Cat boat Insurance ???????

[Tightrig 12]

Just purchased a 88 Eliminator Daytona Cat with twin outboards. The boat was insured with State Farm at the time of purchase. They would not continue the policy due to boat type misrepresentation on old policy. ( Boat was categorised as a cruiser). I have been thru about 12 different company's, including go fast boat specific company's. Still cannot get coverage. You would think 20+ years boating experience, a captain's licence and current boating as my job today would mean something to these companys.....but I guess not
Anyone out there have any suggestions who to look at for cat boat insurance ?
Thank you
Bart

[davemvegas]

i have a 2007 eliminator. 22ft with twin 300xs motors
i have tried to buy ins. i have came realize that it is not insurable with any company. a few apps come back with a great quote, only to be followed up with a turndown. v-hull with twins is no problem. cat is not going to happen from my research.

[vnemous]

What about just liability Dave?

[Double Rigged]

Where are you located? There are policies available but they are very expensive. Also depends on the age of the boat and Cat experience. When I did first one back years ago basically had to fill out a resume. Wozencraft and Wakezone as well as Total Dollar all insure catamarans. If the boat is older you may need a marine survey too.

[TooStroked]

Some companies will consider covering your cat if you have taken the Tres Martin High Performance Boating course. I'm not going to sugar candy coat it though, it's going to be tough to get covered and very expensive if you can find it.

[WARLOCK]

I have used Stacie at Wakezone (1-866-728-9757) on almost all my Cats. Don't expect regular insurance prices. Later, Dave

[bouyhead]

I didn't realize cat performance hulls were hard to insure.:confused:

[Tightrig 12]

Thank you all very much for responses.
I would love to just have liability..... can't seem to even get that. From my research, I now know it's going to be expensive....at this point something is better than none.
I will try Wakezone, thank you for that.
I live a couple miles from Skater factory here in Douglas....i guess I can ask Pete.
The last company, Merkel ins, was promising.
Reason for decline was I had only 1 year experience with tunnel hull boat.....any other boating experience does not matter !
Fusterating.

[Tightrig 12]

I live in Saugatuck Michigan.

[Tightrig 12]

Davemvegas,
Yes...im getting the same responses. I actually had the boat bound with State Farm and they came back a few days later with a cancellation notice..WTF. Said boat was not represented acurately from the agent.
Previous owner had a State Farm policy for 10 years ( illinois) at $262.00/ year.

[mjw930]

Try Foremost, I believe Wozencraft represent them nationally.

You may be able to find a local Foremost agent as well, just as long as they are considered a marine specialist. Go to Foremost's website and search on an agent, I saw 3 show up that were listed as boat agents.

Safeco is another that I believe will write a high performance policy but again, it really depends on the agent.

[mjw930]

Previous owner had a State Farm policy for 10 years ( illinois) at $262.00/ year.

What you are finding is most of those policies with State Farm, Allstate or other national volume companies were misrepresented by either the owner or agent and aren't worth the paper they are written on.

[Tightrig 12]

Thanks Mark...i will check those out for sure
Bart

[berdes]

My Skater and Talon's were all insured thru Formost. Full coverage. Just be sure to be truthful on the app and read the policy when you get it.


Try Foremost, I believe Wozencraft represent them nationally.

You may be able to find a local Foremost agent as well, just as long as they are considered a marine specialist. Go to Foremost's website and search on an agent, I saw 3 show up that were listed as boat agents.

Safeco is another that I believe will write a high performance policy but again, it really depends on the agent.

[mjw930]

My Skater and Talon's were all insured thru Formost. Full coverage. Just be sure to be truthful on the app and read the policy when you get it.And go through an agent, preferably one who writes a lot of their marine insurance to ensure they have a direct conversation with the underwriter. Although I have 10 agents who can write Foremost within 20 miles only 1 of them was able to get it written. Foremost will only write their high performance policy through agents who experience with and write a lot of marine coverage. The average Foremost agent can only write boat insurance for runabouts and center consoles that run less then 75 mph.

[JPEROG]

Farmers is accepting the new DW28 (3 so far) and the application shows 115 mph. He ask if I knew how fast it was and I told him that I know it will go 115. $2700 a year with a 160K value and 500K lia. Lloyds of London will do a blanket lia. policy for an additional 1M for $900 a year.

If you have made a boating claim "of any kind" within the last three years, don't plan on being accepted. This info. came to me from a friend that got it first hand from a foremost exec.

Joe

[Tightrig 12]

Awesome....thanks again Mark

[Tightrig 12]

Thanks Joe
I only run 75
I would be happy to get a liability only policy at this point. I will look into Farmers

[mjw930]

Farmers is accepting the new DW28 (3 so far) and the application shows 115 mph. He ask if I knew how fast it was and I told him that I know it will go 115. $2700 a year with a 160K value and 500K lia. Lloyds of London will do a blanket lia. policy for an additional 1M for $900 a year.

If you have made a boating claim "of any kind" within the last three years, don't plan on being accepted. This info. came to me from a friend that got it first hand from a foremost exec.

