Offshoreonly.com - Insurance and Finance http://www.offshoreonly.com/forums Discuss topics relating to Insurance and Financing of Boat and Boating related items. en Sat, 21 Nov 2009 06:41:56 GMT vBulletin 60 http://www.offshoreonly.com/forums/images/misc/rss.jpg Offshoreonly.com - Insurance and Finance http://www.offshoreonly.com/forums <![CDATA[Insurance for Center Console boats with a "cat" hull]]> http://www.offshoreonly.com/forums/insurance-finance/220249-insurance-center-console-boats-cat-hull.html Thu, 19 Nov 2009 14:37:20 GMT Do the insurace companines put a center console with a "cat" hull in the same category as a performance cat? See the thread:
http://www.offshoreonly.com/forums/g...fshore-cc.html
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]]> Insurance and Finance Dueclaws http://www.offshoreonly.com/forums/insurance-finance/220249-insurance-center-console-boats-cat-hull.html Article on the Importance of Umbrella Insurance http://www.offshoreonly.com/forums/insurance-finance/220200-article-importance-umbrella-insurance.html Wed, 18 Nov 2009 23:35:35 GMT I found this on the internet and found it very educational and wanted to share with you all...

Personal Umbrella insurance is additional liability insurance, designed to pay out on top of your existing auto and homeowner’s/renter’s insurance policies. For example, you may only have $300,000 in liability coverage on your car insurance. If you are hit with a claim of $1,000,000, you would be on the hook for $700,000 yourself unless you had an adequate umbrella insurance policy. There is a diagram explaining this from MSN Money attached.

In addition, an umbrella policy can also “fill in the gaps” by providing coverage for other incidents like liability for rental properties or being sued for slander or libel. Imagine working and saving for decades, only to have all of it taken away with one incident. Here are my reasons for buying an umbrella policy:

#1. Unlikely, But Actual Scenarios
These days, there are many scenarios where one might be sued for more than $100,000 or even $1,000,000. In my mind, the most likely event is to be found at fault in a car accident. Medical costs alone can exceed $100,000 per person easily. Now imagine if there were 2, 4, or even 6 people in the car. Imagine if some of them were children. Here is one example from a NY Times article on umbrella policies:

“One of Mr. Cox’s clients crashed into the rear of a car on a slick highway. A woman and a child were critically injured. After two years of litigation, his client settled the lawsuit for more than $5 million. The client had $15 million in umbrella coverage. The policy paid for the settlement and all legal costs. “Without the umbrella,” Mr. Cox said, “they would have been completely wiped out.”

More recently, I read about a parent chaperone during a field trip being hit with a $700,000 verdict for negligence:

“Lauren Crossan, of Randolph, N.J., had traveled to Hawaii in 2004 with Susanne Sadler, Sadler’s daughter, and another New Jersey cheerleader to perform in the halftime show of the Hula Bowl. Within hours of her arrival at the Hyatt Regency Maui Resort, Crossan was seen drinking alcohol. Her body was found the next day on the hotel grounds.
An arbitrator determined last month that Sadler was partially responsible for Crossan’s death and ordered her to pay $690,000 to Crossan’s parents and her estate.”

More:
• A blogger writes something bad about a company and gets sued for defamation.
• A man was asked to cut down a tree from his own yard. He refused, and later a hurricane blew the tree down and injured someone in the neighboring house.
• Your child gets in a fight at school, and injures another student.
• Your dog bites someone.
• You have a pool, and a visitor hurts themselves.
• A handyman or contractor hurts themselves on your property.

#2. Have the Insurance Company Lawyers Take Your Side
Forget even getting a large jury verdict against you. If someone simply sues you for a frivolous reason, you’ll have to pay for a $400/hour lawyer to defend yourself. With an adequate umbrella policy, the money at risk will be the insurance companies instead of your own. That means the big corporate lawyers will be on your side, and your defense costs will be covered as part of the umbrella policy.

