boat loan

[georgew]

Hello my name is George w would appreciate recommendations for boat loans and a good insurance company geared t word boats This would be for a 31 T express Interested in who other Albin owners use. Thanks in advance.

[whwells]

George: Traveler's Insurance boat and yacht division writes a good policy at a reasonable price. They also provide fuel and oil spill coverages under the liability section. In these days of potential large fines and damages claims you want to be sure that coverage is included. Thier claim service is also seoond to none in my opinion. I like the claims people and thier approach to do the right thing.
In my life before passing the Calif. Bar I was an Adjuster, Claims Mgr and then House Counsel before going on my own. The company I worked for had an old time way of teaching claims handling. It was "look for a way to pay and not a way deny the claim". There will always be some claims that cannot be paid for good reason and policy limitations. However, the look for a way to pay is the sign of a great company.
I have been with Traveler's through 3 boats and always found them to be that kind of company.

Another good company is US Boater's but they are not a Traveler's in my mind. Traveler's Yacht Division is out of Boston, Ma. but they have local claims people who make you feel good when you need them.

whwells "Howard"
35TE Sporffisher/Conv.
Anacortes, WA.

[JDowns]

We just went through this with a 31 TE. Ours was a bit over complicated due to a commercial element (bought for our business), but we definitely learned what not to do. Lenders are generally nervous about boats these days, and we wasted some time with larger lenders advertising great rates that just could not put a package together right.

In the end, we approached our local bank. They put together the best package and were able close the deal in just a few days where the larger banks were taking weeks. Smaller lenders often have senior or executive staff working in the branches that can better work a loan package and work directly with the underwriters. Putting more down always helps too.

For insurance, Twin Rivers Marine out of northern California works nationally (we're in Washington). They did a great job for us, even though we were looking for a commercial plan.

[dkircher]

I agree with Howard about insurance. We have Travelers as well. We worked through Anchor Marine Underwriters in Seattle. They shopped for the best coverage for us and recommended Travelers.

After a presentation about the difference between "boat policies" and yacht policies", I understand the need to have a yacht policy. The rates are still reasonable and the coverage is much more inclusive. Boat policies appear to be written like auto policies. Not good.

[efishnsea]

I was qouted a nice rate by Charter Lakes insurance co.

[georgew]

Thanks everyone for your hands on experiences .Just so happens I have travelers for a house did not realize they were into boats also.

[Pitou]

Travelers.

After a presentation about the difference between "boat policies" and yacht policies", I understand the need to have a yacht policy. The rates are still reasonable and the coverage is much more inclusive. Boat policies appear to be written like auto policies. Not good.

Thumbs up for a yacht policy over a boat policy. Huge difference in coverages. Machinery breakdown is one ... a component fails and if subsequent damage occurs down the line due to that failure the subsequent machinery is covered ... big thumbs up on that. Travelers Yacht Policy in my pocket.

[Capt Ron]

Switched from Zurich to Travelers two years ago. Very happy with them.

[SCHUTZEE]

I had Travelers prior to selling my Albin. Great company to go with. I also got a nice discount for having Travelers auto and home.