Insurance Woes

[Wavewacker]

Along these lines, all of my boats have been in the lakes or rivers and usually covered under my Homeowners policy and when I got a larger boat, still underwritten by by Homeowners company as a boat rider or policy. I have not owned anything over 30 feet. Now, what is the requirement for insurance? Marinas require it I understand, but what about self insuring an old tub? Are policies required on blue waters, the ICW, gulf or Great Lakes?

[xymotic]

Originally Posted by sailvayu

My experience with BoatUS is that they have no set policies as to how to conduct their business, much is left up to the agent as to how or what they will do for you. Sort of depends on the agents mood and any losses he has had lately. They are an underwriter and simply act as a go between with insurance companies. You may never know what company or their rating you are dealing with. Many folks I have talked to lately say their rates are often double what you get going through a marine agent or even a company such as Allstate. Always read the fine print and understand the exclusions!

Boy, that hasn't been my experience with them at all. They were HALF the cost of allstate for both boats I've had with them.

My current boat is a complete mess, built in 1938 and I could've got a quarter mil liability for like $200/yr which I thought was pretty reasonable.

I think Boat US is one of the only ones that doesn't aggregate hurricane losses as well, so I think they are way less competitive on the east coast and WAY more competitive in the west.

[sailvayu]

I would always get liability even if it is an old tub. you need to be covered if someone sues you. Another boat could hit your boat at the dock when you are not there get hurt and end up suing you because your boat was there. I know it is not right but that never stopped the lawyers. also you need oil spill clean up coverage and I would recommend wreck removal as well. these days if your boat goes ashore almost all towns will require you get it off the beach or they will and bill you! All things to think about with insurance. It is not just to cover the cost of the boat, that is small potatoes these days. I always recommend getting a good MARINE agent to work with. Most times they will save you money and get you the coverage you really need. home insurance agents know little about marine insurance which is unique and largely unregulated.

[osirissail]

Originally Posted by Wavewacker

. . . Now, what is the requirement for insurance? Marinas require it I understand, but what about self insuring an old tub? Are policies required on blue waters, the ICW, gulf or Great Lakes?

In the USA and most of the rest of the under-developed world, insurance is a matter of your own personal choice. Basically, marine insurance comes in two flavors - comprehensive (most everything is covered) and Liability-only which only covers claims against you and your boat by other boaters/marinas/etc.

- - If you have a fancy expensive boat naturally full insurance makes a lot of sense to protect your investment. And if there is a bank loan involved on the boat, you really don't have much choice - the bank wants their investment covered.

- - If you have a paid off boat, it's old or whatever, then if you want to be able to dock it at a lot of marinas or haul it at a lot of boatyards you will at least need Liability-only insurance to cover any losses resulting from your boat attacking and causing damage to somebody else's boat or the marina.

- - If you avoid such places and/or find alternatives then whether you carry insurance is totally at your discretion. Outside the USA (at least in the Bahamas/Caribbean/S&C America) only the cruisers with a lot to lose if something happens to their boat usually carry full insurance.

- - But it is a definite "gamble" as you would not be able to recoup any losses due to storms, other boats colliding with you (or vice versa) who are also uninsured and many other potential financial disasters involving your boat. That's the personal discretion part . . .

- - IMHO, self insuring is a myth and virtually nobody would accept it in lieu of a real insurance carrier. To be valid, you would have to put aside in some form of "bond" account several hundreds of thousands of dollars or the amount you would claiming as your coverage. Marinas in eastern middle Florida actually state the minimal coverage ($) of insurance needed before you can use their facilities in the $300K to $500K range. I suspect others elsewhere do likewise.

[capngeo]

I have liability only.... to insure the hull it would cost 1/3 of its value each year! I have a similar situation with my home. Insurance is licensed theft in Florida

[singlespeed]

Try Osprey Special Risks, based out of England. Even for Liability only, they will require a survey, but the pricing for me was good.

[PyotrBee]

Originally Posted by singlespeed

Try Osprey Special Risks, based out of England. Even for Liability only, they will require a survey, but the pricing for me was good.

Stay FAR away from Osprey....

http://www.cruisersforum.com/forums/...are-74787.html

Nagico who is based in the Caribbean offers local service and I'm paying the same I was to Osprey.... 2nd year now with Nagico and everyone I've talked soo has said claims are not a problem.. I'm sure there are others too.. but stay far away from Osprey.

[osirissail]

Ditto with PyotrBee - - See: OspreySucks.com