WakezoneINS

Good Evening OSO members! It's been awhile since I've posted. It's because you all keep me crazy busy!!! (thank you for that!) As we are now into "boating season" in the insurance world we are running into a few things that I thought I would address here on OSO as an educational piece.

in 2017 Foremost made an announcement and changes to its offerings. The announcement was that they were no longer going to be writing NEW business on any boat that was over 26ft AND greater than 20 years old. I gotta be honest, this shook me as an agent. Prior to this announcement, insuring an older performance boat really wasn't all that hard. Foremost offered up a great solution for those vessels at a pretty affordable price. Once they stuck their new guidelines, we quickly found that there were very, very few carriers writing coverage on boats in that sector of the marketplace. This is still the case currently. Keep in mind this change did NOT apply to boats already on their books, those were grandfathered in. The change applied to new quotes and new boats wanting to come to Foremost.

Why am i posting this? Couple reasons:

1. If you are a current insured with Foremost and you have a boat older than 20 years AND greater than 26ft.... never miss a payment, don't let the policy lapse, THEY WILL NOT RE-WRITE YOU.
2. If you are looking to buy a boat that is in that classification, shop your insurance BEFORE you commit to buying the boat.


While I can write these vessels with Wake Zone, i do feel as though there are a couple markets that specialize in that sector of the marketplace.

• National Marine Underwriters
• Markel Insurance Company

Our agency does have one market that will write these vessels and you're welcome to reach out to us as well to explore all of your options.

You can visit our website to obtain a quotation. We can insure boats with no speed limit, any size, any horsepower and any operator (with the exception of a couple states). Get an Insurance Quote

speicher lane

Stacey, you never cease to amaze in your customer service delivery and support of performance boating

underpsi68

Stacey are the rates going up excessively for existing customers?

WakezoneINS

What I have found is that yes, in some cases, they are. I do believe that when they allowed that classification of vessels to stay, in order to balance out their exposure, they did up rates. Being very honest, i have seen some rates jump dramatically. Others, not a lot. Very few have stayed the same.


The thing with rating with Foremost is that there are a ton of rating factors, including insurance scoring that goes into their renewal rates. So it truly is a case by case.

36Tango

WakezoneINS

Foremost guidelines apply to both levels of coverage. So no, they would not. We have a market that does liability only but they are expensive. I have noticed over the years that liability only offerings are few and far between. Not many offer it as an option.

sleev-les

Mine went up a little bit. It was around $60 a year I think...

jmoore1225

iTrader: (1)

Up $250 from prior year.

1MOSES1

uluru

Any of our Cdn friends in the insurance business have any comment on this issue.
I am shopping for a 29' -32' performance boat in the 2000 - 2008 vintage.
I have yet to check with my carrier.
Sounds like I better do some checking before I ink a new deal.
I presently have a 1999 29' Fountain CC with twins.
No problem insuring it in the past..