Boat Insurance

[T37SOLARE]

Originally Posted by camaraderie

fair.

IMIS sells policies to bluewater cruisers and works with various independent marine insurers to tailor a policy to your needs, experience and cruising grounds. They were "INCREDIBLY good to us after Ivan in Grenada and FAR better than how our fellow boaters were treated by their cheaper policies.

Cam,

Was your IMIS policy underwritten by Markel?

[WouldaShoulda]

Rates in Lake Lanier would be far more reasonable than the South Atlantic, FL or the Gulf on a 20yo+ 30ft+ s/v.

An agreed hull value is important, but so are exclutions and special deductibles for named storm or even common wind storms.

Salvage and wreck removal should be paid IN ADDITION to the agreed hull.

Find out.

I shopped Progressive, Allstate, BOAT/US and a few specialty carriers.

These coverages and rates seemed reasonable but others had huge gaps in them.

Excluding "failure to maintain the vessel in a seaworthy condition" or "consequential damages" may mean you have no coverage in the event the vessel sinks or the rigging fails.

[camaraderie]

T37...yeah...it was Markel's Jackline Policy.

[sendtoperson]

Deleted as a commercial post

[sendtoperson]

Deleted as commecial post

[olie]

Like the original poster, getting all my ducks in a row. Getting a 26ft. and surprised to find the premiums were lower than I thought for a smaller fresh water boat in the midwest.

[JimMcGee]

A guy on my dock is a CFO and actually ENJOYS reading insurance policies and jousting with underwriters. Says it's part of his job.

Hey I don't understand it either. But he did point out something I thought was interesting. He said most of the boat policies he looked at were exclusive. In other words they had a list of things they covered, everything else was excluded, and he claimed the list was written to exclude some pretty common things.

He described BoatUS as an inclusive policy that was written to include just about anything that happened to you on the water short of gross negligence.

I'm not an insurance geek. I just pay my premium and hope I never have to use it. Hopefully there's someone on the list who's in the business that can shed some light on this.

Jim

[k1vsk]

It never ceases to amaze when I hear people have what they think is decent insurance for a competitive price yet have never fully read and understood the limitations and exclusions of their policy. It's in plain English! Kind of reminds me of someone who buys something without ever looking at it first.
For anyone looking for insurance, get the policy first, read it rather than rely on an agent to tell you what is included. It is useless to hear what is included - they will never tell you what the specific and numerous limitations and exclusions mean

[SVlagniappe]

My boat is in the Galveston area.

My policy with Markel was renewed with no increase in premium last April.

Granted, I had no Ike claims (good prep, good marina, a little luck), but still, I was happy with that.

I have a very high deductible for named storms, so that might help. It certainly helps the premium.

[eryka]

I'm glad to read this, we just switched to Merkel in preparation for Bahamas (and maybe further) this winter. Went thru IMIS and they helped us tailor a policy to our specific needs. Merkel wanted a survey < 1 year old, and then wrote an ACV policy based on that survey, no quibbling, even though we surveyed at much higher-than-average value for our boat model. (All those upgrades we've been boring you guys about )