Insurance / Steel Hulls

Richard

Well-Known Member
I finally secured insurance with Geico for my 42’ steel hulled Kayot on a Buoy in Bullfrog. I know there was a lot of chatter about insurance earlier in the year (when I thought my HB insurance was the only major “thing” I was going to have to deal with this spring). I was fortunate, in this case, as I am a single owner. After a survey and some electrical changes – I got coverage !

I was curious how others may have dealt with the insurance issue on steel hulled boats especially when there are multiple owners? I believe some boats were able to secure insurance as long as the HB was in a slip and not on a buoy



Anyway – Launching on 05/27 Finally !
 

Rivergoer

Well-Known Member
I finally secured insurance with Geico for my 42’ steel hulled Kayot on a Buoy in Bullfrog. I know there was a lot of chatter about insurance earlier in the year (when I thought my HB insurance was the only major “thing” I was going to have to deal with this spring). I was fortunate, in this case, as I am a single owner. After a survey and some electrical changes – I got coverage !

I was curious how others may have dealt with the insurance issue on steel hulled boats especially when there are multiple owners? I believe some boats were able to secure insurance as long as the HB was in a slip and not on a buoy



Anyway – Launching on 05/27 Finally !
That’s super good news.

What did the marine survey cost and how much to repair things requiring attention?
 

Richard

Well-Known Member
I had the survey completed in 2018 -- It was about $600.00 or so -- The insurance company accepted the survey but wanted documentation that a few items as outlined in the survey were completed. -- Once I submitted pics and documents I was good to go -- I know I could have gotten insurance if I wanted to put the boat in a slip but being on the buoy is much more appealing to me --
 

Rivergoer

Well-Known Member
That sounds consistent with what Geico told me...they would indeed insure older steel hull boats like our Kayot but they did want a survey. I’ll have to get that done I guess.

Just not happy about having to spend the survey money, especially after being insured for years, no questions asked, and safely operating several hundred hours after the complete restoration in 2015.

Our boat sits on a trailer next to the house most of the year. It’s only on the water when we are aboard so it’s never unattended in a slip or on a buoy. I can understand a higher level of risk in those situations.

But, insurance options have narrowed so it is what it is. Thanks again for the update!
 

PowellBride

Well-Known Member
We were able to continue with Markel. Our agent indicated the boat needed to have 3 or fewer owners AND be in a slip, not on a buoy. As we've been with Markel forever, our survey from 2018 was still considered valid

I called or emailed a dozen places, most were a no go with a steel hull. I think Geico said no due to our having 2 owners.

Luckily we were able to get a slip at Halls, but I am NOT happy about leaving the buoy. But at least I'm still on the lake
 

Richard

Well-Known Member
Thanks for the reply Powell Bride- I had remembered you and I chatting about this on the front end - Yes -- at least you are on the lake. I am launching in a few days and I will be buoyed in the NW field. I have to imagine there will be less boats out there this year-- but I will see
 

JeffinFlag

Active Member
I can add to this as I too have a Kayot with the steel pontoons. I haven't ever had a problem insuring the boat with the steel pontoons. I did however switch from Warner Gleave in Page, AZ to Carson Porter (cpinsurancellc@american-national.com) in Utah and had significant savings as a result.
I do the Survey's every 5 years as required out of water. JB
 

Richard

Well-Known Member
JeffinFlag-- Good to know there are other options out there - Thanks for the info - but to verify - you are a single owner and the HB is on a buoy ? Who is the actual policy written with?

This may be helpful for in the future............
 

PowellBride

Well-Known Member
JeffinFlag-- Good to know there are other options out there - Thanks for the info - but to verify - you are a single owner and the HB is on a buoy ? Who is the actual policy written with?

This may be helpful for in the future............
I second Richards questions
 

JeffinFlag

Active Member
Two partners on the boat and both listed on the insurance- no restrictions for the buoy field last renewal as I recall but will inquire as I am about to re-up. I don't recall asking specifically about the mooring buoy field as I was slipped at the time I switched companies several years back.

The underwriter is american-national I believe. It is worth talking to Carson as my savings were significant and I hope to continue with their services. No claims have been made in the last few years so I can't attest to that aspect of their services. My annual insurance coverage fee is less than 300.00 for the houseboat with the addendums required by Aramark and N.P.S.

I hope you can benefit from these services as I have over the years ofcourse everyone's situation is different. Good luck.

Feel free to P.M. me if I may provide more specifics!
 

Richard

Well-Known Member
Thank you so much for the info -- I'm set for this year -- but good to have the resource for the future -- I use to have American Reliable through Warner G but American Reliable are the ones that dropped many policies including mine if not all --

My premium is about $750 this year - so yours is quite a bit cheaper -- The value of the HB is just 22K of course its worth a lot more than that to me -- not to mention I re-powered three years ago with two new Merc four strokes 60's

Perhaps this info will help Powell Bride !

Thanks again
 

PowellBride

Well-Known Member
i appreciate the information!!! I will definitely give them a call. Even though we just renewed, I would change in a heartbeat if it meant we could return to the buoy. Not to mention our premium is 3x higher, and we’ve filed no claims since we’ve been with them (though it’s possible our coverage exceed NPS/Aramark minimums
 
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