Great Information

[insurancegoddess]

Hey All,

As a lot of you know, I am really big on empowering boaters when it comes to insurance. I feel that an informed client and knowledgeable client is the best kind. :) So, I would like to start posting regular articles and posting on topics that will help those looking for assistance but I need your help.

What topics do you think would be

a) informative to anyone coming to this site in search of information about insurance on boats
b) any unanswered questions or aspects of insurance that you don't understand or want answers to?

I do not want this section to become like the Insurance sections on other sites where someone says they need help and an advertiser replies back with "call me, I got something good" That doesn't help anyone! :) So, help me out and post the topics you want me to write up "articles" or summaries on and I'll post them here periodically.

Thanks guys!

[inbetween]

I'd like to know why the insurance on a cat is so high. Is it because of speed, cost of replacement? Is there a way to make it affordable for the "average joe"? Along the same cost as a V bottom performance boat.

Thanks,
Adam

[Buoy]

Quite a generous offer!!
Thank you for wanting to get involved in "Helping" instead of just selling.

First question.
A lot of guys here re-power, or add bolt on HP.
How involved do we need to keep the insurance Co. on modifications/upgrades??
I think a lot of us, once we have an insurance card, don't think about it much until the bill shows in the mail, or you need to show poof of insurance.

I guess, how minor of a modification do I need to let my insurance know about??
If I lab a prop, or change my X-dim, and pick a few MPH on my top end, do I need to let them know to make sure I'm covered in the event something happens??

I'm not really a guy that's trying to eek out the last .1 mph out my hull, but I've always wondered how that would work for the guys making constant upgrades.

Thanks again for your generous offer to educate!

[BUIZILLA]

I have a question....

I have heard comments that some boaters think because they have homeowners insurance that it also covers the boat as well as their magnitude of their boating excursions...

can you enlighten us on what is, and isn't, covered under the homeowners side, and at what point, if any, does it play a part.

thanx,

[insurancegoddess]

Thanks for the responses guys. I do whole heartedly believe that as an agent it is first and foremost, my duty to educate. Not saying another's approach is incorrect, but for me, this is my approach to insurance and it works well. I have educated clientel that understand how they are covered and why etc etc. Having an educated client makes my job easier and makes the process easier for those looking for insurance. :)

Just my two cents. I have put all fo these items on my list. If any of you have more, I would certainly welcome your input. I will first touch on the topics as some of your suggestions could be a couple "write ups" :)

Here are the first couple I will do and I will try my best to do weekly posts answering these topics in separate threads. Please feel free to continue posting topics that you want me to post on here. I need 40 some more for me to do this weekly! :)

First couple:
1. Putting your boat on a homeowners policy. To do or not to do? Covered or not covered?
2. Reason for high CAT insurance Rates
3. Ways to make your insurance more affordable
4. Modifications to your boat and the affect on your insurance coverage
5. General guidelines for insurability of a performance boat (70+mph)
6. What constitutes a reportable modification?

So that takes me through the first 6 weeks of the year... only 46 more topics/questions needed! :) hahaha

[Buoy]

Stacy, I think to really cover a few of those topics, you may want to do it in a two-part installment.
There, I just bought you a few more weeks of material.:sifone:

I'm sure many more questions will be coming up as the season gets closer.

Seeing as I was asking about the mods done to a boat, something else along those lines:

If an incident occurs requiring turning into insurance, what does an insurance Co. typically do, or what is the procedure to determine the incident, and also if the vessel was "as described" when insured?
We all hear horror stories about "if you do that with your boat... Forget it, your insurance won't cover you. Seriously, at what lengths do the insurance Co.'s go to, to not cover a claim?
What does a typical investigation entail?

I'm not asking to find a way to "skirt" an issue, but instead to make sure I'm compliant, and covered.

(That one could take you three weeks:))

[Expensive Date]

When is the next picture coming out?

[cigdaze]

Great Idea, Stacy.

