BOATUS - Massive Insurance Rate Increase

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Jeff Koch

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Feb 3, 2021, 4:35:32 PM2/3/21
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Just received my new policy from GEICO/BOATUS and fell off the couch when I saw that the premium had gone up by 50%. Not only that but since I winter afloat on alternate year's I noted that the 'Ice and Freeze Coverage Exclusion' now only applies if the boat is winterized by a 'commercial marine facility'.  I've only been winterizing my boats for 30 years and wouldn't trust it to a marina.

Good luck calling Geico/BoatUS to discuss the policy. I tried that, the representative started reviewing the policy and asked what model automobile I had. I don't think BOAT/US actually exists any longer

The policy renews March 1st. I'll be looking for a new insurer. Any recommendations?

Jeff Koch
s/v Avalon

William Arbaugh

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Feb 3, 2021, 4:51:00 PM2/3/21
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Jeff,

What was the percentage increase?

I use Progressive via USAA. I've not seen my renewal rate yet though. Hopefully, this isn't industry wide.

Bill

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jkr...@aol.com

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Feb 3, 2021, 5:17:58 PM2/3/21
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Found Allstate reasonable in N.J.

bille...@gmail.com

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Feb 3, 2021, 5:56:51 PM2/3/21
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One significant benefit of being a member of the America’s Boating club (aka US Power Squadrons) are the highly competitive insurance rates they negotiate on member’s behalf.  Last Spring I was grousing about the rates for my B473 with the company that also provides my home/auto/umbrella policies (Geico/BoatUS were not that different) to some of my ABC/USPS colleagues and was asking them who they had chosen for insurance.  They responded that they all used the insurance company provided by the ABC/USPS and that their rates were really good and coverage was quite generous.  I called them and was shocked to learn that they could save me over $1,000 for the same coverage I already had.  The company that underwrites their policies is Chubb, which has an excellent reputation for being quite reasonable with claim service (according to a buddy who works in the insurance field). 

 

If you are an ABC/USPS member and don’t use them, you really should look into it.  If you are not an ABC/USPS member, this benefit alone is reason to join (there are many others)!

 

Cheers,

Bill

Jeff Koch

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Feb 3, 2021, 7:46:57 PM2/3/21
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Premium increased 50%  - Jeff

Jeff Koch

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Feb 3, 2021, 7:57:56 PM2/3/21
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We have an Agreed Hull Value policy on a 17 year old boat. It was hard to get but remained on the policy when BOAT/US transferred their business to GEICO. GEICO/BOATUS also waived the 'named storm' deductible. Nevertheless, a 50% increase and the new clause about having to have the marina do the storage afloat winterizing are a deal breaker.

Jeff  

Jeff Koch

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Feb 3, 2021, 8:00:06 PM2/3/21
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Thanks Bill - I'll look into them.  Jeff

Rick Winde

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Feb 3, 2021, 8:08:51 PM2/3/21
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Call this broker. 
I’m very pleased with their services. 

Marks Insurance Group / Marks Marine Insurance

1218 Clements Bridge Road

P.O. Box 5002

Deptford, NJ 08096

 

856-384-0111

856-202-8076 (direct fax#)

856-384-8747 (main fax#)


On Feb 3, 2021, at 8:00 PM, Jeff Koch <jeff...@intersessions.com> wrote:

 Thanks Bill - I'll look into them.  Jeff

Mohammad Bayegan

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Feb 3, 2021, 8:55:31 PM2/3/21
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Try Foremost,  they  have been going up, but still they are lower than others.
Marengo  B49

Sent from my Verizon, Samsung Galaxy smartphone

From: benetea...@googlegroups.com <benetea...@googlegroups.com> on behalf of Rick Winde <nlw...@gmail.com>
Sent: Wednesday, February 3, 2021 7:08:48 PM
To: benetea...@googlegroups.com <benetea...@googlegroups.com>

Mark J Wilme

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Feb 3, 2021, 9:21:54 PM2/3/21
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We used Gowrie (underwritten through AIG) through a program with our marina (now part of the Safe Harbor group)

To view this discussion on the web visit https://groups.google.com/d/msgid/beneteau-owners/SN6PR11MB3037C379D4D011F06EF7501ED2B39%40SN6PR11MB3037.namprd11.prod.outlook.com.

Jeff Koch

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Feb 3, 2021, 9:33:18 PM2/3/21
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We're in a Safe Harbor marina also - I'll ask at the office - Jeff

Scott H. Sexton

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Feb 3, 2021, 9:37:19 PM2/3/21
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My motorboat is insured with Progressive, I renewed that last month for about the same cost as last year.  My sailboat policy is with BoatUS and renews in June so I’ll be looking that over when it arrives.

