Seahorse Underwriter's Boat Insurance, A division of a Division of McGriff, Siebels & Williams, Inc.

I just got a quote from this place, they are affiliated with EBoatloans.com where we got our loan 3 years ago. We currently have insurance with another place that they suggested when we got the loan, it is a yacht insurance place. I haven't had any claims so I don't really know how the current guys are. New quote of $280 current is $370.

Haven't heard of them, but that is a good price. A yacht policy? I pay 250 with State Farm on an ACV policy. I looked at a yacht policy with Boat US which was 450 when I purchased the boat, and is now up to 600. Nothing has changed on our end...must be the hurricanes.

His initial quote was for $250, but the aggreed value was $8000 less than my current ploicy. I told him I liked the premium, but wasn't worth it since it was for so much less in case of a catastrofic loss. He came back with the upped value and the premium cam up $30. I was very happy with the $370, but $280 would be great.

I used to live in Brownsburg, IN!!!!

That program is ultimately finacially underwritten by Travelers/St Paul.

http://www.travelers.com/personal-insurance/boat-yacht-insurance/yacht-insurance-coverage.aspx

Depending upon the agreement with McGriff (who is a large Insurance Broker), Travelers may or may not be involved in administering the day to day service including claims.

This can be a plus especially if you are dealing with a dedicated team who does nothing but watercraft.

None the less, its possible/likely that you'll still get a policy that is on Travelers paper. Meaning their filed coverage and rate plans.

Travelers is a well respected company and I wouldnt hestiate to consider purchasing coverage if the product and price are favorable.

Just be sure that you understand the term "agreed value". Especially on a 10 year old watercraft. In many contracts, agreed value does not apply to the total value of the watercraft but rather how the policy contemplates depreciation. Mostly on partial losses.

Generally speaking,total losses will still be adjusted based on the acv (generally market value of the watercraft at the time of loss). To that extent, the policy would never pay more than the agreed value so it is important to carry enough coverage that accurately reflects the true market value of the watercraft.

Just be aware that if you carry $10K more in coverage than the boat is actually worth, it doesnt mean that you'll receive that extra amount in the event of a loss.

Agreed value in my opinion is a worthwhile option for ensuring that your partial losses (the majority of what the industy incurs) are paid without deduction. For example, if you hit a submerged object with your outdrive and need substantial repairs. Usually an Agreed value provision will not deduct for depreciation which means you can generally settle your claim pretty darn close to the amount of the actual repair minus the deductible.

As always, never assume. Read your policy!!!

it is hard to say if it is a good price, as you did not mention the coverage limits, etc.

the idea of insurance is to protect your assets and potential liability. does the policy in question do that?

Supra,I have the same insurance company that you mentioned with an agreed value from March 2005 on my cobalt. The broker in the bay area that San Ramon Boat Ctr. recommended is Twin River Marine Ins. in Oakland. They broker to 6 or 7 marine only underwriter's and SeaHorse is their #1 choice on rates and quality/response when a claim is filed.
I know this first hand I'll tell you just email me at Librittain@sbcglobal.net for the story.