NJ Fishing Advertise Here at New Jersey's Number 1 Fishing Website!


Message Board


Insurance Coverage - Page 2 - NJFishing.com Your Best Online Source for Fishing Information in New Jersey


Message Board Registration       FAQ

Go Back   NJFishing.com Your Best Online Source for Fishing Information in New Jersey > NJFishing.com Boating
FAQ Members List Calendar Mark Forums Read

NJFishing.com Boating Use this board to discuss anything related to boats and boating in NJ

Reply
 
Thread Tools Display Modes
  #11  
Old 12-22-2015, 06:03 PM
broken bobber's Avatar
broken bobber broken bobber is offline
NJFishing.com Old Salt
 
Join Date: Mar 2008
Posts: 3,073
Thumbs up Re: Insurance Coverage

JUST CALL VITO....

He is a REAL insurance guy and will answer all and any questions........
__________________
Blessed is he, who in the name of charity and good will, shepherds the weak through the valley of darkness, for he is truly his brother's keeper and the finder of lost children.

GODS SPEED MY BROTHER... LIFES A BEACH 4EVER

OMT BUCKTAILS GET IT DONE

Proud member of the 52lb on The Wall Club

dey eats my baits... I eats dem club

Member of the Monger Nation

PLANT ICE .... HARVEST WIND...JUST SAYING
Reply With Quote
  #12  
Old 12-23-2015, 09:59 AM
Capt. Frank's Avatar
Capt. Frank Capt. Frank is offline
NJFishing.com Old Salt
 
Join Date: Mar 2008
Location: Suffern NY / Sandy Hook
Posts: 2,298
Default Re: Insurance Coverage

Exactly and walk through the questions of what is covered... liability, vessel loss, recovery costs, environmental assessment, vessel disposal. There should be coverage for each SEPARATELY. Not just a single check for vessel loss and leave you hanging for all the rest of the bills.

This happened to a friend from Sandy destruction on a home owner policy. I teach it in my classes too. Knowing the difference in coverage is important.



Quote:
Originally Posted by broken bobber View Post
JUST CALL VITO....

He is a REAL insurance guy and will answer all and any questions........
__________________
Capt. Frank
Tow boat captain/salvor
50 ton USCG Master
NJ & NY Boating Instructor-
Vet & Senior Discounts w/ Free lunch, $20 West Gift cards
Big time crabber

Last edited by Capt. Frank; 12-24-2015 at 10:17 AM..
Reply With Quote
  #13  
Old 12-23-2015, 10:10 AM
Charlie B's Avatar
Charlie B Charlie B is offline
NJFishing.com Ambassador
 
Join Date: Mar 2014
Location: (summer)Lake Hopatcong(winter)Milltown
Posts: 209
Default Re: Insurance Coverage

Good advice...Charlie
__________________
Greetings from Lake Hopatcong...
Reply With Quote
  #14  
Old 12-23-2015, 03:53 PM
shrimpman steve's Avatar
shrimpman steve shrimpman steve is offline
NJFishing.com Old Salt
 
Join Date: Mar 2008
Location: ringwood
Posts: 9,549
Default Re: Insurance Coverage

Bobber and company, no offense, I am a real insurance broker. Been licensed for 30 years.

The umbrella policy I mentioned is strictly a liability function which I previously stated. That is to protect you from lawsuits.

Property losses if you loose your boat are another coverage. I agree call Vito. He is a sponser and as a licensed insurance broker I have him writing my coverage.

There is no question you should have marine insurance. The umbrella kicks in if someone sues you and your LIABILITY Limits are not sufficient. In other words if you are sued for 1,000,000 and only have $300,000 in liability on your marine liability the umbrella should pick up the difference. If you own a home, or other assets, you should carry a $1,000,000 umbrella policy, period. That is the purpose of an umbrella policy. It has nothing to do with you recovering money on your physical loss. It is to protect your assets.

Thus endith the lesson.
__________________
Captain Shrimpy
100 ton master captain

Last edited by shrimpman steve; 12-23-2015 at 05:05 PM..
Reply With Quote
  #15  
Old 12-23-2015, 04:09 PM
shrimpman steve's Avatar
shrimpman steve shrimpman steve is offline
NJFishing.com Old Salt
 
Join Date: Mar 2008
Location: ringwood
Posts: 9,549
Default Re: Insurance Coverage- UMBRELLA COVERAGE could screw you

Quote:
Originally Posted by Capt. Frank View Post
Marine insurance has a few more items as mentioned above.

