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. Have you checked out Insurance Cloud? I've heard some folks mention significant savings with Insurance Cloud, so it might be worth getting a quote from them

Edited July 4 by robgodwin

[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.

[Sunbalway]

I was in the same boat (pun intended) with my charter, and when my rates jumped, I started looking around. Ended up going with Lucky Penny Insurance. They’ve been good about keeping things reasonable for liability coverage. If your rates keep climbing, might be worth giving them a look. Helped me keep costs down without too much hassle.

Edited October 29 by Sunbalway