Providing Liability Insurance for the “6-pack” or “Charter Boat Captain’s License”

The Coast Guard Auxillary defines the “6 Pack License” as follows. “This license is properly termed “Operator of Uninspected Passenger Vessels” (OUPV) and is commonly referred to as the “6-pack” or “Charterboat Captain’s License”. The word “uninspected” means that the equipment required and the design of the boat are less regulated. “6-pack” refers to the 6 passenger limitation placed on the license. OUPV licenses are issued with a particular route. Your license can be for the Great Lakes, Inland routes meaning bays, sounds, rivers, lakes, etc. of the US or Near Coastal routes out to 100 miles offshore. All OUPV licenses are for 100 Gross Tons vessels (about 100 feet, more or less). The OUPV license may be upgraded to a Master license.”

In a nutshell, the 6 Pack Liability Insurance is typically provided under a “Charter Boat Policy”.  The policy language specifically addresses chartering, clients and crew.  Read your policy….they are not all alike.  The Hull and Liability Insurance typically follows the boat, not the Captain.  If a 6 Pack Captain contracts to be the captain of a non-owned vessel, the Yacht Insurance Policy for the non-owned vessel should be amended to include crew coverage for one or more and endorsed for charter.  This process and the resulting policy endorsement language may be different from policy to policy.  Scuba diving, snorkeling, parasailing, and similar activities are typically excluded,  but may be endorsed to the policy.

Let us quote your Charter Boat Policy ….We will make sure that you have the correct coverage.  Call SWFL Insurance Agency, Inc. at 239-265-9577 or email Info@swflagency.com to request an application.

SWFL Insurance Agency. Newsletter November 25, 2015

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INSURANCE NEWSLETTER                                           November 25, 2015

Timely and Important Topics that can Save Money and Protect Your Wealth    

Happy Holidays from all us at SWFL Insurance Agency and

          SWFL  Insurance Associates,  Your  Insurance Answer People.

  • Open Enrollment for Medicare ends Dec. 7, 2015 Make sure to call your agent for an appointment to review the new plans for 2016. SWFL Insurance Associates, your Florida Blue Agent can be reached at 239-489-1212.
  • Open Enrollment for Under 65 Health Insurance has begun. You can call for appointments now. 239-489-1212.

 

ENTER OUR GIVEAWAY – Win $ 150 Gift Certificate to use as you please.  You can receive One Entry for each Insurance Policy that you allow us to review and provide a competitive quote for.  It only takes a few minutes, can be completed over the phone and more than likely will save you Money. Call Linda at 239-265-9577.

 

  • If you are age 40 or over, you should really take a look at our Personal Auto Insurance premiums with Travelers and Hartford. These carriers are really competitive with Geico, State Farm, Allstate and others. Call us at 239-265-9577 or request a quote at www.SWFLAgency.com.

 

  • We Love Boats…We have markets for any size or value of Boat or Yacht. Getting a premium proposal is really easy. Give us a call at 239-265-9577.

 

  • So….your kid runs over your neighbor’s kid while riding his motorized scooter…Will your Homeowners policy pay medical bills and defend you in a law suit?   You may be surprised. Check out this article Kids Motorized Vehicles at the SWFL Agency Blog 

 

  • You Suck……Your kid’s most recent Tweet could get you sued.   Make sure your Homeowners Policy provides Personal Injury Protection. It is not automatically included. Check out this recent blog article. Internet posts can get you sued!

 

Call 239-265-9577 for a complete review of your liability exposures and your policies.

 

  • Does your Homeowners Policy provide Animal Liability protection? Many do not……Let us review your policy if you are not sure.    Check out the following link…. Dog Breeds Most Often Blacklisted

 

 

  • Keep yourself up to date on Important Insurance subjects. Watch for future Newsletters with new topics of interest. Don’t miss our timely articles on our Blog at www.SWFLAgency.com

 

Call  239-265-9577 for Quick Quotes or visit  www.SWFLAgency.com

 

Providing Auto, Motorcycle, Golf Cart, Home, Condo, Flood, Business Insurance

                                  Health, Medicare and Life Insurance

 

              SWFL Insurance Agency, Inc.               SWFL Insurance Associates, Inc.

