insurance sucks
 

I just need to vent for a second.

3 weeks ago we got a new boat (2004 36 Nortech w/ 2-525's). Bought insurance from a broker that was recomended to us who got a policy from Marcal. Paid half a years premium = $5k for 3% deductible and 300k liability. i think this is insane, but ace wanted a 67k deductable so this was a better choice. Yesterday they say they wont insure me anymore. WHAT THE F**K. is that even legal? I have a perfect driving record both on the water and off, have been boating for 12 years ( but this is my first high performance cat) and i have completed a boating safety course. I left Sy Goldberg a message yesterday, but everyone has been telling me that there are only 2 companies that insure cats anyways so another broker cant help me.

Re: insurance sucks
 

markel gave me the same run around at first, they ended up doing it afterall, just stay with it.... they had to put in some more limits in mine, lay up time, drivers, etc....

Re: insurance sucks
 

Try www.totaldollarinsurance.com , World Wide Marine underwriters 517 333 4100, Extreme Marine Specialists 866 805 3691. Also thought i saw an ad recently that Progressive is venturing into the cat market

Re: insurance sucks
 

most of them go through markel though.....

Re: insurance sucks
 

The manufacturers obviously need to step up and help with securing insurance in some way - if the trend continues, they will be out of business. I know, easier said..

Re: insurance sucks
 

If ACE knew what they were insuring you will not get cat insurance through them. My company pays big prmiums to ACE and believe me they had a very dificult time saying NO to a 28 Skater I was looking at.
The manufactures should be very concerned about this or they arent going to be selling cats for much longer.

Re: insurance sucks
 

Call Bob L. @ world wide marine, I bet he can set you up. Bob has been great to work with, no run around.
Dean

Re: insurance sucks
 

Lost in Boston,
As a broker for Markel with significant premium volume, I will lay out in simple terms for you and others on this board the basic underwriting considerations for CATS. First, the operator is underwritten considering age, experience with similiar size and type of vessel to be insured, safety courses, and MVR. As these are named operator policies, all operators are underwritten. Next the vessel is underwritten to include manufacturer, engines, speed, and safety equipment. Finally, other considerations are reviewed to include navigation territory, mooring and storage locations, winter lay-up, previous losses (if any), and if a trailer is involved the type of tow vehicle and its towing capacity.
Assuming all of the above is acceptable, the hull value and speed will determine the minimum deductible and premium charge for the hull. I should note that Markel is not a market for CATS under 26' in length or over 120 mph. Also, if you need higher limits of liability (up to $1,000,000) you better have the right experience and be over age 30. PLEASE NOTE, all CAT quotes must be approved by a company underwriter prior to releasing a quote or binding coverage, NO EXCEPTIONS. This rule applies to all agents, even those of us with underwriting and policy issuance authority.
CATS are difficult to insure and it is a very small marketplace for them. That said, Markel is the leader in writing them and they have been doing so for many years.
If anyone has a specific question, I will check this thread and respond or you can call me @ 1-800-530-3357 and I will try to help. I am not soliciting business here ( I don't need it) I simply want to try and help this board understand what goes into insuring a CAT.

Re: insurance sucks
 

called allstate and they will write a 30 spectre cat "BUT" power cant exceed 225hp

Re: insurance sucks
 

twin 225's that is

Re: insurance sucks
 

Rocky-
Thanks for the informative post. I have over 15 years experience as a catamaran owner and it's interesting to see how the market has and is changing.

Due

Re: insurance sucks
 

That's what the Ins companies want :mad: They figure if you can afford a boat like that then pay up :mad:

Re: insurance sucks
 

That is Sy that LiB is referring too Peter.

Re: insurance sucks
 

It's getting just as bad for V Hulls. Try insuring an older Cigarette with custom engines on the Gulf Coast including Florida. My insurance has doubled this year, as in $5,000.00 with 1/2 million liability :mad:

As far as Bob L. he never even provided a quote after two requests :rolleyes:

Re: insurance sucks
 

Cig other ,
Did you actually speak with Bob? Bob has always has returned my calls, or he just calls me to just to talk about SOTW Poker Run! :D
His Ph. # 1-800-339-1235
Dean

Re: insurance sucks
 

Ok, learn something everyday. Better stay with my present job.

Re: insurance sucks
 

I find that VERY hard to believe. :rolleyes:

The problem with Bob is not getting him on the phone, it's getting off of the phone with him!! :p :D :drink: :D :drink:

Re: insurance sucks
 

Dean:

We spoke at least twice and covered the Poker Run details :D . He knew a lot about Cigs and performance boats, which was great. However, I never did receive a quote for my 35 or 38. I also left several messages for him. Guess he was too busy???

Re: insurance sucks
 

Its getting handled, He is taking my boat school, that should have him handled.

Re: insurance sucks
 

Guess what? Bob L. ran me down and offered his sincere apology for not getting the quotes out. He did have some personal issues to deal with prior to the holidays. It's unfortunate for both of us because he had the best coverage and the best premium. I will definitely give him another shot in the future.

Re: insurance sucks
 

Sure would be nice if they offer us a policy and take your money, and we go ahead and buy the boat because we now have ins., they need to be held accountable for canceling a policy shortly after you get the boat. Maybe make them buy the boat off us! :mad:

Re: insurance sucks
 

I have allstate with both of my cats one is a 2005 Spectre 300pro max's -2002 Couger300 pro max's both will run over100mph.

Re: insurance sucks
 

That is who i went through.

Its being handled, i just needed to vent cuz i was pissed.

Re: insurance sucks
 

REMEMBER, BIG BROTHER IS ALWAYS WATCHING.... EVEN ON OSO :D :evilb: :D

Re: insurance sucks
 

OH if were that simple................ :rolleyes:

Re: insurance sucks
 

REMEMBER, BIG BROTHER IS ALWAYS WATCHING.... EVEN ON OSO

so true you think an Ins co. isn't looking on here from time to time reading about what we say we do with our boats :eek:

Re: insurance sucks
 

Kinda doubt their searching their files for poilicies under:

CAP071, Risk Taker, Sean H, LostinBoston & CMG!

Re: insurance sucks
 

Craig, you stole that quote from me 'cause I've posted that before. :D

Re: insurance sucks
 

Did not!!! Maybe we just think alike! :drink: :drink: See you in Richmond? :drink: :evilb: :drink: :evilb: