Our hull was laid in '77 and for some reason we are having a lot of trouble getting insurance this year. Our old company we were with for three years had decided they are not going to cover any boats on the Gulf Coast any more.
Maybe I shouldn’t say ‘can’t’ as some agent in Annapolis quoted rates from $2,400 to $6,500 for $85,000 coverage. This was through IMIS who placed us with Northern Assurance Co. America. Our premium with them last year was $969.
United Marine Underwriters agent was working up a quote until he found out we bought a bare hull (No. 22) and finished it ourselves. “We don’t insure home built boats” he said. And nothing would change his mind.
So what do other BCC owners do for insurance? Self insure?
Have you considered BoatUS insurance for coastal cruising? We’ve never had offshore insurance, which was difficult to get (they wanted more than doublehanded crew), and was too expensive. In the 18 yrs that we had Shaula (1981, BCC 59) out of the country and offshore, we’ve saved a pile of money.
Stewart,
The cost is based on the value insured for, and the deductable selected. Check out their website and get a quote. They required a survey, in-the-water OK. Our annual bill is under $1000/yr.
I had filed a claim (Travelers) after Hurricane Ernesto glanced the Jersey Shore and when I went “shopping” at BoatUS, the online form had a checkoff box asking about any claims, weather-related or not, during the last three years.
Boat US quoted $1,043 for $45,000(high as they would go without survey) Figure if the survey allowed the value could be doubled and so would the premium.
Dan, I’d be very happy with that figure you quoted. How much hull coverage do you have? I asked for high deductables and anything else that would drop the premium.
Maybe it has to do with where you keep your boat. I’m down here in Alabama on the Gulf Coast.
Stan, We’re paying $486/yr, plus $19/yr for BoatUS membership. We’re insured for $70,000, with a $700 deductible on boat and boating equipment. The coverage is for Pacific coastal waters of US and Canada (north end of Vancouver Island).
You’re no doubt right about there being different rates for different parts of the country. We don’t have hurricanes or tornados here, although we have occasional storms, mostly in the non-cruising winter season.