     Lee County                         8595  College Pkwy, Suite 160, Fort Myers        239-265-9577

     Charlotte County            3718   Tamiami Trail, Unit C, Port Charlotte      941-624-3444

     Collier County                 2500  Tamiami Trail N. Unit 113, Naples              239-649-4442

SWFL Insurance Agency. Newsletter October 22, 2015

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INSURANCE NEWSLETTER                                                   October 22, 2015

Timely and Important Topics that can Save Money and Protect Your Wealth     

  • Open Enrollment for Medicare began October 15. Make sure to call your agent for an appointment to review the new plans for 2016. SWFL Insurance Associates, your Florida Blue Agent can be reached at 239-489-1212.
  • Open Enrollment for Under 65 Health Insurance will begin November 1. You can call for appointments now. 

 

ENTER OUR GIVEAWAY – Win $ 150 Gift Certificate to use as you please.  You can receive One Entry for each Insurance Policy that you allow us to review and provide a competitive quote for.  It only takes a few minutes, can be completed over the phone and more than likely will save you Money. Call Linda at 239-265-9577.

 

  •  Travelers has really good Auto Insurance Rates. We recently wrote a family with 5 cars and 5 drivers, two were teenage drivers. We saved $ 1,000.+ with Travelers. Prior coverage was with GEICO. We have had similar experiences when pricing Travelers against Allstate and State Farm. Call us at 239-265-9577 or request a quote at www.SWFLAgency.com.

 

  • If you have USAA Homeowners and Flood coverage, you should let us provide a review and premium proposal. We recently saved a new customer $ 3,000.+ on her Homeowners Policy and $2,000.on her flood Insurance. This is what can happen when you do business with an “800” number, like USAA. The complexities of insuring a Home in Florida require a Well Informed Local Independent Agent. We are just that. Take a few minutes and let us save you money. 

 

Give Dairyland Motorcycle Insurance a try !!!!! By Combining Multiple Discounts, Dairyland may be the Best Deal in Florida. Save up to 7% with Dairyland, when your

  • Homeowners policy is provided by SWFL Insurance Agency
  • Rider Group Discounts for Members of HOG, and some 30 additional groups
  • Special Discounts for Military Rider Groups, both active and retired.

 

Do you own a Boat??? Could this be you?? Our insured was operating his ski-boat with 2 friends along as passengers on a lake in Texas. An inner tube attached to a rope was being held down by a cooler at the rear of the boat. The cooler became dislodged and flew out of the boat. When the insured attempted to turn the boat around to retrieve the cooler, the wind blew the inner tube out of the boat and the rope began to uncoil, catching one of the passengers around the leg, launching him into the air and landing him on the boat deck. The Passenger’s injuries included complete tears of his right knee ligaments and tendons requiring surgery. In addition, he sustained a substantial injury to his right hip. He was totally disabled for approximately 6 weeks, unable to drive and has additional lost business income. The primary insurance company tendered its full policy limit which was $500,000 short of the total claim amount. However, the insured was also covered by a Personal Umbrella and payment was made for the remaining amount of $500,000.

 

  • We sell Umbrella Liability Coverrage… Premiums start at $ 250. For $ 1 Million Coverage
  • Do You own a dog? Does your Homeowners Policy provide Animal Liability protection? Many do not……Let us review your policy if you are not sure.  Check out the following link…. Dog Breeds Most Often Blacklisted
  • Not sure what your Condominium Owners Policy covers? Check out this link… What does my Condo Owners Policy Cover?

Watch for future Newsletters with new topics of interest. Don’t miss our timely articles on our Blog at www.SWFLAgency.com

Call  239-265-9577 for Quick Quotes or visit  www.SWFLAgency.com

Providing Auto, Motorcycle, Golf Cart, Home, Condo, Flood, Business Insurance

                                Health, Medicare and Life Insurance

 

    SWFL Insurance Agency, Inc.                           SWFL Insurance Associates, Inc.

     Lee County                         8595  College Pkwy, Suite 160, Fort Myers          239-265-9577

     Charlotte County             3718   Tamiami Trail, Unit C, Port Charlotte       941-624-3444

     Collier County                    2500  Tamiami Trail N. Unit 113, Naples             239-649-4442

 

SWFL Insurance Agency. Newsletter September 21, 2015

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INSURANCE NEWSLETTER                                September 21, 2015

Timely and Important Topics that can Save Money and Protect Your Wealth       

 

  • Attention Condo Owners on Fort Myers Beach and Sanibel….We now offer Condo Owners Insurance Policies that include Wind and Flood coverage. These policies provide coverage for “weekly rentals”. Call 239-265-9577 for a comparison premium quote. 

