Expanded guidelines just in time! Boat top speed under 120? READ THIS!
 

Over the course of the past couple weeks I've been getting a lot of phone calls from boaters who currently use "Flo" to insure their boats. Flo has kicked them to the curb citing the reason that she just doesn't write coverage on performance boats any longer. Well for any boater with a boat capable of under 100mph (aka mid performance boats) and high performance boats to 120mph, you are in luck! One of our A+ admitted carriers is about to wow boat owners with an enhanced product & great rates.

If you have a boat that is capable of under 120mph, then I encourage you to shop your coverage with us. This product is extremely competitive against any of the existing performance carriers, this is especially true for those of you that currently have policies on a boat that is capable of between 80 and 90mph.

The product is rolling out 07/01/13 and will be rolled out on a state by state basis. If you request a quote and the enhanced product is not yet out, we will contact you and hold your quote request until your state has been rolled out.

I've been writing for this particular carrier since 2003 and they have served my clients and my agency well over the years.

You can request your quote here: Get a Quote_3
If you are an existing client - your policy will be shopped at renewal with this program automatically

Here is a brief overview of the changes:

All policies will still provide for the follwing standard:

- Physical damage to hull, machinery and trailers with low to high deductible options
- P&I liability up to $1,000,000 on a primary form basis
- Medical Payments
- Pollution coverage up to $1,000,000
- Uninsured watercraft up to $1,000,000
- Towing
- Personal Effects


Policy Enhancement Options included depending upon form elected:
- Diminishing Deductible
- Hurricane Haul Out
- Depreciation Deferral
- Total Loss Replacement Cost
- Watersports liability
- Enhanced Towing
- Trip Interruption
- Additional Pollution Liability
- Guaranteed Renewal
- Loss Forgiveness
- Bahamas/Mexico Coverage
- Boat Lift/Cradle/Hoist coverage


Discounts available

- Boating Safety Course
- Protective Devices Discount
- Multi-unit discount
- Multi-Policy discount
- Affinity and Alliance Discount
- Paid in Full Discount
- Loss Free Renewal Discount
- Prior Insurance/Transfer discount - Perfect for those wanting to change carriers!!!!
- Lay up discounts
- Insured Age Discount (55 and older)

Will Florida eventually be one of the states?

Sorry for the delayed response. I'm waiting on the State rollout sheet from the carrier to I can post when each state will have the enhanced/expanded guidelines effective. I'll keep you posted.

OK.... I've gotten more details regarding teh state roll out.

New York - Was effective 06/1/2013

AZ, CT & TX - 7/1/2013 (can begin quoting for 07/01/13 effective dates on 06/25/2013)

IL - Pending for 08/01/13


The roll out is going to be a slower one as the state filling get finalized for each state. What I have found so far on the NY risks is that they are very competitive! Examples:

1996 35' Fountain Lightning running 75 - 80: $1006.00 per year
1989 31 Cigarette Bullet - $787 per year
1996 30' Formula SR1 - $835
2000 28 Donzi - $761


Where this program is going to be awesome is on performance CAT boats and V bottoms. They are going to be insuring CATS up to 120mph up to 25 years old! Most current carriers won't insure that old and the CAT rates are expensive. I'll post some rate examples on CATS shortly.

Very Interested in the new Cat rates, please keep us informed.

Looking forward to coverage in IL.

I will for sure. As soon as rates are out in the States mentioned above (6/25) I will run some dummy quotes and post the rates.

Any timeline for MI?

Any CHANCE that Fl will get this? Probobly not, nothing against you Stacy, we have had this conversation a couple of times!

Not yet. This program is expanding very slowly. That is the only part about this that I do not like but I have to make due with what we've been given. I'm loving the policy form. I'm loving that these guys will take first time CAT owners, will write in areas of NY that other carriers will not and that when it comes to policy form, they have many of the high performance carriers beat! :)

Rest assured that as I have updated on the roll out, you guys will be the first to know!

Hi Dean, Honestly, FL is probably last on their list ;( If I hear of anything I will post it here.

THIS IS NOT AN EXCLUSIVE PROGRAM ! Total Dollar and many other agents have access to this program.I would like to check out the guidelines and it may work for us and tie in with our exclusive program

Not sure where you read... "exclusive" (again) but nowhere in this thread does it say "exclusive". My words were: one of our carriers has expanded guidelines.


Besides, I honestly don't think any boater cares whether or not the program with which they are choosing to insure in is EXCLUSIVE to an agency or not.

