umbrella policies that include high performance boats
03-01-2011, 11:10 AM
#11
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Stacy is pretty much right on with the captive insurers (State Farm, Allstate, Nationwide, etc...) really only playing on the mid level performance boats. The problem you run into is many times when you are dealing with captive agents they are not familiar with the boat they are insuring. In other words are they looking at your vessel as an 80MPH performance boat or are they looking at it as a 30MPH cruiser.
This is the gray area in which you can get wrapped up in should at the time of loss it come up. These carriers have been known to take a hard line on representations and if every t is not crossed and every i dotted you may end up in one litigation with the injured party and one with the insurance company trying to decide coverage issues. It is very important that you make sure the umbrella carrier is aware of the type of vessel and the speeds it is capable of so you can boat without worry. We always recommend to our prospective clients or clients that switch to make sure they get the ever important CYA letter when dealing with a carrier that does not specialize in the performance market.
Should you not have that letter and coverage issues develop which result in a claim declination, it would have potential to be a very expensive mistake.
At Total Dollar we have in house access to place liability limits up to $5 Million on most performance boats with greater limits available upon request. Should you need to explore these options of high liability limits to protect your net worth call us today or submit an online quote at our website below.
This is the gray area in which you can get wrapped up in should at the time of loss it come up. These carriers have been known to take a hard line on representations and if every t is not crossed and every i dotted you may end up in one litigation with the injured party and one with the insurance company trying to decide coverage issues. It is very important that you make sure the umbrella carrier is aware of the type of vessel and the speeds it is capable of so you can boat without worry. We always recommend to our prospective clients or clients that switch to make sure they get the ever important CYA letter when dealing with a carrier that does not specialize in the performance market.
Should you not have that letter and coverage issues develop which result in a claim declination, it would have potential to be a very expensive mistake.
At Total Dollar we have in house access to place liability limits up to $5 Million on most performance boats with greater limits available upon request. Should you need to explore these options of high liability limits to protect your net worth call us today or submit an online quote at our website below.
03-01-2011, 12:57 PM
#12
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There is one big difference here between what DB HAMMER is wanting to cover and what State Farm covers for the three of you.... DB HAMMER has a 140mph CAT and for you guys... State Farm is covering mid performance boats for you guys under their umbrella policy. That is a really big difference in exposure to an underwriter....
I do see the captive insurers including mid performance (under 100mph) V hull boats under their umbrellas, however, I rarely see a carrier like State Farm extending their umbrella policy form over a 100+mph CAT hull boat. I think it's just out of their "comfort zone".....
I do see the captive insurers including mid performance (under 100mph) V hull boats under their umbrellas, however, I rarely see a carrier like State Farm extending their umbrella policy form over a 100+mph CAT hull boat. I think it's just out of their "comfort zone".....
03-10-2011, 11:44 PM
#13
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Hi there,I find myself looking for insurance AGAIN!!! It seems the everyday big name insurance companies dont inform their brokers very much info on what a high performance boat is. My broker for State Farm was happy to write a policy for my 34 Kachina with stock twin 496 power, however when I went to get a copy of the binder I find they will not insure a high performance boat. Do the math 750Hp 8000Lb its not that fast when I asked what the problem was the broker pulled out a "confidential" book & told me they dont like the Hp# or the pointy nose because people drink & race with them!!! I said but you dont have a problem covering my Z06 vette or SS camaro they said no its not the same. Can someone help me out. I would like to be able to write 1 check to pay instead of multiple policies with multiple companies.
03-11-2011, 12:06 AM
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Hi there,I find myself looking for insurance AGAIN!!! It seems the everyday big name insurance companies dont inform their brokers very much info on what a high performance boat is. My broker for State Farm was happy to write a policy for my 34 Kachina with stock twin 496 power, however when I went to get a copy of the binder I find they will not insure a high performance boat. Do the math 750Hp 8000Lb its not that fast when I asked what the problem was the broker pulled out a "confidential" book & told me they dont like the Hp# or the pointy nose because people drink & race with them!!! I said but you dont have a problem covering my Z06 vette or SS camaro they said no its not the same. Can someone help me out. I would like to be able to write 1 check to pay instead of multiple policies with multiple companies.
Last edited by WakezoneINS; 03-11-2011 at 12:12 AM.
03-11-2011, 08:53 AM
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"A pointy nose" what a technical and professional reason to decline to write business for someone
lol
03-14-2011, 01:30 AM
#17
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Hi there,I find myself looking for insurance AGAIN!!! It seems the everyday big name insurance companies dont inform their brokers very much info on what a high performance boat is. My broker for State Farm was happy to write a policy for my 34 Kachina with stock twin 496 power, however when I went to get a copy of the binder I find they will not insure a high performance boat. Do the math 750Hp 8000Lb its not that fast when I asked what the problem was the broker pulled out a "confidential" book & told me they dont like the Hp# or the pointy nose because people drink & race with them!!! I said but you dont have a problem covering my Z06 vette or SS camaro they said no its not the same. Can someone help me out. I would like to be able to write 1 check to pay instead of multiple policies with multiple companies.
03-14-2011, 10:31 AM
#18
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Any SF agent with a little bit of pull can get it insured. It just depends on how bad they want your business and how much other business they have of yours. SF insures my 32 AT with 830hp. Underwriting tried to cancel it initially, but my agent got it done with no problems.
05-03-2011, 03:01 AM
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Next time anyone is shopping for insurance with the big names(progressive,state farm,etc) ask the agent what the difference is between a high performance powerboat & a 300hp 18' bass boat.Im just curious if they have a different pointy nose or the ins co has a different scale to rate the power to weight ratio. Anyway I think I got things covered finally. Thanks Stacy it was nice to meet you at DS hope to see you again some time
05-03-2011, 11:29 AM
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Next time anyone is shopping for insurance with the big names(progressive,state farm,etc) ask the agent what the difference is between a high performance powerboat & a 300hp 18' bass boat.Im just curious if they have a different pointy nose or the ins co has a different scale to rate the power to weight ratio. Anyway I think I got things covered finally. Thanks Stacy it was nice to meet you at DS hope to see you again some time
Thank you and hope to see you both again next year!