#3. It’s Cheap, and Easy To Buy
It cost us about $250 a year for $1 million in coverage for the both of us, including 2 cars and a house. That’s basically $10 per month per person. However, we did have to raise the liability limits of our auto and homeowner’s policies slightly to $500,000 each. So if you are only carrying the bare minimum required by law (not a good idea for most people), your actual additional costs may be higher.
It was really simple to get as well; we had an umbrella policy added to our existing policies with just one phone call. No long application or additional fees. But the low cost also means you may have to look out for your own interests. I guarantee that if you mention that you want whole life insurance to your local agent, they will get really excited (big commission) and get you quotes within 24 hours. They’ll even follow up if you forget. On the other hand, selling you an umbrella policy for $200 a year results in a tiny commission. All I got was a “yeah, I suppose that might be a good idea…” They’ll still sell it to you, but it won’t be heavily promoted like other products.

In the end, we have a $1 million umbrella insurance policy because this is exactly what insurance is for - to protect me from unlikely yet possibly catastrophic events. The likelihood is low, but so is the cost. We chose $1M somewhat arbitrarily because it covers our net worth and also what I feel is a reasonable amount of likely claims. As inflation (and especially medical costs) rises, I could see upping it to $2M since the additional cost is only about another $100/year.
Now, if you have a low or negative net worth, then perhaps there would be less incentive in getting such coverage. I certainly had no idea what umbrella insurance was in college. I would imagine lawyers are less likely to go after those with “nothing to lose”.
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]]> Insurance and Finance WakezoneINS http://www.offshoreonly.com/forums/insurance-finance/220200-article-importance-umbrella-insurance.html <![CDATA[Dedication, Experience & Stability]]> http://www.offshoreonly.com/forums/insurance-finance/219910-dedication-experience-stability.html Wed, 11 Nov 2009 22:59:11 GMT Hi Everyone, My name is David Barbee and I head up the High Performance Marine Division at Elton Porter Insurance Agency, a company that has been in business since 1930. We represent and have direct contracts with a multitude of insurance carriers and we are licensed in 45 states. We have spoken... Hi Everyone,

My name is David Barbee and I head up the High Performance Marine Division at Elton Porter Insurance Agency, a company that has been in business since 1930. We represent and have direct contracts with a multitude of insurance carriers and we are licensed in 45 states. We have spoken with many of you over the years and many of you are current clients. When choosing an Agent to insure your high performance boat, we feel it is very important to know as much about us as we know about you.

Before getting into the specifics of our various High Performance Programs, I would like to tell you a little about our team. From 1980 to 2001, I owned 18 high performance boats, but had to get out of my beloved sport due to spinal cord issues. Ken Collier, our Agency General Manager, has owned over 30 high performance boats and has campaigned 3 race boats over a 5 year period in both the APBA and OSS racing circuits. My associate, Adam Glasgow, has been around high performance boats for 10 years. Why is this important?? Very simply, with over 50 years of combined experience, we have a very good understanding of the High Performance Boating Industry and are very knowledgeable about the needs and concerns of our valued customers when it comes to insuring their pride and joy!

For example, we have very close relationships with our insurance carriers. Since Elton Porter Insurance is the largest High Performance Agent in the country for Markel American Insurance, we talk to their Marine Director on a daily basis which is a huge advantage when going to bat for our customers. Why is this important? In some cases, there are extenuating circumstances that sometimes warrant additional discounts (Ex: extensive ownership experience, loss free experience, clear driving record, etc) and this relationship comes in very handy when trying to secure a lower rate.

