Insurance

[mxp864]

Does anyone have insurance on their raceboat?

Let me explain.....

My garage is its' own building a mile away from my house. I had the agent who has my homeowners' policy come out and give me a quote on the structure. He told me that the boat, motor, spare parts, accessories, gear and whatnot would not be covered.

The boat would have to have its' own policy and.......it is likely nobody would write a policy to cover it because of its' nature.

I thought for sure it would be covered while sitting in the garage against fire, theft, or if a tree fell on it or something-but I guess not. I would totally understand why nobody would insure it while in use.

What do you do to protect your boat?

Thanks

[Mark75H]

I think the first thing I'd do is talk to another agent from a different company.

[bill boyes]

Ask K&K

[PIP]

Yes, talk to another agent. I assume he is probably a "captive" agent, meaning he typically is only allowed to sell for one company, like a State Farm agent, and most All State agents. The contract they have does not allow the agents to have any other insurers for which to sell. Also, some companies, like Erie Insurance, are technically "non-captive" and are sold in independent agencies (like mine), but in reality, if you are a good risk, the agent will still only place you with Erie it seems, and simply place the less desireable business with another insurer. What you need to do is open your phone book or go to switchboard.com and search for some independent agencies in your area (or state if none are close by). Call them and tell them what you want. You will eventually get a genuine independent agent (like myself) that will gather some information from you, and hopefully be able to offer a quote on, at least, three perils, namely Fire, Theft, and In-transit coverage. The insurer will probably either be Lloyds of London or possibly Markel. Most likely Lloyds will be the best bet. The biggest hurdle is going to be the fact that you do race the boat. The insurer will fear that the boat will be damaged in a race and then the boat will magically be stolen or catch fire while at home. If you don't have any luck, you may want to suggest to the agent that you are happy with coverage for only Theft, or only in non racing season. I am not an expert on race safety, but, though it won't cover you in-transit, a cheaper possible solution would be a good burglar and fire alarm, and install a sprinkler or halon type system. Over the long run, this is actually cheaper "insurance" and can protect your other goodies you might have in the garage.

Please call if you have any questions. I won't try to sell you anything.

Ronny Jetmore
Independent Agent
www.jetmoreinsurancegroup.com
410 394 9000

[Mark75H]

I have beautiful maple trees in my back yard ... I'm always worrying about branches breaking off and hitting my RV & boats on the trailer. I've been meaning to talk to my agent and make sure my homeowner's policy covers them or check to see if it has exclusions that say I have to keep the trees trimmed or something. My new neighbor trims trees for a living ... maybe I can at least get him to give me advice on what needs to be cut.

Ronny, don't you see those big trees in my yard when you drive by?

[PIP]

The trees and its branches falling on your boats and r.v. would definitely not cover you very well from your homeowners policy. The standard homeowners policy (ho-3) gives very limited coverage to boats, something small like $1,000 or $1,500. A lot of policies offer an "upgrade" in various increments, but to be honest, I recommend if the boat has any real monetary value, to get each boat its own policy. If you have a real special boat, or real pricey, get a good appraisal by a NAMS or SAMS appraiser that knows your type of boat well. Try to get an Agreed Value policy. Stated Value is not the same, nor is Actual Cash Value. A lot of the State Farm policies I see are Stated Value. Simply not good. The other reason each boat needs its own policy is that in the economic climate we are in, you don't want too much risk riding on one policy. In Maryland, 3 claims for whatever reason will almost guarantee you a cancellation. Then you are left shopping with 3 claims under your belt. Good luck getting insurance with that. Can you say "LLoyds of London, at double the cost, with half the coverage, and a $5,000 deductible?"

Thanks

Ronny