www.iFourWinns.com

After reading some of the other threads I thought this was important enough to bring up again. As some of you already know I am one of the evil insurance agents in the world. It's fun selling a product we tell you never to use!!

Nevertheless I've had a great time on the board and hold a definate expertise in this issue. We write hundreds if not thousands of these policies a year and I have read dozens of polcies. Additionally I am a broker which means I get to pick from many of the companies that you have been mentioning.

I will try and not ramble but will make the offer for anybody to PM me with specific questions, I will also be happy for my FW brethern to send me any document or request copies of actual policy language that I can readily get for inspection. You ALWAYS have the right to request specimen policies before taking a policy and your agent should be able to answer your questions.

RULE 1: Insurance Agents don't necessarily have any education on the policy you are requesting. No insurance degree or even high school diploma is required so always remember that. Therefore get all your questions asked and answered by EMAIL. Don't accept verbal answers to questions. As an agent you must have an insurance policy that covers your errors and ommissions. If your agent gives you a statement of fact in writing and is wrong, it's his responsibility to make up the difference.

RULE 2: Unless your policy reads FULL REPLACEMENT VALUE and reads like many have posted YOU DON'T HAVE IT. The insurance market is at an all time low and premiums and coverages have never been better. These policies are out there, take advantage of that.

RULE 3: If your policy is ACV (Actual Cash Value) I recommend taking a large hammer and hitting yourself between the legs as hard as possible. This will give you an idea of how screwed you are if something happens.

RULE 4: Stated Amount or Agreed Value policies have a definate advantage over ACV but do not think for a second you are covered the way you think. Unless otherwise stated in your policy these policies provide an "agreed" value in the event your boat is totaled. What you don't usually know is until the boat is totaled you have an ACV policy. If your motor gets ripped off the company has the right to find you a used motor that is like kind, year, and model. They do not REPLACE the MOTOR like a replacement value policy. Also many of you have mentioned increasing your stated value policy to account for prices increasing and so on. Many policies limit the agreed value (at the time of claim) to the purchase price of YOUR BOAT. Therefore you have to watch the fine print, they will take the premium but won't just write you a check if you've overstated. Find a replacement cost policy if you can.

RULE 5: Never fall for a percentage or flexible deductible. You should decide exactly what risk you want and take it. $250, $500 and so on.

RULE 6: Contents coverage or Personal Effects coverage. I saw many of you worry about this part of the policy quite a bit. First understand a simple rule. If it's part of the boat (ie: wired, bolted, attached in anyway like a stereo) it becomes part of the boat itself. Read your policy carefully for limitations on stereo's and such. Everything else becomes personal property of YOU. Ski's, wakeboards, coolers, even anchors and bumpers are involved with this coverage.

Don't get to wrapped up in upping this coverage. If you own a home or even have a renters insruance policy you will read that you personal property is covered anywhere in the United States regardless if it's away from the house or not. I have never seen an exclusion to this in a home policy so don't give away extra money. You are covered and it is a seperate deductible but know the difference and know if you really need to purchase double coverage.

RULE 7: As much as agents can know and not know the details of your policy they are still 100 times better than calling somebody on the phone. A little secret with Progressive for instance is their agent force makes them more money than the 800-Progressive number. Therefore I get better rates for my clients then you can get on the internet or waiting on hold. Use an agent, make him commit in writing, and then relax. DID I MENTION GET IT IN WRITING.

RULE 8: If you are WORTH ANYTHING in other words have any assets at all. BUY THE UMBRELLA, absolutely the cheapest money you can spend.

Again I can go on forever on this subject, but I respect all of you who have been so nice to me. Feel free to ask me any questions. I have Safeco, Progressive, Travelers, CNA and many other policies on my desktop, I am more than happy to research any language you are seeing and give you the actual definition of what you have.

_________________
2008 Four Winns 224 Funship 5.0 GXI/DP Black w/ Tower
2007 GMC Crew Cab Short Bed / Bose Ed.
2007 Fourwinns H180 (SOLD)

"There are no stupid questions, only stupid people"

Have any info on State Farm policies? I pay 261/yr with them, and I just got a quote from Boat US for an agreed value yacht policy for 407/yr. As soon as I can get the extra money placed in the budget we're switching.... and from what I've heard Boat US is the best?