 

  • We offer very competitive Auto Insurance Premium rates for “Seniors” through the Travelers Insurance Company. Call us at 239-265-9577 or request a quote at www.SWFLAgency.com.

 

  • It is Hurricane season again….Make sure your Homeowners, Condo Owners and Flood Policies are up date and that the insured values are accurate. Do not assume that everything is fine, have your policies reviewed today. Make sure your “Replacement Cost” has been evaluated. We offer free reviews and premium quotations with no obligation.

 

  • Dairyland Motorcycle Insurance can Save you Money   !!!!! By Combining Multiple Discounts, Dairyland may be the Best Deal in Florida. Save up to 7% with Dairyland, when your Homeowners policy is provided by SWFL Insurance Agency
  • Rider Group Discounts for Members of HOG, and some 30 additional groups
  • Special Discounts for Military Rider Groups, both active and retired.

 

  • Flood Facts…To be considered a flood, the water that causes damage must have covered at least two acres or have affected at least one other property. Also, if your home sustains any mold or mildew damage that you could have prevented from occurring, your policy won’t cover such damage. Additional living expenses and business interruption is not covered.

Call if you have questions.   239-265-9577

  • If you have had a Wind Mitigation Inspection of your home, you may be able to create serious premium savings for years to come by having your roof truss to wall metal connection updated by adding nails. Give us a call to discuss. Every home is different. We will need to review your wind mitigation report, so have it handy when you call. Some of our clients have saved as much as $ 1,000. per year on Homeowners premiums.
  •          Watch for future Newsletters with new topics of interest.
  •          Don’t miss our timely articles on our Blog at    www.SWFLAgency.com

Call  239-265-9577 for Quick Quotes or visit  www.SWFLAgency.com

 

Providing Auto, Motorcycle, Golf Cart, Home, Condo, Flood, Business Insurance

              Health, Medicare and Life Insurance

 

    SWFL Insurance Agency, Inc.               SWFL Insurance Associates, Inc.

     Lee County                         8595  College Pkwy, Suite 160, Fort Myers       239-265-9577

     Charlotte County             3718   Tamiami Trail, Unit C, Port Charlotte    941-624-3444

     Collier County                  2500  Tamiami Trail N. Unit 113, Naples           239-649-4442

Yacht, Boat Insurance and the Total Loss

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In the event of a total loss, your boat insurance policy may pay you based on the Agreed Value, Actual Cash Value or the Replacement Cost Value. In explaining how these three policy forms are different, I will use a three-year-old boat, insured for $40,000 which was destroyed by fire.

Agreed Value

Agreed Value is easy. You and the insurance company agree on the value of the boat before the loss. Using our example, you would be paid $40,000. If the current value of the boat at the time of the loss is $20,000 or $55,000, you would be paid $40,000, the Agreed Value of the boat.

Actual Cash Value

Actual Cash Value is the value of the boat at the time of the loss. A boat insurance company will pay the insured value or the Actual Cash Value of the boat at the time of the loss, whichever is lower. In our example, if the Actual Cash Value of the boat is $25,000, this is the most you will be paid. If the Actual Cash Value is $55,000, then you would be paid the insured value of $40,000. The Actual Cash Value is determined by the insurance company from sources such as a used boat price guide and other boats listed for sale.

Replacement Cost

The newest option is Replacement Cost. A Replacement Cost policy agrees to replace your boat with a new boat. You are required to purchase this coverage when the vessel is new and the coverage is only available until the vessel is two or three years old. Our $40,000 three year old boat has a Replacement Cost new today of $45,000. The Replacement Cost policy would pay $45,000 for a new boat. Some policies may specifically state they will pay a percentage over the amount the vessel is insured for, 20% for example. Once the boat reaches the age where replacement cost is no longer available, the policy form will be changed to Agreed Value or Actual Cash Value.

