Insurance

[Rob Jackson]

Wondering if anyone has found reasonable insurance lately. My ‘67 B39 is costing me $3,800 a year for replacement cost and a cruising ground of Eastport, ME - Cape Henelopen, DE. I’m also required to winter her ashore which doubles my cost for winter storage. 

I’m using Hagerty with Markel as the underwriter. 

Thank you 

[Dan Hinckley]

Hagerty is defintely the high-priced spread. Try Smithwick and Mariners in Falmouth, Maine: http://smithwick-ins.com

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[Dan Stadtlander]

Wow, that seems pricey. I pay $550 for 500,000 liability and $40,000 on the boat for my 1969 B39. I have had the same policy with Allstate for 20 years. Never made a claim and probably could have for some damage. I think the issue now is many insurance companies won’t insure anything over 35 years but will grandfather you if you had insurance with them. I have another boat, a 1987 that just made the cutoff. Insured for 500,000 liability and 85,000 hull. I pay $900 on that one. Keeping my fingers crossed they never drop me!

Dan,

“Mirari”

Sent from my iPad

On Oct 2, 2022, at 10:50 AM, Rob Jackson <robjac...@gmail.com> wrote:

Wondering if anyone has found reasonable insurance lately. My ‘67 B39 is costing me $3,800 a year for replacement cost and a cruising ground of Eastport, ME - Cape Henelopen, DE. I’m also required to winter her ashore which doubles my cost for winter storage. 

I’m using Hagerty with Markel as the underwriter. 

Thank you 

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[Scott Rosenthal]

Rob,

 

I’ve attached to this email a set of articles from Good Old Boat regarding insurance for older boats. To add my information to this discussion, I have insurance with BOAT/US. I haven’t had any insurance claims in the past 30 years. The cruising limits are, “Coastal and inland waters of the U.S. and Canada”. The cost is $774 for hull value of $53K and liability of $300K. Please let us know what you find out when you look into something else.

Regards,

Scott

1980 B40 Willow #110

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[Jim Lamb]

Our 1968 B39 is insured for $1129 per year  with hull valued at $127,000 based on survey and 500k liability. We are covered in the Chesapeake and coastal US. Includes towing. The additional amount for adding the Bahamas last year was less than $100. We have BoatUS/Geico. No claims.  Owned the boat 12 years. 

Jim

Ondine

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[robjac...@gmail.com]

Thanks for all the responses. 

When I bought Aeolus two years ago I was on the phone and emailing every insurance company I could think of before a Marblehead to Blackrock, CT voyage. I hadn’t anticipated insuring her would be difficult. 

The only company that would ensure me was Hagerty/Markel. I was aghast at the price then but I had no option because I did not want to be uninsured. The response from almost every company was that the boat was too old, being a 1967 model. 

I called everybody again after your emails and only Progressive would take me on (still waiting for a response from Smithwick). The policy is 100/300k with agreed upon replacement value of $30K/$500 deductible. The annual premium is $1273.00. I will continue to shop around each season but as many have said the insurance market for our boats is shrinking year by year.

Thanks again for all the advice/info.  

[Rob Jackson]

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[Jack]

I am late to this party but will throw in our experience. We had Boat US until 2015 when they demanded a rig survey to extend our cruising ground to include Nova Scotia. This demand came a week before our departure for a 10 week cruise, long planned for and I had discussed this trip with BoatUS months before this and no mention of the requirement was made. I think this was a recent/last minute change in their underwriter's approach. I had a complete purchase survey in 2012 to show them. To say the least, I was angry and frustrated by this last minute demand. And I was in a jam. No way to get this rig survey in that time frame, let alone satisfy any corrections that might come up. So I called my local insurance broker in Exeter, NH who does our cars, home and umbrella. They got me boat insurance with Safeco (a Liberty Mutual company) which was provided based on the recent purchase survey and extended coverage to Canada as long as I stayed within 70 miles of land. This cost approx $12,000 for hull value $80,000 and $500,000 liability linked to our umbrella policy. I think this has gone up to $13,000 now. Never had a claim but this insurance has covered us w/o additional charge for three trips to Newfoundland including Labrador. 

On the rig. I dug back into the boat's records and could not find evidence that any of the boat's recent owners had replaced the standing rigging, so as soon as we got back I took it all off and had it replicated. I would have been happy to do that before we left had I been given adequate notice. Replacing the standing rigging is not that expensive and when you are out in strong conditions, it is good to know that you have done all you can to avoid a calamity. 

The long and short of it is check with your local insurance agent. They may be able to help.