pet575 wrote:
I've been involved in a few insurance threads over on TB.com and I feel like I'm walking on eggshells over there just to ask a question without getting flamed.
Gee, I can't understand why
Paul, I gave you many of the details on my current policy; I'd be happy to share any details. What I just found out a few days ago was that CNA (BoatUS) increased the no-loss discount on my policy from 10% to 20%. This brings my net premium much more in line with many policies with lesser coverage and/or claims service reputations. I now have an agreed value yacht policy with no depreciation, unlimited on- and off-water towing, higher limits on some things than most carriers will provide (i.e., fuel spill=$800K), and high confidence if I ever do have a claim.
My umbrella policy is with my homeowner's/auto carrier. They just wanted a copy of my CNA boat policy to verify minimum liability limits in order to have the umbrella cover the boat also.
The only catch is, if I ever do have a claim, the following year's premium will be nearly $200 higher without the no-loss credit.
On agreed value, you do just tell them how much you want it covered for. I'm sure they have limits based on the year, make, and other details of the boat, but as long as it's reasonable you should be OK. The only issue with it is that (at least on mine) I don't think there's any consideration for inflation. In other words, when I took out the policy I could have replaced my boat with another new one in the case of a total loss. But due to FW price increases in the 3 years since, I could no longer do that. But I'd still be WAY better off than if I had an ACV policy!