Newbie insurance question

[markmws]

We are about to close on a sailboat pending the survey. From what I have come to learn we can't get the insurance until the survey is reviewed. This will cause a delay in closing on the boat. The boat is in a marina and we'll be taking over the slip. Of course the marina wants to see the insurance documents but more importantly we would like to pay the seller and just close the day of the survey.
My question is. Should we just go ahead and close thay day, or wait for the insurance?

[gaucho]

Well you shouldn’t close on the day of the survey. It will take the surveyor a few days to get the report together. You might still have more stuff to negotiate. And then title should be researched and make sure everything is clean (if there is a broker this might be easier)

[denverd0n]

Ditto what gaucho said. You do not want to close on the same day of the survey! After you get the survey results you need to step back, spend time looking it over, consider any items that it identifies, and decide if you really want to proceed with the purchase, cancel, or renegotiate. (Never mind the fact that, depending on the size and complexity of the boat, the survey may take all day anyway.)

Good luck.

[Chuck34]

2 things to consider....
Hopefully, you will be looking over the surveyor's shoulder while he does his thing. Even without a written report, you should have a very good idea of any issues that need to be addressed, either fixed or price adjusted. So, waiting on a written report isn't mandatory.
Secondly, most insurance companies will give you conditional coverage while waiting on a written report.
That's what I did on our last boat. Surveyor did his thing and when we came back in from the sea trial, he gave me a thumb's up. Seller and I sat at the dinette and I wrote him a check. I called my insurance company and confirmed what we were doing as I had already been in touch with them and they gave me the go ahead. I think I had to promise not to use the boat until they got the report.

[Shrew]

The marina should not be an issue. Once you're ready to close get your insurance agent notified. They'll be able to have the insurance ready in anticipation of the closing. You can activate the insurance on the same day as the closing. Sellers insurance covers prior to closing. Buyers insurance covers post closing. Once closed, have the insurance agent send proof of insurance directly to the marina.

[markmws]

Thank you everyone. I think we found a resolution to the problem. Being an insurance agent that regularly deals in boats. We just hope the survey goes well. We really like this boat.

[Flyingriki]

May I ask your insurance broker's name and contact? I'm taking delivery next week.

[markmws]

I spoke with Garrett at Kevin Serverance Insurance in League City Texas. He has been very helpful. His number is 281-333-3100. They were recommended to me by a couple of people.