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I am looking at buying a 1980's Hunter 36' and have received quotes from Markel American Insurance and Offshore Risk Management. Does anyone have specific knowledge of either of these two companies? Have they been reasonable to work with or nit-picky? Have they been good to you or would you not ever recommend them? I intend to sail in Florida and the Bahamas during the winter and will leave the boat on the hard for 8 months of the year. What types of coverages should I look for and what exclusions should I be aware of. I am new to big boat insurance so any information would be helpful.
 

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Insurance references that are not from the exact state that your policy is being written in are worthless. Each state regulates their own insurance industry and it can change everything.

The best method to sort this out is through a local experienced marine insurance agent or broker. They should provide multiple quotes and be able to review the relative value questions you are asking. Indeed, a policy that costs a bit more, but is more responsive to claims may be a much better value.
 

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Minnewaska sorry to say but with marine insurance there are no state regulations. It is not like auto or homeowners. It varies only by company. Companies may have state requirements but it is not mandated.

I do agree however that a good marine agent is the way to go. Good agents will often save you money as well getting the best value with only the coverage you need and not a buch of stuff that sounds good but will not help.
 

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You might try Progressive Insurance.

Progressive Auto Insurance - Car Insurance Quotes Plus Boat, RV and Motorcycle Insurance Quotes

They are good to deal with if you have an older boat- not sure if they will cover Bahamas but you could ask.
Try telling that to a customer of mine who got hosed by them....;) Again, READ THE FINE PRINT....


He had a failure due to lack of maintenance and they would not cover it, not unusual in most policies, but they also would not cover salvage or environmental damages something most reputable marine insurers do and will..!! It all comes down to the fine print. He not only lost his vessel but then got sued for clean up!:mad:
 

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Try telling that to a customer of mine who got hosed by them....;) Again, READ THE FINE PRINT....


He had a failure due to lack of maintenance and they would not cover it, not unusual in most policies, but they also would not cover salvage or environmental damages something most reputable marine insurers do and will..!! It all comes down to the fine print. He not only lost his vessel but then got sued for clean up!:mad:
I am not sure if what you say is true.

I keep my boat at a state of Hawaii boat harbor and the state recently required us to raise our liability (including salvage and coral reef damage) from $300k to $500k.

http://files.hawaii.gov/dlnr/dobor/notices/Notice-Boaters-201307.pdf
From above:

"Beginning January 1, 2014, all applications for renewal of mooring permits must
be accompanied by proof of insurance with a minimum of $500,000 in boat
liability coverage (protection and indemnity) that names the State of Hawaii,
Division of Boating and Ocean Recreation as “additional insured" or "additional
interest.” AS A REMINDER: the insurance policy must also cover salvage costs for grounded and sunken vessels, damage to docks, pollution containment, wreck removals, etc. Proof of this coverage must be stated on your policy declaration page."

My broker deals with Progressive as well as others and Progressive does cover the above requirement and the state reviewed my policy to insure it did. Also, I spoke with a Progressive rep after the Japanese Tsunami sunk a lot of boats at the dock and she assured me Progressive paid for the loss of the boats (me- I went to sea and returned to a damaged dock).
 

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I've had Progressive for the last five years. I've had two claims. Once when the boat was was hit on its mooring during a squall when a boat dragged and secondly during Sandy. Both claims were handled professionally and to my complete satisfaction.
 

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I've had Progressive for the last five years. I've had two claims. Once when the boat was was hit on its mooring during a squall when a boat dragged and secondly during Sandy. Both claims were handled professionally and to my complete satisfaction.
Cool.
 

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Our first boat was totaled in Hurricane Sandy. Progressive had a surveyor out to her reasonably quickly (given the number of boats that had been it) and paid us reasonably quickly (I think we had the check by mid-to late November, and the storm was in October). When we bought this boat, we had problems with the engine while a captain was delivering her for us. There was reason to suspect that the damage may have been due to an accident (fouled prop/grounding). Progressive was very professional and handled everything as I would have expected. We wound up having to pay (it was a "routine" failure of a 30+ year old part), but they were very fair the whole time. As a result, we still have coverage from them.
 

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I am looking at buying a 1980's Hunter 36' and have received quotes from Markel American Insurance and Offshore Risk Management. Does anyone have specific knowledge of either of these two companies? Have they been reasonable to work with or nit-picky? Have they been good to you or would you not ever recommend them? I intend to sail in Florida and the Bahamas during the winter and will leave the boat on the hard for 8 months of the year. What types of coverages should I look for and what exclusions should I be aware of. I am new to big boat insurance so any information would be helpful.
You might want to take a look at (click on) Seaworthy Insurance. Our coverage through Seaworthy is equal to or better than the Markel "Helmsman" policy we had previously with slightly better limits of navigation (as far as the Turks and Caicos) at about 2/3rds the premium. The Company is rated A+ by AM Best. Your yacht will need be well maintained and able to endure a good Insurance Survey but, if so, the coverage is very reasonable and the service good. With shore-side storage during the off season, your rates should be very good.

FWIW...
 
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