Quoting an umbrella policy to include boats - FYI
08-17-2012 | 01:56 PM
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HP Marine Ins. Specialist
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From: Insuring any kind of boat
Quoting an umbrella policy to include boats - FYI
Since I moved some of the umbrella threads to the top of this forum section, I've received a lot of inquiries requesting that I assist them in getting an umbrella quote for them that will not exclude their boats....
Well, before you email me asking me for assistance in getting you an umbrella, please read and understand the following:
1. No insurance carrier willing to write an umbrella that will include your performance boats will be willing to do it on a stand alone basis. Meaning, they aren't going to just let you keep your existing insurance where it is and then write an umbrella policy for you. This situation (with coverages with various agents/carriers) is an E&O nightmare waiting to happen. When a change in made to your primary policy, then a corresponding update needs to be made to your umbrella policy to ensure no "gaps" in coverage and that nothing compromises the requirements of the umbrella. When you have your personal lines policies (home, autos, boats, etc) with a bunch of different carriers, it is easy to forget to update something and because of this risk, few carriers and agents are willing to take it.
So, carriers will require you to submit a "rounded account" meaning all of your home, auto, toys, rentals etc. To be considered for the umbrella coverage.
2. If you have a boat capable of over 80mph then in order to get the adequate coverage and an umbrella that will cover you, you'll likely need to go a private client group. This private client group is a group you go to get really good, comprehensive, all the bells and whistles insurance coverage. It is not a carrier you shop pricing on. You're going there because you need your assets and you a$$ protected and aren't going to be upset that the home coverage through this carrier is $200 more per year. For this market you also need to own a home that has a replacement value of $750,000 or more.
So, if #2 is not an option for you then #1 is the only option I am aware of.
Your other option would be to forget about the umbrella and just purchase an excess liability policy that extends the limits of your primary boat policy.
If you would like to discuss umbrella options, please be aware of the above before inquiring. I'm open to always assisting anyone who wants assistance but you have to be willing to have all your coverages with one carrier and look at pricing as a whole and not per policy.
Well, before you email me asking me for assistance in getting you an umbrella, please read and understand the following:
1. No insurance carrier willing to write an umbrella that will include your performance boats will be willing to do it on a stand alone basis. Meaning, they aren't going to just let you keep your existing insurance where it is and then write an umbrella policy for you. This situation (with coverages with various agents/carriers) is an E&O nightmare waiting to happen. When a change in made to your primary policy, then a corresponding update needs to be made to your umbrella policy to ensure no "gaps" in coverage and that nothing compromises the requirements of the umbrella. When you have your personal lines policies (home, autos, boats, etc) with a bunch of different carriers, it is easy to forget to update something and because of this risk, few carriers and agents are willing to take it.
So, carriers will require you to submit a "rounded account" meaning all of your home, auto, toys, rentals etc. To be considered for the umbrella coverage.
2. If you have a boat capable of over 80mph then in order to get the adequate coverage and an umbrella that will cover you, you'll likely need to go a private client group. This private client group is a group you go to get really good, comprehensive, all the bells and whistles insurance coverage. It is not a carrier you shop pricing on. You're going there because you need your assets and you a$$ protected and aren't going to be upset that the home coverage through this carrier is $200 more per year. For this market you also need to own a home that has a replacement value of $750,000 or more.
So, if #2 is not an option for you then #1 is the only option I am aware of.
Your other option would be to forget about the umbrella and just purchase an excess liability policy that extends the limits of your primary boat policy.
If you would like to discuss umbrella options, please be aware of the above before inquiring. I'm open to always assisting anyone who wants assistance but you have to be willing to have all your coverages with one carrier and look at pricing as a whole and not per policy.
Last edited by WakezoneINS; 08-17-2012 at 02:33 PM.
