Insurance Options

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Kenyon Stewart

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Dec 12, 2023, 12:00:07 PM12/12/23
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We are having to do a survey before renewing our insurance next year.  It seems like a good time to look at our options.  Any good ones out there?

Thanks,
Kenyon

Kenyon Stewart

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Dec 12, 2023, 12:20:40 PM12/12/23
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Sorry I wasn't clear, looking for insurance company suggestions and opinions.  We have been with BoatUS/GEICO and am less than happy with them recently.

Thank,
Kenyon

Bill Schmidt

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Dec 12, 2023, 12:41:58 PM12/12/23
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Allstate?

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Eva

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Dec 12, 2023, 12:54:59 PM12/12/23
to Bill Schmidt, passpor...@googlegroups.com
After 15 yrs w/ BOAT US / Geico I did the requested survey and have not had any issues with them! It’s my understanding that due to the age of our girls it’s not easy to insure them….
Eva
Sent from my iPhone, thus expect the likelihood of miss spells ....
Eva  
~~ /) ~~

On Dec 12, 2023, at 9:41 AM, Bill Schmidt <bi...@windwitch.com> wrote:



rcy...@optonline.net

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Dec 12, 2023, 1:12:27 PM12/12/23
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A couple years ago, I went through this exercise and looked at many alternatives. I found the best deal was through State Farm, when they have several cars, house, umbrella policy etc. all linked under the same roof. The Geicos of the world are better suited for smaller boats. I also talked to friends with high end carriers, but those carriers wanted all the business and a good history with a company such as state farm is important and less expensive.

 

Here is one google search: https://www.google.com/search?sca_esv=590226030&rlz=1C1CHBF_enUS878US878&sxsrf=AM9HkKkH9LwJorXGvSisJhKbmp0TM8ZSKQ:1702404061237&q=list+of+companies+in+yacht+insurance&spell=1&sa=X&ved=2ahUKEwjw5dWqvYqDAxURj4kEHcLrDVsQBSgAegQIDhAC&biw=1920&bih=923&dpr=1

Benjamin Ward

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Dec 12, 2023, 1:20:01 PM12/12/23
to Eva, Bill Schmidt, passpor...@googlegroups.com
I also had Boat US previously and was unhappy with their limited coverage and price hikes. I worked with Manifest Marine (https://manifestmarine.com), owned by Gary Golden to get insurance with a highly rated first party insurance (Windsor Mountjoy in PA).  Gary has over 35 years of experience in the maritime insurance industry. Gary and his son Elliott provide excellent customer service, are very responsive, and have an extensive network of first party insurance providers to choose from.  I was able to get very good coverage, even cruising in the Caribbean, for less than I was previously paying with Boat US.

One of the things I really like about Gary and Elliott is their focus on reputable, highly rated, first party insurance providers at a great price vs just going straight to the bottom of the barrel, predatory insurance providers that have a reputation for covering just about anyone or any boat, but then charging an arm and a leg, OR making the claims process so arduous and full of gotchas that the insurance isn’t worth the paper it’s written on.

Gary has become my go-to insurance broker for my yacht brokerage clients as well and I have yet to have a client fail to get insured or express anything but satisfaction with the outcome.

PS - I have no affiliation with Manifest Marine. I’m sharing this information because getting good marine insurance is a common challenge in the current market and I am confident recommending Gary’s service.  Please mention I referred you.  I get no kick-backs but I send a lot of folks to Gary and he will take good care of you. 



Robert Mayo

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Dec 12, 2023, 1:24:01 PM12/12/23
to Benjamin Ward, Eva, Bill Schmidt, passpor...@googlegroups.com
I also went the State Farm umbrella route, but have worried that it might be tough to get payment in the event of a claim, since they aren't specialized in marine.
(And I'll out myself as an almost-Passport owner who ended up owning a Nordic 44...)

To view this discussion on the web visit https://groups.google.com/d/msgid/PassportOwners/CAL685UUuEcSpXKQFYPV%2B2xtj86zJsJ7ihjBCm4N0rbjWMF%3D%3DqQ%40mail.gmail.com.

jmpullara

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Dec 12, 2023, 1:51:30 PM12/12/23
to Robert Mayo, Benjamin Ward, Eva, Bill Schmidt, passpor...@googlegroups.com
My P40 is insured through Red Shield https://redshield.com/ 

Agent is Robin Fuller at Bristol marine insurance https://bristolmarineinsurance.com/

Robin is great. I’ve been happy with them. No survey requirement since the initial one when I purchased the boat in 2020.

