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38% increase from Charter Lakes Insurance, with Less coverage

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38% increase from Charter Lakes Insurance, with Less coverage

Old 01-15-2020, 10:11 AM
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Default 38% increase from Charter Lakes Insurance, with Less coverage

Charter just quoted me $839 (from $607)

Anyone else get this non renewal notification?

Who have you been using with good coverage. I would Like "Agreed Upon Value".

2019 Coverage
Agreed Upon Value - $62,000
Liability - $300,000
Medical - $25,000
Personal - $5,000
Uninsured Boater - $300,000
Trailer - $2,000
Towing - $2,500
Pollution - $939,800

2020 Proposal - $839 Premium
Agreed Upon Value - $62,000
Liability - $300,000
Medical - $5,000 (-20,000)
Personal - $1,000 (-4,000)
Uninsured Boater - $300,000
Trailer - $2,000
Towing - $500 (-2,000)
Pollution - $300,000 (-600,000)
Old 01-15-2020, 10:41 AM
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We also received a notification for an increase in the insurance $.
for us, NBOA/Traveleres had a 25% increase over last year. no additional time on the water versus winter storage, etc.
Just more $.
Old 01-15-2020, 10:44 AM
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My CL policy renews in August. August 2019 renewal was pretty much unchanged.

If August 2020 shows a substantial increase or decrease in coverage, I will shop around.

However, I believe it is happening industry wide.
Old 01-15-2020, 10:53 AM
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Originally Posted by Chris From Saybrook View Post
Charter just quoted me $839 (from $607)

Anyone else get this non renewal notification?

Who have you been using with good coverage. I would Like "Agreed Upon Value".

2019 Coverage
Agreed Upon Value - $62,000
Liability - $300,000
Medical - $25,000
Personal - $5,000
Uninsured Boater - $300,000
Trailer - $2,000
Towing - $2,500
Pollution - $939,800

2020 Proposal - $839 Premium
Agreed Upon Value - $62,000
Liability - $300,000
Medical - $5,000 (-20,000)
Personal - $1,000 (-4,000)
Uninsured Boater - $300,000
Trailer - $2,000
Towing - $500 (-2,000)
Pollution - $300,000 (-600,000)
That is a pretty steep increase. Did your deductibles change?

Call a broker and have them shop around for you. Rates are always changing.

New Hampshire Insurance Company seems to currently have the best rates for new england while Charter Lakes did for the past couple years.

Old 01-15-2020, 10:54 AM
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Deductibles stated the same for less coverage. (629 for Hull/Engine / 250 for Medical / 100 for Trailer) Talked to Charter and they said they already shopped it around and this is the best they could do.
Ill make a few calls also, but it seems that this will be industry wide.

Chris

Last edited by Chris From Saybrook; 01-15-2020 at 11:30 AM.
Old 01-15-2020, 11:03 AM
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Originally Posted by Chris From Saybrook View Post
Deductibles stated the same for less coverage. Talked to Charter and they said they already shopped it around and this is the best they could do.
Ill make a few calls also, but it seems that this will be industry wide.

Chris
what is the deductible?

who is the insurer currently and being proposed (its not charter lakes)?
Old 01-15-2020, 11:08 AM
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Originally Posted by Chris From Saybrook View Post
Charter just quoted me $839 (from $607)

Anyone else get this non renewal notification?

Who have you been using with good coverage. I would Like "Agreed Upon Value".

2019 Coverage
Agreed Upon Value - $62,000
Liability - $300,000
Medical - $25,000
Personal - $5,000
Uninsured Boater - $300,000
Trailer - $2,000
Towing - $2,500
Pollution - $939,800

2020 Proposal - $839 Premium
Agreed Upon Value - $62,000
Liability - $300,000
Medical - $5,000 (-20,000)
Personal - $1,000 (-4,000)
Uninsured Boater - $300,000
Trailer - $2,000
Towing - $500 (-2,000)
Pollution - $300,000 (-600,000)

I have more or less the same level of coverage you have and pay double plus some more over your new increased premium.
Doesn't seem like premiums are getting any better with insurance companies. For them to spread the losses of these big yachts and high end CC's that sink, catch fire or hit the rocks everyone's premium will continue to go up.
Old 01-15-2020, 11:32 AM
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Mine went up also. $2300 a year to $2700! Same coverage, mechanic coverage and hull agreement value. Only difference is the boat is located at a different marina this summer. They said that attributed to the increase, which I called BS. I shopped around but was getting less coverage for the same rate.
Old 01-15-2020, 11:33 AM
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Originally Posted by mystery View Post
what is the deductible?

