Boat insurance

[Jim Hardesty]

I don't know more than this email.  Thought I'd pass it along.   
Jim


[All Members] New GLCC Boat Insurance Programs      
Thu, Jun 10, 2021 3:12 pm
The Great Lakes Cruising Club (greatlakescruisingclub@gmail.com)
To:you + 1 more Details
Great Lakes Cruising Club is excited to announce a NEW Boat Insurance partnership for our members.

This means that our members now have access to the most comprehensive boat insurance coverage and competitive rates on the market today! Whether it's a run about, sailing yacht, cabin cruiser, a trawler, a motor yacht, or something in-between – you can rest easy knowing you are covered by the marine industries most trusted insurance providers.

Customized coverages, competitive rates, specialize yacht insurance knowledge and outstanding customer service is what you can expect from their team of marine insurance experts.

As a Great Lake Cruising Club member you are eligible for exclusive rates so call or click for a free quote today!

Canadian members brokered by MD Marine Insurance. Call 1-877-627-4633 or visit www.mdmarine.ca/glcc   

United States members brokered by Larkin Group. Call Lisa Wittig at 231-944-7594, email lwittig@larkingrp.com or visit www.larkingrp.com

[mark_53]

Just received an email from my insurance provider.  I live in the socialist state of Washington ruled by the fascist @govinslee.  It's telling me the insurance commissioner issued an emergency rule requiring insurers to discontinue the use of credit scores in determining insurance rates.  So everyone that has a GOOD credit rating will see an increase in rates.

[PaulJacobs]

An earlier post asked if anyone on this forum has ever received a significant payout from an insurance co.  The one word answer is YES!   

We have been insured in Rhode Island, through a broker, with Foremost, for the past 22 years.  In 2012 I decided I wanted to have an oil pressure gauge rather than an idiot light on our M25 Universal.  We contracted with Brewers in Wickford in 2013.  A really "Bad Idea".   

They drained the engine oil, drilled a hole in the engine, tapped the hole, threaded a 4" long x 3/8" OD x 1/4" ID brass tube, screwed the pressure sensor on the other end, and wired the sensor output to the cockpit engine display.  I SHOULD have recognized that this was basically a cantilever beam with a weight on the end, connected to a Diesel engine.  No matter how nicely balanced - ALL Diesel engines vibrate, and each vibration was amplified by the sensor weight on the end of the brass tube. 

On our return from Maine to RI in August 2014, a windless spell near Plymouth, MA caused us to run the engine for a few hours.  All was well.  Then it wasn't!    The brass tube fatigue failed at the engine junction, all the engine oil gushed out, and of course I was in the head dealing with mother nature at that moment.  By the time I got to the cockpit to turn off the engine, it had already seized and shut itself off.

A very long story, and an $1100 tow through the Cape Cod Canal to Cataumet, and then $28,000 and a month later we had a brand new Yanmar 3YM 30 engine in Pleiades. 

The bad news - obvious.  The good news, Foremost paid us $14,500 for what was then a 24 year old Diesel engine with over 3000 hours - and - we have a fabulous new engine that is easier to start than the Universal, and our insurance rates went up exactly $1.57 / month!  Needless to say we LOVE Foremost Insurance, and I would only change marine insurers under pain of death.

So the answer to the aforementioned question is definitely YES, at least SOMEONE collected serious coin from a marine insurance company.  By the way, Foremost did their homework, and ultimately was awarded the $14,500 they paid us from Brewer's Insurance.  Not only that, but they also paid $1000 of the tow bill!

Dr. Paul F. Jacobs
Pleiades, hull # 1068
1990 Mk 1.5, TR/FK
Wickford, RI

[David Comando]

Sailing Jerry.
I too had a major increase in my Geico/BoatUS premium, almost double what last year was. I called Progressive, got the same coverage I had for less than my original premium.

[mark_53]

Sounds like your a victim of the new "wokeness" where people with good credit ratings will see an increase in rates and deadbeats will get a reduction in rates.  This is not the decision of insurance cos. but State Insurance commissioners who interject themselves into the contract you have with your insurance companies.

[Catalina007]

I have had Allstate for cars and boats and houses and umbrella for 40+ years. I have never had a problem and have had some large boat claims over the years.  You will always get different viewpoints from different individual experiences on an internet forum where you never get all the particular details on a claim or the qualifications of the insured. (How many prior DWIs? Claims? speeding tickets? How big is the deductible? Coverages? Did the individual adjuster know what he was doing?  You only hear a premium figure.    The information is worth what you paid for it.   Geico is getting out of the boat business so everyone will see increases on renewals or refusing to write some policies.  The Gecko cannot even swim. Look at reviews from ratings agencies. Not disgruntled internet web denizens.   For instance Progressive is rated very high for small boats. Allstate is reasonable. Not the cheapest, but rated very good at claims time.   

[Admiral_Swellson]

I have had Allstate for cars and boats and houses and umbrella for 40+ years. I have never had a problem and have had some large boat claims over the years.  You will always get different viewpoints from different individual experiences on an internet forum where you never get all the particular details on a claim or the qualifications of the insured. (How many prior DWIs? Claims? speeding tickets? How big is the deductible? Coverages? Did the individual adjuster know what he was doing?  You only hear a premium figure.    The information is worth what you paid for it.   Geico is getting out of the boat business so everyone will see increases on renewals or refusing to write some policies.  The Gecko cannot even swim. Look at reviews from ratings agencies. Not disgruntled internet web denizens.   For instance Progressive is rated very high for small boats. Allstate is reasonable. Not the cheapest, but rated very good at claims time.

I agree 100% with this and in fact on another boat forum (Amel Owners) I was on it is against the rules to trash a vendor or company for this very reason, the information is one sided, usually missing context, and the vendor/company can't respond to defend themselves. All such posts are deleted.