POLL Marine Insurance

[Pelagic]

Reasons you do or do not carry Marine Insurance?
YES … Personal decision… Full Cruising Coverage
YES…. Bank Requirement
PARTIAL. Required for 3rd party Marina Liability Only
NO:…. Don’t trust Insurance Companies/prefer self-insurance
NO:…. Hard to get for my region and/or boat.
NO:…. I can’t afford it.

You can tick more than 1 box

[Snowpetrel]

They are starting to make it damned hard to get insurance down here in australia. And very expensive. Nobody will do third party only. Many wont insure a boat on a mooring as mine is. I am comfortable wih third party only, self insuring my own boat if I could find one. Any ideas?

[Target9000]

When we say "self insure", what does that actually mean? Keep money in the bank for an emergency? Or is there some legal setup to insure oneself?

[Seaworthy Lass]

Originally Posted by Target9000

When we say "self insure", what does that actually mean? Keep money in the bank for an emergency? Or is there some legal setup to insure oneself?

Generally it means putting money aside yearly (bank or under the mattress -here in Greece under the mattress would be a better bet currently for the locals LOL) rather than handing it over to an insurer. It can work well unless you sustain damage early on or if the loss is absolute. It may not cover third party problems adequately though.

[Pelagic]

Originally Posted by Snowpetrel

.... self insuring my own boat if I could find one. Any ideas?

For me…
Self-Insure is more of an ethical/psychological mindset rather than real insurance.

To me:
It means if I am the primary cause of someone else’s loss, my net worth is on the line.
If damages are more than my net worth, I can only then make reparations in other ways.
If I just total my own yacht thru my negligence, I can only blame myself and move on
If a guest/crew hurt themselves on board my yacht ..I trust they will accept their decision to be there and move on.
Self- Insurance also means looking after your boat and crew to the best of your abilities.

[daddle]

No. Benefit not worth the expense. Did not vote.

[rebel heart]

Have an option for "NO" that includes:

- restrictions on where the boat can go
- restrictions on the crew size
- needing to get a hallout and survey done in a third world country

[Pelagic]

Rebel.. that would come under #5 choice with a strong #4 leader..

[surfmachine]

Third party unrestricted only.
$300, no excesss, with Pantaneuis in Australia, a new office!
They also offer hull insurance when I have a survey.
Cheers from Keith.

[Seaworthy Lass]

Originally Posted by Pelagic

For me…
Self-Insure is more of an ethical/psychological mindset rather than real insurance.

To me:
It means if I am the primary cause of someone else’s loss, my net worth is on the line.
If damages are more than my net worth, I can only then make reparations in other ways.
If I just total my own yacht thru my negligence, I can only blame myself and move on
If a guest/crew hurt themselves on board my yacht ..I trust they will accept their decision to be there and move on.
Self- Insurance also means looking after your boat and crew to the best of your abilities.

I would call this the correct mind frame for no insurance, as well as self insurance .
To my way of thinking, self insurance means specifically tagging funds to be used only in event of damage.

[Snowpetrel]

Originally Posted by surfmachine

Third party unrestricted only.
$300, no excesss, with Pantaneuis in Australia, a new office!
They also offer hull insurance when I have a survey.
Cheers from Keith.

Cool, that sounds very reasonable. I tried a few years ago to get insurance with the British division, but they weren't interested, thanks for that info. I will look them up when my current full insurance becomes due.I had to get full insurance to keep her in the marina for a few months after I bought her, wish I could have gotten third party...

Originally Posted by Pelagic

For me…
Self-Insure is more of an ethical/psychological mindset rather than real insurance.

To me:

1. It means if I am the primary cause of someone else’s loss, my net worth is on the line.
2. If damages are more than my net worth, I can only then make reparations in other ways.
3. If I just total my own yacht thru my negligence, I can only blame myself and move on
4. If a guest/crew hurt themselves on board my yacht ..I trust they will accept their decision to be there and move on.
5. Self- Insurance also means looking after your boat and crew to the best of your abilities.

I am good with 3 and 5, I just don't think I want to be fighting a big insurance company for 1,2,and 4. Insurance companies have no soul and some serious bully tactics up there sleeves.

[RANT MODE] I knew a guy whose uninsured boat was sunk by an insured boat whose mooring dragged. Everyone thought the insurance company would cough up for the poor guy whose boat sank.. Not so, they argued that it was an act of god (the storm) and that the mooring was properly maintained and said they wouldn't pay. The poor guy whose boat was sunk didn't have the resources to take the insurance company to court. Thieving b*st*rds.

But by having some skin in the game (my own yacht) I sail much more defensively and worry more making me take more precautions than I would with comprehensive. I think this is the proper state of mind to be in at sea. Not she'll be right I've got insurance.

I get very angry every time I hear someone say. "oh well, that's what insurance is for" after tieing the boat up poorly, anchoring in a stupid spot. or some other stupidity. It's my premiums that are paying for their mistakes. [/RANT MODE]

[Whaubner]

I don't understand how not having insurance would make you more cautious and take more precautions?

With insurance I still strive to be as cautious as I can and take ever precaution available to me.

[sailorboy1]

currently total votes are 142.85%

In my mnd unless you have a posted bond for insurance you aren't "self-insured", you are just uninsured and everyone else effected by you are on their own and can nly hope.

[krissteyn]

Insurance is not necessaraly the same for USA as it is for europe, or elsewhere...
I have self insured up til now when i needed insurance for Greece. Every port wants to see my insurance. So I got it. My skills have not got less and my caution is still on High Alert, but I do have peace of mind of any "happening" not being snarled up by my not having the right "papers". When you dont speak the local language and something happens , with locals screaming at each other and pointing at me - it is peace of mind to have that "paper".
In the US , I kept away from marinas and never had a problem, here , conditions are different.
Kris

[sailvayu]

"For me…
Self-Insure is more of an ethical/psychological mindset rather than real insurance.

If a guest/crew hurt themselves on board my yacht ..I trust they will accept their decision to be there and move on."

Maybe I am reading this wrong but it sort or says to me your ethics are that if a crew gets hurt on your boat they SOL and on their own?

What if someone on your boat gets hurt, no fault of you or the boat but things happen, this injured crew finds themselves crippled for life. Are you saying it is their tough luck and you bear no responsibility? That they should just accept this and move on?

We have insurance to help others as much as ourselves. It is there to help protect those on our boats, those injured by our boats and those that could be injured by our boats, including the environment (In the case of oil spills.)

The most important part of insurance is liability not just covering the cost of the boat. To me that is the ethical thing to do, not having that is unethical.