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Getting around cat insurance with a car dealership???

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Getting around cat insurance with a car dealership???

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Old 02-05-2008, 09:48 AM
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Default Getting around cat insurance with a car dealership???

I just sold my boat and am now looking at some cats..........I know cat insurance is very expensive so every cat I look at, I ask the guy how much he is paying for insurance. This one guy said to me "I own a car dealership, and I have it insured through the dealership for next to nothing." Is there any truth to this???????? And if there is how is it done????
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Old 02-05-2008, 10:07 AM
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Originally Posted by 302Sport View Post
I just sold my boat and am now looking at some cats..........I know cat insurance is very expensive so every cat I look at, I ask the guy how much he is paying for insurance. This one guy said to me "I own a car dealership, and I have it insured through the dealership for next to nothing." Is there any truth to this???????? And if there is how is it done????
I dont think so the only one that will write the CATS is MARKEL / ELTON PORTER the SKATER is 2K a month just if you do talk your homeowners or someone to write it make sure your covered and the INS dont walk away from a claim and you have to hand over your house keys and your bank account if theres ever a claim & someone gets hurt ...i tried even insuring the Eliminator with the business ins and they said no way jose . Chit the Lambo had to go thru Loyds of london ..
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Old 02-11-2008, 03:42 PM
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I don't know all of the details but I think as long as it is owned by the dealership it is covered. I know it is that way on the cars but you don't want to even think about paying the car dealership insurance bill as it would make that 2k a month look like a drop in the bucket.
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Old 02-11-2008, 04:03 PM
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I own the land that the dealership (used cars) is on, so I wonder if I could put it through the dealership......
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Old 02-19-2008, 12:23 PM
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I am not a insurance specialist, however if youhave a car dealership, home, life, Liability, umbrella ........... and everything insured under the sun. I imagine the agent would underwrite a policy for the owners boat. We had a similar situation a few years back like that, when you say you will take all the business away to someone who will insure it, its amazing what can be written. just my exp

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Old 02-19-2008, 01:45 PM
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worldwide marine also insures cats ... saved me 1/2 over elton porter on a skater call 800-339-1235 ask for greg
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Old 02-19-2008, 06:01 PM
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probable refering to his demo insurance, my uncle has a used car lot along with a marine dealers tag sells boats also, his insurance covers a specific $ amount of inventory say 500,000 total, he purchased a high $ 300,000 carver for resale and had to up his insurance $ amount because it put his inventory over the limit, and i believe that all his boats were insured under his dealers insurance, basicly the boats were always for sale and his insurance covered them as you have to demo the boats. might be a fine line on a 140mph cat. but i can see it happening, im sure these dealers with the high performance cats for sale handle it similarly , im sure they dont insure each individual boat.

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Old 02-19-2008, 09:51 PM
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I have mine insured with American Reliable, them and Markel wert the only two that I found at the time would do it. There is no way I would try and insure mine through my business too many Liabilities issues to worry about...

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Old 02-20-2008, 11:10 AM
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Originally Posted by later View Post
probable refering to his demo insurance, my uncle has a used car lot along with a marine dealers tag sells boats also, his insurance covers a specific $ amount of inventory say 500,000 total, he purchased a high $ 300,000 carver for resale and had to up his insurance $ amount because it put his inventory over the limit, and i believe that all his boats were insured under his dealers insurance, basicly the boats were always for sale and his insurance covered them as you have to demo the boats. might be a fine line on a 140mph cat. but i can see it happening, im sure these dealers with the high performance cats for sale handle it similarly , im sure they dont insure each individual boat.

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Very true. Also, if somone wants a dealer policy, they will need a license etc or the carrier will not write the policy. There are other factors as well - not as easy as it may sound.
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Old 02-20-2008, 11:23 AM
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[QUOTE=fountain4play;2451926 too many Liabilities issues to worry about...[/QUOTE]

Exactly fountain ,If you can afford the boat why phuck around with the insurance ????? with todays day & age lawyers/lawsuits why even take a chance and have to turn over your house,car,summer home keys if god forbid something did happen ... and as it is i'been told they scrutinize these claims and try to walk away from some
good luck
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