Join Date: Jun 2011
Location: somewhere south of civilization
Thanked 392 Times in 380 Posts
Rep Power: 9
Re: 2018 Boat US Insurance ... underwriter is now Geico, %20 rate increase...
Why doesn't some company start up a low-risk boat insurance company? They could make a killing. I'm sure 60% or more of the members here fall into this category.
Even us, with 3 Carib-Newport trips and a couple thousand inter-island miles each year, haven't made a claim in 7 years. I personally haven't made one since a lightening strike in the early 90's, and not one on any of the vessels I've operated professionally since the ealy 80's. What's not to bet on?
And yet, when I go for insurance, not one company cares one bit about my licensing or experience, or lack of claims. They just run their numbers and come up with some out of the blue figure.
I once faxed a copy of my license to an insurance company and something went wrong w/the fax. It arrived headed "CAPTAIN ******'s USCG Master Mariner's Certificate but with no content, and they didn't catch it until the next year when they wanted the boat to renew the policy. This was a tour boat carrying 49 passengers up to 4 times a day, 7 days a week during the season!
"Any idiot can make a boat go; it takes a sailor to stop one." Spike Africa aboard the schooner Wanderer in Sausalito, Ca. 1964.
“Believe me, my young friend, there is nothing - absolutely nothing - half so much worth doing as simply messing about in boats.” ― Kenneth Grahame, The Wind in the Willows
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