[C320-list] Boat insurance question

[Chris Burti]

We have had two 5 digit claims over the years and Boat US handled promptly
and without quibbling. Last time,  they paid to repair a bent rudder shaft
and then paid to replace the rudder assembly when that wasn't satisfactory.
GEICO is the insurer, but Boat US handles the claims. it is a fantastic
company run by boaters.

Chris Burti
Commitment, #867
Farmville, NC


On Fri, May 19, 2017 at 4:32 PM, Timothy Woods <woodstimothya at gmail.com>
wrote:

> 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
> > >
> >
> >
>