Insuance companys dropping people ?

R

Robski97

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Buddy had a small claim after Sandy . ( less then 10 grand ) he just got a non renewal letter stating cause was excessive claims. He has had all his boats insured tru NBOA. That's a kick in the butt...

Rob
 
Rob, its a very unsettled marketplace out there right now ecspeically with coastal property and marine.
 
Nboa here and super large claim and they signed me up with same company.
It's not Nboa that drops but one of their companies.
They will find you a new one.
I got dropped by one once with them with no claims.
It's a numbers game.
 
NBOA told him they are having problems getting some people insured. As Mike said ... things are very much in FLUX ...

WTF do u tell the bank if u cant get insured ... UGH !

Rob
 
Before even considering the dollars involved, frequency of claim submissions is a prime indicator of future claim activity. As to the bank, I would be forthright. The bank undoubtedly has Vender's Single Interest insurance cover. VSI covers their interest in the collateral (the boat). The cover does not extent to the boat owner's interest. The premium is frequently passed on to the borrower.
 
Rob I've had Travelers for years and I never had a problem. I use an agency up in Connecticut let me know if you want their number.
Rob
 
Travelers renewed me ... I had 2 claims in less then 6 months . BIG ONES ...

ITs my buddy Bryan. Im sure he will get insurance somewhere but he had 2 very small claims . One was for a dingy motor stolen from the riverhead about 2 years ago . ( in the water ) other was sandy damage under 3 grand . He has had Hartford for about 15 years . ( 2 different boats )

Rob
 
Rob, you can put him in touch with me if he needs help, I'm sure one of my carriers will write.
 
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