Insurance Question
 

Does anyone have any information on what it would take to form a insurance company that writes only powerboat. What kind of total dollars envolved. 3Mill 4 Mill ???. I read were one claim took down Blackdar. They paid out 2,000,000. Just doing a little research.

Re: Insurance Question
 

you would need alot more capitol then 3 or 4 Mil to get something like that going. I would think atleast 50 million to get rolling. Until you build up a pretty large client base you are at a huge risk. The safety comes in numbers in that buissnes. I don't know if a company that only insured high performance boats could survive long enough to make it work. The initial risks are huge. You want your risk spread out over thousands of policies if not more, to make it work I think you would need to write policies for just about every performance boat out there. The reason Sate farm and other companys don't want to get into it, is that they don't think they can write enough policies to spread the risk out enough to make it a safe investment. Just my 2 cents.

Re: Insurance Question
 

50 M? we should be able to round that up around here pretty quick.... everybody throw in 1M or so and we will be rolling..... :D :cool: i never understood how blackdar got taken down by one claim... :confused:

Re: Insurance Question
 

Even large insurance companies "reinsure" some of the risk and there is no market for that, so you would be the new guy on the block trying to reinsure with Markel and Ace and it would be very hard to compete without an existing client base of low risk customers in todays market.

Re: Insurance Question
 

I'm confused. State Farm is "into it". They insure all kinds of high performance boats that I know of.

Buck

Re: Insurance Question
 

those owners better read closely, i have been told and have heard from others that they don't insure HP boats...i have state farm for all my stuff but my boat and my agent told me to look elsewhere when he couldn't get my boats underwritten.... 70 and over scare them.. plus if they do, it is not an agreed value policy, which means you will get screwed if something happens...

Re: Insurance Question
 

We need some competion!! If Ace and Markel won't write you, who will? We all cant be that much of a risk...3k for one year is well above what one should have to pay for a 120k boat. One of my quotes were 6700 with a 13,500 storm damage waiver not to be waived if boats a total loss.

Re: Insurance Question
 

Not realy, you or your agent has to tell ome outright lies to get them to cover it, and when something does go wrong they aint gonna cover anything.

Re: Insurance Question
 

They are bending me over for the finish. My experience and driving record perfect. No tickets in 20 years,48 years old, and I cant insure my boat. For 2 years Blackadar carried me, now Im done and stuck with a 120k boat.

Re: Insurance Question
 

Hell it makes you want to charge people that ride in your boat $1,000 dollars an hour to ride with you. :D I would think the high prices on cat insurance would hurt the older cat market. Example 32 Skater. I could not find anyone that would write a 89 32 Skater with Tripple 2.5's when i was shopping.

Re: Insurance Question
 

It is now a consideration when buying a new boat (mainly cats) unlike before when it was just an additional expense.

Re: Insurance Question
 

The definition "high performance boat" is the question here.

Re: Insurance Question
 

They insure my 28 Pantera.

Re: Insurance Question
 

For the last two yrs Total Dollar has told me they had the reinsurance in place but couldn't find some one to write the potiential intial losses. Doesn't make sense to me as I thought the reinsurance would be the hard part.

Re: Insurance Question
 

The article was very informative, read it yesterday. I think you will see more training schools coming into play, and Tres Martin is one of them.

Re: Insurance Question
 

Hey, and lets remember some of us only use the boat once a week if were lucky. My average is 2-3 times a month as long as the trips are short.

Re: Insurance Question
 

They also insured my Scarab I recently sold. My agent has given me several quotes on boats I have been looking recently too. Some of those boats include Active Thunder, Cigarette Bullet, 28 Apache, 33 Outlaw, and Pantera. I was given quotes without any reservations. My previous policy was never questioned at all and it WAS an agreed replacement value policy. I made that very clear going into the deal.

We've had this "State Farm" discussion on here more times than I can remember. It all boils down to the region you are in and the agent you have. The bottom line is they do and will insure our boats depending on the situation. I had my last policy for three years and I had one price increase that was $25.

Buck

Re: Insurance Question
 

Give us some credit for building a carreer and working hard enough to buy one of these boats. Just because it goes fast doesn't mean were not responsable enough to make decisions running. Those that are careless will come into light quick. They have to know there are going to be some claims. Those, they weed out.
I said before how many claims to the insurance co. involves having the boat in the first 6 months, or by the ones new to that type(size,twins,V,Cat)

Re: Insurance Question
 

I agree, in most cases you CAN get insurance for a price. There are a few cases however when you just CANNOT. I know of where an experienced boater could not get a policy written on a certain brand of boat ( with big power), he ended up buying a different brand and had no problem.

Re: Insurance Question
 

Try to get them to write a policy for a boat with over 700hp a side and/or a top speed over 120mph, it seems these are the points most insurance companies walk away from.

Re: Insurance Question
 

theres a thing called "errors and omissions policy". when an agent writes coverage outside the companys critera and a claim is made it "might" be covered if the agent has the E & O policy. at least thats how it was explained to me by a retired insurance agent.

Re: Insurance Question
 

State Farm has my boat, as did with the last owner as well. I sent full specs and pictures of my boat to the regional office and had the cheif adjuster OK it personally.

Its all in your agent. My State Farm Lady is like a second Mom to me, and they take good care of me.

Re: Insurance Question
 

What power and top speed is your boat?

