Commercial fishing boat insurance.

jwalka51

Commodore
Joined
Nov 28, 2012
Posts
903
Likes
436
Location
Newport R.I.
Boat Make
26' Webber Cove lobster boat.
It seems to me that no one wants to insure commercial fishing boats. They have no problems insuring charter boats, but the second that you tell them that you are crabbing or lobstering, or fin-fishing they tell me that they do not sell a product that will fit my needs. I have always just fished with out insurance because my last boat was a piece of crap. But now that I have a newer boat that I have a good amount of money invested in, I need to get insurance to protect my asset. Can any of you guys please refer me to some carriers that will insure me? This whole thing is really pissing me off. These companies advertise commercial boat insurance, but they will not insure a small fishing boat. I know that every lobsterman in maine with a 30' $100,000 + boat has insurance so who is insuring them.I have had zero luck with google. Someone help me out here. I'm getting ready to put her in but cant do it until I have her insured. Any leads will be appreciated.
 

bluefin650

1st Mate
Joined
Sep 5, 2011
Posts
401
Likes
130
Location
Southern Maine

I would look else where. I am currently shopping. I currently have a policy with Smithwick on a '93 26' General Marine (Which is for sale :D ). I asked for a quote on a '03 34'er. They quoted me $3K. I told them I wasn't paying 3k. I called 14 companies and of the 2 quotes I have received so far, $1,450 and $1,550 are cheaper than I am paying on the General Marine.
Then Smithwick calls me to find out where I stand with the quote. I said I got a quote that was half of what they quoted. They asked who it was. After I told them, they said "We could get that quote and honor it." WTF! Why didn't you do that in the first place!
 

Badlatitude

Admiral
Joined
Apr 5, 2012
Posts
1,943
Likes
599
Location
CT
We had an underwriter which was through lloyd's of london. I wish I could remember but it wa a crazy rock solid policy especially for being in FL. It had everything including natural disaster, terrorism. There was no clause about exclusions of named storms etc.

It was $6k a year. Ill see if I can find the paper work.
 

CaptDave

Commodore
Joined
Sep 13, 2011
Posts
960
Likes
512
Location
MA
Boat Make
31' Eastern w/John Deere 6076 AFM30
Call Tim Stanton of Ocean Marine Insurance out of RI, I have been very happy with the service that they provide. There rates are fair and the number for Tim is (401) 871-4190.

Dave
 

Prdlobster

1st Mate
Joined
Dec 25, 2011
Posts
411
Likes
207
Location
Pt Judith RI
If you are/become a member of the Mass Lobstermens Association I believe they have a program that can save you a lot of money. There may be some info on their website.
 

cpt.josh

Deckhand
Joined
Mar 6, 2012
Posts
84
Likes
19
Location
Cape Cod
Boat Make
26'6 Prokat Badkittytoo
I second Daves suggestion of Tim Stanton with Ocean Marine Insurance agency. great coverage at a decent price.
 

traditions

Admiral
Joined
Oct 9, 2011
Posts
1,709
Likes
1,066
Location
mid coast maine, muscle ridge channel
Boat Make
38 Holland
I used to go thru Ocean Marine in RI and they were selling Lloyds of London back then.We bought a wooden boat and they didn't want to insure it so we moved our 3 boats to a local company.The rates are reflected mostly on the age of the vessel.
 

InsuranceTim

Deckhand
Joined
Feb 7, 2013
Posts
7
Likes
3
Location
Cape Cod
Website
www.omiainc.com
Boat Make
Carolina Skiff
Glad I could help you jwalka51 and thanks for the endorsements fellas... If anyone wants a quote I'm always happy to provide one 401 871 4190 cell. Remember if you sell your catch you ARE commercial a lot of standard yacht policies don't cover commercial fishing even rod and reel.
 

twister

Captain
Joined
Jan 10, 2013
Posts
571
Likes
85
Location
RI
Boat Make
37 Mitchell cove
I just got a good a very decent price from Tim and it was a very easy experiance to deal with Ocean Marine
 

Curmudgeon

1st Mate
Joined
Mar 1, 2013
Posts
225
Likes
113
Boat Make
44' Stanley, 40 Webbers Cove, 19 Ocean Pointer
Mass lobstermans associaciation if your a member. Crew policy also can't be beat.
 

maineguides

1st Mate
Joined
May 10, 2012
Posts
245
Likes
63
I just got a good a very decent price from Tim and it was a very easy experiance to deal with Ocean Marine

Just signed a policy with Tim for the new boat. The guy knows his shit. He was a lot cheaper then anyone else with a lot more coverage. I'll be switching my current boat policy over to him when it comes due in June. Once again he saved me about $300 on that one and more coverage.
 


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