 

 

***********************************

Scott H. Sexton

Sexton Consulting            www.sexton.com


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Jan Geo

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Feb 3, 2021, 9:39:24 PM2/3/21
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I have Ski Safe   ok so far

To view this discussion on the web visit https://groups.google.com/d/msgid/beneteau-owners/BL0PR11MB317070EAB7BC1D0F2C106DDBBFB39%40BL0PR11MB3170.namprd11.prod.outlook.com.

jbfults

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Feb 3, 2021, 9:53:03 PM2/3/21
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I agree, a good broker is valuable. We have used Jack Martin in Annapolis for 20 years, three different boats and they have switched carriers for us five or six times to maintain competitive rates. It saves a lot of time and trouble.

DAVID FLETCHER

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Feb 4, 2021, 4:05:55 AM2/4/21
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Jeff

Is the requirement to have a professional marine do the winterizing a condition of the total insurance coverage or just void a claim on the insurance associated with damage from freezing of the
Engine etc. 

Big difference 

This is a common condition of marine insurance here in Canada. It gives the insurance company recourse and limits the liability. 

Sent from my iPhone

On Feb 3, 2021, at 9:40 PM, Jeff Koch <jeff...@intersessions.com> wrote:

 We have an Agreed Hull Value policy on a 17 year old boat. It was hard to get but remained on the policy when BOAT/US transferred their business to GEICO. GEICO/BOATUS also waived the 'named storm' deductible. Nevertheless, a 50% increase and the new clause about having to have the marina do the storage afloat winterizing are a deal breaker.

Jeff  

Jeff Koch

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Feb 4, 2021, 9:34:26 AM2/4/21
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One thing that was good about BOAT/US was that they never asked for a survey. I've been with them for over ten years - no survey. As opposed to Markel who wanted a survey every three years. Surveys are expensive for a 49 foot boat. Have any of you avoided surveys and still gotten an Agreed Hull Value policy?

Jeff

Jeff Koch

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Feb 4, 2021, 9:48:14 AM2/4/21
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It's a condition to providing a waiver to the exclusion for damage or expense caused by ice or freezing..

So, if the marina's bubblers are insufficient and if the exterior of a thru-hull fails due to ice and the boat sinks BOAT/US would be off the hook because I had winterized the boat myself instead of having the marina's people do it. There are probably other scenario's that could happen, as well. Unlikely, yes. But that's what insurance is for.

Jeff

Jeff Koch

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Feb 4, 2021, 9:54:13 AM2/4/21
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By the way, the language is 'a commercial marine facility'. Your local diesel mechanic wouldn't do. You'd need an invoice from a marina or yard saying they winterized the boat and its systems to 'the manufacturer's specifications'. Assuming you had such an invoice BOATUS presumably would cover you if, say, they forgot the winterize the engine and the block cracked.

Jeff

On 2/4/2021 4:05 AM, DAVID FLETCHER wrote:

Jeff Koch

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Feb 4, 2021, 9:58:16 AM2/4/21
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Just read that clause once again and now I see that the requirement that the boat be winterized by a 'commercial marine facility also applies to when the boat is laid up on the hard.

Jeff

On 2/4/2021 4:05 AM, DAVID FLETCHER wrote:

2ducs

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Feb 5, 2021, 7:25:11 PM2/5/21
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I got Agreed Hull Value through Geico on my B40 with survey in hand in 2016 but they never asked for a copy of it. Then when they merged with BoatUS my rate increased 50% over a two year period. When Sally totaled the boat I couldn't have been happier with the service I received. They totally took care of the salvage, survey and disposition of the boat afterwards. My only concern was waiting for the process to run its course and get paid.

WG 

Jeff Koch

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Feb 5, 2021, 7:34:30 PM2/5/21
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Sorry to say this but that's the best way to retire from boating :)

Mike Noble

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Feb 5, 2021, 11:31:25 PM2/5/21
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:)

Sent from my iPhone

On Feb 5, 2021, at 7:34 PM, Jeff Koch <jeff...@intersessions.com> wrote:

 Sorry to say this but that's the best way to retire from boating :)

Berni Koch

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Feb 5, 2021, 11:43:04 PM2/5/21
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One of my pet peeves is that there is no raspberry emoji...

Sent from my iPad

On Feb 5, 2021, at 11:31 PM, Mike Noble <milne...@comcast.net> wrote:

:)

Mark Wengert

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Feb 7, 2021, 12:00:56 PM2/7/21
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I am an insurance agent in FLORIDA only, if your location is Florida, I can quote several other companies....Alpine Insurance Agency, Inc. 321-984-3839

Mark :)

On Wed, Feb 3, 2021 at 4:35 PM Jeff Koch <jeff...@intersessions.com> wrote:
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