God luck.
Joe


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On Dec 12, 2023, at 10:24 AM, Robert Mayo <mayoro...@gmail.com> wrote:



Donal Botkin

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Dec 12, 2023, 1:58:37 PM12/12/23
to Passport Owners, Benjamin Ward, Eva Tanner, Wind Witch, Robert Mayo
Avast ye lubbers!
Insurance be good for two things: liability and damage. I have been with Lloyds, BoatUS and Geico, however now with Progressive. Also for most of my offshore years, self-insured with plenty of life insurance and medivac for myself. One of the advantages of single-handed passage-making and a sturdy, well maintained boat.
For my needs, the liability portion was the only aspect that mattered as marinas and yacht clubs demand it. 

Marine insurance is expensive (2% of hull value per year) and is mostly to ‘replace lost or damaged vessels’ and if you have a ship-mortgage, you will need it. Otherwise—if you can stand the loss—self-insure. Pro Tip: if you understate the value of your boat to save on premiums, you might be deemed to have “self-insured” for part of your loss.

Here’s a bonus tip: the REAL value of insurance lies in the “Duty to Defend” in Court for liability claims. Google it. 

Liability insurance is well worth the cost; for ‘damage’ not so much so.

Cheers,
Donal


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Donal B. Botkin
556 Shagbark St
Windsor, CA  95492





Brooke

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Dec 12, 2023, 2:52:16 PM12/12/23
to Benjamin Ward, Eva, Bill Schmidt, passpor...@googlegroups.com
I have my P40 for four years and have been with BoatUS the whole time.  I have liability and agreed value.  Also I have oil spill coverage.  It seemed prudent with the age of the boat and the cost should there be a spill.  My premium has only gone up about $10 a year


Kelley Happ

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Dec 12, 2023, 3:49:27 PM12/12/23
to Robert Mayo, Benjamin Ward, Eva, Bill Schmidt, Passpor...@googlegroups.com
We’re good with Greico - west Marine,   we’ve been with them 10 years.
Sent from my iPhone

On Dec 12, 2023, at 12:24 PM, Robert Mayo <mayoro...@gmail.com> wrote:



Jeff Beller

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Dec 12, 2023, 7:35:29 PM12/12/23
to Bill Schmidt, Passpor...@googlegroups.com
We approached Allstate because I've had them in the past.  They wouldn't consider us because of the age of our Passport (over 35 years).
We have had Travelers for the last 14 years.  They haven't asked for a survey in more than 6-7 years, although I've documented all the major upgrades and replacements.

Jeff Beller


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Benjamin Ward

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Dec 12, 2023, 8:21:25 PM12/12/23
to Jeff Beller, Bill Schmidt, Passpor...@googlegroups.com
Probably remedial info but insurers now require an updated survey, if the last survey is older than 3 years.  Used to be 5 years.  In the US, they usually want SAMS/NAMS but exceptions are pretty easy to get, if your preferred surveyor isn’t a paid member.

William Ennis

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Dec 12, 2023, 9:11:05 PM12/12/23
to Jeff Beller, Bill Schmidt, Passport Owners
For what it’s worth, we have been using Top Sail and Global Yacht Cover for cruisers' insurance.  Thankfully, we’ve never been forced to make a claim, but they certainly keep tabs on boat condition:  We’ve got to re-rig this year.  They’re based in Great Britain and have associations with Lloyds.  

Bill

Never ascribe to malice that which is adequately explained by incompetence.
--Napoleon Bonaparte

rickc...@aol.com

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Dec 13, 2023, 12:37:29 AM12/13/23
to Passport Owners, Kenyon Stewart
Following a survey Liddy conducted many years ago, we opted for Allstate.  Lower rates and WIDE coverage area.  I hate to admit it, but we hit a buoy a while ago and Drambuoy needed a $7000 "nose job"  Allstate paid the yard directly even before the work had been completed.  No hassles whatsoever.  No change in our rates.  This is why we have insurance and may be the most important consideration in making an optimum decision.  Where is your insurance (agent) when you need it (them)??

Rick Cooley



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Gary Miller

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Dec 18, 2023, 11:37:28 AM12/18/23
to Kenyon Stewart, Passport Owners
I use State Farm as well. I haven't had a claim on my Passport but had one on my previous 25 footer that was handled no questions asked. 

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Jonathan Lee

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Dec 18, 2023, 11:47:25 AM12/18/23
to Passport Owners
MHO, it depends upon where you go in the world and when.  I think one of the best overall for international travel, offshore, and knowledge of reasonable hurricane zones and seasons is Markel.  They are available through a number brokers nationwide.  Not the cheapest, but I have been very happy with their knowledge and service. 

Ernie Reuter

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Dec 18, 2023, 12:08:50 PM12/18/23
to Gary Miller, Kenyon Stewart, Passport Owners
We had Iemanja insured with Edward William Marine Insurance. They always took very good care of us, age of boat did not matter and surveys were at a minimum.
Ernie

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