Other How do you insure your AM hull build

wakezoneINS

wakezoneINS

WakeZoneInsurance
Location
Southern California
Matt_E said:
Thanks for taking time to answer.

I find 3e potentially worrisome because sometimes these skis sink because the engine quit for whatever reason in 12ft surf and it gets swamped. So, is that loss due to a mechanical break-down? I would certainly think so.
9 makes sense I suppose - the rider wouldn't be insured while competing. What about any organized rides? The wording of 9 could be interpreted to preclude any pre-organized get-togethers and rides (Look on the main board here, there are tons of annual events) These rides comprise a large chunk of riding for a lot of people.

About 13: Thanks for the link, but a lot of the language applies only to larger vessels. Let's get specific about standups: what would you think of a standup hull that has two 3 inch holes in the hull that allow water to drain from the bilge area as long as the hull is moving? If the vessel stops at all, water will backfill into the bilge. Is this "sea-worthy"?
Now add the fact that the hull may not have any flotation foam whatsoever. "Sea-worthy"?
I'm not trying to be pedantic about this - but those kind of things are standard on most of these a/m hulls and it would be beneficial to get these details sorted out beforehand. See my comment about exclusion 3e. A motor failure and unfavorable water conditions have a fair chance of sinking that ski.

Now, the reason I am worried about these 3 items isn't because I don't like you or insurance companies, so please don't take it personally. It isn't. When I was actively trying to obtain insurance for my own ski a couple of years ago, the only scenarios that compelled me to do so were sinking (for reasons given above), damage during transportation (car accident), and perhaps theft or fire.
Do the policies you offer cover transportation damage? I didn't see an exclusion.


Again, thanks for taking the time. A lot of people with these hulls have been looking for valid options for a few years now.
Click to expand...

Not ignoring you.... doing my research so that I don't just post a worthless answer :) I had to ask the carrier some specific questions before I answered, just waiting on their response.
 
wakezoneINS

wakezoneINS

WakeZoneInsurance
Location
Southern California
Matt_E said:
Thanks for taking time to answer.

I find 3e potentially worrisome because sometimes these skis sink because the engine quit for whatever reason in 12ft surf and it gets swamped. So, is that loss due to a mechanical break-down? I would certainly think so.
9 makes sense I suppose - the rider wouldn't be insured while competing. What about any organized rides? The wording of 9 could be interpreted to preclude any pre-organized get-togethers and rides (Look on the main board here, there are tons of annual events) These rides comprise a large chunk of riding for a lot of people.

About 13: Thanks for the link, but a lot of the language applies only to larger vessels. Let's get specific about standups: what would you think of a standup hull that has two 3 inch holes in the hull that allow water to drain from the bilge area as long as the hull is moving? If the vessel stops at all, water will backfill into the bilge. Is this "sea-worthy"?
Now add the fact that the hull may not have any flotation foam whatsoever. "Sea-worthy"?
I'm not trying to be pedantic about this - but those kind of things are standard on most of these a/m hulls and it would be beneficial to get these details sorted out beforehand. See my comment about exclusion 3e. A motor failure and unfavorable water conditions have a fair chance of sinking that ski.

Now, the reason I am worried about these 3 items isn't because I don't like you or insurance companies, so please don't take it personally. It isn't. When I was actively trying to obtain insurance for my own ski a couple of years ago, the only scenarios that compelled me to do so were sinking (for reasons given above), damage during transportation (car accident), and perhaps theft or fire.
Do the policies you offer cover transportation damage? I didn't see an exclusion.


Again, thanks for taking the time. A lot of people with these hulls have been looking for valid options for a few years now.
Click to expand...


Alright guys, I had my answers yesterday but wanted to talk to the head of underwriting to get his interpretation on #3, #9 and #13 before I gave you my answers to your questions. So.... here is the "official" response :)

#3 - Mechanical breakdown, is simply that. Mechanical breakdown. If an engine quits and your ski sinks because the engine quits, it is not a covered type of loss on this policy. BUT, it isn't on any policy out there. You cannot buy a MARINE policy that would include it. I do believe that there are mechanical breakdown policies that you can buy for jetski's however, I'm not sure they would write the MBI on the AM hulls. I will check on this for you.

#9 - Per the head of underwriting, there would not be coverage if you have a loss during an actual PREARRANGED OR ORGANIZED Stunt event/activity. This means, if it is a formal event (has a formal event name is a good way to remember it) in which you are a registered participant, then you would not be covered for a loss during that event. The "in preparation" for, does not include a random day out on the ocean jumping surf. I get that you may be "practicing" but it is not a formal organized preparation and/or practice event. The keywords here are ORGANIZED AND PRE-ARRANGED FORMAL EVENTS. Example of preparation for an event would be that an organized practice with other people is held every Saturday at 9:00am at XYZ location, this practice is pre-arranged. What would be covered is if you are out alone or even with a couple other riders at random practicing. Hope this is enough clarification.

#13 - The link I provided, whether for larger vessels or not, is still the legal definition of seaworthiness. Seaworthiness is generally a concept that is used regarding boats, but can be applied to a jet ski as well. Two holes that are meant to be there doesn't mean the jet ski isn't seaworthy regardless of what could potentially happen to the ski... that isn't the issue. What they are saying is don't put an incomplete ski or a damaged ski onto the water. Try not to read too much into this one. If you have a newer jet ski free of damage, I guarantee your vessel is "seaworthy".

