300% + Increase???? WTF

quote:
Originally posted by jeff_c

I just called travelers to work up a quote for my-new-to-me-boat-to-be so I will pipe in tomorrow when I get the news. I already have quotes from NBOA (sp?) that blow away what I was paying before for more coverage (gotta check all my policies now...doh).

Thanks you to whomever mentioned them first in this thread.

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Hey Jeff, I'd urge caution on Travelers base on the terrible reviews the guys are noting after the Sandy claims... Thus what got my attention to begin with...

Thanks Dave and Gary for the additional info.. I understand NBOA represents several companies... I'll check back w/them to see if the other compare.. Right now, I'm assuming they picked the one most competitive.. But will verify that before making any decisions on it..

The initial quote was almost half what we're paying Travelers right now... So, regardless it appears we'll also be saving some $$ too..
 
Like I told Victoria Secret, I have been using Fitzpatrick Agency and they have been fantastic. I have not had a claim knock on fiberglass, however when Zurich moved out of person boat insurance FitzPatrick reviewed the 3 alternative companies and chose Catlin. Their price and protection was better and lowers than what I was paying for Zurich. They also called me to find out if I suffered and damage during the storm. While I was on the phone with them I was also informed that my insurance company would re-imburse me for my haul out prior to the storm. That was very cool. So long story short, I have been very happy with the level of service they provide. I also might add, they have been in business since 1919. That's impressive!
 
quote:
Originally posted by jeff_c

I just called travelers to work up a quote for my-new-to-me-boat-to-be so I will pipe in tomorrow when I get the news. I already have quotes from NBOA (sp?) that blow away what I was paying before for more coverage (gotta check all my policies now...doh).

Click to expand...


Just got the travelers quote...not that bad considering it's not the most expensive one I got (that honor goes to ATLANTIC SPECIALTY INS CO. who MarineMax recommended).

However, Catlin (through NBOA) came in very competitive with more coverage so my new to me boat will be covered by them.

Jeff
 
quote:
Originally posted by Kellyg

Dave,
Thanks for the tip on NBOA. I contacted them and am now saving ~$800 on two boats.

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Hey Dave,

I went to setup my NEW policy w/NBOA and run into a snag...

We currently have the boat insured at an agreed value.. but NBOA won't insure it for more that we purchased it for at the time of purchase.

This is a problem for me as the boat was a Short Sale.. meaning it's probably still worth more than we purchased it for...

My concern is, that if something should happen.. we'd like to be able to replace it w/one of the same.. and they're still selling for more than the agreed value (I attempted to insure it for) let alone the actual purchase price.

I understand the part about they don't want us making money if something should happen.. I just want to be able to replace the boat w/another of the same..

Based on that.... It appears that we may have to stick w/what we have now.. or insure it for less that it is currently insured for. (sigh)

It's the short sale of the boat...(good deal at the time) and the purchase price that has me concerned.. as it's doubtful we could replace it for that same price.. (even now)

I guess I could have made up a story.. but was trying to be truthful about it.. I guess on a bright note.. if we have to insure it for less, the premium would also be even less.. but that was not my intent..

Anyway.. looking for other suggestions...
 
Hire a COMPETENT marine surveyor to survey your boat and have him/her conduct market research to determine the "Estimated Present Market Value" of your boat. You may find that your short sale wasn't quite as short as you would like to think. Price and condition are the only determining factors in selling a yacht in today's market.
 
Basically, they are saying that if I bought the boat from my Dad for $1000... but it's really worth more like $25K that I can't insure it for more than the purchase price of $1000?

btw, we DID have a very COMPETENT surveyor survey this boat.. we've insured it for his suggested replacement value w/our current Travelers Policy.. and 1 prior.. with NO problems or issues. It was my understanding this is considered 'Agreed Value'... not Agreed Value - not to exceed - your purchase price.

We've also invested a LOT of work, effort and $$... & feel it IS still worth more than our purchase price.. We've seen the same model a year older sell (recent) still more than our purchase price.. and they're still being listed on the internet 'For Sale' for more than our Appraised suggested value.. (not that they'll bring the full asking price) BUT,

We feel we have it insured for a reasonable number now.. why would we want to 'under insure' the boat?? Apparently, we can't agree on the Agreed Amount.. (since they won't insure for more than we paid) which seems odd.. that we happened to get a deal on this boat.. (never really been an issue before, cause naturally we've never bought a boat like we did in 2009)

One might put it in the Repo Price category.. but NOT a REPO I guess..
Nothing against a good deal on a repo boat.. there ARE nice repo's out there..
it's not typically the 'norm' but they are out there for one reason or another.
 
Thanks Hap-e, we are looking forward to having her splash and taking it up to Haverstraw NY. We have been bringing some stuff down to her and I am really getting the itch..... :--)))
 
I just purchases a new to me Hatteras 53MY and had Boat US insure it. No hassles at all. I have been with them for the past 16 years and boat inland waterways.
Based on the feedback here I did request a quote from NBOA. Here was their response:

"due to the age of your vessel we do not have markets available for you at this time"

No request for a copy of the survey, no discussion of agreed value, just the rejection.

I guess customer loyalty still counts for something.
 
Maybe my policy with them had a NY area surcharge due to Sandy. Not sure why but I did speak to several exec's at Boat/US and that was the new fee - other companies came in at less... Go figure??
 
quote:
Originally posted by Jim J

I just purchases a new to me Hatteras 53MY and had Boat US insure it. No hassles at all. I have been with them for the past 16 years and boat inland waterways.
Based on the feedback here I did request a quote from NBOA. Here was their response:

"due to the age of your vessel we do not have markets available for you at this time"

No request for a copy of the survey, no discussion of agreed value, just the rejection.

I guess customer loyalty still counts for something.

Click to expand...
Hi Jim, thanks for your post.. Yea, indirectly I felt the same as you.. only they offered a quote for the initially agree'd value.. but then wouldn't insure it for that.. To this day, I still think it's worth every bit of the agree'd value & wouldn't insure it for less... all these insurance companies..(& their reps) are the same.. & occasionally, we get lucky and get a good one.
 
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