My insurance dilemma

[hellosailor]

Bus Driver-
Maybe you found a winner. When you check the policy, look to see how they define a "total loss". In my limited understanding, an insurer can define that pretty much as they please, and typically if the damage is over 50% of the value--they have the right to total it out. That percent will vary with the insurer. There are also some insurers who stick a weasel clause in their "agreed value" policies, stating that they will pay either the agreed value or the market value, whichever is less. Don't ask me how that is legal, I don't pretend to understand.

[seafox]

Take a punt, life's a risk. Self insure

[Cowboy Sailer]

Bus Driver, what happened? Keep us posted.

[lannen]

Offshore Risk Management 800-773-0105

They insure in Florida.

It's really tough to get insurance. I've got an older boat, but in great shape. Due to the assessed value I had to have an out of water survey before my policy went into effect. (loads of upgrades)

Not cheap. My E-40, to include the Bahamas, and Florida waters is $ 3,200 a year.

My boat will be paid off this year, then no bank requirement for insurance. I'm dropping named storm coverage and all the other garbage, and keeping liability, for marina requirements.

[Acadia]

Hi there,

I forgot about this thread. I did read all the fine print and decided to go with that policy!! National Interstate is the underwriter and they specialize in commercial fleets and recreational type vehicles. From what I understand they just opened up their market to Florida and they are offering a very competitive price. They have very few select brokers that are allowed to sell insurance in Florida and the one that I dealt with is Strickland Marine Insurance in South Carolina.

I was initially dealing with ISMS which I can’t say enough about their great service, but at the end of the day the price difference for the same thing was just too much.

Iannen—I also got a quote from offshore risk management, both them and ISMS use TL Dallas (overseas company) to inure boats in Florida (they also have a few other underwriters).

So in the end, for the same product I paid $1200 VS $2000. Actually I bumped up the Liability to 500 so the other quotes might even be higher than 2000. I don’t have Bahamas coverage yet but it’s only a $150 add-on.

To anyone looking for insurance in Florida!!!! It’s worth getting a quote from these guys and look it over for yourself www.stricklandmarineins.com 1-800-446-1862 (ask for a National Interstate Quote). I was very happy with the result.

I guess I will really find out how good the company is when it comes time for a claim.....