Since folks are usually quick to post a thread to complain about a negative experience, I thought that it would be unusual and interesting to comment on the opposite, a surprisingly positive one. While the Brainstorm is for sale (in a weird way I keep hoping it doesn’t sell), I’m always up for ways to save.
Last week, I noticed one of the sponsors on this site, KSA was a new local option for marine insurance, and then I saw that one of the local agents is actually the person who purchased my old boat. I gave him a call and quickly gave him the details on what I was looking for… to my surprise later that day he emailed me with several options, and to my surprise a 50%+ discount for what amounted to better overall coverage!! He even went so far as to help me with designing a Hurricane Plan (something I had never done before)… all I had to do was sign the paperwork. When it was all done, he emailed and let me know about an option to pay in installments with only a $5 surchage.
Needless to say I was overly impressed with the service and the product. I would rarely say it (sorry KSA), but I would have even switched if he had come in at the exact same price that I was paying before.
It is nice to surprised every once in a while.
Daniel
BRAINSTORM is for sale
2003 32 Albemarle with 440HP Diesels
Fast Cruise, Low Fuel Burn
$129,500 ($40,000 Price Reduction)
Thank you for the kind words. We greatly appreciate the opportunity, and are pleased that we could help you out. Please let me know if you ever need anything–see you on the water!
the “Hurricane Plan” sounds interesting.I would like to know more about that.
Some carriers require a Hurricane Plan, which is simply what you are going to do with the boat in the event of a hurricane. It is for the sportfishers and larger boats. (Underwriters just want to see that some plan is in place for when the next hurricane is headed our way…)
For Daniel, it was to tie double bow and stern lines, double forward and aft spring lines, and to tether the bow and stern to the actual dock piling in front and behind the boat at his slip.
Also plug the exhaust, remove outriggers, and inspect automatic bilges.
Bolbie, if you have a boat that can be trailered the insuarnace company will probably want your plan to be a haul out.
Pat, what are you seeing regarding named storm deductibles? Also, what are your thoughts on replacement versus agreed value policies? What should be considered?
Actual Cash Value and Agreed Value are your two options. There are differences between how claims are settled in both a partial loss and a total loss, so I’ll explain both.
First, lets say you have Actual Cash Value (aka ACV). You have a partial loss: a tree falls on boat, you run into a piling, boat comes off the trailer, etc. The total cost of the repair is received by the adjuster, who then deducts a percentage for depreciation. Now say you have a total loss. In this case, the adjuster will use boat pricing resources to determine the current market value of your vessel.
Now, lets say you have Agreed Value (aka AV). This simply means you and the insurance company agreed on an amount that you will be paid for in the event of a total loss. In the event of a partial loss, depreciation deductions are not applied to the repairs (with the exception of certain items: ex. Batteries, old outboards, trailers, etc.)
Often Agreed Value is chosen, but we look at marine insurance on a case-by-case basis.
And as far as hurricane deductibles, that depends on the company and the insured. Some companies only offer set percentages, while others offer a wide range of hurricane deductibles.
I typically present a range of options and work with the insured to decide what makes the most sense for his/her risk tolerance and budget.
The big question is where are you taking the boat once it’s on the trailer? Obviously, the best solution is to take the boat as far away from the coast as possible, but that isn’t always possible during the chaos of an evacuation…
The problem with marinas is the storm surge, which can rip off entire docks. Where do you moore your boat?
The boat I run offshore survived Hugo in Charleston, it was on a trailer under a beach house on Isle of Palms. All of the glass was crushed as the wind picked it up and slammed it against the ceiling, but it survived. I will say if I evacuate for a hurricane, she’s coming with me. Would make a great trailer to throw stuff in anyways.
I stand corrected…there was actually 8 ft of water at the IOP house which floated the boat off the trailer and smashed it onto the roof of the carport…
Amazing that is still in excellent shape after surviving a hurricane (not to mention the hull is a 1978)!
lets say I can not evacuate,what is your professional opinion on where to keep her.
double lines and poly balls in the marina,or on a trailer?
thanks
Bolbie, I would put the boat on the trailer and take it to the highest ground available to me in the area. I would take off any kind of outrigger, T-top, antennae I could–as it will get ripped off by the wind anyways.
I would try to keep the boat away from trees (particularly pine trees), which snap in strong winds.
Also need to ratchet the boat to the trailer in as many places as possible.
This of course is a last resort–evacuating the boat is by far the best option.
Boatyards will also contract with individuals to haul out boats in case of hurricane and store. We have contacts if anyone is interested.
One thing everyone needs to remember. Many marinas require you to move the boat out if a named storm is forecasted to hit. Check your slip rental agreements closely.
Pat,
What companies do you use most often? Got anyone who would underwrite a 30’ 1988 twin diesel express?
“Never argue with an idiot…he will drag you down to his level and beat you with experience.”
One thing everyone needs to remember. Many marinas require you to move the boat out if a named storm is forecasted to hit. Check your slip rental agreements closely.
Pat,
What companies do you use most often? Got anyone who would underwrite a 30’ 1988 twin diesel express?
“Never argue with an idiot…he will drag you down to his level and beat you with experience.”
I own a 2006 Pioneer 197 Sportfish and I have paid the same annual premium for 5 years on the boat with Progressive. I was just thinking the other day when I was actually looking for my waypoint list and came across the insurance packet, why hasn’t the premium gone down some in 5 years?
Capt. Ed Johnson
“Wastin Time”
197 Pioneer Sportfish
Okatie, SC
One thing everyone needs to remember. Many marinas require you to move the boat out if a named storm is forecasted to hit. Check your slip rental agreements closely.
Pat,
What companies do you use most often? Got anyone who would underwrite a 30’ 1988 twin diesel express?
“Never argue with an idiot…he will drag you down to his level and beat you with experience.”
they can not make me move if I own the slip.
That probably depends on the covenants (SP?) and restrictions.