I would love to see some discussion, and get information on previous case studies, on environmental impact liability. I don't think many people realize how big of an issue this is. I currently have a buddy of mine fighting the state of FL, the enviro-whackos, and his insurance because he ran aground and disturbed some sea grass...they're talking about 6-figures in fines. :eek:

Other poignant topics to refresh folks on would be agreed-value vs depreciated value policies.

And why in the world does my 14-year-old, barely-70mph, stock-powered boat cost 3X the money to insure than another buddy's nearly brand new 80-mph fishing boat that's worth 3X mine.

[insurancegoddess]

Great Idea, Stacy.

I would love to see some discussion, and get information on previous case studies, on environmental impact liability. I don't think many people realize how big of an issue this is. I currently have a buddy of mine fighting the state of FL, the enviro-whackos, and his insurance because he ran aground and disturbed some sea grass...they're talking about 6-figures in fines. :eek:

Other poignant topics to refresh folks on would be agreed-value vs depreciated value policies.

And why in the world does my 14-year-old, barely-70mph, stock-powered boat cost 3X the money to insure than another buddy's nearly brand new 80-mph fishing boat that's worth 3X mine.

I love it! No problem. I've added the following to the schedule of topics:

1. Agreed Value vs. Replacement Cost vs. Actual Cash Value
2. Environmental and pollution liability - What is it? Case studies, Exposure etc. - This one is going to take more research than usual so give me time on this one.
3. Boat insurance and Young operators

[cigdaze]

Excellent. I very much look forward to it. Thanks!!!

P.S.
I kind of knew #3, but you know, had to throw that out there. ;) :)

[insurancegoddess]

Excellent. I very much look forward to it. Thanks!!!

P.S.
I kind of knew #3, but you know, had to throw that out there. ;) :)

Hey, no worries. Someone else may get to learn from it and that is the whole point of me doing this. Thanks for your input! :)

[spilman]

I love it! No problem. I've added the following to the schedule of topics:

1. Agreed Value vs. Replacement Cost vs. Actual Cash Value
2. Environmental and pollution liability - What is it? Case studies, Exposure etc. - This one is going to take more research than usual so give me time on this one.
3. Boat insurance and Young operators

#3....I'm pretty sure he was referring to his 14 yr old hull, not a 14 yr old operator:dupe:; but no foul...still good info all around

[insurancegoddess]

#3....I'm pretty sure he was referring to his 14 yr old hull, not a 14 yr old operator:dupe:; but no foul...still good info all around

HAHAHAHAHAHAHAHA LOL So that is what I get for reading through those quickly! lol wow... don't I look smart. ;) I'll edit that one. I thought it sounded weird but figured oh well. hahahahaha

[insurancegoddess]

I love it! No problem. I've added the following to the schedule of topics:

1. Agreed Value vs. Replacement Cost vs. Actual Cash Value
2. Environmental and pollution liability - What is it? Case studies, Exposure etc. - This one is going to take more research than usual so give me time on this one.
3. Boat insurance and Young operators

So my bad... i realize (thank you Chris) that you were talking about the age of your boat... lol... anyways...

4. Why it is so much more expensive to insure an older performance boat as opposed to a slower runabout.

[cigdaze]

#3....I'm pretty sure he was referring to his 14 yr old hull, not a 14 yr old operator:dupe:; but no foul...still good info all around
LoL!...Ya, I guess my post could be read that way. :)
For the record, no I'm not 14...:26:

[insurancegoddess]

LoL!...Ya, I guess my post could be read that way. :)
For the record, no I'm not 14...:26:

hahahaha

[fund razor]

I find myself wishing some of those answers were already there, cause those are some good questions. Especially (how much hp added is an issue?) and (what about insuring as a rider to the homeowner's policy?)

Also... no Nick is not 14. Closer than me though. :(

[insurancegoddess]

I will be addressing one topic each Friday starting this Friday.