As far as taking things personally... lol don't worry, I don't. After 10 years in the high performance boating industry and being the only female... I've got some "thick skin" :) Not much ruffles my feathers. I am an agent that believes that an informed and educated client is THE BEST client I can have. I'm all for full disclosure which is why when I send you your quotes, what we don't cover is spelled out for you. Better to start a broker/client relationship with realistic expectations rather than you saying to me down the road... "well you didn't tell me that." lol

The policy does coverage storage and transit exposures (theft, storm, wind, fire, accidents, trailering (PD only) etc.)

Also what I have run into a lot of is that a large majority of you have State issued HINs. Per the underwriting VP, that is fine! I, as the agent, just need to fully document the files. This is to protect YOU, the policyholder. So, on any new bind requests I will require the following:

- Fully completed application
- Copy of the State Registration
- Color Photos of your ski, trailer (if insured) and the engine
- Depending upon value requested, you may be asked to provide your receipts within 30 days.


I know it sounds like a pain but from my understanding, this is the only legit agreed value option for those with AM skis. No insurance policy covers everything and the contract we sell actually gives you good coverage on an agreed value basis. This policy is one of the only ones in the industry willing to give agreed value on PWC/Jet Skis, especially aftermarket skis. So, while some of the exclusions might not make you jump for joy, the above exclusions are found on every insurance contract in the country for jet skis. At least this carrier is willing to insure AM skis, where the others don't know what they are insuring OR worse yet don't insure you period. Something is better than nothing. This policy gives you on water coverage when not in an organized event, provides storage and transit exposures... that is a huge majority of your risk covered by this policy.....but, in the end, whether this is a good fit for you or not is your decision. I've laid all the cards on the table :) lol

Feel free to ask any other questions you may have.... sorry for the lengthy post.


Stacy L. Hanlon
President
CA License #:0E09119


Wake Zone Marine Insurance Brokerage Inc.
27068 La Paz Rd #556
Aliso Viejo, CA 92656

Phone: 866-728-9757 x 101
Fax: 888-992-3335
www.wakezoneinsurance.com
www.insuremyski.com
 
Matt_E

Matt_E

steals hub caps from cars
Site Supporter
Location
at peace
Thank you very much for the detailed answer. I think a policy like that, while not perfect in every sense, is worlds above everything else out there. It's nice to have that option.
 
wakezoneINS

wakezoneINS

WakeZoneInsurance
Location
Southern California
To answer questions that have been asked...


Do you have to have a Hull ID to get the policy? Yes. It can be state issued but it needs to have a legit Hull ID associated with the insured ski.
Does it have to be reigsterd with my State to get insurance? No. While I ask for a copy of the State registration, it is not required.
How do I prove the "value" of my ski if it's not listed in NADA or ABOS? Value is determined by your financial interest. So that could be your cost to build the ski or your purchase price from another party as evidenced by a bill of sale or purchase agreement.
 
Last edited:
feartheride

feartheride

feartheride
Location
St.Catharines,On.Canada
wakezoneINS said:
To answer questions that have been asked...


Do you have to have a Hull ID to get the policy? Yes. It can be state issued but it needs to have a legit Hull ID associated with the insured ski.
Does it have to be reigsterd with my State to get insurance? No. While I ask for a copy of the State registration, it is not required.
How do I prove the "value" of my ski if it's not listed in NADA or ABOS? Value is determined by your financial interest. So that could be your cost to build the ski or your purchase price from another party as evidenced by a bill of sale or purchase agreement.
Click to expand...

Can u write policies for people living in Canada
Has anyone found any good options for us in Canada. Most companies want all ur business or none
 
Jobu

Jobu

Schrickter
Location
West Michigan
I have a fs2 evo on the way. I will most likely be getting my insurance thru State Farm. They quoted me $160 per year with no liability coverage. Which is fine with me. I really just wanted to be covered in the event I get into a accident while towing my ski. IMO that is the most likely scenario.
 
Matt_E

Matt_E

steals hub caps from cars
Site Supporter
Location
at peace
I about guarantee you that the agent that sold you the policy doesn't know what he/she is talking about. They can't insure a Rickter hull for replacement value.
 
Jobu

Jobu

Schrickter
Location
West Michigan
Doesn't look like I'm going to use State Farm as I stated above. They ticked me off. They keep telling me they can insure me but I keep having to jump through hoops and spend money. First they wanted me to get a surety bond since Rickters don't come with certificates of orgin. So I spent the $375 and got it and thought I was good. Nope, just got a email from them saying I need to spend a couple hundred more dollars and get a marine survey. Screw that and this is the short story................been a night mare. Needless to say, I just filled out a quote request through Wakezone.
 
2lick

2lick

Brap!!!
Location
Limerick, PA
Good thread, cool to see an insurance agent jump on the boards and engage in a dialogue. I don't think its the "perfect" policy, but I probably dont want to pay the price of one either :). Its better than anything I have found to date. I was going to carry liability only on my new ski, but now I'm gonna give WakeZone a call and get my new ski fully covered.
 
Informal

Informal

Location
SoCal
I am going to start my own insurance company.. nukes WILL be covered.. I'll just charge a higher premium!

Cause honestly, If your ski is caught up in WWIII, Who is gonna be coming around to file the claim?
 
You must log in or register to reply here.
Top Bottom