Good experiences with insurance brokers and/or insurance companies

Questions & Answers
1

Questions about insurance are a recurring topic. My impression is that most people deal directly with an insurance company, because I have no recollection of seeing posts about insurance brokers. Both are becoming increasingly important as the boats get older and insurance companies get pickier and more expensive.

The INA’s looking into setting up a list of both insurance companies and brokers who seem able to do right by Nonsuch owners.

If you know one who you think should be on this list, would you please post on this thread:

  1. your experience with them (getting a policy, maintaining coverage, response in the event of need, etc.)

  2. what you know about their rates and coverage

  3. the region in which they operate

  4. their contact information

Thanks,

– Bob

2

I have a strong desire to reply to this topic but i have reservations due to the fact that it is 3am the morning after my third spinal operation and i may be looking at the world thru rose colored glasses. :heart_eyes:
I’m not looking for sympathy because I think the third time was a charm and think I will ask the recovery team to try walking to the hospitals version of a head.

The first Nonsuch was a30C I had made an offer, deposit,a survey on was in the town of Branford, CT
The brokers name was John (something) I will ask the Admiral if she remembers his last name. He may be retired by now but I liked him best. Needless to say I got my deposit back.
The insurance broker the boat broker recommended was one that was from … Senior Moment… if anyone is interested in details on this or any of my dealings please PM me and I will search my Nonsuch book on the boat.

The other was a 30U in an upscale marina in a small town north of Newport, RI.

The Night Nurse just walked in with more meds. For the sake of keeping this reply within reason I will forgo further banter until daylight.

Brian

3

My broker is a chap in Alabama (remote work. YAY!) working for US Power Squadrons. The insurance is underwritten by Progressive, who would not insure me directly. Brad has been easy to work with and has talked me through several issues.

I bought Serenity (then, Carumba) in 2020 right at the beginning of the COVID outbreak in the US, but it wasn’t until I had laid down earnest money that I realized how hard it was to get insurance on a boat that was ~30 years old, and this was my first big boat and first insurance. Brad was great, and walked me through the initial cost, but we talked through all the discounts to get me down to under $800 p.a.

Six days after I brought her into the marina, I had my first claim. A storm had come through and lifted the boat so that the fenders were no longer keeping the boat off the pilings, and as I was at the end of a T, she was being pushed onto the pilings and as the waves tossed her up and down, she was rubbing up and down on the top of at least two pilings. Other boat owners were out helping tie everything down, and someone made the lines fast and loosened the fenders to bring them down in contact with the dock, but the damage was done.

Brad worked with me to get the damage assessed, and once I found a repair facility, he and his adjuster (from Progressive) worked to get all the details taken care of. Total bill came to a little over $13K to patch the hull, repaint the entire side, and do some light work on the rubrail, scarfing in a new piece to take care of the damaged wood.

Rates seem higher to me, and go up each year, but I have an agreed value that is (now) more than I owe on the boat, and they have been very good to me in the last six years.

US Power Squadron works across the US, as far as I know, and has a number of underwriters. I’m sure that I just got the next guy in the queue when I called. uspsboatinsurance.com or call toll free at 1 800 763 USPS (8777)

Brian
SV Serenity
Nonsuch Nereus #003
Pax River Maryland

4

Dealing with the public is a PIB and most insurance companies don’t like it and don’t do it well. Instead, they prefer to sub the responsibility out to brokers. I have never noticed a big price difference between insurance purchased through a broker or direct, thought it is hard to get apples to apples comparisons. But I have found the service much better from the brokers I’ve dealt with. Of course there are exceptions to every rule. That is just my experience with all forms of insurance, not just marine.
That said, my marine insurance is with Progressive, purchased through the San DIego Novamar brokerage, my policy is agreed value $80K, and the premium is $1357. They are headquartered somewhere in the Puget Sound, but they have an office in San Diego as well as one up in Newport Beach and a few others around the country. Their website is https://www.novamarinsurance.com/.

5

I believe the situation in Canada is different as you are obliged to go through a broker to get insurance. Skippers’ Plan is used by many sailors and I have found the broker useful and careful. I do not know whether this broker is useful or available outside of Ontario. https://skippersplan.com

6

I’m insured by Allstate for about $350 a year for my 1986 N30ultra in the Chesapeake. I’m covered within 150 miles of the US borders. I’ve had them for car insurance for over 40 years and my previous other boats. I’m a yacht broker and recommend my buyers start with an insurance company they have a history with for local coverage.