Another HUGE advantage we offer is customer service that is second to none!! In most cases, we will call or email you a quote within 30 minutes of getting your information. Of course, you also have the option of requesting a quote online by going to our website at: www.epboatins.com

Again, we offer a multitude of programs and options that are tailored to meet our customer's individual needs. We have great programs for boats under 26' with extremely competitive rates. For boats 26' and over, we offer the following:

American Insurance Companies with an A.M. Best rating of A or better
Coverage for Cats and V-Hulls with speeds from 66 to 150 mph
Boat values up to $1,000,000
Liability limits up to $1,000,000 ($500,000 between 120 and 150 mph)
Uninsured Boaters Coverage up to $500,000
Agreed Value (ACV available, but not recommended)
No age limit on vessels (survey required for 10 years and older)

So, if you need a quick quote or just have a question, please give us a call. We would love to have the opportunity to earn your business!! For those of you that are current customers, thank you for your trust and allowing us to handle your insurance needs!!
__________________ ]]> Insurance and Finance Elton Porter Insurance http://www.offshoreonly.com/forums/insurance-finance/219910-dedication-experience-stability.html <![CDATA[Wake Zone's New Quarterly Newsletter - Sign up]]> http://www.offshoreonly.com/forums/insurance-finance/219828-wake-zones-new-quarterly-newsletter-sign-up.html Tue, 10 Nov 2009 05:52:51 GMT Beginning January 2010 Wake Zone will begin offering a quarterly e-newsletter in a effort to keep the members of the boating community up to date with respects to what is happening in the insurance and boat financing world. Here are some highlights: - Finance and Insurance Articles written by... Beginning January 2010 Wake Zone will begin offering a quarterly e-newsletter in a effort to keep the members of the boating community up to date with respects to what is happening in the insurance and boat financing world. Here are some highlights:

- Finance and Insurance Articles written by key industry people.
- Updates on insurance prodcuts and offerings
- New companies available to boaters.
- Articles on boat performance written by industry experts
and much more.

Follow the link below to sign up today. I encourage you to sign up. Should you find the newsletter not to your liking, there will be an instant "unsubscribe" button at the bottom of the newsletter.

http://wakezoneinsurance.com/ ]]> Insurance and Finance WakezoneINS http://www.offshoreonly.com/forums/insurance-finance/219828-wake-zones-new-quarterly-newsletter-sign-up.html What is Available in the Current Insurance Marketplace? http://www.offshoreonly.com/forums/insurance-finance/219805-what-available-current-insurance-marketplace.html Mon, 09 Nov 2009 20:15:12 GMT As expressed many times through my prior posts. The purpose behind my posting on OSO is simple; to educate boaters about the insurance industry as it pertains to them. As an independent agency, we write insurance for nearly all of the high performance boat insurers out there. We can answer your... As expressed many times through my prior posts. The purpose behind my posting on OSO is simple; to educate boaters about the insurance industry as it pertains to them.

As an independent agency, we write insurance for nearly all of the high performance boat insurers out there. We can answer your questions about coverage based on what is right for you and what carrier is going to “best fit” you and your boat. As it is our goal to educate, I will continue to provide you with information throughout the year. We are committed to keeping you informed.

As mentioned, as an independent agency, we represent a wide variety of carriers. Here is what is available to you, through Wake Zone, as of today with respects to performance boat insurance. I have grouped the categories by top capable speed of your boat:

For all boats less than 20 years of age
** The mooring location of the boat can limit some of your options

Mid-Performance Boats (60 – 79mph)
 American Modern Insurance Company (no CATS)
 American Reliable Insurance Company
 ACE
 Progressive (no CATS)
 Markel
Programs in the market not available with Wake Zone: (Total Dollar - State National)

High Performance Boats (80 – 120mph)
 American Modern Insurance Company (no CATS)
 American Reliable Insurance Company
 ACE
 Markel
 Lloyds of London
Programs in the market not available with Wake Zone: (Total Dollar - State National)

High-Performance Boats (120 – 130mph)
 American Reliable Insurance Company
 Markel
 Lloyds of London

High Performance Boats (131mph – NO MAXIMUM)
 Wake Zone Extreme Marine Program
Programs in the market not available with Wake Zone: (Markel on risks up to 150mph)



As you can see, our agency has the ability to shop nearly all the performance boat carriers out there. One call to Wake Zone will get you a quote from all available carriers for your boat. There is no need to make a bunch of phone calls!

