I'm checking to see if anyone here insures Cat's other than Markel or American Reliable for a first time Cat owner?

After completing Markel's Performance Boat questionnaire and then being issued a policy for two months they have now cancelled it stating; “Applicant does not meet required experience for High Performance Program”.

What is the purpose of filling out their application and then issuing a policy, paying a premium, cashing my check for them to then backtrack and cancel it with no warning?

While its true I don’t have a great deal of experience driving a Cat it doesn’t take into account over 30+ years of boating experience in other high performance “V’s” without a single incident or claim.

The only reason I listed American Reliable is that they require a minimum number of years before they will write a policy and I can understand that this is there policy and don’t have a problem with it, so for the sake of discussion I am only interested in someone other than these two carriers.

I find it strange that I can without exception get coverage for my CLS-550 which can run in the 150’s but not a boat that goes a little over 100mph just because of the hull style.

If there is anyone who can or knows of someone who will write a policy for a first time Cat owner let me know. The boat is a 2003 Nor-Tech 3600 with 525EFI’s and XR Drives, nothing too exotic just a great overall boat.

Thanks, Jim

Markel will insure you if you take the Tres Martin Performance Driving Course.

Markel & American Reliable are the only two performance cat insurer's.

Ah if it was just that simple, I’ve seen the Markel advertisements that it would reduce the costs of the insurance but the person who originally put together a quote for me which by the way was not accepted due to too many conditions and restrictions.

He was insisting that the motors be de-tuned and dyno testing of both motors be submitted which could be verified in addition to requiring the taking the Tres Martin Course. I agree is probably a very valuable class and a good thing to take, but unfortunately in our area it is not going to be offered until the end of the season.

At some point I’ll take a High Performance Course, but it would be done to gain further experience and expand my knowledge of these types of boats not just to get insurance.

But getting back to the point at hand, I’m not interested in getting insurance from Markel even with the Tres Martin Course, there lack of professionalism in cancelling this policy.

It does one that gives a person any confidence that they would actually be there if needed. It may be only my perception of this company, but it is the experience that I have personally had with them.

It does one that gives a person any confidence that they would actually be there if needed. It may be only my perception of this company, but it is the experience that I have personally had with them.[/QUOTE]

You haven't had a good experience and that sucks. Markel is actually a good carrier and there may have been other factors. For example, I can write cats with Markel up to 120 MPH and American Reliable up to 130 MPH. EP can write Markel up to 150 MPH (they are the only agency that has that authority with Markel). I believe you stated your boat is around 110 MPH but Markel's "Speed Calculator" may state that your boat is faster. If that is the case, your policy would have to be written by EP. (This may not be your situation because if the boat calculates over 120 I don't think your agent would have been able to get a quote.) Definitely something odd & not common.

You are correct this hasn't been a good experience and it's more of the time it occurred and the wasted time and money on my part that "sucks".

If in fact my boat does rate out faster than 110 mph on Markel's Speed Calculator it still was there failure to do the required pre-approval “Due Diligence” in this matter which has caused the issue in my opinion and that of my agent’s.

Personally I have a hard time understanding how a company can first issue a policy and then cancel it when the original risk has not changed. It was not anything that was included or excluded on their application, all of the information was totally factual, boating experience, boat make, type, length and size of engines, drives, ECT.

It doesn’t make any sense to try and embellish or fabricate information on an Insurance Form, if you want and expect it to be there when you need it the most.

Going through the entire process of getting it written, paid for and in-place for two months only to have it cancelled without warning to me says something about the company and in this incidence it is not a positive one.

Not that it will change anything or provide coverage I will be sending a consumer complaint to our states Insurance Division with copies of the questionnaire and policy along with the cancellation notice.

Unfortunately you are not the only person this has happened to. The carriers have 60 days to get off of a risk otherwise they are on it until the renewal (unless a non-pay issue). I have had a lot of people call for a quote on a high performance boat & they are shocked at the rate. When I get a response like, "State Farm, Allstate etc will isure my boat for..." I tell the person that there is something wrong and those companies do NOT insure high performance boats. True, some of them do slip on the books but that is not what those carriers want. Also, some of those less expensive policies are ACV & don't have Uninsured Boaters!

I think I started to ramble & probably got away from your problem... PM me your info & I'll see if I can help.

Shawn

Shawn,

I knew going into this purchase the premium was going to be fairly steep for this type of boat and don't have a problem with it at all. I also knew there were very few carriers who would write the policy for a Cat.

In the past I've run into the same thing with getting coverage for my business due to the type of work we do and have had to locate companies that are familiar to our risks and not go with someone who is oblivious to our operations.

One thing I have learned from this experience is that don't use your companies or personal agent even if their a broker for many other companies unless they have specific experience with what you are trying to insure.

Mine unfortunately was like the old commercial when I would ask if he's ever done this or worked with any of the companies he always answered yes, and probably said after he hung up the phone "how am I going to to that" ...

He then searched for someone just as I was and he ended up with somebody who obviously had some past experiences that were not positive and wanted the world from me (and not just taking the Tres Martin class) before he would agree to write the policy, some of these were more than I was willing to go for a one year probationary term.

It was only then I found a agent who primarily handles these types of policies and then secured one for this year.

It was sometime after that the other agent discovered I did not go with him the problems started when he contacted Markel. This appears to be more about loosing a policy commission than the actual risk at hand.

For me this is just a little annoyance that has caused me some grief, but in the long run it will work itself out.

Right now I have someone else who is checking to see if they can write the policy and if that falls through I'll be sure and give you a shout and thanks for the offer.

Jim

Jim,

Thanks for the info. All I can say is, WOW!

Good luck.

BTW - It sounds like you have a good understanding about insurance.

Shawn,

Thanks, it's kind of a live and hopefully learn situation and try and control the things you really can and not worry about the ones you can't...

it's like losing a bid on a project, i don't dwell on it just try and prepare myself better for the next round... sometimes we tend to get caught up in the little things and forget about the big picture and whats really important...

The last thing i need to do is get all worked up about something thats supposed to be an outlet, relaxing and fun while away from the day to day of the office grind...

one way or another we'll get'r done...have a great weekend... have a poker run on the harleys tomorrow for MDA...good thing the scooters polcy is in place...LOL

JIm

i got a quote from my State Farm agent for a HTM SR-24 cat worth about $50K and they said no problem, $600/year. I had them double ckeck that and they stated they only care how much the hull is worth and that is what they base their decision on, not the hull style. Dunno, i live in texas and there are only a few cats here so maybe they dont know what it is. Just my .02