Insurance

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TomW1
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Insurance

Post by TomW1 »

Jacques I see a serious trend developing here in the builders not being able to acquire insurance. It may be time that you step in and sit down with a couple of nation wide insurers to explain your boats and get them to insure them. All of the builders love your boats, but if they learn they can't get insurance they may stop buying plans. I know I am sort of being a doom sayer, But it looks like a problem that is developing and needs to be addressed as soon as possible.

This is not a recent problem but goes all the way back to GuyP who launched his FS19 last year.

Regards hope you are well, Tom
Restored Mirror Dinghy, Bought OD18 built by CL, Westlawn School of Yacht Design courses. LT US Navy 1970-1978

Fuzz
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Re: Insurance

Post by Fuzz »

A number of the insurance companies have revamped their rules. I have my SeaSport insured through Allstate. When I renewed I was told they no longer take boats over 30 years old but I was grandfathered in.

TomW1
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Re: Insurance

Post by TomW1 »

Fuzz wrote: Fri Jun 18, 2021 8:31 pm A number of the insurance companies have revamped their rules. I have my SeaSport insured through Allstate. When I renewed I was told they no longer take boats over 30 years old but I was grandfathered in.
Yea Fuzz I am grandfathered in at Geico. I just don't know what these new builders are going to do.

Tom
Restored Mirror Dinghy, Bought OD18 built by CL, Westlawn School of Yacht Design courses. LT US Navy 1970-1978

fallguy1000
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Re: Insurance

Post by fallguy1000 »

Guys need to stop saying they are wood boats.
My boat build is here -------->

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wwsmith
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Re: Insurance

Post by wwsmith »

I'm having the same problem after trying at least 12-15 different options. Haven't mentioned anything about homemade or wood or anything like that and still cannot get coverage. Progressive won't cover it because it has a state-issued VIN number. This is not only a Texas issue. Builders in other states have been dropped by progressive for the same reason. Tom makes a good point - we need to work together to figure this out. Otherwise, a future builder would be crazy to spend much money on a project like this. Have been told to try Charter Lakes. Called them twice last week and they referred me to an agent. Left messages both times and never got a call back. I'm going to keep trying and will let you know if I ever have any luck.

Jeff
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Re: Insurance

Post by Jeff »

wwsmith, Did Progressive tell you why they would no longer insure your boat, any specific information? Jeff

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Re: Insurance

Post by Jeff »

wwsmith, sorry let me clarify, the only reason that Progressive would not insure your boat was that it did not have a State issued Vin Number? Jeff

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Jaysen
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Re: Insurance

Post by Jaysen »

Jeff wrote: Mon Jun 21, 2021 9:25 am wwsmith, sorry let me clarify, the only reason that Progressive would not insure your boat was that it did not have a State issued Vin Number? Jeff
This is correct. In the last 24mo there have been massive changes in marine insurance that I have not been able to figure out. This is killing folks in the marinas. The key changes I'm seeing:
1. Old boats (definition of old is variable) are becoming very difficult to ensure.
2. Non-traditional or non-commercial builds are uninsurable. This applies to boats deemed salvage that are not repaired by "certified facilities" (certification is undefinable as there is no certification that I can find).
3. Any boat that has a HID that is NOT issued via a manufacturer EVEN IF MANUFACTURER IS WELL KNOWN is not insurable. Basically any boat that you get a state HID issued which would be all of ours.

As I mentioned I'm seeing this with marina customers. Some are being dropped by major names at renewal time. No grandfathering in many cases.
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fallguy1000
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Re: Insurance

Post by fallguy1000 »

Try this gal.

https://www.heritagemarineinsurance.com/

I need to get a policy. She seemed plausible.
My boat build is here -------->

viewtopic.php?f=12&t=62495

wwsmith
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Re: Insurance

Post by wwsmith »

Yes, that's correct. Progressive insured it for the amount we requested at a fair price. Then two weeks later I was notified that our coverage would be cancelled because the boat was either "home made, salvaged, or had a state-issued HID". Now we're back to square one and I'm on my 3rd agent working on this. The first two tried all their sources with no luck.

To clarify - progressive offered to provide liability only, but we need full coverage.

Fallguy - tried them. She said none of her sources will provide coverage for something like our boats.

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