If you are ready to shop your boat insurance here is how you get a quote:

1. Online: http://www.wakezoneinsurance.com/Quote_form.html

2. Phone: 866-792-4149



I look forward to assisting those of you shopping your insurance this time of year! ]]> Insurance and Finance WakezoneINS http://www.offshoreonly.com/forums/insurance-finance/219805-what-available-current-insurance-marketplace.html Greetings From Elton Porter Insurance http://www.offshoreonly.com/forums/insurance-finance/219800-greetings-elton-porter-insurance.html Mon, 09 Nov 2009 18:29:23 GMT As boating season winds down for many parts of the country, I would like to take this opportunity to thank all of our customers for choosing to insure their boats with Elton Porter Insurance. We have earned a reputable name within the high performance boating community and this would not be... As boating season winds down for many parts of the country, I would like to take this opportunity to thank all of our customers for choosing to insure their boats with Elton Porter Insurance. We have earned a reputable name within the high performance boating community and this would not be possible without your continued support.

Additionally, I would like to inform you about my associate, Adam Glasgow. Our agency places a very high priority on customer service and for the past two years, Adam has been working directly with me to ensure that all of our customers receive their quotes or have their questions answered in a timely manner. Many of you have worked directly with Adam in the past and I am confident that you can attest to the fact that he is extremely knowledgeable and well versed in the high performance marine industry. One of Adam's new responsibilities will be to help me monitor this site. He will be answering your questions and posting important information which will hopefully help you make an informed decision when insuring your high performance boats.

If you ever have any questions regarding marine insurance or if you need a competitive quote, please feel free to call Adam or me anytime and we will be happy to help. As a reminder, Elton Porter has a multitude of high performance marine insurance programs available including our exclusive Ultra Performance Program from Markel that offers Agreed Value coverage for most Cats and V-Hulls up to 150 mph!!

Thanks again! ]]> Insurance and Finance Elton Porter Insurance http://www.offshoreonly.com/forums/insurance-finance/219800-greetings-elton-porter-insurance.html Another vote for Stacy @ Wakezone http://www.offshoreonly.com/forums/insurance-finance/219690-another-vote-stacy-wakezone.html Sat, 07 Nov 2009 13:09:14 GMT Long overdue note of thanks. Not only did she help me, but by strange circumstance, she didn't even end up writing our policies. It ends up our policies were not the best fit under her programs, but on some of the boats I was shopping this year, she was easily the choice.

Great advice, straight shooter and actually returns your call. Very professional. Would not hesitate to recommend her or use her in the future. ]]> Insurance and Finance damdonzi http://www.offshoreonly.com/forums/insurance-finance/219690-another-vote-stacy-wakezone.html Thanks To Stacy And Wakezone http://www.offshoreonly.com/forums/insurance-finance/219667-thanks-stacy-wakezone.html Fri, 06 Nov 2009 23:34:49 GMT I'm getting ready to take delivery on a Donzi 38zr with Ilmors. I was blown away when my former insurance agent quoted me almost 5 grand - with a 6 month layup. I called Wakezone hoping for a miracle ... Stacy got right on it and brought everything back to reality - 3 grand without sacrificing a thing. Stacy knows her stuff ... very knowledgable and eager to help... same day service!! I had called another OSO advertiser first (their banner keeps flashing as I type this) who took my info, said they'd get me a quote, and 3 days later - never heard a thing. Don't care because I told Stacy during the initial call I was doing business with her - no need to go anywhere else. If you want service, and the right product for the right price, call Stacy @ Wakezone. ]]> Insurance and Finance myvalium http://www.offshoreonly.com/forums/insurance-finance/219667-thanks-stacy-wakezone.html Gps Tracking Unit Discount http://www.offshoreonly.com/forums/insurance-finance/219617-gps-tracking-unit-discount.html Fri, 06 Nov 2009 00:16:03 GMT I got a GPS Tracking unit and was wondering what the discount is from insurance companies for it. I know Direct ins is 5%. How much is offered by other companies? I got a GPS Tracking unit and was wondering what the discount is from insurance companies for it. I know Direct ins is 5%. How much is offered by other companies? ]]> Insurance and Finance don http://www.offshoreonly.com/forums/insurance-finance/219617-gps-tracking-unit-discount.html <![CDATA[Home Owner's Insurance]]> http://www.offshoreonly.com/forums/insurance-finance/219575-home-owners-insurance.html Thu, 05 Nov 2009 02:39:42 GMT Folks, I want to shop around for new home owner's insurance. I was always happy with my current co. (USAA) until this year. Last winter I had to file my very FIRST claim for a flooded basement. My premium for this year went up 50%!!!!!!!!:eek: Not 40, not 45, not 47.........50%!!!!

