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Recommendation

Marine Insurance/Health Insurance/Banking/Bill Paying/Taxes

Recommendation

by russell » Wed Nov 21, 2012 10:04 pm

As a single hander with an older boat, I have always struggled getting insurance (and have gone most years with none at all). In the last couple years though the requirement for liability insurance for haulouts and even short term marina stays has become more prevalent. In looking for a company that would give me liability insurance with no survey requirement (even though my boat is close to 30 years old) that didnt mind that I was a single hander, I found a great company. Global Marine Insurance Agency http://www.globalmarineinsurance.com/ . I cannot speak for claim payments, as I have had no claim, but getting a policy at all from a legitimate insurance agency with the above conditions says a lot and I know there are a lot of SSCA members in similar situations. My policy is underwritten by Markel, which is odd since many agencies which offer policies from Markel wont even talk to me. The times I have called to make changes to my policy, or ask questions, they have always answered quickly and politely (even though I have a cheap and minor policy, I dont get treated like I am not worth their time when they have million dollar boats to take care of). I even called to make a policy change right after Hurricane Sandy, when they were of course super busy, and I got someone quickly and they were happy to help.

I have no interest in the company nor get any benefit by posting this, it is simply for the information of others who may have had a hard time insuring their cruising boat.
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Re: Recommendation

by lancelot9898 » Thu Dec 20, 2012 9:15 am

What amount of liability coverage do you have and what is your annual premium? Thanks for the info.
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Re: Recommendation

by lshick » Tue Jul 02, 2013 4:04 pm

I had an interesting experience this week that bears on this question, and suggests a line of questioning that wouldn't have occurred to me.

We had a survey done this week (just something we do every couple of years, to stay ahead of things). Surveyors are often involved in assessing insurance claims work, so they say what they think a repair will cost, and often see what the insurance company will pay. This surveyor (Neil Haynes, Charleston SC, first rate) said that he did a lot of work where the insurer was Markel USA, and, to use his word, their settlements were "fair," i.e., within the bounds of fairness given the contract/policy. Tough to ask for much more than that.

He pointed out another boat in the same yard, that had its wing keel fall off due to the keel bolts corroding through. His insurance policy (and most policies) exclude damage due to corrosion. Ouch.

So, I guess, if you're shopping insurance, talk to some surveyors. And read your policy. Again.
Larry Shick
"Moira" www.sv-moira.com
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Vessel Make and Model: Valiant 42

Re: Recommendation

by Liberty » Tue Oct 22, 2013 12:45 pm

isn't Global US coastal waters only?
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Location: Salem Oregon
Vessel Name: Liberty
Vessel Make and Model: Hunter 430

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