_________________
2007 358 T-5.7GXi IB
Previous Boats
'08 H240, '08 V318, '04 268, '04 225

State Farm writes a good solid package with your home and auto's. It's very similar to the policy that I have with Travelers. I have seen the BoatUs policies and their policy is written very well. You have to watch the options they offer and IMO I've very rarely seen where they can offer a better price or package than you can find with a local agent. Progressive also has a great policy, again if written properly by the agent. You definately want the full replacement cost provision at all cost.

Your premium seems a bit low for a full coverage policy on your size and quality of boat. Many insurance companies offer a liability only rider on the homeowners policy and then you add the full coverage but it's on an ACV basis. Read your policy carefully or you might want to make a move sooner than later. If you have any questions let me know and I will be glad to have you fax or email your dec sheet for examination. Your specifically looking for a plain language clause that says, "The boat will be replaced with like kind and model and if not available you will get the closest thing" (paraphrasing ofcourse)

_________________
2008 Four Winns 224 Funship 5.0 GXI/DP Black w/ Tower
2007 GMC Crew Cab Short Bed / Bose Ed.
2007 Fourwinns H180 (SOLD)

"There are no stupid questions, only stupid people"

Was asked a question that I thought I'd pass along the details.

Member was concerned that their package company had poor boat coverage (which was true). Problem is he was told by his agent that if he wrote the boat policy somewhere else then they would cancel his umbrella policy. Question was can you buy an umbrella when your boat, home, or auto's are in different companies.

The answer is yes: As an example I called one of my companies and for a House, 2 cars, and a boat written by different companies the premium would be $275-$325 per year which is pretty comparable to what you find with your regular companies. They require your underlying limits of liability to be $250,000 for all three pieces of business. (this quote is for $1,000,000 of coverage.) Now this contemplated no youthful (kids) on the auto policy. If you have children the price will be about the same but they require $500,000 limits on your regular policy. (which is pretty typical even for standard policies)

Oh and btw, you probably can't find these policies with your State Farm, Am Family, Farm Bureau type companies. Contact an independant agency in your area they have access to these more difficult markets. Again if you have questions or need a recommendation let me know, I have quite a network of people in most states.

_________________
2008 Four Winns 224 Funship 5.0 GXI/DP Black w/ Tower
2007 GMC Crew Cab Short Bed / Bose Ed.
2007 Fourwinns H180 (SOLD)

"There are no stupid questions, only stupid people"

My umbrella is packaged with my homeowners and auto, which is all with a different company than the boat. I only needed to provide my HO/auto/umbrella company with proof of adequate liability coverage on the boat policy, in order to have the umbrella cover the boat as well. No big deal.

_________________


Mike
2005 Four Winns 230/240
VP 5.7GXi/DP
1998 F-150 XLT
Boat Pic

Great post, tackleshep. BTW, I'm the member tackleshep was gracious enough to keep anonymous on here. I'm still looking for alternative coverage after mentioning it awhile ago in a thread I started about insurance. This umbrella issue is what has held me up from making a move. I like my carrier for auto and home, and my agent, but their boat policy just gets worse and worse the more I think about it. Between that policy and their umbrella policy, it isn't even priced all that great. Nearly every quote I've gotten for a RCV or agreed value policy is more than $100/year cheaper.

An option like this is exactly what I've been looking for, so thanks a TON.

_________________
Paul
2007 Four Winns Horizon 220
Mercruiser 350 Mag MPI w/ Bravo III Drive
2004 Ford Explorer Limited (V8-AWD)
Pomme de Terre Lake (Southwest Missouri)

Mike, this is pretty common. Many companies will do what your talking about, another half of them won't.

_________________
2008 Four Winns 224 Funship 5.0 GXI/DP Black w/ Tower
2007 GMC Crew Cab Short Bed / Bose Ed.
2007 Fourwinns H180 (SOLD)

"There are no stupid questions, only stupid people"

I am reviving as I am renewing: whated to get feedback to see if it is time to start shopping

Got this via email today

**************************************************************************************************

American Modern Insurance Group has made changes to their boat insurance program. These changes include Minimum Hull Deductibles, Named Storm Deductibles, Agreed Amount Value vs. Actual Cash Value and Replacement Cost for Partial losses. If there is a change to your hull deductible, this change is shown individually on the enclosed Renewal Offer.

The new American Modern Insurance Group boat insurance policy allows Agreed Amount Hull Value on all policies. If your policy was on Actual Cash Value, United Marine Underwriters has asked American Modern Insurance Group to update your policy to Agreed Amount Value. Agreed Amount Value will pay you the amount the boat is insured for in the event of a total loss (or constructive total loss).

