Beacon / Cansure not insuring boats over 50 years old

[nez_fer]

I got a reminder from my insurance broker about my boat insurance coming up for renewal this month. Along with that came a notice from Beacon/Cansure stating they will no longer be insuring boats over 50 years old.

"Notice of Non-Renewal for vessels built in 1971:
As we no longer write vessels over 50 years old, this will be the last year we can offer coverage on this vessel.
We trust this will give your brokerage sufficient time to remarket this account for the 2021 renewal."

For some reason this rubbed me the wrong way as my boat is old, but rebuilt and in great shape with a 2017 insurance survey to back it up.

With that said, I won't be giving my money to Beacon anymore (boat and motorcycle). Just waiting for a quote from Dolphin for the boat. Hope they don't have a 50 year limit.

 

[Gong Show]

This is a new issue affecting boaters.
It is going to get more difficult to find insurance for 'older' boats.
It had been discussed on the Canoe Cove email listservs.
That letter looks like the underwriter is not taking on these assets, the brokerage should be finding you options.

 

[tubber]

6 more years for me. I wonder if a person could get insurance for the outboards, electronics/tackle/contents, and liability only? Nobody knows the half life of fibreglass composite molecules. It could be a thousand years or more.

 

[RiverBoy]

This is a new issue affecting boaters.
It is going to get more difficult to find insurance for 'older' boats.
It had been discussed on the Canoe Cove email listservs.
That letter looks like the underwriter is not taking on these assets, the brokerage should be finding you options.

For the underwriter it all comes down to “risk”.

i’m actually very surprised this isn’t more common in house policies; especially with most older homes being riddled with asbestos in the drywall filling compound, and old vinyl flooring and composite tile ; usually being discovered after a water damage.

but i digress. my insurance rates were basically gonna double on my boat and my broker did a lot of legwork for me to save me a few bucks. i will need to review the policy to remind myself of the name of the insurer.

 

[ericl]

While shopping for my current boat (Chris Craft), I was interested in a Carver of similar size. It sold, but the sale bombed on survey; seems the $21K Carver needed $18K of new wood springers. Like tubber says, F/G is most likely forever, but wood, window seals, etc are not. Down here in WA derelict abandoned boats sinking at moorages are a big problem & front yards are full of rotting boats.

 

[Aces]

I got reminder from my insurance broker about my boat insurance coming up for renewal this month. Along with that came a notice from Beacon/Cansure stating they will no longer be insuring boats over 50 years old.

"Notice of Non-Renewal for vessels built in 1971:
As we no longer write vessel over 50 years old, this will be the last year we can offer coverage on this vessel.
We trust this will give your brokerage sufficient time to remarket this account for the 2021 renewal."

For some reason this rubbed me the wrong way as my boat is old, but rebuilt and in great shape with a 2017 insurance survey to back it up.

With that said, I won't be giving my money to Beacon anymore (boat and motorcycle). Just waiting for a quote from Dolphin for the boat. Hope they don't have a 50 year limit.

Dolphin has an underwriter named Hagerty that insures older boats

 

[profisher]

Yeh but those boats are 50’s chysler sedans!!! lol

 

[Gong Show]

The Canoe Cove thing I mentioned was an old/collector car underwriter.
I guess they understand that people can take care of old stuff and some of it can retain value.