The homeowner's umbrella policy DO NOT. Items like recovery, disposal costs, oil spill costs are NOT SEPARATE COVERAGE and CHECKS and they simply pay boat value and walk away. Besides losing your boat you have a great BIG bill they do NOT cover after boat is paid.

If the boat sinks you have NO IDEA how under covered you are with a home owners' umbrella coverage added.

LESSON LEARNED
That umbrella coverage pays you value of boat ONLY for a total loss like a sinking. That's it.
All the other stuff recovery/salvage , fines, disposal costs YOU PAY FOR. Which in many cases will be close to value to the older boat. In the end your $13,000 umbrella coverage leaves you close to $0 or writing a check if there's a salvage. Be VERY AWARE of this lack of coverage.

MORAL OF THE STORY
Home owners coverage is NOWHERE NEAR a true marine insurer's coverage. Bad time to learn is after your sink. That your cheap policy is cheaper for a very good reason YOU will be paying for now
Frank, you are wrong and should not be teaching people about insurance (I say this respectfully) the umbrella policy pays YOU NOTHING. The umbrella pays the people that sue you as well as your defense costs in court if you kill or injure someone. Umbrella coverage has NOTHING to do with what YOU collect on a loss to your vessel. There is no question that a boat owner should have a separate marine policy but that policy may only have 500,000 in liability. The umbrella policy SITS OVER the underlying liability policy. Your understanding of an unbrella policy is incorrect and any homeowner should make sure there is enough liability coverage so you don't loose your home should someone sue you. A lawsuit over a death is gonna cost you more then loosing your boat!
__________________
Captain Shrimpy
100 ton master captain

Last edited by shrimpman steve; 12-23-2015 at 04:16 PM..
Reply With Quote
  #16  
Old 12-23-2015, 04:32 PM
shrimpman steve's Avatar
shrimpman steve shrimpman steve is offline
NJFishing.com Old Salt
 
Join Date: Mar 2008
Location: ringwood
Posts: 9,549
Default Re: Insurance Coverage

Quote:
Originally Posted by Capt. Frank View Post

This happened to a friend from Sandy destruction on a home owner policy. I teach it in my classes too. Knowing the difference in coverage is important.
Not to beat a dead horse but number one unless you have an insurance brokers license you should not be teaching coverage. You are doing your students a disservice as you do not understand the purpose of an umbrella policy. Or the differece between 1st and 3rd party coverage. If you want to PM me I can explain what the differences are. I don't mean to call you out, but feel my knowledge gained over 30 years was disputed. I really would have no problem discussing the merits of different coverages with you so you can impart the information to your students.

Really no disrespect intended
__________________
Captain Shrimpy
100 ton master captain

Last edited by shrimpman steve; 12-23-2015 at 04:41 PM..
Reply With Quote
  #17  
Old 12-23-2015, 05:08 PM
MM Insure's Avatar
MM Insure MM Insure is offline
Site Sponsor
 
Join Date: Mar 2012
Posts: 60
Default Re: Insurance Coverage

Thanks for the recommendations gys, appreciate it. If anyone on the site has any questions regarding boat insurance, or would like to have their policy reviewed, feel free to give me a call. Our office number is (848)863-6800 X 10

Similar to Steve, I have also been an independent insurance agent for 30 years. Nothing beats the advice of a knowledgeable independent insurance agent.

Merry Christmas!

Vito
__________________
Vito Manzi
Maiello & Manzi Insurance Agency
Boat Auto Home Business Insurance
(848)863-6800 X 1002
vito.manzi@mm-insure.com
www.mm-insure.com
Reply With Quote
  #18  
Old 12-24-2015, 10:24 AM
Capt. Frank's Avatar
Capt. Frank Capt. Frank is offline
NJFishing.com Old Salt
 
Join Date: Mar 2008
Location: Suffern NY / Sandy Hook
Posts: 2,298
Default Re: Insurance Coverage- UMBRELLA COVERAGE could screw you

Well I am also an Attorney who represented a Sandy victim in a lawsuit with C&C Marina in Bayville. And this is exactly what happened on his homeowners policy. Paid for lost boat cost. The recovery, salvage, and disposal is NOT COVERED. They pay policy limit once.

