Boat Insurance (again!)

[South Pause]

We just received a non-renewal from our boat insurer, which would have renewed next month. We have an Aquasport Explorer 275. Insurance Co. was Safeco. Our agent is telling us policies are hard to find and have soared in price.

Anyone have a good recommendation for any insurance co. still covering S. Florida boats? (Over 26 feet?)

[DrRalph]

We use Markel, brokered through USAA. We're paying $2400/yr for $100,000 coverage on Attitude, our ten-year-old 33-footer. We live in Daytona, have never had a claim, and no hurricane damage. It's the best we could find, and coverage includes Bahamas and Turks & Caicos.

[Crooked Hook]

South Pause, check out C&L Insurance. i went thru them on my 06 38" SF and pay +/- $4400 yr. they have offices in Boca and Stuart.

http://www.clinsurance.com/

[South Pause]

Thanks for the leads. Will check them out.
Have either of you had to renew in the last 6 months or so?
We did not even know there was an issue until we got our non-renewal.
If you have not had to renew since before last hurricane season, you may be in for a surprise.

[Crooked Hook]

My new policy started in July 06. I did not have any issues. It may be a little different because I live in Martin County. I undersatnd insurance in Broward and Palm Beach in general is an issue.

[flyingdogs]

Norvel, We use Markel also and just paid again at the end of this summer, and we leave the boat in the Bahamas some and they have no problem with that. A rough estimate for premium is about 2% for the amount of coverage you want. Good luck.

[South Pause]

Will be in touch with Markel today. thanks so much.

Don't know if you saw on the board back a few months..Mark fell off a ladder in the Dom. Rep. in November and had extensive heel damage (Doctor's words: It was "pulverized" - multiple fractures). Had surgery and still in a hard cast for another week, then to a hard black boot and alot of physical therapy. Cannot put his foot down for awhile yet. Wheelchair and crutches. :eek:

We missed T'giving, Xmas and New Year's over on Guana! Hoping to get over in April and again in late May for long trips. Hopefully before for a long weekend.

Miss Guana and you guys too!

[flyingdogs]

Was wondering about you guys, just sent a PM.

[DrRalph]

We renewed in March, hope we don't have bad news in a few months.:eek:

[SamFamAustin]

Some of us are starting to wonder what happens if you just can't find an insurance carrier anywhere. Some appear to have pulled out of the Florida market altogether. Can you imagine having somebody get hurt on your boat or having a freak storm? Maybe I should go back to the old dinghy with the little pooter motor on the back ... no insurance at all. Sam
:confused:

[islandfever]

You pose and excellent question. What WILL happen when there is no affordable insurance? You must have insurance to finance a boat. No insurance = no sales. No sales = ?????? Will boating be just for the wealthy and big business?

[bellavista]

If you keep it in the Bahamas we went with Insurance Management

[South Pause]

We just got our only quote back and it is 3x higher than what we were paying. (27 ft. 1999 Aquasport Explorer with 2 outboard 200hp Evinrudes.)
We were paying $997. The new quote is $2500.00. We are still looking.:eek:
Our insurance expires 2/15.

[Agurs Wish]

We got dropped too. Even though our boat hasn't been in FL in 4 yrs. and have never made a claim. If you can somehow manage to base your boat out of N.C. we have an insurance friend who found us a great policy at half the price we were paying. Also talked to another boater down here who said there is a State Farm agent in New Bern who handles boat insurance at a good price.

[South Pause]

We heard from a friend that new boats are not selling because they cannot get insurance (S.Florida)and the banks won't give loans without the boat being insured. It's really insane.

After speaking to 10 agents/brokers, we heard the same thing from everyone, the insurance companies have dropped this section of S.Florida like a hot potato (Miami north to PalmBeach). there are exactly two companies who are insuring boats over 26 feet.

Markel Insurance, which came highly recommended by several Abaco members, will not offer wind/hurricane. (but they will on the west coast of FL!).

It has crossed our minds not to insure. :eek:

[SamFamAustin]

While it varies by policy, there are a lot of things that one would not normally think of when you by boat insurance coverage. Hazardous wakes are one. How about a fuel spill? Most insurance carriers will protect against fuel spills and environmental damages. Let's say a through-hull leaks and the boat sinks at the dock (apparently a common form of sinking) - the insurance company can negotiate the complex world of salvage claims law, which in this case could cover not only one but TWO sovereign countries. Many companies even have uninsured boater coverage, such as for motor vehicles.

So it's not just about medical bills and the common stuff - I can't imagine defending myself against all this stuff by myself! /Sammie
:confused:

[islandfever]

You are exactly right! We were hit by S/V Mia Amore in the Guana storm on July 6 and sustained $16,000+ in damages. While clearly at fault and admitting it at the time, he now refuses to accept responsibility. He had Allstate Insurance who I understand paid for his damages but refused to accept responsibility for mine or the other two boats he hit because he did not have a Bahamas rider. Go figure why Allstate would pay his but not ours? Please do the right thing. If you do not have at least liability insurance with a Bahamas rider, DO NOT GO TO THE BAHAMAS. The other reasons mentioned above are also why you should have it for you. Legal fees will be far more than any premium. Or, sell the boat and take up another interest. I admit it that I am still angry and have a right to be with both S/V Mia Amore and Allstate Insurance.

[South Pause]

there are only two insurance companies that will cover our boat (or any over 26 feet) for that matter in S. Fl. (east coast) and neither will provide coverage in the Bahamas. We are not bringing our boat over.Will be cheaper to buy another one and keep it there when we have the luxury of spending decent amounts of time there.
Hopefully things will improve if we aren't hit with any hurricanes for a few years in a row!

[ModeratorTwo]

Who insures Troy's boats at Dive Guana??

[SamFamAustin]

I am sorry South Pause, although I did try. Gosh, is lack of insurance going to run us all off the waterfront?

As to Mods 2, I think there is a difference between recreational and commercial marine insurance, such as for the dive boats. Commercial work boats should involve a different risk pool, is my hunch.

[ModeratorTwo]

I am sorry South Pause, although I did try. Gosh, is lack of insurance going to run us all off the waterfront?

As to Mods 2, I think there is a difference between recreational and commercial marine insurance, such as for the dive boats. Commercial work boats should involve a different risk pool, is my hunch.

I was not talking about Troy's dive boat, he had two rental runabouts, before the July storm, and thought he might have some input..

[Just Chillin']

I use Progressive . 2003 30' 305 Bayliner cruiser. Disappearing deductible (500 first year, 125 less each year for four years , then no deductible. That of course with no claims each of those years. Now at 125 deductible, yippee) Total replacement. Ins. for Bahamas (yet to take it across :( ) last I checked was an additional 300 for the year. Direct withdrawals, easy to reach by web or phone. Luckily, no issues to date. Easily beat every company I checked in 2003. I understand it's the boats longer than 30 feet that are being discriminated against by insurers. Dave

[South Pause]

Progressive was one of the only two that would quote our boat.
All others are un-insuring for boats over 26'. Progressive is over 30'.
Where do you live?

[South Pause]

Sorry, Just Chillin', saw by your avatar that you are from Ormond Beach.
Lucky you, you are not in the "cone of death", i.e. Broward County...
It baffles me that the insurance companies deem this part of S. Florida so much more of a risk than yours, or even the west coast, both areas having had more hurricane hits than ours!
The insurance agent tried to explain to me that all the areas are "rated" over a period of time, and that the Broward County area is #1 as the biggest risk and this year, the insurance companies went running in the other direction.