C&C 115 Insurance

[miketennant]

Ski would not give me that option due to the boat being a 1999......They mind as well say they will not insure it then.

I've been finding that a lot don't even mention that as an option and when I ask about it, they say consequential damages are not covered.  This thread has been a real eye opener for me.   So far the most expensive quote has been the worse coverage, one of the cheapest has been the best coverage.  So price doesn't seem to equal quality either. 

 

[kent_island_sailor]

Who asked about a homeowners policy to cover their boat?   I want a real policy that will actually cover things.  

That can go both ways. I have heard of people making outrageous claims that a marine insurance company would reject out of hand and getting away with it AND the reverse, not being covered for things that marine insurance WOULD cover like oil spills and salvage. Keep in mind that homeowner's is used to dealing with a ski boat on a trailer.

I have Progressive and I did hear one bad thing about them right here on SA. IIRC, the boat in question was hit by a freighter that then kept going. Progressive apparently isn't used to dealing with ships, they didn't realize that ships have agents, they didn't need the freighter to physically come back, and they could have got in touch with the ship's P&I club to get reimbursed for damages.

RANT ON: BoatUS used to be fantastic. I hit a log that bent my shaft and damaged my prop. No adjuster came out, they just told me to have the yard fax them the bill. Best claim experience ever

Under their current system they would have paid me maybe $9.17 or so :angry:

 

[Glenn McCarthy]

It's been a few years since I sold boat/yacht insurance. I doubt much has changed as insurance is the slowest moving beast in the world.

The Travelers, Chubb and others did include oil pollution clean up, up to the federal limit one is required for (somewhere north of $700,000) and this coverage was above and beyond the coverage for the hull and the liability.

Also many of the cheaper insurance companies (not these) included salvage in the hull coverage. So you have a $50,000 boat, that $50,000 would pay for the recovery of your sunken boat, commonly leaving you with nothing to pay for the rebuilding of your boat, or, if the decision was to total it, nothing left to pay off your bank loan.  While these companies included the salvage in the liability part of the coverage. So your boat sinks, spills oil, there would be the salvage costs paid for in your liability limit (what $300,000, $500,000, $1,000,000 limit?), the oil spill paid for not from the liability limit or hull limit, then the $50,000 hull limit to rebuild your boat, or pay off your bank loan, if necessary.

 

[solosailor]

The C&C 115 hull is carbon?

 

[Cruisin Loser]

 Chubb does not cover racing.   So Chubb is out. 

????? They cover a LOT of boats in the Npt-Bda or Marion-Bda.

 

[Zonker]

when I ask about it, they say consequential damages are not covered.

Walk (run) away.

Seacock fails and the boat sinks. The sinking is a consequence of an initial failure.

Same story if a turnbuckle fails and mast goes. No coverage on the mast.

Engine fails in a blow and you end up on the rocks, etc. etc.

It's one of the most important clauses in marine insurance to have. 

Salvage coverage is a whole 'nother story.

 

[Irrational 14]

Zonks said it. That policy is about as good as an old bubble gum wrapper.

 

[miketennant]

Zonks said it. That policy is about as good as an old bubble gum wrapper.

I agree completely.  

I'm going with SkiSafe.  There are no exclusions that were important to me, consequential damages are covered, they will value the vessel at surveyed value not purchase price, and their depreciation rate is reasonable.    I was really shocked at what some of these company would not insure.  As Zonker said, what is the point if these things are not covered.  Having a seacock fail is more likely than someone running into me.  Either way I hope this thread opened the eyes of others.  I know I've learned a lot.  

 

[miketennant]

????? They cover a LOT of boats in the Npt-Bda or Marion-Bda.

When I pushed the agent to make sure of that, she did correct herself, Chubb would cover racing.   However they would only insure the boat for the purchase price.  If I did $50k in a refit and had it resurveyed they would not insure for the survey value only the purchase price.  I pushed back on this three different times and always the same answer.   

 

[Ben_E]

Thanks for the update.

Interesting/good to know that you ultimately went with SkiSafe... suggests there is no great advantage for us to be shopping around when our policy comes up for renewal in a few months! That said, we're about to slip from "agreed value" to "fair market value" when we come up for renewal in a few months time, so there will need to be a conversation about that.

I also realize it was probably the wording of my post upstream that led to the talk of covering boats under your homeowners policy. Just to clarify - we don't and wouldn't do that. Just meant that we went through the Farmers agent who we deal with for our house to help identify someone who could cover the boat at a reasonable cost and without exclusions we couldn't live with (e.g., racing and consequential damages). The house and the boat are very much two different policies.

Enjoy your boat!

 

[kent_island_sailor]

Thanks for the update.

Interesting/good to know that you ultimately went with SkiSafe... suggests there is no great advantage for us to be shopping around when our policy comes up for renewal in a few months! That said, we're about to slip from "agreed value" to "fair market value" when we come up for renewal in a few months time, so there will need to be a conversation about that.

I also realize it was probably the wording of my post upstream that led to the talk of covering boats under your homeowners policy. Just to clarify - we don't and wouldn't do that. Just meant that we went through the Farmers agent who we deal with for our house to help identify someone who could cover the boat at a reasonable cost and without exclusions we couldn't live with (e.g., racing and consequential damages). The house and the boat are very much two different policies.

Enjoy your boat!

I had a ski-boat on my homeowner's for next to nothing. I loaned to a friend. It sank. He worked at the insurance company. The claim was paid quickly :lol:

 

[Not for nothing]

I'm buying a C&C 115 but am having an incredibly hard time finding someone that will insure it.   Most are declining due to epoxy/carbon layup as well as a carbon mast.   The one company that I have found that will insure it, is insane with their rate for the quality of coverage they are offering.   So those of you with a C&C 115 or and epoxy boat with carbon rig, who are you using for coverage?

I found, believe it or not Allstate, for just liability no survey and good rates. If you are doing the boat a good survey is all I ever needed. No company I ever used went into the detail of epoxy hull?  I used Lloyds of London once, And I'm in Florida year-round in the water and those hurricane things. never had a problem