IDK. We'd be happy to self insure with a policy for liability and hull removal, but I'm scared to leave a policy that renews and even went down in price this year.
  5. SplashFl

    SplashFl Member

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    To clarify; are you saying the policy does not have a specific, "agreed" value, but instead says, "actual cash value?"
    My Boat US, Bertram policy was always an, "agreed." value. What Geico pulled with the last renewal was a 12% premium increase PLUS they dropped the "agreed" stated value (I never agreed) by an even larger percentage when I know for FACT top name Center Console boats are bringing top top dollars these days so in the event of a total loss I would be screwed. I did some shopping. Charter Lakes placed her with an AAA company for higher agreed value and the premium was less then I paid Geico last year.
    I would love to see Boat US link up with a new Insurance Company. When they switched to Geico I recall there were some FAT increases.
    Lastly although my next Bertram has not yet materialized I spoke to both of the two mentioned entities about a binder & policy when that happens. Geico was 20% higher for the same, agreed value. Maybe they should spend less on their phony advertising.
  6. cleanslate

    cleanslate Senior Member

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    For us older boat owners like me I have my 1981 Ocean Yachts with StateFarm . No survey needed if under $50k. Year of boat doesn't matter with them either. I'm at 49,500. my agreed value. I've found Boat U.S. never very helpful or competitive for me.
    I pay $650 for the year.

    Got my 1974 Chris Craft 22' Dory and new trailer direct with GEICO, not through Boat Useless also no survey. StateFarm was a few bucks higher.
    Bottom line Insurance Companies stink. They WILL get their money back from you/others one way or another if you file a claim or they take a beating from a local storm where you keep your boat.
  7. Ralph Holiman

    Ralph Holiman New Member

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    That's all it says. Here is the other peculiar thing. We initially wanted an agreed value policy. The premium for that, at the actual purchase price we paid, was listed at $4400 a year back when we bought it. But, we another got quote from them, for what the survey said it was worth (which was a lot more than we paid for it) for a fourth of that. I have to admit, with no listed value, I really have no idea what we will get if it ever sinks. But after Katrina, and lots of insurance/loss stories and experiences, I learned that although most people they think they do, in reality, not many really know what their policies will pay until there actually is a loss. And, that it frequently took litigation to actually determine what they contracted for.
    It's an older boat, and we could sustain the loss of the boat, but not all of the potential liabilities, but I'm not going to rock the boat, so to speak, by asking for any changes in our policy, LOL.
  8. SplashFl

    SplashFl Member

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    One thing I had heard and now have ongoing first hand experience with, is NEVER directly file a claim or even speak with the insurance company in the event of a loss. Although I'm referring to real estate I suspect it may also pertain to the boating world; always hire a personal insurance adjuster.
    Personally I would only feel comfortable with a clearly written absolute value in the event of total loss.
  9. bliss

    bliss Senior Member

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    Some may have difficulty getting boat insurance offers due to automobile, truck etc. driving, both traffic tickets and accidents. you might want to google c.l.u.e. reports and see what info they have on you and your crew. Underwriters use this source. At least you should be aware of it.