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Insurance on fast cats?

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Old 07-15-2003, 01:44 PM
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Insurance on fast cats?

I am getting a call a day from friends who are having problems getting insurance on their cats. I am with Markel and it costs me nearly $5,000 a year on a 35 Motion and $1200 a year on a 25 Warlock cat with twin O/Bs. I have $5000 deductibles and not so great coverage. My question, anyone have suggestions on insurance companies? I am also thinking I should self-insure the boat but with some kind of liability policy only. Sort of like auto insurance without full coverage.

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Old 07-15-2003, 01:55 PM
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Link does not work. "site for sale"
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Old 07-15-2003, 02:05 PM
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AMERICAN MODERN INSURANCE GROUP
18005432644 OR 12123493500
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Old 07-15-2003, 02:11 PM
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Brad- I have my cat with World Wide, but they use Markel too.
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Old 07-15-2003, 03:14 PM
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I am also with World Wide and they do Markel. Markel is one of the few and I do mean few. Maybe 2 companies write cats. Maybe Sy or PGM will post in with a reply as to the other company or companies. My annual is 3300.00 and it only went up a few dollars this year, after have a 7800.00 claim last year
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Old 07-15-2003, 03:20 PM
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I have liability only on both boats. On the Skater I switched to my neighbor. See, until then all the agents kept telling me that I could not get liability without full coverage. They claimed that the underwriters would not write the policy any other way. In chatting with my neighbor one night (he sells insurance to recording studios, musicians and bands, great niche market) he said he could look into it for me as he uses Markel. Well guess what? I have a large liability policy only on the Skater and it costs me $300.00 per year!
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Old 07-15-2003, 03:55 PM
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I figure I can repair even a major crash to my boats for not a ton of money. Considering I have never had a problem in 30 years of boat driving and 10 years of 100+ mph stuff I can take the risk myself. What I get nervous about is some jerk on a PWC driving under my bow.

Shane I am surprised it is only $300. That is some serious money savings. Are you covered for theft? I am going to look into this further. Anyone else doing liabilty only?
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Old 07-15-2003, 04:02 PM
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Brad,

No I am just covered for liability. I leave the boat on the trailer ususally at my lake house. I have a very large and sturdy lock for the tongue. There is a ball mounted to a flat plate that locks to the tongue. In order to steal anything they would have to essentially remove the entire tongue and install a new one. It is pretty slick and made by master lock. Also, where I live is virtually crime free and the boat is parked in an area that is able to be seen from the road or the water.
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Old 07-15-2003, 04:56 PM
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Shane-
You got my attention too. I have about the same driving history as Brad. For the money saved, I could easily afford to pay for repairs.
Thanks
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Old 07-15-2003, 05:03 PM
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What if the boat sinks and there is an environmental fine, does liability cover it?

What about someone who is uninsured that totals your boat while on the trailer?

Just curious, I do not know the answers to this?
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