About as good of a thread hijack as you will see! Good work!

Rates are now released for AZ, CT and TX.

V-hulls and CATS up to 120mph

- Losses ok
- MVR history ok
- No prior boat ownership ok

Submit your requests through our web form:http://www.wakezoneinsurance.com/Get_a_Quote_3.html

Hopefully they show some mercy and add FLA to the list. But I doubt it.

Anything for Louisiana

Example of how a risk compared today.....

TX Risk (inland)

$100,000 on value with 5% ded
2005 28 Daytona with twin 525 mercs


existing Performance carrier came in at $4582 annually with a required 6 month layup
Foremost came in at $2306 per year with no policy restrictions on use, navigation or trailering!


Pretty awesome!

Hey Stacy, Passed this info to jimmy in NY heard you saved him some big money ! 30 Spectre

Yes, we held his existing policy and he was just up for renewal so we were able to move him and took his premium from $2680 a year to slightly over $1300. Better pricing and a better policy form too :)

Right now the next one for release is IL on 8/1.... no news on others yet.... I assure you that when there is news, it will be posted here :)

Another TX example:

Owner with less than one year of performance boat ownership...

Was paying $6500 elsewhere....

Moved to this program, lowered deductlbes and gave more enhanced coverages....

2006 Fountain Lighting with twin 600's... $150,000 value TEXAS COASTAL

New annual premium: $3862

IL is a go for 8/1/2013
MI is a go for 8/15/2013
PA is a go for 09/01/2013

Will continue to update as more states roll out....

OK

Yes my boat is capable of over 120mph. Actually, 160mph. But....... that was when it was set up to run that way.

The way it is set up now, it is about a 120mph boat.

So.... the question is who determines the boat's speed? The manufacturer or the underwriter.

I spoke with a certain cat builder who told me all boats leaving his factory are set up to run under 150mph so they are insurable. It's up to the customer to change the set up if they want to go faster.

I would have my boat set up to not go over 120mph if I could get the savings you are proposing.

I believe that top speeds are set by a varying number of people/sources in the industry.....

• SELLERS of vessels post in their ad what their top speed is for their vessel. U/W and Brokers can view this just by searching the internet.
• MANUFACTURERS have posted what their boats are capable of with certain engine packages. We have spreadsheets produced by manufacturers that were given to us by the manufacturers themselves.
• MATHMATICS - see BAM Marines website: http://www.go-fast.com/boat_speed_predictions.htm and put your specs into the calculator
• MAGAZINE articles
• INTERNET SOURCES - Boattest.com for example
• EVENT RESULTS for shootouts

The above isn't an all-inclusive list but the reason I mention it is because they ALL come into play when reviewing a vessel for eligibility for a program. The one thing that is constant is that the underwriter has the final say and if they say no based upon their own research then it would be up to you to prove them wrong. Trust me when I say, that is really hard to do these days with the internet and all sorts of info on each vessel out there. But, sometimes, you win and then the fight is worth it :) But if you have a Skater with Merc 1075's (just as an example)... this isn't the program for that boat.....

Gotta try :)

A+ for effort :)

Stacy just sent you an email but figured I'd post here as well. Sold the powerplay and looking to get a policy on the Phantom. Please let me know if we are looking good for a Michigan roll out in a couple weeks. I'd be interested. Thanks - Neil

Hey Neil,

Got your email. I will respond to you shortly. That's an easy one :)

Stacy

Wooo hooo.... Mississippi is set for a launch date of 10/01/13~~~
:)

Stacy,
Is that new program out for mi. Yet?
Thanks garry,

Never mind,I see its tomorrow the 15 th.

Stacy can get you a quote now. I've been working with her on this same program but need to get a survey now due to nada being so low.

Hey Garry,

I sent it over to you a couple of days ago. Let me know if you didn't get it.

Stacy

i didnt get it stacy

Are there any plans for MD?

MD is not on the calendar yet but that doesn't mean it won't roll out soon. The roll out is based on how quickly the individual State Departments of Insurance do their approvals....

New States announced...

Start dates of:

10/01 - Missouri
10/01 - Utah
10/15 - Indiana
11/01 - Alabama

Quoting capabilities for the new program are available roughly 15 days prior to product launch for each state.

Anything coming for South Carolina

What is the highest liabilty available for this program ?

I do not have SC on the list quite yet. However, all states will be rolling out eventually. right now, it's just a matter of your respective State approving the program/filings. States are coming out pretty quickly.