What should I look for in a boat insurance policy?

J

johnniethek

Well-known member
Joined
Jan 23, 2009
Messages
414
Fluid Motion Model
C-30 S
Hull Identification Number
FMLT29211617
Vessel Name
Salish Searcher
Hi folks,

Finalized delivery plans for my new R-27 OB (outboard) today with the folks at Ranger Tugs. Now it's time to get an important item take care of: insuring the new boat.

I already have an R-21 EC (Red Ranger) and, when I purchased it, I just added that coverage to my existing policies with Allstate.

But since I'm stepping up my game with this new boat, I thought I would search the market for best/better rates, along with optimum coverage limits. RT recommends Global Marine Insurance, but I am sure there are beaucoup other firms out there.

Which brings me to my question:

What factors are really important when it comes to buying insurance for your boat? Price and coverage, obviously. But can anybody here break down the "coverage" aspect of buying boat insurance? What should I get and what can I skip?

Any and all thoughts/suggestions welcome.

John, aka Johnnie the K
 
I looked into BoatUS before going with the Ranger Tug deal. BoatUS was way more expensive! I do not have Global Marine as RT had different program at the time but as far as I can tell the RT deal offered has better coverage at less cost. Our regular insurance company for our cars, home, and old boat did not offer a “Yacht” policy so that was not a choice.
 
I was connected to Global Marine Insurance when I purchased our 2010 Sea Ray which we sold when we purchased our 2015 Ranger Tug. Again we went with Global Marine Insurance. I have been a BOAT US member for 35 years and their insurance was clearly an option as they a reputation for good customer service and claims resolution but their premium quote was more than double when we looked in 2015 (I understand they are more reasonable now). I am no insurance specialist (and only ever had a claim due to a highway accident {not my fault} that totaled a Sea Ray and State Farm took good care of paying for the boat) but from what I understand: A marine insurance specialist understands the need to cover you in both US and Canadian waters, will not drop you once your boat becomes 10 years old, understands the liability issues in the event of a disaster (charges for environmental damages, etc.), will understand the personal property you have on board, and will have premium pricing that is dependent on when and where you boat. When we purchased our Ranger Tug switching policies from our Sea Ray to the Tug was seamless. Global Marine had the endorsement of both the Sea Ray dealer and the Ranger Tug dealer (a major yacht brokerage business on the Great Lakes. Because it is what they do, I would definitely give them a chance to give you a quote let them tell you what they think you should know before you buy. Get a few other quotes, compare coverage and prices and you should have some comfort level about your choice.
 
I am sure you know Global Marine is a broker, and they broker plans from any of several companies. I know they had a pretty decent offer put together last year. Unfortunately, I don’t recall who the underwriting company was.

Back in 2015, Bob Schwab of Anchor Marine (206-273-6996) put together a program with Travelers in which Travelers offered their large Yacht Policy to Cutwater and RT buyers. When we checked the Global and Anchor programs against each other last year they seemed pretty comparable. But you really do have to take the time to go line item by line item to know what you are being offered. For what it is worth, Bob took the time to show us policies from several companies so we could understand the strengths and weaknesses of each.

We have worked with Bob since 2015, and have found him to be straightforward and always willing to take our questions. We did what research we could and Travelers seems to have an excellent reputation. So we stuck with Travelers. With the caveat that we haven’t had any claims, thank goodness, we would recommend checking out what Bob can tell you.

One thing you might already know, given your history, is that your umbrella insurance policy underwriter will probably want to know who your yacht policy insurer is, and they may have an opinion one way or another as to whether they find that carrier satisfactory for primary liability coverage. Our primary insurer has had no issue with Travelers even though our primary insurer offers their own boat insurance policy.
 
"yacht policy" that includes at least:
Actual cash value
Hull value
Liability
Add-on coverages
salvage
medical payments
fuel spill
named storm coverage

We had Global Marine for a few years, and after getting a quote from Boat US after Geico bought them, we are now saving about 40 percent from Global, for only slightly less coverage limits.

No problems with Global: great folks and great customer service, but bottom line we're saving bucks with Geico/Boat US.

I think a large factor in determining rates is the question on application "Number of years boating experience".

