Insurance

[Yearwood]

The broker sent me a renewal notice with a bump in premium of $10 or so. Every few years I run a check on the premium and since values have dropped I thought I'd check a lower agreed valuation for renewal. Asked the broker to quote (1) only liability; (2) value 70 percent of existing and (3) as expiring. Instead of going to the existing underwriter they went to others. Results were interesting. Both underwriters have good ratings. Liability only was in fact higher for they claim the underwriters are very limited for marine pleasure liability only. For value as expiring (i.e. not reduction) this well known underwriter quoted about 75 percent of the carrying underwriter. For the lower value the saving was insignificant .. less than $10. Of course, the total loss component is known to be small in marine insurance.

Lesson learned and re-learned periodically check your marine insurance premium looking for savings with good underwriters. Don't presume the broker will do your work for you.