The American Modern Insurance Group boat insurance policy allows Replacement Cost for Partial Losses on all parts and equipment 2 years old and newer. They have a new endorsement that provides coverage for all parts and equipment 10 years old and newer. If your boat is 3 years old or older, United Marine Underwriters has asked American Modern Insurance Group to update your policy with the new Replacement Cost for Partial Losses endorsement. If your boat is 2 years old or newer, we will automatically add this endorsement when the vessel is 3 years of age. Replacement cost for partial losses removes deduction for depreciation.

A Named Storm Deductible has been added. Please see the Named Storm Deductible amount under Coverage

The Named Storm Deductible wording is shown below.

The following deductible provision is applicable to the Part A: Property Damage section of this policy.

We will apply a separate hull deductible to losses caused by wind, rain, wave or hail when those losses are the result of either a Tropical Depression, Tropical Storm, or Hurricane. This deductible will be in lieu of the property damage deductible shown on the Declarations Page and will be applied to the amount of each loss. It will be applicable to all partial, total or constructive total losses.

DEFINITION: Tropical Depressions, Tropical Storms, and Hurricanes are defined as those so designated by the National Weather Service and/or National Hurricane Center.

***************************************************************************

if I read this correctly - I still have Agreed Values - but with deductables? Boat is now 3 years old.

_________________
2006 FW 203 FS
2005 Dodge Laramie 1500
2003 CRF 247F SuperMoto racer
2001 CBR1100XX

More info:

Coverage Provided Amount Deductible
Hull & Equipment $24000 $ 480
Named Storm Deductible $960
Emergency Services $350 $0
Liability Limit (P&I) $300000 $0
Medical Payments $5000 $0
Uninsured Boat Owners $150000 $0
Trailer $2000 $250
Personal Property $1000 $200

Note not sure why the trailer amount is so low - will have to call I guess. Any ideas on the value of a FW twin axle?

_________________
2006 FW 203 FS
2005 Dodge Laramie 1500
2003 CRF 247F SuperMoto racer
2001 CBR1100XX

As you are in Texas I can't speak exactly to your areas, but to me you need to go shopping. Travelers, Progressive are both comapanies who offer very good boat programs without a lot of that extra stuff. That policy to me is very confusing and unless the premium is very low I would stay away. Just my opinion from an insurance person.

I have an 08 Funship with $45,000 in coverage and I pay travelers around $500 bucks for full coverage and agreed value.

_________________
2008 Four Winns 224 Funship 5.0 GXI/DP Black w/ Tower
2007 GMC Crew Cab Short Bed / Bose Ed.
2007 Fourwinns H180 (SOLD)

"There are no stupid questions, only stupid people"

Thanks - I might have to start shopping - yearly is $427, same as last year, but now with deductables. Of course here in Texas we pay some of the highest insurance prices in the nation - thanks to MR Perry and the rest of the crooks.

_________________
2006 FW 203 FS
2005 Dodge Laramie 1500
2003 CRF 247F SuperMoto racer
2001 CBR1100XX

I just looked at a FW twin axle that the dealer wants 4k for....its new though.

_________________
2007 358 T-5.7GXi IB
Previous Boats
'08 H240, '08 V318, '04 268, '04 225

Can you travel to Florida with your boat? My agent found a deal with Travelers that sounded good but I had no coverage in Florida from June to November(Hurricane season) I couldn't even get an endorsement for that time. I will probably switch to Boat US. While I may not need it much I could definitely see us towing down in the summer. I have a trailer boat so if a named storm was coming we would leave. I realize the last few years have been rough on boats down south but it seems silly to me not to offer any coverage for a trailerable boat.

_________________
2008 Horizon 260 VP 8.1 Gi

tennja, have you tried these guys. They are popular with the pro fisherman that trailer their boats all over the U.S. Might be worth a try.

http://www.worldwidemarineins.com/index.htm

_________________
One of 4 Previous (Sold) Boats:
2000 Four Winns 268 Vista

Current Boat: 2004 Chaparral 235 ssi cuddy

Thats probably a very good point. I see some of those restrictions with my policies as well but since we are in Kansas and I have no intention on taking my boat to the coasts I don't worry about it.

_________________
2008 Four Winns 224 Funship 5.0 GXI/DP Black w/ Tower
2007 GMC Crew Cab Short Bed / Bose Ed.
2007 Fourwinns H180 (SOLD)

"There are no stupid questions, only stupid people"