Insurance will not be renewed

Be glad you're with Novamar as they will place you elsewhere.

Well, in South Florida we have homeowner's policies being cancelled left and right too. It increasingly has become difficult to keep with the same company long term.

Two Words for all of you High Net Worth people - Pure Insurance. Not an advertisement, I use this company for everything. If you need contact information for someone, reach out to me.

FYI, this is not just a marine decision. They're going strictly direct in all lines. Also, discontinuing some policies such as their Charter policy and their Superyacht policy.

GEICO chose not to renew my Charter policy, but I was able to get a regular GEICO Pleasure Boat policy as a replacement .... for more $$$

Agreed carriers are looking to reduce their exposure.

Coverage will always be available for more $$$. If other insurers follow the limited hull value and "vessel age" it will cause will cause some issues.

We sold and closed our boat early this month, luckily good timing kept us from renewing the insurance 10 days later at a 42% increase to 19k, which was 1.8% of hull value. Likely will only have liability insurance on the next one.

I've been wondering when we'd start hearing of people self-insuring. Are there companies offering just liability?

Yes, there are.

It would be interesting to hear if their liability concern is with the hulls or for damage and injury.

Our insurer would not write just marine liability without full coverage. Have heard two reasons for the increases, one was reinsurers have pulled back and second the heavy losses from big hurricanes last few years. Floridians are getting a double whammy with property and marine insurance increases.

Some will but they still require hull surveys and check out owners and operators as they're insuring for environmental claims as well as collision.

Been self insured, on and off for years for boats and properties as everything has been paid for 100%.
Some recent hurricanes however has made me nervous, better insure everything, the next category 5, like the one that wiped out the Abacos, could wipe us out as well.
One boat has a charter policy, won’t go naked when doing revenue charters obviously, 2.5% on that one including 7 figure liability.
The little pleasure skiff is Insured for it’s full value and $300k liability for under $300 per year.
So far so good.
If the insurers drop me I will discontinue revenue charters and keep the boat in the LLC, be self insured again, if anything will operate even more carefully .

Self insuring is an interesting concept but getting hauled out is unlikely to happen without a policy. Our new policy has a $80,000 deductible. That’s nuts.

I had an interesting experience with Gxxco. Purchased a 53 SF and got quote and before providing coverage they required upgrades/repairs as outlined in the Survey (pretty normal). Unfortunately due to delays for service and parts arriving the repairs took over 60 days. I completed all required items to their satisfaction but now they claim 60 days lapsed and the rate went up by 50%. They said all policies in NY went up the same % however I also have a another 33 SF boat insured with them and they just renewed with only a 3% increase. So I kept asking questions and it turns out if I move the boat 16 miles to NJ the coverage will 67% cheaper. The savings will pay for the slip in NJ. Mystic CT would 30% less. I asked about Miami and it was only slightly more than NY. I will shop around of course. It was disappointing since I've had BxxT/US for 23 years with no claims.