Insurance- Boat [Updated Jul-2017]

PrefaceI am not in the insurance business; I'm just a consumer... Therefore I have had several marine insurance brokers [in the USA] contribute to, and vet this page because I am dependent upon those professionals for the integrity and accuracy of what is stated here... 
Of course, our preferences outlined below are of our own choosing...
_________________

For our marine insurance needs, we prefer working with an insurance broker. 

Brokers represent us; insurance agents represent their company...

Al Golden at IMIS has earned a great reputation [and is an ex-cruiser...] He gets our business, and is always competitive... IMIS puts together a policy [Al developed the Jackline Policy for cruisers] to meet our specific needs, and has an ongoing reputation for no fuss claims handling and quick payouts. [Though, thankfully, we have no first-hand experience in this regard...]

Key points for us when shopping insurance include:

We specify All Risk [vs. Named Peril] coverage. 

All Risk covers everything not on the excluded list; Named Peril tells you specifically what is covered, but not necessarily what isn't. We prefer to not have to read between the lines...


For Total Loss [of the vessel] we prefer an Agreed Value [negotiated replacement price] vs. Actual Cash Value policy [the insurance company's adjuster's estimate of what it is worth after the loss...] 

No surprises that way; you know what you will be paid before the policy is written, and are not at the mercy of their adjuster's estimate.


For Partial Loss [e.g., stolen items, lightning destroyed electronics, etc.] we prefer Replacement Cost [new for old] vs. Actual Cash Value [depreciated value of item(s) to be replaced... often pennies on dollars...]

When comparing policies, be sure to only compare the ones that have matching criteria as outlined above, otherwise you aren't comparing similar products. [e.g., comparing All Risk to Named Peril policies is a common mistake...]

Important things to know about the Marine Insurance industry: [In the USA]]

  • Marine Insurance is NOT regulated by State or Federal Gov't.
  • The product that you buy has not been approved by anyone.
  • The price that you pay has not been approved by anyone.
  • You need to either understand what you’re buying, or commission an agent in whom you can place your trust.

Additional Resources:

4 comments:

  1. Thanks for the reminder that you had this post, Donna. I will contact Al Golden and get him to give us a quote.

    ReplyDelete
    Replies
    1. You're welcome. We met Al one time when we were in Maryland, it was fun to meet face to face.

      Delete
  2. Great information. Thanks very much. We have been talking to Cindi at IMIS.

    ReplyDelete
    Replies
    1. Thank you, John. We wish you the best finding the coverage you are looking for. The IMIS 'Jackline' policy does it for us...

      Delete

Please play nice...