[C320-list] Boat insurance question

[Timothy Woods]

Onat,

Last summer in Miami a boat broke free of its mooring and hit mine. The
boat was insured by Geico and they were fantastic. I was on my way to the
Keys so Geico sent their claims adjuster 120 miles to survey the damage.
Two weeks later they paid the claim in full and didn't exclude anything.
This year when my policy comes do I'm getting a quote from them.

On May 19, 2017 4:06 PM, "Allan S Field" <allan.field at verizon.net> wrote:

> In looking at my policy, it shows as issued through BoatUS Marine Insurance
> (agent) with the company being Geico.  The switch in companies over the
> years was from Continental (CNA) to National Liability &Fire Insurance
> Company (2013) and now to Geico.  But again, since 1988, I have never dealt
> with anyone else other than the folks at BoatUS.  I think what may have
> changed is the invoicing as that was always done through BoatUS but now
> Geico does their own invoicing.  I never got an invoice from either CNA or
> National over the years.
>
> -----Original Message-----
> From: C320-list [mailto:c320-list-bounces at lists.catalina320.com] On Behalf
> Of poodlessail at gmail.com
> Sent: Friday, May 19, 2017 3:08 PM
> To: C320-List at Catalina320.com
> Subject: Re: [C320-list] Boat insurance question
>
> I am not certain I am speaking to a BoatUS employee about insurance. When I
> paid the last bill, the receipt for the payment came from Geico.
>
> Diane
>
>
>
> Sent from my iPhone
>
> > On May 19, 2017, at 1:22 PM, Allan S Field <allan.field at verizon.net>
> wrote:
> >
> > Onat - I have been with Boat/US since 1988 and have never thought of
> changing, even when they went with GEICO.  I have several reasons for
> sticking with Boat/US. And they all make sense to me!  For any insurance
> folks I offend by what follows, I at least hope we can still remain
> friendly!
> >
> > Insurance companies go through business cycles - good years and bad
> years.
> During the good years, they are able to compete by lowering premiums to
> "buy" business from a competitor.  But eventually, their reserves fall
> behind and they have to increase their premiums to keep up.  Generally,
> their business cycle is about 3-5 years.  So I might be able to get a great
> rate today with another company that is on the upside of their business
> cycle but also know that rate won't last.  So my thinking is it's better to
> stay with one company through the business cycles and at least have a good
> history with that company.
> >
> > With healthcare insurance, which I am most familiar with, the insurance
> companies generally work for percent of premium or what we call PMPM (per
> member per month) based on the amount of claims paid.  In neither scenario
> is there an economic advantage to the insurance company to keep premiums
> and/or expenses low, other than to "buy" business from competitors during
> their competitor's downside years.  But since health insurance companies
> are
> also exempt from knowing the rates their competitors pay to their providers
> (which would be an antitrust violation in any other industry), they can
> "shadow price" their competitors.  I am unsure if boat insurance works the
> same way but assume until proven otherwise that working through a broker,
> who probably is paid on a percent of premium basis, probably is not in my
> long term best interests.  But I do know if I call a broker, that broker is
> going to ask me what my coverage is from the other company, what I am
> paying
> for the levels of coverage purchased, then find companies in their upside
> cycles and place the policy with the company that is in the best interests
> of the broker (with some consideration for my interests also; I just
> believe
> in the axiom, "Show me the incentive, and I'll predict the behavior every
> time."  That's they super-cynic in me!).  So another reason I stick with
> Boat/US is they don't sell through brokers, at least to my knowledge.  When
> I call Boat/US, I think I am getting a Boat/US employee.  And no one at
> Boat/US has ever tried to sell me home, auto, life, personal umbrella or
> health insurance - they just do boats (I believe).
> >
> > In summary, yes, I can probably achieve short term savings year after
> year
> by shopping my boat insurance.  It just seems to me that my
> insurance-shopping history is going to bite me in the rear should I ever
> have a claim.  And if that concern is valid, that's a risk I am just not
> willing to take!
> >
> > Hope this helps!
> >
> > Allan S. Field
> > Sea Shadow - C387, #103
> > Columbia, MD
> >
> > -----Original Message-----
> > From: C320-list [mailto:c320-list-bounces at lists.catalina320.com] On
> Behalf
> Of Onat Dogruer
> > Sent: Friday, May 19, 2017 9:09 AM
> > To: Catalina List <c320-list at catalina320.com>
> > Subject: [C320-list] Boat insurance question
> >
> > Hello all,
> > I have been with BoatUS for 8 years for our coverage; never made a claim.
> This year they are switching me to Geico as well. With our recent move, I
> had just Chesapeake bay in the previous plan and now being forced to switch
> back to "Coastal and Inland Waters of the US and Canada" hence increase in
> premium. I find it very strange for them to force everyone to shift to this
> as cruising limit. The underwriters I spoke with at BoatUS haven't been
> very
> helpful and told me that there is no more just a Chesapeake limited
> coverage.
> >
> > I wanted to get your thoughts and experience if you heard the same.
> Alternatively, which insurance companies do you use?
> >
> > Thanks,
> > OnatS/V Kittiwake1998, #546
> >
>
>