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Need new bluewater insurance - Canadian boat

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Need new bluewater insurance - Canadian boat

by Evan_Gatehouse » Mon Sep 28, 2015 2:40 am

Hi All,

Topsail Insurance just informed us that one of their underwriters, Royal Sun & Alliance, was exiting the yacht insurance business. They couldn't find another underwriter for us (we're a Canadian yacht which apparently complicates things).

We're seeking bluewater insurance for our boat (currently in Madagascar, and heading to South Africa, and a S. Atlantic passage next year).

Any suggestions welcome, especially from Canadians with recent claims experience!

No offense to Al Golden but my perception is that the Jackline policy from Merkel is quite pricey compared to others. I'd be glad to consider IMIS but don't want to waste time getting a quote because of that.

Evan Gatehouse
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Re: Need new bluewater insurance - Canadian boat

by Al Golden » Mon Sep 28, 2015 9:32 am

<No offense to Al Golden but my perception is that the Jackline policy from Merkel is quite pricey compared to others. I'd be glad to consider IMIS but don't want to waste time getting a quote because of that.>

Good grief!!!
Al Golden
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Re: Need new bluewater insurance - Canadian boat

by Brilliant » Mon Sep 28, 2015 10:12 pm

You get what you pay for.

Can't say enough about how happy we have been with our Jackline Policy. Al Golden and his team are great. We couldn't have asked for better treatment from Markel. After being put on our side in a nasty spring storm, Markel was there to make sure everything was done for us. As soon as we were in the slings at the marina a surveyor was there to assess the damage and to make sure everything was checked, repairs started and fixed right. Within hours of our launch with all repairs done, the settlement check was on the way.

You really do need to waste your time and get a quote from IMIS.

Cheers,
Pete
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Re: Need new bluewater insurance - Canadian boat

by ka4wja » Tue Sep 29, 2015 11:39 am

Evan,
As a customer of IMIS, who has had a Jackline Policy now since 2007, covered my two most recent Atlantic crossings with this policy, and have had no claims...I can tell you the only thing "pricey" is the cost of the "named windstorm coverage" when I'm in Florida from July 1st thru Nov 1st!
Evan_Gatehouse wrote: No offense to Al Golden but my perception is that the Jackline policy from Merkel is quite pricey compared to others. I'd be glad to consider IMIS but don't want to waste time getting a quote because of that.

The underwriters (Markel) are fairly paranoid about insuring for hurricanes in Florida, during the height of the storm season...

I pay more for insurance in Florida, than I do if I was sailing across the Atlantic a couple times again this year...
So, you just way wish to give IMIS a call....or not :)


Fair winds...

John
John, KA4WJA
s/v Annie Laurie, WDB6927
MMSI# 366933110

(currently lying, Sewall's Point, FL)

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Re: Need new bluewater insurance - Canadian boat

by Evan_Gatehouse » Wed Sep 30, 2015 3:21 pm

Well I've contacted IMIS and we'll see how they do!
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Re: Need new bluewater insurance - Canadian boat

by brilliantstar » Thu Oct 01, 2015 11:55 am

Yes, Markel can be pricey. But one gets what one pays for whether it is Markel or not. We changed to them from a cheaper very well known company because of the excellent claims service Markel offered three fellow boaters -- two of which incurred $50K plus lightning strikes. Markel even paid one of the owners at market rates for performing his own labor since he had credentials for doing so.

Yes, Markel is finicky about insuring boats in Florida in Hurricane Season -- far too many boaters here have a hurricane plan that reads "That's what insurance is for." Markel insists on a written plan, increases the deductible for windstorm damage during a named storm, and is appropriately picky about the risk associated with your marina's design and location.

Also be aware quite a few marinas will want their company listed as a loss payee on YOUR policy. Many insurance companies won't touch this. As I recall Markel's response was NO, but that may have changed since we were underwritten.

Generally speaking people forget insurance is a risk pool -- too much risk in a risky place puts all insured at risk. A parallel example. Our house in Northern Virginia was 1.5 times the size of this one and twice the value. We insured it for 9% of what our first quote was for our present house in Florida, which is not on the flood plain and is miles from the ocean. Ultimately we only had to pay three times a much or 4.28 times as much per square foot. Why, because the pooled risk here is at least that much higher.
Same with boats, especially those that have "that's what insurance is for" as a plan.
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Re: Need new bluewater insurance - Canadian boat

by ka4wja » Thu Oct 01, 2015 12:19 pm

Just an FYI...
I did a couple-page long "hurricane plan" for IMIS, and I think Rachael never saw such a detailed plan!!

brilliantstar wrote: Yes, Markel is finicky about insuring boats in Florida in Hurricane Season -- far too many boaters here have a hurricane plan that reads "That's what insurance is for." Markel insists on a written plan,


Fair winds...

