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Discussion Starter #1
What are your thoughts on boat insurance? Specialty (Boat/US) company v all purpose insurance company (Progressive)?

Do you know of any web sites or articles that lay out the pros and cons?

Are there areas where you can't get insurance at any price (Galveston?)?
Or it's especially expensive?

Who has the best value? Service?

What are things to watch out for? Exclusions for cruising area, etc.

Thanks.
 

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Telstar 28
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Just be aware that yacht policies are generally required for boats over 26' LOA, and boat policies usually cover boats under 26' LOA. Also, there are two basic types of policies: Agreed Value and ACV. One gives you much better coverage IMHO than the other.

Other things to consider: Liability, most marinas will require at least $100,000—mine requires $300,000. Towing and salvage coverage—salvage can be really expensive. Environmental remediation—especially if your boat sinks and causes a small oil spill—otherwise the fines and such are pretty amazing.
 

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Discussion Starter #4
I have a Seidelmann 25 on Lake Lanier (N. GA.) but I'm interested in a coastal boat. I've been looking at old C&C 3X's. ($15k-$25k range)

Just trying to get a handle on what to expect on survey, dock fees, insurance and the cost of money (loan rates). Seems like it should be a good time to buy if associated costs are reasonable.
Thanks.
 

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Admirals fav target
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For a quick easy way to get coverage you can't hardly beat Progressive. They also cover up to 75 miles off shore. Their policies are fairly comprehensive and they don't require a recent survey. They won't insure older boats for over $20,000.00 BUT you do get the same kind of claims service that they give on auto policies.
Most other specialty carriers (such as Markel) are going to require a recent survey. Last time I checked by new they meant within the last 30 days. Some companies also require that they be allowed to do an out of the water inspection in addition to the survey.
There are a lot of bells and whistles you can add to most polices. Some of the most over looked areas that you should investigate would include how are the electronics covered. On some policies they are considered in the boat value and some companies consider that as personal equipment so you would have to raise those limits to have them covered.
Also, depending on the boat and the company, in addition to agreed value and ACV (actual cash value) you might be able to obtain replacement cost coverage. Through one of the companies I got a quote from they actually offered replacement cost coverage on my 1980 Islander.
If you really want to make the process easier then find an agent that is familiar with insuring boats. They can guide you through the entire list of options that might be available to you. IN FACT, I might begin the quest for a knowledgable agent BEFORE I bought the boat. If you decide to go with a Progressive Agent then you'll discover they handle quite a few different types of polices BUT the Progressive boat polices are really well suited for the possible problems you might have.
The other biggie is don't get frustrated while shopping and just take the cheapest policy. Insurance is just like everything else and you end up getting just what you paid for. Good Luck!
 

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Discussion Starter #6
Very helpful info

Thanks for all the good info. I figured there were probably special considerations for coastal boats (like the 75 mile limit). I guess you pay extra if you plan to cruise the Bahamas (or more distant places)?
 

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Hey Cam. The last time I quoted BoatUS they seemed incredibly expensive for inland waters. How do they compare for coastal or other areas?
 

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I found Boat US to be pretty competitive for what they offer.

One thing you may find is your experience may change the rates. IMIS wanted a lot more than Boat US because I was new to sailing tho I've been boating for 15 years on smaller power boats. Boat US can be very comprehensive in their coverage packages.

Best answer is to call around and see for yourself.
 

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moderate?
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Ncountry...it has been some time since I used them. They were good when I was sailing on the coast and Bahamas and took care of claims VERY well. You have to really sit down and compare the coverage of policies to compare price. I always thought that they were 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.
 

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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?
 

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AEOLUS II
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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.
 

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Discussion Starter #16
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.
 

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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
 

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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
 

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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.
 

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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 ;))
 
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