We know boats..let us find the best policy for you..We will shop and compare coverage

Call 239-265-9577 or Email Info@SWFLAgency.com       www.SWFLAgency.com

 

 

The Boat and Yacht Insurance Policy ….How they Pay differs widely by Company

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When discussing insured value and how a boat insurance policy will pay, most people think about a total loss. This is important but the majority of claims are partial losses. Depending on how your policy responds could cost you several thousand dollars above your deductible.

A boat insurance policy has two different ways to pay in the event of a partial loss. One is to replace the damaged items new for old without deducting for depreciation. The second is to depreciate the damaged items in the event of a loss.

Depreciated Value is defined as Replacement Cost less depreciation. Most boat insurance companies use a non published depreciation schedule that applies to partial losses. An example may be 7% depreciation per year on a stern drive or 15% depreciation per year on canvas. You will want a policy that pays replacement cost for a partial loss when available.

Each insurance company will apply Replacement Cost and Depreciated Value differently. Read your policy carefully.

Some boat insurance companies do not provide replacement cost coverage for partial losses. If the boat is insured on this policy form, then no matter the type of loss, the replacement parts are subject to depreciation. If the part costs $2,000 and is subject to 20% depreciation, you would be paid $2,000, less $400 depreciation, less your deductible.

Some boat insurance companies provide replacement cost for partial losses until the boat reaches a certain age. The age will vary with each insurance company. Once a boat reaches that age, all partial losses are settled on an actual cash value.

Most boat insurance companies that provide replacement cost for partial losses name specific items that are subject to depreciation. Canvas, sails, cloth, trailers, and plastics are examples of specifically named items. These items generally have a limited life span. They also specifically name items to be depreciated based on the item’s age. Outboards, stern drives and internal machinery are examples of items that change from replacement cost to depreciated value based on their age. Each insurance company has different specifically named items and different ages when items change from replacement cost to actual cash value. Review the specifics of your policy for details.

Replacement Cost for a partial loss is what you want when available. A depreciated value can cost you several thousand dollars. Below are examples to help explain how replacement cost vs. depreciated value work.

Example 1 is an 11 year old boat with a $250 hull deductible that hits a submerged object. The replacement cost of the damage to the prop, shaft and strut is $5000.

Insurance company A provides replacement cost coverage until the vessel is three years old. The damaged prop, shaft and strut are 11 years old and subject to depreciation. Insurance company A will deduct 50% depreciation or $2500 from the $5000 replacement cost. You would be paid $2,250 ($5,000 replacement cost, less $2,500 depreciation, less your $250 deductible).

Insurance company B provides replacement cost coverage with specific named items subject to depreciation. The prop, shaft and strut are not specifically named items and are therefore settled on a replacement cost. Insurance company B would pay $4750 ($5000 less your $250 deductible).

Example 2 is an 8 year old stern drive boat with a $500 hull deductible that hits a submerged object. The replacement cost to the stern drive is $8000.

Insurance company A provides replacement cost coverage until the stern drive is six years old. They will apply 60% depreciation (7.5% per year) to the $8000 replacement drive and then apply the $500 deductible. Insurance company A will pay $2700 ($8,000 less $4,800 depreciation, less $500 hull deductible).

Insurance company B provides replacement cost coverage until the stern drive is 10 years of age. They will pay $7500 ($8000 less the $500 hull deductible).

Example 3 is a boat with a $500 hull deductible that suffers wind damage to the fly bridge enclosure. The fly bridge enclosure is 2 years old and the replacement cost is $5000.

Insurance company A provides replacement cost until the fly bridge enclosure is three years old. They will pay $4,500 ($5,000 less the $500 hull deductible).

Insurance company B provides replacement cost but specifically names canvas as a depreciated item. Insurance company B will apply 20 percent depreciation to the replacement cost. They will pay $3,500 ($5000 replacement cost, less $1,000 depreciation, less the $500 hull deductible).

There are other items to consider. For example, if the stern drive has to be replaced, most companies will apply a reduced depreciation if you agree to a remanufactured stern drive. This can save thousands of dollars in depreciation. We represent one insurance company that applies no depreciation for a remanufactured unit. Also, depreciation is only applied to parts (real property). Depreciation is not applied to labor, storage charges and other non real property items.

In the case of a Total Loss, please review this article  Yacht Boat Insurance and the Total Loss

We know boats..let us find the best policy for you..We will shop and compare coverage

Call 239-265-9577 or Email Info@SWFLAgency.com       www.SWFLAgency.com