Insuring an Older Boat

[Booty and the B]

From what I gather finding a company to insure an older boat can be difficult.
I am looking to buy a trawler in the 45’ to 60’ range to cruise and live aboard six months a year. Many I'm looking at are 20 to 40 year old models. I found a 31 year old 50 plus footer that I’m very interested in, and called my trusted insurance guy to give me a quote. He said, “sorry, I don’t have anyone who will write a policy for a boat older than 30 years.
I called Boat US insurance / GEICO and they said, “no problem, we insure boats up to 40 years old, as long as it’s fiberglass.” After providing all the particulars, the quote was declined. “Sorry, we only insure boats under 40 feet that are over 30 years old.”
I was told to try Markel. I called them and they said, they only handle boats up to 26 feet, but I could talk to one of their independent agents. I have a call into one.
Does anyone know anything about Markel? Are there another companies you suggest I should be talking to?
I’m open to wood, steel and aluminum boats also. Anyone who will insure them? Are there companies that still insure wooden boats? How about steel or aluminum?
I am thinking there are people to write the insurance, but I’m concerned about high premiums. Any idea how much of a premium I should expect to pay?
I’ll be doing most of my cruising on the eastern seaboard up to Nova Scotia and also in the Great Lakes and down into the Caribbean.
Any help you can provide would be most appreciated.
Thanks.

[Lepke]

Try:
https://www.hagerty.com/insurance/boat-insurance/
They do older boats including wood. They have a classic section for older boats.
Many insurance brokers use to sell for them, but you can go direct.
They insure US & Canadian waters out to 25 miles. For The Caribbean, maybe a rider.

[Orin]

Have you tried lloyds of London and progressive? Do you have a survey that shows the boat is seaworthy and appropriately valued or are you trying to get insurance sans survey?

[gonesail]

you are doing the right thing .. looking for insurance before you buy the boat.

[Booty and the B]

Originally Posted by Orin

Have you tried lloyds of London and progressive? Do you have a survey that shows the boat is seaworthy and appropriately valued or are you trying to get insurance sans survey?

The only two I have found to write are Chubb and Travelers. Both will require a survey.
I have not tried Lloyds yet.
Thanks.

[mike mck]

Originally Posted by Booty and the B

From what I gather finding a company to insure an older boat can be difficult.
I am looking to buy a trawler in the 45’ to 60’ range to cruise and live aboard six months a year. Many I'm looking at are 20 to 40 year old models. I found a 31 year old 50 plus footer that I’m very interested in, and called my trusted insurance guy to give me a quote. He said, “sorry, I don’t have anyone who will write a policy for a boat older than 30 years.
I called Boat US insurance / GEICO and they said, “no problem, we insure boats up to 40 years old, as long as it’s fiberglass.” After providing all the particulars, the quote was declined. “Sorry, we only insure boats under 40 feet that are over 30 years old.”
I was told to try Markel. I called them and they said, they only handle boats up to 26 feet, but I could talk to one of their independent agents. I have a call into one.
Does anyone know anything about Markel? Are there another companies you suggest I should be talking to?
I’m open to wood, steel and aluminum boats also. Anyone who will insure them? Are there companies that still insure wooden boats? How about steel or aluminum?
I am thinking there are people to write the insurance, but I’m concerned about high premiums. Any idea how much of a premium I should expect to pay?
I’ll be doing most of my cruising on the eastern seaboard up to Nova Scotia and also in the Great Lakes and down into the Caribbean.
Any help you can provide would be most appreciated.
Thanks.

That's interesting as boat US insures my 1972 Hatteras 45C. I just got my renewal cards for renewal in June. It may be I am grandfathered in.

[marshmat]

April Marine had no qualms about insuring a 46-year-old fibreglass sailboat for us. They simply insisted that a few safety-related items found by the surveyor be brought up to a modern standard before "afloat and navigable" coverage would begin. For example, the garage-grade 120V AC breakers with no ELCI/GFI had to be replaced with a marine-rated panel, some old hoses and clamps had to be replaced, we had to install new smoke & CO alarms, etc.
They are Canadian and I'm not sure if they cover customers in your geographic region.
I believe they, like many insurers, require a survey prior to issuing coverage, and require the boat to be re-surveyed at five year intervals. I have never encountered or heard of an insurer who will cover any older boat without a survey, and generally most will either want the survey in hand when they go to quote it, or will load the quote up with legal caveats about "pending acceptable survey".

[SeaStory]

We have Markel because they consistently insure older boats and liveaboards/cruisers. Don't really, don't have much to say: we renew every year and they required a new survey after 5 years, but gave us advanced notice when we renewed the prior year. Our boat is ~35 years old but was under 30 when we first went with Markel, so perhaps that makes a difference? Also, we have never had direct contact with them, but rather through IMS, now part of the Growerie (sp?) Group.

[richard_wb]

Markel does insure boats longer than 26 feet. Perhaps you have to use an agent.

[Booty and the B]

Originally Posted by mike mck

That's interesting as boat US insures my 1972 Hatteras 45C. I just got my renewal cards for renewal in June. It may be I am grandfathered in.

My nderstaning is you are grandfatherd in.

[Booty and the B]

Originally Posted by marshmat

April Marine had no qualms about insuring a 46-year-old fibreglass sailboat for us. They simply insisted that a few safety-related items found by the surveyor be brought up to a modern standard before "afloat and navigable" coverage would begin. For example, the garage-grade 120V AC breakers with no ELCI/GFI had to be replaced with a marine-rated panel, some old hoses and clamps had to be replaced, we had to install new smoke & CO alarms, etc.
They are Canadian and I'm not sure if they cover customers in your geographic region.
I believe they, like many insurers, require a survey prior to issuing coverage, and require the boat to be re-surveyed at five year intervals. I have never encountered or heard of an insurer who will cover any older boat without a survey, and generally most will either want the survey in hand when they go to quote it, or will load the quote up with legal caveats about "pending acceptable survey".

Matt this is also my experience. Thanks.

[Booty and the B]

Originally Posted by richard_wb

Markel does insure boats longer than 26 feet. Perhaps you have to use an agent.

I have spoken to Markel directly and you do need to go thru an agent for boats over 26'.
I have also spoken to a couple of agents, including one at Gowrie Group. He told me the only two companies they work with that will insure the boat I'm getting quotes for are Travelers and Chubb.

Thanks for the feedback.

[Roamad]

You could try David Giddings at Giddings Marine insurance here in CA. Small insurance broker with access to many different agencies, experienced with older boats, great guy to work with:

dgiddings@giddingsins.com
(209) 284-0246