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    Another Insurance Question

    I am in the middle of purchasing a new-to-me boat. It is not a Bayliner but and Marinette 39 Sedan flybridge.
    I am reviewing insurance carriers and like a quote from Chub - Ace American Insurance Co. It is a Agreed Value Yachtsman Policy. Does anyone here have experience or knowledge of this company.

    Here is a summary of the coverage quoted:
    Coverage Limit Deductible Premium
    Vessel & Engine(s) = $40,000 with $800 deductible
    Liability Coverage (incl. Pollution)1 = $300,000
    Medical Payments (per person) = $25,000
    Uninsured Boater = $300,000
    Unscheduled Personal Property = $10,000 with $250 deductible
    Towing & Assistance = $1,500 per incident
    Tender/Dinghy = Included
    Total Annual Premium: $622

    Thank you in advance for your help.
    John
    John
    1986 Marinette 39 Sedan after enjoying our 1984 Marinette 28
    (formerly 89 2755 5.8 OMC & 97 1850SS 4.3L Alpha I)

    #2
    It depends so much on where you are as to the rate, and I have no experience with that company. I’ve had Premier for years and been happy with my agent who also have my collector car insurance. Given the boats that are out there, 300K is light on the liability imo, but I am known as risk adverse. We have all of our policies linked to an umbrella policy for 1M which is more cost effective than having 1M on each policy.
    All that said, in over 60 years of boating I have yet to have a liability claim.
    Your quote is also $100 more than my 3818 diesel boat located on Puget Sound with a cruising range throughout the Salish Sea for a reference.
    P/C Pete
    Edmonds Yacht Club (Commodore 1993)
    1988 3818 "GLAUBEN”
    Hino EH700 175 Onan MDKD Genset
    1980 Encounter Sunbridge "Misty Blue" (Sold)
    MMSI 367770440
    1972 Chevrolet Nova Frame off Resto-mod in the garage
    Boating on the Salish Sea since 1948

    Comment


      #3
      I have that exact policy with Chubb currently.

      I haven't had any claims and the rates have been stable (+/-$100) over 15 years.

      I have, however, been toying with the idea of switching to Geico/BoatUS for the upcoming season. I've poured over the language of both policies and I believe the better coverage exists with BoatUS, specifically as it relates to towing coverages and PARTIAL LOSS depreciation of machinery and the interior of the boat...which for me is basically the entire thing less the hull. The Chubb coverage deeply depreciates machinery, interior such as carpeting, vinyl and canvas. My boat is as close to brand new as you can get. Still smells new. With the depreciation, they feel that the engine/drive/interior is fully depreciated to 10%. I could never replace any of that for 10c on the dollar. The BoatUS coverage does not begin to depreciate those items until 20? years of age (don't have the policy right in front of me). So for me, I could switch to BoatUS and have the interior components and machinery not depreciated for another 5 seasons or so.

      Also, I pay $85? a year for Unlimited towing through BoatUS already, which is an included component of their insurance policies, so I would be able to cancel the towing membership and it would become part of the insurance coverage instead, essentially saving an extra $85/yr.

      So, that's where I'm at. I am told that the Chubb coverage is strong, however for me, the only way I could ever come out ahead would be to totally destroy the boat. Partial losses are going to be deeply depreciated resulting in practically no payout. I feel that there might be a better coverage option out there with BoatUS for +/- the same premium.

      Also, as PCPete says, the $300K liability is light. You can bump that to $500K for practically nothing and then add a several million dollar umbrella on top of that. If you have any sort of accident, especially if somebody gets hurt, you will smoke through $300K in a heartbeat.
      Mocoondo
      2002 Bayliner 195 Capri
      Mercruiser 5.0L V8 / Alpha I Gen II
      MMSI: 338091755

      Comment


        #4
        What year?
        water survey or any survey required?
        Joon, Kathy, Jaden & Tristan
        Uniflite 42 AC, DD 671N
        93 3058 sold
        92 2855 (day boat)
        91 Fourwinns 205 (lake boat)
        Longbranch WA
        Life is Good

        Comment


          #5
          Originally posted by shade2u2 View Post
          I am in the middle of purchasing a new-to-me boat. It is not a Bayliner but and Marinette 39 Sedan flybridge.
          I am reviewing insurance carriers and like a quote from Chub - Ace American Insurance Co. It is a Agreed Value Yachtsman Policy. Does anyone here have experience or knowledge of this company.

          Here is a summary of the coverage quoted:
          Coverage Limit Deductible Premium
          Vessel & Engine(s) = $40,000 with $800 deductible
          Liability Coverage (incl. Pollution)1 = $300,000
          Medical Payments (per person) = $25,000
          Uninsured Boater = $300,000
          Unscheduled Personal Property = $10,000 with $250 deductible
          Towing & Assistance = $1,500 per incident
          Tender/Dinghy = Included
          Total Annual Premium: $622

          Thank you in advance for your help.
          John
          Chubb is a reputable company, but like Mocoondo, we have our boats with Geico/Boat US. IF you have an umbrella policy, $300k liability is usually the required underlying amount, which is what I have. (BTW, I'm a retired agent.) The deductible is standard 2%, but with Boat US, if no claims, the deductible diminishes to zero in four years. The medical payments usually only apply after one's health insurance. IF you have homeowners or renters insurance, your personal property is covered there. Get a quote from Geico/Boat US, they're also good at paying claims.
          Jeff & Tara
          (And Ginger too)
          Lake Havasu City, AZ

          2000 Bayliner 3388
          "Sea Ya"
          Cummins 4bta 250s

          In memory of Shadow, the best boat dog ever. Rest in peace, girl. July 2, 2010

          Comment


            #6
            Originally posted by Ruffryder View Post
            What year?
            water survey or any survey required?
            It is a 1986 model. Chub, Boat US & State Farm appear to all require a survey. I have a surveyor lined up once we can schedule with the seller and marina. The boat is in heated storage in Michigan.

            I have a quote from Boat US that initially seems higher for less coverage.

            Thank you all for the good advice.
            John
            1986 Marinette 39 Sedan after enjoying our 1984 Marinette 28
            (formerly 89 2755 5.8 OMC & 97 1850SS 4.3L Alpha I)

            Comment

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