Joe

Last year when I was shopping there were a number of companies willing to write policies on boats over 26’. It’s not just the speed, it’s the size and location. Here is the list of what was considered unacceptable in Florida by State Farm, Allstate, Progressive, Markel and Farmers for boats under 26’, all confirmed by calls to multiple agents representing these companies.

Speed exceeding 75 mph for “runabout”
Speed exceeding 90 mph for a “bass boat”
All air entrapment boats
Miami/Dade county

With Foremost and Safeco the policies can only be written by certain agencies considered Marine Specialists. I simultaneously had 3 Foremost agents quoting me, 2 received declines from underwriting, the third was able to get it approved due to their status with Foremost and I know there wasn’t any misrepresentation, the declaration page explicitly states high performance, 98 mph max speed.

Outside of Florida the rules are a bit more lax, but it’s still a crap shoot for sub 26’ fast boats.

Trust me, it makes little sense but I’m not making this up, I lived it last fall when I was shopping for insurance for my Talon. I also know that underwriting rules change every year so this could have changed. Luckily Foremost did renew me this year so I didn’t have to “shop” for coverage but every fall I know that could change.

I talked to the 3 largest national boat insurance agents about this and they confirmed everything I discovered as well as pointing out that there are programs for the bigger boats (26’ and above) that do not exist for our smaller boats. It’s all about the numbers, bigger boats mean bigger premiums from buyers with deeper pockets.

[Tightrig 12]

I ran into a couple company's that would not insure the boat unless it's valued at 300,000+
Yep....not in that category.
I trust you.....sounds a little crazy, but, what I've already been thru...i believe every bit of it.
I'm gonna keep up the good fight
Bart

[Tightrig 12]

23 Eliminator ins
Mark....you are the Man !
Thanks for the lead...
I believe I landed Safeco with some mighty awesome rates. In fact I pay the same for my pontoon boat
Liability only:
300,000
Med 5,000
Uninsured 300,000
Total $100.00 / yr
Coverage, Liability / Boat
Liability 300,000
Med 5,000
Uninsured 300,000
Damage hull / motors 16,000/ 500
Damage trailer 3,000/ 500
Unattached eq 1,600/ 500
Personal 750/ 250
Emergency asst 500
Total policy $317.00 / yr
The agent also thinks I can get by with boat value by purchase receipt or comparables. Possibility I will need a marine aporaisal...no big deal there, the boat is in excecomparable.
I was shocked how easy quick they got back with 2 different policys....matter of hrs.

Bart

[mjw930]

Bart,

That’s great to hear and a great rate too. The quote I got from Safeco was a few hundred less than Foremost but I didn’t want to cancel based on a quote since it was so hard to find the first policy. I will make sure to get a quote next fall from Safeco before I renew.

[vnemous]

Is Safeco part of Liberty Mutual? Our AAA up here has an agent there. I asked for a liability quote for my Superboat. Lets see what happens. Thanks for the heads up.

[Tightrig 12]

Yes,
They are a part of Liberty Mutual
Bart

[Tightrig 12]

......reasonable rates is an understatement.
I was willing to pay a $1,000+, but, I'm happy with $300+
I keep thinking they are missing something...
But I gave honest info. However, they never asked how much experience with a tunnel hull boat which was the deciding factor with a couple other c ompanys. I guess a year is not enough.
Bart

[vnemous]

what speed did they quote you for?

[Tightrig 12]

I believe I gave them 70. Which for these stock v6's is pretty accurate....i told him on occasion it will be faster, He didn't seem to concerned with top end speed

[Tightrig 12]

He wanted boat year, length, model, eng hsp
., top speed, value & boating experience. Never really asked hull type or waterways used.
However...underwriting researched the boat year make and model....came back with 2 impressive policys

[wasvette]

What you are finding is most of those policies with State Farm, Allstate or other national volume companies were misrepresented by either the owner or agent and aren't worth the paper they are written on.

I have State Farm on a 96 Liberator21 with a 300xs for about $400/yr - I didn't misrepresent the boat / power and, as far as I know, my agent didn't either. And the policy clearly states year, model of hull and engine.

[mikej]

Formost insurance will insure cats. I told them my boat will run 100 and they said no big deal.

[Tightrig 12]

Is the 21 Liberator a tunnel hull ? That is one of State Farms exclusions.
V-hull ...no problem

[Tightrig 12]

Foremost was next on my list...buy I landed a policy with SAFECO. coverage on the boat, trailer, medical, uninsured, Liabity, personal items, towing....
Policy total $342 / year. 500 deductible
23 Eliminator twin outboard
Bart

[wasvette]

Is the 21 Liberator a tunnel hull ? That is one of State Farms exclusions.
V-hull ...no problem

Yes, tunnel; like an Eliminator Daytona - they did not exclude it so go figure; we also have like 10 policies with them so I don't know if that's a factor. Don't think so but you never know.

[Tightrig 12]

Wow....the previous owner of my boat had State Farm on the boat for 10 years, me...2 days. The agent sent in the policy identical.
It may be a Michigan thing !
I had absutely no problem with Safeco, I might have to get an appraisal to verify insured value but unlikely.
Bart

[Zukiride]

Great thread, heck, i went through the same mess trying to insure a 21 Extreme Cat with twin 280's . . . such a pain that I never bought it. . . my Euro and now River Rocket are insured, and I also made sure they gave me something in writing saying they know it's over a 100mph boat. . . . don't want to lie to them, or if you have a claim, they find you lied or weren't truthful, and you magically don't have insurance when you need it. . . . great info on SafeCo, too bad it's such a mess to insure these boats, but then, 100 on water is a tad fast . . haha. . .

[Tightrig 12]

I agree...misrepresentation will get you nothing when you have a claim. Better off being honest, pay a little more and find the right company.
100...to me That's crazy fast
I'm probably a light weight but,
In my 23...i pucker at 75....its awesome right there !

[Just Tool'in]

Safeco did my Argo also. Was super surprised. But I was in the middle of changing over autos, home, umbrella etc, so I told the agent that the only way I would switch is if they got the argo covered told him top speed also (MY top speed, NOT Adams!)

[Tightrig 12]

Nice boat

[mjw930]

Safeco did my Argo also. Was super surprised. But I was in the middle of changing over autos, home, umbrella etc, so I told the agent that the only way I would switch is if they got the argo covered told him top speed also (MY top speed, NOT Adams!)

At what point does it become aircraft insurance and not boat insurance? :cheers:

[Tightrig 12]

Good point....
These boats are 95% in the air anyway !

[Tightrig 12]

Don't give these ins company's any ideas
They may jump on it !

[Just Tool'in]

I hesitated to join this thread.............knocking on wood at the moment!

[Tightrig 12]

Yes...i hear ya !
Your safe here....its a good luck thread for all to be insured

I'm so glad I called Safeco and locked in now rather than waiting another 6 months for boating season.

[Tightrig 12]

I was just raving about Foremost (Safeco) insurance on how they set me up with an awesome policy for liability and boat coverage, $342/year(23 Eliminator Daytona cat) with no explanation...a full refund showed up in my account after 3 weeks. Agent called underwriting and explained my boat description is in the drop down menu, their response, does not matter...those boats are not eligable.
F. U.
This is the 2nd company I have paid a full year up front and took home binding insurance. Then weeks later have it pulled. W T *

[mjw930]

Foremost and Safeco are separate companies. Call Wozencraft if you can't find a local Foremost agent who can write real marine policies (not every Foremost agent can). Your experience with Safeco is why I didn't cancel Foremost on this year's renewal. Lesson learned, get the policy issued (not a binder) before cancelling an in force policy.

[Tightrig 12]

Smart move to keep the Foremost

[Tightrig 12]

Actually the agency I went to is Foremost ....not sure why he wrote me a Safeco policy

[Tightrig 12]

I will ask him tomorrow when I go in to sign cancellation papers why he did not write me a foremost policy

[mjw930]

I will ask him tomorrow when I go in to sign cancellation papers why he did not write me a foremost policy
Probably because of price but it could be they are restricted with Foremost. Only certain agents can write performance policies with Foremost and there is no easy way to find one, I got lucky.

Start with the Foremost agent lookup, specifically for boats then call them and ask up front, “are you experienced writing performance boat policies with Foremost”.

Or call Wozencraft, they are certified with Foremost to write performance boat insurance in most states.

[Tightrig 12]

Awesome thanks

[mrcrsr]

Just went through this with our 21 skater, noone would cover it. I ended up putting it on with our business insurance but was expensive.

[Tightrig 12]

I'm working with Stacie from Wake Zone ins right now...i will hear back from her this week.
Looks pretty good at this point.
If wake zone is a no, I will go with Foremost for Liabity and get a appraisal for boat coverage.
B

[Tightrig 12]

Insurance update.....
I spoke to a connection at Skater, which is in my home town, he hooked me up with Tanah at
"Wozencraft ins" She set me up with an awesome policy...full boat and trailer coverage,
500,000 liability, towing, etc for under $400/year. I was truthful on the app, policy states 23 Eliminator Tunnel.
If your looking for cat boat ins, I highly
r ecomend Wozencraft. Contact me for Tanah contact info
Bart

[WILDMAN]

Just purchased a 88 Eliminator Daytona Cat with twin outboards. The boat was insured with State Farm at the time of purchase. They would not continue the policy due to boat type misrepresentation on old policy. ( Boat was categorised as a cruiser). I have been thru about 12 different company's, including go fast boat specific company's. Still cannot get coverage. You would think 20+ years boating experience, a captain's licence and current boating as my job today would mean something to these companys.....but I guess not
Anyone out there have any suggestions who to look at for cat boat insurance ?
Thank you
Bart


Was it this one with twin 300xs's ? I sold that to a doctor up north about 5 years ago. It was a 1988 and perfect! Please send me info on the insurance people. My email is liberatorboats@yahoo.com

[Tightrig 12]

That is a beauty.. love the colors.
I love up here in Saugatuck, Michigan.
Contact Tanah @ Wozencraft Ins.
949-466-0478
Thanks,
Bart Acino