My Solution
 

I think my prior statements would eliminate any grey areas and everybody would be on the same page if this letter was provided or not.

Hey Rip, I thought you told me you have a Nationwide Policy with a REAL cheap premium?

Dave

I paid $8700 a year for a 2005 47 Lightning with trip 525s. I had to go thru LLoyds of London. I am located in Florida so it was real tough to find insurance.

Driven1,
Holly chit, I couldn't do it. $8700/yr. Thats crazy. The weight of a 47ft with 525's is going to produce about the same speed as 500's in a 38 or 42.
38 or 42's premium would be half that.

Hmmmm...okay. All this has me concerned now. I'm insured through ACE. Anyone familiar with them? Premium is about $300/year. However, this is Michigan and we have a layup period of about 7 months. Boat is a '94 Sunsation Dominator with 7.4's.

That is one of the reasons that I am downsizing. Insurance it just stupid here in Florida. I almost bought a cat last year and was told insurance would be $25,000 a year..

Tres...I agree, everything is good until you file a claim with SF. If you have other insurance with them, the underwriters not wanting to lose your business will try to "push the Policy through" on a boat. Was told by State Farm higher up, they dont knowingly insure High Performance boats. They look at a couple of buzz words, Cigarette, Supercharger, ect, to decide what type of craft it is. They will take your money, when their is a claim, hopfully never but. You may need a good Lawyer. Has anyone had to file a claim that is insured with State Farm? Did everything go ok? Just wondering.:boat:

I didn't even consider checking with my SF agent about insuring my new Cat, I knew they wouldn't insure it so I ended up getting a policy from American Reliable for $5,400.00 with a six month layup...

The only problem that I'm having with SF is recently I was having them add an additional Umbrella policy to cover any excess liability on all of my vehicles and water craft.

They denied it due to the Cat, which is fully insured and this has me strongly considering moving all of our SF to the Agent who has my Cat policy, it won't make my SF Agent happy and they have handled all of our policies since 1980, but we need to be fully insured and not have to worry about someone slipping somenthing by the auditor to get the policy written only to have items denied when you need it the most.

To date I've never had a claim, took Tres's course which by the way is excellent and would recommend it to anyone with a high performance boat.

I'd be worried. I'll bet you they have it listed as a cruiser or family runabout. I had a dealership get a quote for a boat they were selling 99 28 pantera twin 7.4/310hp and they said $350 annual. I called the insurance agent and asked why so low and he said the dealer told them it was a 28ft boat with single 7.4, top speed 50mph. Thats outright fraud IMO. After we got the facts right it came in at $1300.

I had a claim with State Farm for a drive. Hit something. I never had any issues and it was paid fast. I have a very good relationship with the dealer that works on my boats and he had a pretty good relationship with State Farm, so I'm sure that helped.