Anyone working with a co. that they are very happy with? One that they would recommend to family?? One who has been there for them, but who seems to have aggressive rates???

Appreciate any info! Thx. ]]> Insurance and Finance BowenCT http://www.offshoreonly.com/forums/insurance-finance/219575-home-owners-insurance.html Is this normal??? http://www.offshoreonly.com/forums/insurance-finance/219314-normal.html Fri, 30 Oct 2009 05:19:51 GMT I had a claim on my boat after it burned in the drive way and on the trailer. I had two surveyors examine the boat,(one hired by me) both agreed it was a total loss. They told me that the only thing good on the boat were the Bravo outdrives. Why would they be worried about a missing starter, water... I had a claim on my boat after it burned in the drive way and on the trailer. I had two surveyors examine the boat,(one hired by me) both agreed it was a total loss. They told me that the only thing good on the boat were the Bravo outdrives. Why would they be worried about a missing starter, water temp sensor, oil pressure sensor, and spark plugs????? If these are "junk" or have "zero value" what is the big deal??? ]]> Insurance and Finance Nevr2nd http://www.offshoreonly.com/forums/insurance-finance/219314-normal.html Happy Birthday Stacy! http://www.offshoreonly.com/forums/insurance-finance/219220-happy-birthday-stacy.html Wed, 28 Oct 2009 03:33:48 GMT Have a good one! Jeff:party-smiley-020::party-smiley-020: Have a good one!

Jeff:party-smiley-020::party-smiley-020: ]]> Insurance and Finance customryder http://www.offshoreonly.com/forums/insurance-finance/219220-happy-birthday-stacy.html Insurance Industry Survey http://www.offshoreonly.com/forums/insurance-finance/219176-insurance-industry-survey.html Tue, 27 Oct 2009 15:47:09 GMT I need to ask for your help and about 2-3 minutes of your time to complete a very quick survey about insurance on performance boats. If you would, please follow the link below and take the online survey. Your input is greatly appreciated. Thank you in... I need to ask for your help and about 2-3 minutes of your time to complete a very quick survey about insurance on performance boats. If you would, please follow the link below and take the online survey. Your input is greatly appreciated. Thank you in advance.

http://www.surveymonkey.com/s.aspx?s...J3J8ewQw_3d_3d

Survey is completely anonymous. Email address field is optional.

Some of you have emailed me asking the purpose behind this survey. The purpose of the survey is:

1. Analyze what the actual needs of boat owners are vs. what is being offered.
2. Offer up "advice" to the carriers out there on what they need to "take a second look at"
3. Know what is important to you as a consumer so that Wake Zone can work with carriers to offer you the products you find desirable and necessary.

So.... your opinions really do count. :) Help us understand what you want from an insurance standpoint so we can better our offerings.

Thanks for all the responses thus far, they have been great and enlightening...keep them coming! :) ]]> Insurance and Finance WakezoneINS http://www.offshoreonly.com/forums/insurance-finance/219176-insurance-industry-survey.html