Future of marine insurance

[Ballsnall]

You will own nothing and you will be happy!

[goboatingnow]

Originally Posted by Fore and Aft

Simi60 is right about Australian insurance. It's almost compulsory now, certainly none of the yards I deal with will slip an uninsured boat. Which is a real shame as it pushes up the costs of a budget sailor. Neighbours near us have a third party liability with wreck removal and are paying twice what I am paying for fully comprehensive. There vessel is 40 years old and where as ours is 6 years old. Both boats are similar value and in the same marina. This whole insurance thing is why I will often survey boats that are beached. That way the owner can get some sort of cover and then get slipped. What I am finding interesting is how many surveys I am doing just so owners can get third party insurance. The other interesting thing is third party used to be cheap yet a lot of my customers seem to be paying a premium just for third party.
Cheers

The insurance requirements for marinas and in sone cases public docks has been in place for decades, it’s nothing new. I’ve been presenting it in the med for 25 years.

Just one of those things

[Mike OReilly]

In my travels through four of the five Great Lakes, out the St. Lawrence, and now around Newfoundland, I have never even been asked about insurance when accessing public docks or private marinas for short stays (transient).

The only time insurance has ever come up is for long-term dockage, or for winter haul out. A few of the places I’ve stayed for years have demanded insurance. But even here, I’ve only had to prove I carry insurance in a couple of places. And some have only recommended it, not demanded it.

This is mostly travel in Canadian waters. And I admit, I don’t visit a lot of docks when on the move. But in my experience, there is no need for insurance just to access transient dockage (short-term marina stays).

[nuru05]

Originally Posted by goboatingnow

This problem seems to be almost exclusively US based. Here in Europe I see little issue around insurance and people seem happy they are getting competitive renewals at the moment.

Even after my lightning strike claim my renewal premium invoice just issued. I have full cover plus environment damage plus option guest and crew accident cover and my renewal was competitive

Honestly I wish companies would underwrite boats differently and simply exclude all coverage in hurricane zones. Every broker I've spoken to cites the expensive premiums as due to the recent storms but as a long term cruiser if I get a $2k reduction in my premiums for simply not being in hurricane zones during the season I'd totally do it. Instead they all want to include hurricane zones but just charge me a higher premium and higher deductible