Insurance

Rick · Post by **Rick** » Wed Jul 06, 2005 6:01 am

I'm looking around at insurance. Currently have my '85 SF insured with a $110K Hull Value for $1,571 through Travelers Insurance. Came up with the Hull Value when I repowered and put in new electronics. But I think that may have dropped a bit and I'd be interested to see what others are insuring for and paying. A few years ago I called Boat U$ for a quote and they would go above a $100K Hull Value and their quote at $100K was pretty close to Travelers at $110K. So what should I insure for and what should I pay ?

Post by **dougl33** » Wed Jul 06, 2005 6:06 am

I'm through One Beacon. I believe my hull value is $82K plus last year I added coverage for my inflatable/outboard and my bill is around $1700. I have $500K liability (the club requires everyone to have at least $300K). I got a quote from Boat Useless last year and it was very close. Do you have a contact at Travelers? I'd be interested in speaking with them. Regards, Doug L. 1986 33 Bertram FBC Queen Elizabeth Marblehead, MA

Rick · Post by **Rick** » Wed Jul 06, 2005 7:13 am

Doug, Something fishy going on ! I'm insured for $500K protection & uninsured boats, dingy is included (<16 Feet & 25 HP) and they also cover hurricane hauls. I currently Insure through Eastern Insurance. But I'm getting another quote from another agency (Thomas Gregory in Wakefield) who also carries Travelers. Eastern is too big.....I never know who I'm talking to and they are constantly sending me privacy statements that say in a matter of words that they'll share my info with who ever they want. They probably all do but I know the guy at Thomas Gregory.....he and I coached Little League together this year, so I know at least who to yell at when I get one of those annoying statements !

Rick · Post by **Rick** » Wed Jul 06, 2005 9:37 am

Correction to my original post....Boat U$ WOULDN'T go above $100K Hull Value. Doug, email sent. I told him you might call.

captgene · Post by **captgene** » Thu Jul 07, 2005 2:19 am

I'd be interested in what other owners in Fla. are paying. My Insurance (Boat US) is up to about $2200 assuming a $100K value. Having 4 hurricanes last year didn't help. They give you no credit for anything. I've has zero claims....ever. They ask you if you have been to Power Squaderon, or CG Aux. class, and I think you get a little relief for that. How about haveing a 100 GT License and years of Commercial boat operation? Nope don't count. I looked around last year and found places a bit cheaper, but they want to haul the boat and survey it. That more than wipes out any savings for at least two years. So I'm stuck for now. Gene Dugan

Post by **Admin** » Thu Jul 07, 2005 5:15 am

I just got a quote from State Farm of all places in CA, for $1350. Believe it or not, I use a company called Oversea, and I only pay $1050/year. That's for $100K/Hull and $300K/liability. I don't want to hear any crap about how cheap it is though, because I am paying $3.40/gal at the fuel dock! David Sumich 33 Megabites Huntington Harbour, CA Forum Administrator

captgene · Post by **captgene** » Fri Jul 08, 2005 2:53 am

Geez David, You'd be right at home in the Bahamas. Dockage would probably even give you a raise. Gene Dugan

Post by **Admin** » Fri Jul 08, 2005 4:42 am

Yeah, well I better make sure I have enough when I go out to Catalina, because it is $4.40/gal there! David Sumich 33 Megabites Huntington Harbour, CA Forum Administrator

Post by **steve** » Mon Jul 11, 2005 5:22 pm

Hey Guys, I am a new 33 Sportsfisher co-owner. I am a second generation State Farm Agent, 50 years old. My partners and I live in Hammond Louisiana and our boat moves between Perdido Flordia, Venice and Madisonville Louisiana. We fish the Gulf of Mexico out of the mouth of the Mississippi River. We are in the process of obtaining a marine survey to establish a value for insuring purposes on our 33 Sportsfisher. I will post our value and rate for your review. I would caution you over a point. Most policies cover boats in US Waters! Go outside and have a liability loss and you might be facing Jones Act Law head on without coverage. Also, be sure that your personal liability umbrella picks up your excess coverage and be sure to endorse your policy for entertainment, if it applies to you. There are differences between companies and coverages afforded. Know your contract! There is an old saying in the insurance industry. Live and die by the rate! Sometimes you get what you pay for! Visit with you agent and ask a lot of questions. Know your contract! There is not substitute. Knowledge is power! Doug Johnson Doug Johnson

Capt. Ed · Post by **Capt. Ed** » Wed Sep 28, 2005 11:10 am

Interestingly, I had insurance with Boat U$ once and they were much higher then others. However, what amazed me was would they offered me 5% discount for a boating course I took 35 plus years ago, but nothing for being a licensed Captain. You would think that they would have, as other companies do. Interestingly, the best coverage, without travel limits (worldwide coverage) was my good old USAA, (I have had everything else with them for many years). Moreover, I get a dividend check each year based on all my premiums and how well USAA did as a whole. I never thought of them as a marine insurer until speaking with them on another matter. So those of you who belong to USAA (you have to be a member), check out the coverage, it may save you several hundred dollars (that you can then spend on a couple gallons of fuel). Tight lines to ya’ll,

Post by **dougl33** » Wed Sep 28, 2005 11:22 am

Forgive me, but what is USAA? Regards, Doug L. 1986 33 Bertram FBC Queen Elizabeth Marblehead, MA

Capt. Ed · Post by **Capt. Ed** » Thu Sep 29, 2005 1:59 am

USAA means United Services Automobile Association The USAA story began in 1922, when a handful of military officers met in San Antonio to form a member-owned insurance company. By building around the core values of service, loyalty, honesty, and integrity, they created a company uniquely suited to the needs of the military and their families. USAA has grown into a Fortune 200 financial services company with more than $81 billion in owned and managed assets and offices throughout the United States and Europe. But it has remained true to its origins and is still dedicated to serving military members and their families worldwide. www.usaa.com

Post by **dougl33** » Thu Sep 29, 2005 3:28 am

So you can only use USAA if you're in or have been in the armed forces? Regards, Doug L. 1986 33 Bertram FBC Queen Elizabeth Marblehead, MA

Capt. Ed · Post by **Capt. Ed** » Thu Sep 29, 2005 4:12 am

Yes, however, if your parents were in the military, you would be eligible to join. When I joined it was restricted to officers only, later in the 80’s they opened it to enlisted personnel also. Who is eligible? Active duty officers and enlisted personnel; National Guard, Reserve officers and enlisted personnel; Officer candidates in commissioning programs(Academy, ROTC, OCS & OTS) Former spouses and adult children of USAA members.

captgene · Post by **captgene** » Thu Sep 29, 2005 4:32 am

How about us whacky Viet Nam Veterans? Gene Dugan