John
Last edited by ka4wja on Thu Oct 01, 2015 1:09 pm, edited 1 time in total.
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Re: Need new bluewater insurance - Canadian boat

by Al Golden » Thu Oct 01, 2015 1:05 pm

It's really important to understand that Markel underwrites two very different policies! Their Helmsman policy is intended for domestic vessels cruising in US and nearby waters, While our (exclusive to us) Jackline policy has dramatically tougher underwriting guidelines, but once you qualify, most decisions are left up to you. There's no such thing as a "Hurricane Plan" in Jackline, nor a specific type of on-shore support, etc. Jackline assumes that you know what you're doing, and don't want to lose your yacht.

Evan & Diane are in Madagascar currently, so you might want to limit your comments to what applies in their case.
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Re: Need new bluewater insurance - Canadian boat

by Balme » Fri May 13, 2016 10:56 am

I'd like to take the opportunity to make a plug for the Markel Insurance Company and IMIS who are our agents...

Toodle-oo! was hit by lightning last year and suffered pretty seriously. We've now got all new electrical gear, electronics gear, standing rigging and furlers. The windlass has been rebuilt, the drivetrain removed and checked, etc., etc.

Markel and their appointed surveyor, Bill Robbins, studied reports of the various repairing companies and were fully supportive in restoring Toodle-oo! to original (except with more modern versions of what had been in place :-) ) and they provided interim payments as we progressed through the repair process. They turned a bad situation into a manageable one.

I am confident in the repairs that have been made and delighted with the support that has been given me by my insurance company. (Have to say, this is the first time I have EVER praised an insurance company!!!)

Looking forward to going sailing this weekend!!

Thanks Al...
Bill
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Re: Need new bluewater insurance - Canadian boat

by robertmackie » Fri May 13, 2016 6:59 pm

Glad to see that you are underway again! Hope all is well. :P

Bob

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Re: Need new bluewater insurance - Canadian boat

by Scott Berg » Sun May 15, 2016 3:14 pm

another very happy IMIS customer; while we are covered by the Jackline policy I'd point out that they are brokers representing over a dozen companies and I'm sure that then can find something to meet your needs.... that's what cruisers do for cruisers!
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Re: Need new bluewater insurance - Canadian boat

by skipmac » Thu Jun 02, 2016 9:08 pm

Al Golden wrote:It's really important to understand that Markel underwrites two very different policies! Their Helmsman policy is intended for domestic vessels cruising in US and nearby waters, While our (exclusive to us) Jackline policy has dramatically tougher underwriting guidelines, but once you qualify, most decisions are left up to you. There's no such thing as a "Hurricane Plan" in Jackline, nor a specific type of on-shore support, etc. Jackline assumes that you know what you're doing, and don't want to lose your yacht.

Evan & Diane are in Madagascar currently, so you might want to limit your comments to what applies in their case.


Al,

Sent you a PM asking about insurance for my Pearson but haven't heard back. Did you get the message?


Skip
The water is always bluer on the other side of the ocean.
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Re: Need new bluewater insurance - Canadian boat

by marcuslibkind » Tue Jul 26, 2016 12:21 pm

I found some of the posts on this thread interesting in that I just renewed my insurance and was not happy with the options.

I bought my boat one year ago in the summer in Florida so I had to pay very high rates due to hurricanes. I understood. After 4000 nm in the Caribbean I made port in North Carolina in May, which is clearly out of the designated hurricane zone and I plan to stay out of it until the end of the hurricane season. When I went to renew my insurance (was Seaworthy which is now Geico) they would not give me any reduction regardless of the fact that I would not be in the hurricane zone.

I went to Jackline and there policy was a little bit more and I couldn't see why I should change so I renewed the one I had.

Should I expect to get a reduced rate if I have moved my boat out of the hurricane zone? Could my problem be that while I live on the boat for 6 months a year, I live in California and am considered an absentee owner? The second is true but I get a responsible person to look after my boat; in fact that is a requirement of my insurance if I'm gone for more than two weeks. For instance, this summer it is on the hard in a boat yard and they looked after it.
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