who is the insurer currently and being proposed (its not charter lakes)?
629 for Hull/Engine / 250 for Medical / 100 for Trailer

Today is National Specialty Insurance
Proposed is Travelers
Both contracted by Charter (you are correct the are just a middle man)




Old 01-15-2020, 12:15 PM
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Originally Posted by Chris From Saybrook View Post
629 for Hull/Engine / 250 for Medical / 100 for Trailer

Today is National Specialty Insurance
Proposed is Travelers
Both contracted by Charter (you are correct the are just a middle man)
have you tried going direct with Travelers?
Old 01-15-2020, 12:35 PM
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Welcome to 2020 and the great economy! Probably time to start self-insuring for hull loss and carry liability only if you can swing it.
Old 01-15-2020, 12:56 PM
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Chris
We represent the top tier Aor A+ rated marine insurance companies.
We are quoting 5 or more carriers to find the best mix of coverage and value.

The insurance market in general are facing capacity challenges and we have been seeing a significant impact in the marine markets.
Plese feel free to call your agent here if you would like to increase any of the coverage options.
Charter Lakes
800-879-2248
Old 01-15-2020, 12:57 PM
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Crow
Give Charter Lakes a call and we can take a look with 5-10 companies to see if we can find you a better policy or a better value.

Charter Lakes
800-879-2248
Old 01-15-2020, 01:00 PM
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New Hampshire is a company that we represent at Charter Lakes
Old 01-15-2020, 01:01 PM
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I had to switch. Charter Lakes went from $487 to over $1k for the same coverage last year vs. this year. They were always good so wasn't happy to have to change but couldn't absorb that much of an increase.
Old 01-15-2020, 01:20 PM
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I had same coverage/cost, but I lost a couple key details when I was moved from XL to New Hampshire. I lost year round navigation, and had winter layup required from 11/1 to 4/1 added onto the policy, and I lost mechanical coverage due to freeze damage if winterized and documented by a professional marine yard
Old 01-15-2020, 01:28 PM
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The marine insurance business is getting a lot tighter after all the recent hurricane losses even in areas that have not been hit. The market had been very competitive so premiums were cut, and then the industry got hammered with huge losses that we're all paying for. Do shop around though. My carrier doubled my deductible after a loss this past year (not my fault - hit some unseen floating object). They actually wanted at first to drop me just because I had a claim. I had the agent tell them how ridiculous that was.
Old 01-15-2020, 02:11 PM
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Must be because of climate change,Trump,whatever........
Likes:
CME
Old 01-15-2020, 02:33 PM
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Originally Posted by Charter Lakes View Post
Chris
We represent the top tier Aor A+ rated marine insurance companies.
We are quoting 5 or more carriers to find the best mix of coverage and value.

The insurance market in general are facing capacity challenges and we have been seeing a significant impact in the marine markets.
Plese feel free to call your agent here if you would like to increase any of the coverage options.
Charter Lakes
800-879-2248
Called already, Agent told me the same. "We shopped it around and this is the best we can do. Yes we understand its less coverage for more money" She told me to shop it around, but said she expects me to call her back and sign up.

Basically told me to get the lube out and bend over and like it.


Old 01-15-2020, 07:02 PM
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I had used Charter Lakes as agent for years prior to this fall. I never had had a claim but they were very easy to work with. XL was the insurance company and I was told by Charter Lakes I was being non-renewed since XL was dropping out of the marine market. My premium for agreed value of $56K was $567/yr. They said they would shop it around. It took weeks for them to get back to me. The new quote dropped agreed value to $43K and increased the cost to $544. This was through Markel. Personal effects an fishing equipment was $1000 and couldn't be increased. That's just one tuna rod!

I went to a local agent that was recommended to me who was very responsive. The agreed value was still $43K but personal effects went to $5K. The cost was $657 and the carrier is Atlantic Specialty. I was happy to pay more for better service from a local agent and higher limits on personal effects.

I was disappointed at the effort I had to put in to even get a quote for them.

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