Re: Insurance Question
 

Help.
I have State Farm for everything.
Had a reeeeaaallly good agent in Indiana, but have since moved to Ohio.
ASKED the agent before I traded my Cigarette (albeit a 20') in for a 38' Scarab (with mild power-Tiz Bads old boat). They said OKAY about a month ago......Last Friday afternoon, the agent calls and says he CAN'T
insure my boat, but will carry it till I get new carrier (what a guy).
Thinking about moving ALL my insurance at this point, though I have had nothing but good luck with State Farm.
What do I do.
Look at other insurance companies....try a different State Farm office.....
sell my boat and go back to bikes....? :( :eek: :(
So what advice would you give me.

Signed
PO'd in Toledo

Re: Insurance Question
 

Twin 496HOs; top speed of 75. They were also willing to do my old boat with HP500EFI.

Re: Insurance Question
 

that is the story i hear more often than not about state farm (and the other mainstream insurers...) the agent will take it, they love the money, but make sure you read deep into the policy.... i got the same phone call 2 weeks after i bought the boat.... the quotes are worthless if they won't write the policy or cancel it a few weeks in when somebodyelse catches it....

and my guy said the underwriter said it was 70 (might have been 75 MPH) that they stop writing for... and that is using their calcs which are a little on the low side i think, they figured my boat at 90 even though i told them we went 100 on the test ride..... i didn't want there to be any question about what they were insuring... i have markel now..

Re: Insurance Question
 

I just got off the phone with my State Farm agent. Just for giggles I got a quote from him on Steve Hs Apache. He quoted me $890 a year with a 45k replacement value.

Buck

Re: Insurance Question
 

See if he can write a 2002 Cigarette Gladiator with twin 750hp and a top speed of 107mph. Replacement value ?
Maybe $175k?

Re: Insurance Question
 

my agent quote mine too, even took my money before he found out he couldn't write it.....

i agree they probably will write that..... but call with a real high performance boat... :D not some old resin bucket.... :evilb: how's the back steve?

anyway...

call with the gladiator or even a top gun with stock power like 525's.... 70 MPH, 45k boats are easy to write... get up to the 85 + MPH boats and replacement values of 150K+ and see what they are doing with those.... and if you want a good giggle, ask about a cat.... :rolleyes:

Re: Insurance Question
 

:D :D :D

Re: Insurance Question
 

what are you laughing at, i see you are looking to join the dark side.. :D

you coming up this weekend with the rest of the gang?

Re: Insurance Question
 

What's Markel's number?
I don't know that I have a choice.
And for the record.....it's a 20 year old resing bucket, I told them had twin 450's :rolleyes: and would only do 68 mph.
Also told them I only wanted to insure it for 25K.
Seems it was the "Scarab" thing that trip them up . Tried ducking the whole issue when I told them the boat was a Wellcraft 377.....which it is....sort of .....
Who knew they knew boats?
I have a meeting with the insurace agent tomorrow to see how bad he wants to keep all my other insurances.....or perhaps if he would like to buy a boat ! :mad: :evilb: :mad: .

Re: Insurance Question
 

Who me? Ahh just kickin tires........... hard. :D


I was going to come over there this weekend but my Cig is supposed to be back this weekend. :rolleyes: I roll my eyes because I have been waiting for 2 weeks.............. :mad: That being said, I think I will not make it until the June events.

Re: Insurance Question
 

K, just got off the phone w/ them again. Their puter goes up to 1,000 total HP and a max value of 100k. He maxed all of that out and gave me a quote of $1,200 a year.

That point is really moot to me. I will never have the means to afford a boat that is over 100k. The only reason I came into this conversation is because it was stated that State Farm would not insure a High Performance boat. That part is not true.

Buck

Re: Insurance Question
 

What did they say about a Bullet??? :cool: :D Give me a call Buck

Re: Insurance Question
 

Well, I'm not letting State Farm off the hook just yet (meeting with the local-yocal tomorrow).
I did call Sy Goldberg (a very cordial and informative gentleman).
My boat is older than he insures, but he did turn me on to National Marine
Insurance (1-800-822-6267). Very professional and easy to work with.
They will insure me for just a little more than what I was quoated by State Farm; a very reasonable $863.00 / yr. :drink: :D :drink:
So either way....color me BOATING this year..... :evilb:

Re: Insurance Question
 

i would say a high performance boat is 1000 HP + and over 100k... that might not be a popular statement, i am sure there is some guys with 22' crownlines that will swear their boat is high performance too... now, can you get older boats that fit both requirements, yes, but i don't think we were talking about older boats, but newer ones... but when somebody says high performance to me, i think of that or higher... all i know is they won't do my boats because they are "high performance" .... i still would beware of anybody who has policys like that.... it never hurts to read everything, twice.... and state farm has all my stuff besides my boat, so its not like i am trying to knock them, they actually take good care of me and he tried to insure my boats, just wasn't allowed to..... i just hope this insurance thing gets worked out soon, i am dreading this fall's cat renewal and it really is making it hard to look at a new nor-tech not knowing what it might cost this year or next....

Re: Insurance Question
 

cheap skate :evilb:

Re: Insurance Question
 

Sean, your right....I don't think that will be a popular statement. I consider myself a performance boater and will never own anything of that caliber. '

Don't worry I'm not offended though. ;)


Buck

Re: Insurance Question
 

and what is your boat insurance right now? :rolleyes: