posted 12-21-2010 02:23 PM ET (US)            

AM Best is a company that provides ratings and opinion on the financial stability of insurance providers. They recently released the results of their latest audit.

http://www.insurancejournal.com/news/national/2010/05/10/109668.htm

posted 12-21-2010 03:10 PM ET (US)            

quote:

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Best affirmed Maryland-based Seaworthy's financial strength rating of 'A+' (Superior) and issuer credit rating of "aa,"

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That was exactly what I was looking for.

posted 12-22-2010 09:53 AM ET (US)            

Yes, agreed, if Seaworthy's ownership changed to private equity I'd be keeping an eye on that. My policy is so inexpensive, under $200 a year, that I would likely switch just on that type of news. However, I'd ride with their history of buying good companies and holding them for the long term. Always enjoy Warren's line in the shareholder's letter about their average holding period: "foverever." But, sadly Buffett and Munger won't be around forever...

Nothing like one share of stock that could buy you a nice Whaler and pretty much any tow vehicle you'd want and have change left over, eh?

posted 12-22-2010 10:42 AM ET (US)            

I personally have my boat insured with Progressive. For around a little less than 400 bucks a years with full coverage and then some. Agreed value for my 1997 Conquest is about 20 grand.

posted 12-22-2010 12:18 PM ET (US)            

Boat & boating equipment..$40.000..Deductible.$400
Emergency service.........$250
Personel effects..........$1000..Deductible...$50

Fuel & spill liability...$854,000
Medical payments.........$10,000
Uninsured boater.........$500,000

Bodily injury & property damage.$500,000 (per person)
Bodily injury & property damage.$500,000 (per accident)

posted 12-22-2010 02:36 PM ET (US)            

To me that's the hard part in deciding which carrier to use.

I think Perry is right to ask for references.

posted 12-22-2010 02:57 PM ET (US)            

My current policy expires on the 30th of December, so I have a few days to decide which way to go.

posted 12-23-2010 01:00 PM ET (US)            

I had a fire damage to my Guardian and I was allowed to have it repaired at the dealer Twin Cities Marine. They did great work and State Farm paid for everything with NO problems.

If you have a Whaler you expect and deserve the best insurance.

Plus, if you have a question or a problem you can walk in to your local agent's office and deal with a person that you know.

posted 12-23-2010 03:43 PM ET (US)         

http://continuouswave.com/ubb/Forum1/HTML/020027.html

posted 12-23-2010 05:38 PM ET (US)            

Agreed value $26,600
Accessories. $500
Liability. $300,000

Premium. $292

posted 12-23-2010 05:53 PM ET (US)            

I believe you'll find, when you replace that Conquest, that USAA will not insure the replacement boat. That was my experience when replacing my 1999 16 Dauntless with a 190 Montauk. They sent me over to Progressive with whom they have an arrangement.

posted 12-24-2010 10:37 AM ET (US)            

Recently the company has changed it's policy and now offers it's policies to any military veteran who has been honorably discharged from the service either active duty or reserve component, ie. National Guard or reserves. I believe NOAA personnel MAY be included.

I don't know if they are offering boat insurance to new members but I'm fairly sure they continue to offer yacht policies with agreed value.

For owners of larger craft they may be worth a look. Also, according to Consumer Reports, they're one of the best automobile insurance providers.

I've been with them for over forty years.

posted 12-24-2010 11:19 AM ET (US)            

You are correct, USAA is not writing new policies for homes and boats. Unlike Allstate and State Farm, they are not dropping existing policies in good standing.

They blame the current Florida government for policies that are driving them out of the state. I think it's all a racket. We have not had a bad hurricane year in Florida for since 2004 and perhaps 2007.

It seems when insurers don't like certain legislation, they can just up and abandon their members in good standing. That does not seem just. I wonder if California will get added to the list after the recent fires and now flooding in SOCAL?

posted 12-24-2010 07:18 PM ET (US)            

I was not aware of the change in home policies. Last month we bought a condo in Gulf Shores and were able to insure it with USAA. Perhaps because we have our home currently insured with them. We live in Spanish Fort, AL about .5 miles North of I-10. Our roof was replaced after Katrina as well as the roof on our 12X20 shed and our privacy fence was repaired on USAA minus our deductible, of course. It was a sizable claim.

FWIW, after forty plus years I remain in love with USAA. The service is simply unparalleled.

Butch