Perhaps you need a little tutoring? And learning about marine insurance is a good thing. This is a good dialogue.

Umbrella insurance has a flat coverage. That is the total and ALL They will pay out if boat is totaled is the boat loss- NOTHING ELSE. The liability portion of you homeowners policy IS a different section- yes,

And you can buy as much liability coverage as you want. It may have $500k or $5M. That simply what you picked and paid for.


Quote:
Originally Posted by shrimpman steve View Post
Frank, you are wrong and should not be teaching people about insurance (I say this respectfully) the umbrella policy pays YOU NOTHING. The umbrella pays the people that sue you as well as your defense costs in court if you kill or injure someone. Umbrella coverage has NOTHING to do with what YOU collect on a loss to your vessel. There is no question that a boat owner should have a separate marine policy but that policy may only have 500,000 in liability. The umbrella policy SITS OVER the underlying liability policy. Your understanding of an unbrella policy is incorrect and any homeowner should make sure there is enough liability coverage so you don't loose your home should someone sue you. A lawsuit over a death is gonna cost you more then loosing your boat!
__________________
Capt. Frank
Tow boat captain/salvor
50 ton USCG Master
NJ & NY Boating Instructor-
Vet & Senior Discounts w/ Free lunch, $20 West Gift cards
Big time crabber
Reply With Quote
  #19  
Old 12-24-2015, 10:37 AM
Capt. Frank's Avatar
Capt. Frank Capt. Frank is offline
NJFishing.com Old Salt
 
Join Date: Mar 2008
Location: Suffern NY / Sandy Hook
Posts: 2,298
Default Re: Insurance Coverage

I think this is a great string.

Many find out too late their insurance coverage does NOT cover all they need with a boat.

Whether true marine insurance and homeowner policy's umbrella and boat rider coverage are VERY VERY DIFFERENT.

While liability coverage is a number you choose and pay for. The rest is staggering in differences.

Let's not forget boat insurance is optional.

It's a bad time to find out the difference when you looking at your destroyed sunken boat and the vessel recovery costs (about $100-200 per foot) are equal to the boat's value and your replacement check is being used to pay for recovery and if anything is eve left the disposal of the hulk.

Depending on age of boat you may not have anything left.
__________________
Capt. Frank
Tow boat captain/salvor
50 ton USCG Master
NJ & NY Boating Instructor-
Vet & Senior Discounts w/ Free lunch, $20 West Gift cards
Big time crabber

Last edited by Capt. Frank; 12-28-2015 at 10:00 AM..
Reply With Quote
  #20  
Old 12-24-2015, 01:36 PM
shrimpman steve's Avatar
shrimpman steve shrimpman steve is offline
NJFishing.com Old Salt
 
Join Date: Mar 2008
Location: ringwood
Posts: 9,549
Default Re: Insurance Coverage

Frank
I agree good dialogue.

The umbrella policy is a separate policy. Not part of the homeowners. Some carriers will not write more then 500,000 or 1,000,000 in liability. This is where the umbrella policy comes in. Let's face it, we live in a litigious society and people sue for as much as they can. All the unbrella does is increase the "base" limit on the liability end. I recommend anybody who owns a car and a house carry as much liability as you can reasonably afford. The last thing you should be doing is driving around with minimum liability limits. God forbid you kill a family in an auto or boating accident, I guarantee you can't have enough liability coverage.

As far as the many exposures faced by boat owners, no question you are better off with a marine policy to bring you back to whole after a sinking or other incident.

Hopefully between the two of us we have opened peoples eyes as to the importance of insurance

Merry Christmas
Happy Chanukah
And a healthy new year!
__________________
Captain Shrimpy
100 ton master captain
Reply With Quote
Reply


Thread Tools
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off

Forum Jump


All times are GMT -4. The time now is 01:48 PM.


Powered by vBulletin® Version 3.8.7
Copyright ©2000 - 2020, vBulletin Solutions, Inc.