Commercial/Charter insurance

Raider Ronnie

Captain
Joined
Sep 1, 2011
Posts
2,685
Likes
1,348
Age
56
Location
Boston Ma.
Website
www.bostonharborcharters.com
Boat Make
33 Flowers.
Maybe Tim from Ocean Marine will chime in since he’s a sponsor here.
Word from a friend who charters & does a limited amount of commercial he was paying $1800.
Got quoted $5200 & change.
If you are paid up in full prior you may be ok but next year or if not paid up in full this year prior......
 

Fishonnelsons

Captain
Joined
Sep 14, 2015
Posts
881
Likes
486
Location
Truro, Cape Cod
Website
Www.bethanncharters.com
Boat Make
38 Wesmac
Tim spoke at our last Cape Cod Charterboat Association meeting a few months back.

Many insurance companies getting out of the USA market due to dramatically increased cost of claims and crazy claims in our "sue everybody" society.

My current company exiting, coverage ends in May, just sent new application back to Tim today to start trying to get a replacement
 

bluefin650

Senior Member
Joined
Sep 5, 2011
Posts
332
Likes
59
Location
Southern Maine
Maybe Tim from Ocean Marine will chime in since he’s a sponsor here.
Word from a friend who charters & does a limited amount of commercial he was paying $1800.
Got quoted $5200 & change.
If you are paid up in full prior you may be ok but next year or if not paid up in full this year prior......
I called Tim when my insurance jumped a lot. He said there was a 20% increase to all premiums without insurance claims. The final kick in the balls is the insurance company will not covering boat premiums which will require everyone to get a boat survey if you have not had one in the past 2-3 years.
 

slam1918

Member
Joined
Oct 5, 2014
Posts
26
Likes
4
Location
Pemaquid, Me/Tequesta, Fl
Boat Make
Bruckmann 30, Dynamite Payson Skiff
Been insuring boats, yachts, commercial & private for over 30 years. Insurance is cyclical. Even with the major jump in premiums post Irma/Maria, hull rates are still lower than they were when I first entered the insurance market in 1987. As stated above the London market has all but withdrawn on hull values under 10 million. South Florida based boats are paying eye popping premium prices compared to the North East. Typically the household names Chubb, Travelers, Hanover, GEICO (BoatUS) are getting much more discerning. They are looking for yachts less than 10 years old and not willing to offer terms on owners who have submitted more than 1 claim over a 5 year period.
Any boat owner who has not had their vessel surveyed within the last 3 years don’t wait. Get a C&V (condition and valuation) survey done before your boat goes back in the water . This will provide your agent ammunition to approach other insurance companies who are still active and quoting.
There are a limited number of companies available. I do not recommend calling 5 different agents as more than likely they will all approach the same companies. Know you agent, be sure they specialize in marine insurance, ask the right questions and know the timeline of when they will get back to you. Don’t bother with a ballpark figure. Wait for a firm quote and make sure the agent has real claims experience with the company they are offering coverage. All that said we have not turned away any client and have found a credible insurance company that will meet your needs.
For commercial Lobster boats there are still 2 competitive US insurance programs that will offer an excellent policy at a competitive price.
Best of luck to all trying to muddle through. To many of my friends and clients have seen 2 months of booked charter business cancellations. The majority of big yachts have cancelled their itineraries heading to the Mediterranean this summer and are bound for New England waters. Ready or not here they come.
 
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