Recently on facebook, a boat owner was asking advice on selecting a good marine insurance company. The post received many comments of which the majority referred to the "Cheapest Cost". It was interesting that none referred to "Best Coverage. In the past two years ALL marine insurance has gone up by about 20%, as a surveyor this came as no surprise. Insurance companies were paying out on mechanical claims, replacing engines, painting the entire hull because it was difficult to blend in a repair to name a few. One policy wording that appeared to open the door for an approved claim is "We do not pay for the failed part but will consider the subsequent damage"
Comments were also made about local companies (agents/brokers) increasing the premiums and therefore the boat owner had to shop around for the cheapest cover. Its not the broker or agent that puts the premium up, it is the underwriter. The broker or agent also shops around for the best price but the best price may not be the best cover. The majority of owners do not read the policy, as the old sayuing goes "You get what you pay for"
Finally, select a local company with signing authority. In the event of a claim arrangements can be made to pay the repairer directly. You don't want to have your repaired boat in the slings ready to launch and hear the words "No cash, No splash!" When dealing with an underwriter you want to hear that a cheque is available for pick-up today and not "We emailed a payment request to London"