Boat Insurance Basics

[Traumagas]

Hello all

I have been searching and reading Post for Several years, I thank everyone whom adds Great info for All involved.

At present My wife and I have pretty much Nailed down that we are aiming for a 2009 Leopard 47. My questions is of insurance Annual cost. for basically Florida Keys and the Bahamas and eventually further South to BVI & USVI.

I will be contacting several companies however would like some Personal experiences if any of you have any to share.

We are looking at doing EXTENDED Cruising 6-8 weeks at a time then DocK the Boat at a Secure Dock in Marathon Florida. We will have a Hurricane Plan in effect. And I have 40 plus years Boating and some of that Commercial.

So I was just wanting to know about what one could expect with cost
What deductible many carry, along with any Caveats with establishing insurance

Any special Training that would Decrease the cost ?
What are the limits they usually have NO Haiti, No Cuba ?

Any Information would be Greatly appreciated

Regards

Coconut Sunrise

[wrwakefield]

Originally Posted by Traumagas

Hello all

I have been searching and reading Post for Several years, I thank everyone whom adds Great info for All involved.

At present My wife and I have pretty much Nailed down that we are aiming for a 2009 Leopard 47. My questions is of insurance Annual cost. for basically Florida Keys and the Bahamas and eventually further South to BVI & USVI.

I will be contacting several companies however would like some Personal experiences if any of you have any to share.

We are looking at doing EXTENDED Cruising 6-8 weeks at a time then DocK the Boat at a Secure Dock in Marathon Florida. We will have a Hurricane Plan in effect. And I have 40 plus years Boating and some of that Commercial.

So I was just wanting to know about what one could expect with cost
What deductible many carry, along with any Caveats with establishing insurance

Any special Training that would Decrease the cost ?
What are the limits they usually have NO Haiti, No Cuba ?

Any Information would be Greatly appreciated

Regards

Coconut Sunrise

Coconut,

The variables for each of us are too numerous to compare policies, and pricing will also depend upon your experience and credentials.

The best advice I can give you is to contact Al Golden at IMIS. Al is an ex-sailing cruiser and will give you very honest information, advise, and very competitive pricing.

Best wishes with your adventures.

Cheers!

Bill

[herculesboat]

Originally Posted by wrwakefield

Coconut,

The variables for each of us are too numerous to compare policies, and pricing will also depend upon your experience and credentials.

The best advice I can give you is to contact Al Golden at IMIS. Al is an ex-sailing cruiser and will give you very honest information, advise, and very competitive pricing.

Best wishes with your adventures.

Cheers!

Bill

Thanks for the information

[Traumagas]

Thanks !!

I will look into

Coconut Sunrise

Just ball park would be fine......

Annual 1000, 1500, 2500, 5000, 7500, on a 47 foot leopard ?

[wrwakefield]

As a thumbnail sketch, my experience with well found monohull cruising sailboats valued at low to mid six figures is approximately 1% [more or less] of negotiated hull replacement value.


Bear with me: My touch screen device's auto-correct rarely is; but at least the text is tiny...

[TacomaSailor]

Why ask us? Your question is 'kinda like "how much does a 2008 car cost?"

I've found a quick call to Boat/US or any other insurance broker will give quick and accurate results.

Questions to asked and details given to insurer:

- Your claim history
- your previous marine insurance history (other than claims)
- insured value
- deductible
- named storm deductible
- crew size
- personal effects insurance
- dinghy insurance
- special electronics replacement
- your FICO score
- permanent marina location
- liability coverage
- spill and environmental damage liability
- medical coverage

All have a significant impact on the premium. I know that on our boat the premium can vary by over 40% when altering some of the parameters above

a small clue: Our Caliber 40 cutter insured at $190,000 with 2% deductible and 4% in a named storm kept in a secure Port Charlotte Harbor (SW Florida) marina and sailed to the Bahamas, T&C, US East coast was just quoted at $2,500 by Boat/US.

That amount is over twice what we pay for the identical coverage in San Diego or Puget Sound, which allows us to sail anywhere within 200-miles of the North American West Coast south of Cape Scott on Vancouver Island (~55 degrees N) and North of Punta Banda, 50 miles south of Ensenada, MX (30 degrees N)

We have 22-years with Boat/US and NO claims.

I got a quote from BOAT/US for a 50' steel trawler based in Port Charlotte valued at $500,000 and the quote was "about $3,600 to $4,000" depending on some of the details to be worked out. The cruising range would have been the same as with the sailboat.

OP asked "Any special Training that would Decrease the cost ?"

Boat/US offers no premium reduction for USCG Captain licence, at least to me.

[wrwakefield]

Remember that Marine Insurance is NOT regulated.

Hence my advise to select a broker you can trust...

Cheers!

Bill

[PamlicoTraveler]

Originally Posted by Traumagas

Just ball park would be fine......
Annual 1000, 1500, 2500, 5000, 7500, on a 47 foot leopard ?

I understand why you are trying to get a handle on it. We all need to figure this out when we get a boat.

Generally it's based on market value (hull replacement cost) and the premium might be 1% (maybe 2%) of replacement value with a $5,000 deductible - say $3,000-$5,000 annual on a $300,000 boat, plus a little more for liability in case you crash into a dock or another boat. Where and how you are cruising is an important consideration, and it sounds like you will remain in a hurricane area, so that will cost you.

There is more to buying insurance than finding "someone you trust." You might trust them and buy an expensive policy that is not competitive. Ask your boat neighbors and friends who they use and talk to a couple before committing.

[wrwakefield]

As you dig deeper into marine insurance, do become aware that there are two approaches insurers take: Named Peril and All Risk. [And no, I'm no insurance expert, just a marine insurance consumer for 40 years or so...]

Named Peril tells you what is covered, but is typically less clear on what isn't...

All Risk covers everything except what is stipulated.

I always choose All Risk.

And then there is replacement cost...

Regarding a total loss, I always want an Agreed Value policy [negotiated up front vs. Actual cash value which translates to them telling you what your vessel is worth at that moment...]

Likewise on a partial loss; Replacement Cost is in your favor; actual cash value is in the insurer's favor...

Always make sure you know these specifics; especially when comparing quotes because if they aren't the same type of coverage, you aren't really comparing insurance costs...

Happy shopping.

Cheers!

Bill