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Planning a trailer cruise this year? Recently insurance companies broadened the restrictions on trailering to all vessels. If you used to be exempt from the limitation on your radius of travel, you aren't now. Going more than 300 miles from home will cost you extra. Check this year's insurance renewal for more info.
Since the distance was specified in miles (in a country that's officially metric) it probably means some idiot unthinkingly picked the regulation up from the US branch of some Hydra-headed multinational, which further means the new restriction probably applies in the US, too.
David Weatherston
Towser, Toronto
C&C 27 Mk IV
Last edited by (2009-01-09 01:02:41)
David Weatherston
Towser, Toronto
C&C 27 Mk IV
Offline
So far my insurance company, Progressive, has not sent any notices of change, but that does not mean that they will not in the near future.
Would a member's insurance survey, coverage, price, etc be worth the forum's time?
Mike M
SV Wind Horse
#375
Galveston, Tx
Last edited by (2009-01-09 01:29:58)
Mike M
SV Wind Horse
#375
Galveston, Tx
Offline
Mike, as you've seen yourself in the past, virtually _anything_ is worth the Forum's time. The question is whether it's worth a Forum _member's_ time.
The problem in comparing insurance policies lies in the details. Broadly, they seem to be similar, but the exclusions and definitions are going to be definitive; a true comparison would involve side-by-side comparison of all the details. Cross-border comparisons will be difficult too, because of the difference in the medical situation (my policy provides $5k for medical, which may seem risible to you, but we have national health insurance).
Anyway, I'll discard my usual reticence about talking about money and throw this out - here's mine:
Provider: Aviva / Skipper's Plan
Indemnity: $1 million
Coverage on declared value of vessel: $27,500
Deductible: $1,000
Premium: $290 + Ontario tax
New enhancements: improved protection against damage by an uninsured vessel; increased percentage allowed on personal effects, increased coverage (50%) for equipment stored ashore during layup.
New exclusions/limitations: limitation on trailering radius to 300 mi; wear & tear, gradual deterioration, rust, corrosion, dampness, insects; engine damage caused by freezing unless layup was performed by a certified mechanic; loss or damage, including medical, caused by parasailing or spinnaker flying.
David Weatherston
Towser, Toronto
C&C 27 Mk IV
Last edited by (2009-01-09 01:30:14)
David Weatherston
Towser, Toronto
C&C 27 Mk IV
Offline
Well David, based on your information it may be worth my time. I'm paying a lot more than you with a little less coverage. How much of the difference is due to location I can't say. But here goes.
Provider: Progressive
Liability $300k per accident
Uninsured $300K per accident
Medical $1000 per person
Comprehensive / Collision $13k agreed
Towing $500 each incident
Personal effects $1000
Limits: 75 miles off shore
Deductible is $500 for both marine electronics and wreckage removal. Deductable is $250 on personal effects. When my prop was missing Progressive agreed to pay for a new one, no deductable. Progressive also deferred payments for those of us in the Ike effected zone and was very proactive after the storm, contacting me withoint a few days of its passing. I'm pleased with the service, but I may have to renegotiate the premium.
Total cost $442 per year.
It looks like there may be a chance for some of us to save some money. This was based on my original survey. Since that time I have rebuilt most of the boat. A new survey should increase the value of the boat and a new policy would be in order.
Mike M
SV Wind Horse
#375
Galveston, Tx
Last edited by (2009-01-11 03:22:10)
Mike M
SV Wind Horse
#375
Galveston, Tx
Offline
I'd put the differences down to differences in the relative risk our boats face.
1) you're in hurricane country so your boat can get in trouble without any input from you (the last time we had a really destructive hurricane was in 1954); 2) you're adjacent to the ocean, which means that you have potentially far more opportunities to get your boat in worse trouble than we can on Lake Ontario (I _think_ that's true but perhaps I am underestimating the degree to which idiots underestimate the lakes); and 3) our boats are laid up from around the end of October to around the beginning of April, during which period there is little that can happen to them (fire is the big risk and there have been three or four multi-boat fires in the last 25 years in this area, but those don't constitute big numbers).
David Weatherston
Towser, Toronto
C&C 27 Mk IV
David Weatherston
Towser, Toronto
C&C 27 Mk IV
Offline
"(I _think_ that's true but perhaps I am underestimating the degree to which idiots underestimate the lakes)"
Well I have to admit a healthy respect for the lakes and those who sail them. My ex wife is from Duluth and she always wanted to go swimming in the 45 degree water of Superior, too cold for my semi-tropical blood. The lakes are all big enough to let the unwary captain get into trouble. But as you point out, we have a longer sailing season and tropical weather.
Mike M
SV Wind Horse
#375
Galveston, Tx
Mike M
SV Wind Horse
#375
Galveston, Tx
Offline
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