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Old 12-29-2004, 08:09 AM
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Default 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.
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Old 12-29-2004, 08:36 AM
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Default Re: insurance sucks

Quote:
Originally Posted by LostinBoston
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.

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....
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Old 12-29-2004, 08:44 AM
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Default 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
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Old 12-29-2004, 08:51 AM
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Default Re: insurance sucks

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Originally Posted by waterheater
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

most of them go through markel though.....
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Old 12-29-2004, 09:14 AM
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Default 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..
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Old 12-29-2004, 09:29 AM
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Default 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.
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Old 12-29-2004, 09:35 AM
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Default 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.
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Old 12-29-2004, 11:11 AM
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Default 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.
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Old 12-29-2004, 11:33 AM
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Default Re: insurance sucks

called allstate and they will write a 30 spectre cat "BUT" power cant exceed 225hp
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Old 12-29-2004, 11:35 AM
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Default Re: insurance sucks

twin 225's that is
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