Is this what everyone is paying for insurance

[ryanb]

Looks like well over 20 miles offshore?

Did anyone else find good coverage for Tuna and possibly for Alaska/WA/OR/CA/MX coverage? My broker couldn't find me coverage for Tuna last year.

I have the same coverage as Bill, it's called trading warranty 3, it's something like 120 miles offshore of the island. My insurer extended navigation limits at no charge upon my request. Insured by coast underwriters for 1600 per year, broker is Johnston Meier. I've had a boat for 15 years, no claims.

Hull and machinery are insured at 150-175k, can't remember the exact number.

 

[TheHurtLocker]

2500 for 2 mill liability, 150 k replacement.

 

[trophywife]

I just renewed yesterday with Dolphin for 611 for 40k value

40k? you only want to replace half your boat?

 

[Captain PartyMarty]

Hull & Machinery	$92,249.00​
Outboard/Auxiliary Motor	$39,176/3,920.00​
Personal Effects	$10,000.00​
Boat Trailer	$5,885.00​
Liability	$2,000,000.00​
Deductible	$1,000.00​

$1800 renewed in June of this year.

 

[Aces]

40k? you only want to replace half your boat?

That's what the survey said

 

[zurk]

$9700 something for mine (650K/2 mil/med) thru dolphin
$1400 ish for the other one (60K/2 mil/bc) thru hub marine/intact

 

[kaelc]

Hull & Machinery	$92,249.00​
Outboard/Auxiliary Motor	$39,176/3,920.00​
Personal Effects	$10,000.00​
Boat Trailer	$5,885.00​
Liability	$2,000,000.00​
Deductible	$1,000.00​

$1800 renewed in June of this year.

Which carrier and broker? That looks like some amazing coverage for the price.

 

[uclueletcharters]

I haven’t done before but heard you can get an extension on home insurance to cover a boat. Not sure what the parameters are to qualify for the extension. In the past when the company was running Hub Insurance in Campbell River was good. Schill in port Alberni I have heard good stuff about as well.

 

[uclueletcharters]

As Searun mentioned deductible. When deciding on increase to help lower premiums I always take into consideration when deciding amount how high of a loss would it need to be to make a claim. Would you make a claim if the loss was under 2k? If not then a higher deductible is a good option. I would assume most people insured are more concerned about a total loss. That’s what I look at if I had some gear stolen is it worth claiming do to a potential increase in the future or maybe not being able to get coverage. I would think most would just replace themselves if they couldn’t recover the stolen items. High deductibles never worry me if the saving is there. If I can save enough on premiums over 3-5 years to cover a more probable loss I take it on myself as it’s not worth a mark on a claim history. They always ask have you ever had a claim right at the start on an application.

One other item don’t over value your boat it just pushes premium up and the insurance company is more than happy to increase the premium. I based mine on if I was shopping for my boat what would I pay for it in todays market as a buyer and set replacement value in and around that.

 

[Captain PartyMarty]

Which carrier and broker? That looks like some amazing coverage for the price.

With Pacific Marine Underwriting

 

[67greengt]

Mine was 2800 this year with boat insured at 130k, and also the added kicker and electronics I did this year. No idea what my liability coverage is. I’ve had the same insurance guy for years..

 

[Aces]

Mine was 2800 this year with boat insured at 130k, and also the added kicker and electronics I did this year. No idea what my liability coverage is. I’ve had the same insurance guy for years..

2 million liability minimum

 

[gone fishin]

Wondering how many non commercial guiding member run with no insurance.
That's me for over 50 years. Figure I have saved $50,000 plus over those years.
Also wondering how many who do insure have ever had a substantial claim ?

 

[gone fishin]

This thread is great for those shopping for insurance and I don’t want to derail it, but I pay insurance on a home, a summer home two cars and travel insurance and have done so for years. Never had a claim . Rates just keep going up and up! Hate to think how much I have paid over the last 50 years.

 

[ryanb]

Just checked my policy, Johnston Meier is the broker, and the underwriter is RSA. Johnston Meier have a dedicated marine division. Seems to be a better deal that what most are getting here, and I've shopped around a few times and never found anything cheaper.

 

[uclueletcharters]

This thread is great for those shopping for insurance and I don’t want to derail it, but I pay insurance on a home, a summer home two cars and travel insurance and have done so for years. Never had a claim . Rates just keep going up and up! Hate to think how much I have paid over the last 50 years.

Exactly insurance companies run a business for profit fead by what ifs and fear. If you need basic liability at your marina should be able to get a policy for around 500 a year from Schill. If I launched each time I went out I would not insure the boat, pay attention and don’t hit a log. But if your financed well then it’s worth it.

 

[zurk]

Wondering how many non commercial guiding member run with no insurance.
That's me for over 50 years. Figure I have saved $50,000 plus over those years.
Also wondering how many who do insure have ever had a substantial claim ?

false economy. have one claim due to one accident (and accidents are just that - unpreventable - so dont tell me you can avoid it) and you can easily rack up 2 mil in pollution liability alone. steering cable got stuck causing you to veer into the expensive docked yacht next to you ? goodbye your net worth. take someone on your boat and they fall overboard because they are idiots ? goodbye your net worth. if you have 2 mil in cash sitting around its not a problem. if you dont you will be bankrupt instantly. remember that when you run without insurance you are the insurance company. which means you must have cash to hire lawyers to defend you in court, pay any fines due and everything else that goes with it. so you save $50K but take the risk of losing everything you own. your call. also known as - i gambled for 10 years with $2 million of my net worth and saved $50K! woo me!

 

[Aces]

Wondering how many non commercial guiding member run with no insurance.
That's me for over 50 years. Figure I have saved $50,000 plus over those years.
Also wondering how many who do insure have ever had a substantial claim ?

Risking financial suicide.

Also, if you're guiding you're commercial

 

[searun]

Risking financial suicide.

Also, if you're guiding you're commercial

Roger that on both points. All it takes is one situation where you are running around in the fog and hit a boat full of people and you risk losing your house and other assets. Just ask the clown that hit one of the Ukee guides and guests in the fog a few years back how fast those claims mount up.

 

[uclueletcharters]

Maritime law is much different than the laws on land. There’s a max per person if you survive if you don’t there’s no claims by next of kin etc is what I was told. If you go out and get hurt even if you haven’t signed anything your automatically are assuming risk of injury as soon as your on the water. Pretty interesting. Had a convo with a lawyer in passing that specialized in maritime law.

If your a running a biz insurance is a no brainer. Personal use it’s what your comfortable with some do some don’t.