Insurance for an old boat

[OS2Dude]

I used USAA to insure my 1984 O'Day 23 with a full insurance package. (Liability, damage, etc.) USAA used Progressive to handle their Marine Insurance and they would only cover the actual purchase price of the boat and none of the upgrades. (Trailer, Electronics, etc.)

I checked with BoatUS and they gave me a policy that was WAY cheaper than the Progressive policy with almost double the value.

We now have our 1985 Catalina 30 with BoatUS. Note: BoatUS recently became an agent for Geico, so you may want to check with BoatUS and Geico directly for policy info.

[gmnord]

I just purchased a 1986 steel hull sailing yacht in Martinique, with intent to continue sailing her there. We got quotes for both hull value and liability ($1M) from Kent Urbine (KentThePegasusGroup@outlook.com) at Pegasus group, and Nick McGinty (nick@maritimeii.com) at Maritime Insurance International. Both are excellent agents and represent solid underwriters. HV coverage, of course, requires a survey. But few companies cover boats 30 years or more old, at least for HV. Liability only may be less demanding as to age or condition, and likely lower premiums if US coastal waters.

[Lepke]

I have a 1942 wood boat. No issues with insurance with a survey. Many states have insurance requirements for docks because of the oil cleanup issues for sunk boats. A sister of my boat sank and the cleanup was 1.5 million.
In the past I used:
https://www.hagerty.com/insurance/Cl...Boat-Insurance
These guys also do insurance on boats that are undergoing restoration. Their insurance covers US and Canada to 25 miles out.

[wrwakefield]

Originally Posted by Blueskys3434

i have just acquired a Beautiful sail boat a Plas trend 40 built in 1967 and so far i have been unable to find anyone to insure her for liability, so i can move her to a different marina, to start getting work done on her to restore her to her former glory and to use her for the wounded warrior project.
Yet for absolutely no reason these stupid insurance companies will not insure her because of her age yet she is a very sturdy boat with fiberglass almost 2inches thick.
I am on a limited budget.
Does anyone have any ideas?

Hi Blueskys,

Have you tried getting a liability umbrella under your homeowner's policy?

If that isn't feasible, see if IMIS can help. As far as I know, they are one of the few marine insurance brokers that have liability only coverage [a service for live aboard clients.]

And if they cannot help you, they may be able to direct you to someone who can.

Best wishes with your project.

Cheers!

Bill

[tdoster]

Originally Posted by pcmm

A survey is NOT needed for liability only insurance. Try Progressive. They insured my Morgan Out Island 41 for liability only. inexpensive too. their only condition is was the boat seaworthy! I took that to mean will it float!

When it comes to insurance, never assume anything. The term "Seaworthy" is an Insurance term dating back to the Marine Insurance Act of 1906 UK. Insurance policies are based upon this old language, but the interpretations remain. If a policy questionnaire asks if your boat is seaworthy, and it is not, don't cry when they fail to pay on the claim.

A lot of lying on applications and pissed off consumers for not paying claims lead the Insurance Companies to require a survey. Some will even require things listed are fixed before they will insure it. They may not ask for verification at that point, but they will at the time of the claim.

[tdoster]

While getting the boat seaworthy, you may have to pay a little more in insurance. We had to get a Builders Risk policy on a boat that was being restored that named the marina as additional insured until it could get proper liability.

If your boat is not that expensive, you may be able to add an endorsement on your homeowners to cover the additional liability until you get the boat in condition to get a policy with a good company. This is a good trick for those on the East and Great Lakes who store their boats next to the house for the winter, but need liability in the summer @ a marina as it is pretty in-expensive endorsement.

Don't lie on applications or questionnaires, it just sets you up for a possible denied claim if something happens.

[eanne06]

How and when do you decide if you should get a survey? I'm looking at buying a liveaboard boat that would JUST be used as a liveaboard (basically never leave the marina). What would a survey be able to tell me if I'm not worried about mechanical/engine soundness? It's a 1963 Chris Craft with a wooden hull.

This is what I'm considering buying:
42 ft. 1963 Chris Craft Conqueror Retrofitted for Liveaboard - $30000 (oakland east) hide this posting restore this posting - San francisco bay area - classifieds - reachoo.com

[Rduncanson]

I too was getting ins. after my ins. Co. dropped me for no reason and Gieco came through

[knockabout]

ask the marina you want to move to for an insurance quote/the lower the premium the higher the excess/this boat is built 1893 some of the insurance quotes we have had the excess was more than twice the purchase price of the vessel / after querying the insurance salesman the answer was it could sink and block a channel and be a costly recovery operation or it's really old wiring could cause a fire and set fire to the high rise buildings adjacent to the marina / the salesman became very aggressive and obnoxious when I inquired does his insurance cover the stress caused by his company to boat owners due to thinking about there worst case scenario's / all in good fun hope your sailing adventure works out and you never need your insurance

[captrick2014]

Progressive agreed value fullcoverage,I have a 29/1967 Columbia @ a 30/1975 Hunter both insured for $130.00per month with out survey.All I did was call and did not have a problem.I had a claim on the 29 after Katrina and they paid to repair no problem.

[lesterbutch]

Originally Posted by captrick2014

Progressive agreed value fullcoverage,I have a 29/1967 Columbia @ a 30/1975 Hunter both insured for $130.00per month with out survey.All I did was call and did not have a problem.I had a claim on the 29 after Katrina and they paid to repair no problem.

This is consistent with my dealings with Progressive! I have never had them request a survey and their rates are generally better than any other company. All of the boats I have insured through them were 40 years and older, my current boat is a 72.

[Blueskys3434]

Thank you all for you help in regards to insurance.

[Blueskys3434]

lots and lots of questions, lol.
So for my step i need to check to see if the base of the mast is structurally sound, does anyone know someone down here in Houston that does Non Destructive testing.
Thank you