Good luck,
 
You want to make sure you have Consequential Loss Coverage. This is explained in a previous post I wrote, viewtopic.php?f=2&t=9472&hilit=+insurance
At the SW FL rendezvous this year I asked the Global representative about this coverage, they write through Geico which does have this coverage in their policies.
 
Im with Anchor Marine as well underwritten by travellers. Their Tug/Cutwater designed policies are good.

Sam Landback
ANCHOR MARINE UNDERWRITERS
2731 77th Ave SE, #207
Mercer Island, WA 98040
Phone 206-273-6996
 
We have looked closely at both Global Marine and the Anchor Marine Policies. For us the big difference was the coverage for personal property inside the boat and the coverage while trailering. When Global tried to match the coverage provided by the Anchor Marine/Travelers coverage they ended being about 10% more. Haven't ever had a claim so not sure how each would stack up if you ever really needed the coverage.
 
No matter which company you go with read the policy in depth. Pay particular attention to how they will repair in the event of accidental damage. Though the wording may vary there are basically two options. You need repairs to original manufacturing standards. You want to avoid a patch and paint approach.
 
All good advice here. What I found is that you should shop your insurance every year. It refreshes your memory of what you have and often keeps the premiums consistent. I have found that many times there is coverage "included" , however when you realize you don't need it or want it, the price lowers when you eliminate it. As an example I get my coverage through Global and towing is included through Boat US, but the coverage is not the gold plan that I purchase as a member of Boat US. I eliminated the policy towing and it lowered the premium. So making sure you do not have double coverage is important as well.
Additionally, increasing overages on specific items that you want is important as well.
 
Thank you Kevin for the kind words!
Always try hard to stay neutral...However this is the first time since joining TugNuts almost a decade ago I have ever responded. I so enjoy helping the special Ranger Tugs & Cutwater Boats family with their Yacht Policy needs.
Since I and Anchor Marine Underwriters started the Ranger Tugs & Cutwater Boats Program back in 2010...(Especially with the assistance of Jeff Messmer & Mark Mansfield in 2010 and Andrew Custis after that) The Program is still going very strong and to date we have insured hundreds of wonderful owners with this amazing program not only here in the Northwest but nationwide. Many are now on their 2nd and a few on their 3rd boat!
To you Kevin, and all the terrific owners, please have a fun & safe 2018 on the water!
Best Regards,
Bob Schwab
 
This is all great information. I just talked to Bob Schwab at Anchor Marine, very helpful gentleman. Their office is two blocks from mine, a nice surprise.
 
Thanks to one and all.

I have a bid from Global Marine, and expect one in a day or so from Anchor Marine and boatinsurance.net. If there are others I should check with, please let me know.

Sounds like Boat U.S. will be too expensive so I will just pass on them.

Thanks, again,

John aka Johnnie the K
 
And the winner is...

Global Marine...

If you want actual bids I got from all three companies, send me a PM and I will reply.

JtheK
 
Ranger had recommended Markel American Ins. when I bought my boat last year. Since no one mentioned them, I just looked at my policy and it says my agent is Global Marine Ins. Why am I going through Markel, if I can go directly to Global? Or can I? Comments please, from those more experienced in marine insurance than I am. Thanks.

Todd
 
Prior to my Ranger Tug I had a Silverton. Two years ago there was a fire, that’s a long story that has many facets.

Fuel spill liability is an absolute necessity. Had it not been for that it could have wiped me out financially. Fortunately I read a lot and had several Hazmat Company Phone numbers handy, thank God! The fuel spill cleanup cost almost $100k. The disposal cost about $50k. Because I was proactive and had contacts I saved about $200k on the cost of the fuel spill. My limit was $300k. From now on I will have a minimum of $1M fuel spill liability.

For Comp and Collision you can have agreed value or actual value. Agreed value is easier because you agree up front what the vessel is worth.

The two things I didn’t have was medical payments and personal effects coverage. We lost all cell phones, computers, car keys, clothes, fishing gear, etc. and several went to the ER to be checked out. I had no coverage for any of this. Fortunately no one sued, but they could have.

I learned a lot about boat insurance. Fortunately, the conclusion of all investigations was that I was not negligent. It could have been much worse had I not followed a strict maintenance and safety regimen.

I had Progressive then and still have them now. Their service was nothing short of outstanding. What the policy cost then and now is cheaper than any other I got quotes from.
 
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