Charter boat insurance

[hard knox]

Looking for suggestions on insurance for  a charter boat holding oupv 6 pack license. Just received this year's quote went up by 200.00 bucks for just liability insurance at this point its getting out of hand . Any info would be greatly appreciated.

[Tall Tails]

Charter Lakes.  However everyone's rates are on the rise.  Cost of doing business.  Gotta love NYS requirement of 1 million in liability on Charter boats. 

[Misdirection]

Call Bob Luellen @Worldwide Marine.

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[Legacy]

20 hours ago, hard knox said:

Looking for suggestions on insurance for  a charter boat holding oupv 6 pack license. Just received this year's quote went up by 200.00 bucks for just liability insurance at this point its getting out of hand . Any info would be greatly appreciated.

 

Charter Lakes... I can actually help get you a 10% discount on your policy through Charter Lakes. If your interested shoot me a PM.

[Bozeman Bob]

Charter Lakes will require a recent survey , in and out of water, by a certified surveyor. 

[marinecrafts]

Geico/Boat US offers insurance for us charter boat captains--and the price is reasonable.  You must specify the insurance is for a charter boat.  No boat surveys required.  You probably already belong to Boat US--if not, you should;  it is the AAA on the water.

[HoundsNTrout]

I have a large dogsled touring business and use Ian Foster, he is in MI and says he does a lot of Charters.  
He saved me tons after my local ins. went up.  Give him a shout,  never know. 

Ian Foster - Mourer Foster Inc.

[hard knox]

Thanks everyone for the advice going to make some calls between buying a  bigger boat and the charter insurance thing's are adding up fast.

[robgodwin]

Hey there! I totally get your frustration with the rising costs of charter boat insurance.

[spoonfed-1]

On 4/21/2022 at 7:54 AM, marinecrafts said:

Geico/Boat US offers insurance for us charter boat captains--and the price is reasonable.  You must specify the insurance is for a charter boat.  No boat surveys required.  You probably already belong to Boat US--if not, you should;  it is the AAA on the water.

X2. Boat US policies are insured by Geico, Best rates and coverage I was able to find was through Boat US.

[guffins fisherman]

20 hours ago, spoonfed-1 said:

X2. Boat US policies are insured by Geico, Best rates and coverage I was able to find was through Boat US.

X3. Been with this policy for five years. I also have a disappearing deductible, so the premium goes down a little each year. The only issue I can see, is the amount of liability they are willing to offer. I have asked several times for $1m. They won’t do it. Only $750k. To cover myself further, I formed an LLC. The boat and gear are owned by the LLC. I have been told by several of my financial friends that an umbrella policy would be a good idea too. 

[spoonfed-1]

3 minutes ago, guffins fisherman said:

X3. Been with this policy for five years. I also have a disappearing deductible, so the premium goes down a little each year. The only issue I can see, is the amount of liability they are willing to offer. I have asked several times for $1m. They won’t do it. Only $750k. To cover myself further, I formed an LLC. The boat and gear are owned by the LLC. I have been told by several of my financial friends that an umbrella policy would be a good idea too. 

Interesting.

I had a million with them. Maybe I was grandfathered in or something.

[marinecrafts]

Geico will not insure a boat for charter if the boat is older than 30 years old.

[guffins fisherman]

2 hours ago, spoonfed-1 said:

Interesting.

I had a million with them. Maybe I was grandfathered in or something.

Awesome.  I should ask again.  

[guffins fisherman]

15 minutes ago, marinecrafts said:

Geico will not insure a boat for charter if the boat is older than 30 years old.

Was it recently you found this out?  Maybe this is a new policy for them.  My Shamrock is 41 this year and is still insured as a charter boat by GEICO/BoatUS and has been for five years.  

[spoonfed-1]

30 minutes ago, guffins fisherman said:

Was it recently you found this out?  Maybe this is a new policy for them.  My Shamrock is 41 this year and is still insured as a charter boat by GEICO/BoatUS and has been for five years.  

Same with my Penn Yan. It was an 89 and it was insured through last fall when I retired. My policy was written by BoatUS.

[marinecrafts]

I found out about Geico just this morning when I was trying to insure my 1988 Thompson, which is 36 years old;  nothing over 30 years for a charter boat.

[spoonfed-1]

6 hours ago, marinecrafts said:

I found out about Geico just this morning when I was trying to insure my 1988 Thompson, which is 36 years old;  nothing over 30 years for a charter boat.

Try writing the policy through BoatUS and see what happens

[marinecrafts]

If you go to BoatUS for an insurance policy you are automatically transferred to Geico, as BoatUS does not offer insurance of their own.