Insurance

windrose · Post by **windrose** » Sun May 29, 2005 9:06 am

Who have you guys found to insure your OLD boats. I've tried to get some quotes from a few company's and they all say she is TOO OLD!

I just need some liability insurance and maybe some catastrophic damage coverage.

radicalcy · Post by **radicalcy** » Sun May 29, 2005 10:01 am

Talk to your homeowners carrier. I'm only covering mine for liability. For me it's not worth the premium,or time and trouble of a survey to carry comprehensive.
Larry Wilson

Jason K · Post by **Jason K** » Sun May 29, 2005 4:20 pm

Call Progressive - they're fantastic. I pay about $140 a YEAR and it's enough to satisfy the harbor master. They didn't even ask for a survey.

Post by **Tim** » Sun May 29, 2005 5:13 pm

It's easy and cheap to get liability only insurance. You should never need a survey for liability only, as the company carries no risk on the structural or mechanical condition of the boat. Progressive is a good choice for this. If an insurer asks for a survey on liability only, ask them to please explain how it is relevant...and then, when they answer, go look elsewhere anyway.

However, if you have an investment in your boat, particularly after a restoration, some form of comprehensive insurance almost seems a must, unless you can risk losing your entire investment. Even so, you probably won't get coverage for your whole investment. Still, for many of us, this sort of catastrophic coverage is important--mostly to help if something terrible should happen to the boat.

I hate insurance companies that feed that automatic line about "too old". Age has nothing to do with the insurability of a boat: it's all about condition and maintenance. Lots of old boats are in better shape than brand new boats off the production line. It makes me angry even thinking about the obtuseness of insurance companies.

You will probably have to have a survey for comprehensive damage coverage. Every so often you can find a company that doesn't require one. Try the company that handles your other insurance needs, if you have one. Most insurers also have boat policies. If you work through an independent agent, it is often easier to find coverage.

They don't give insurance coverage away. I waver back and forth over whether it's worth insuring beyond liability or not. If I were living aboard and cruising, I would cancel my insurance and keep only liability, as I would feel that I was more in control of the boat's fate at all times. It's the other jerk, or something stupid happening when I am not around, that makes me carry coverage.

Seeing windstorms like the one last week makes me appreciate having catastrophic coverage. If the boat had broken loose and gone ashore and been a total loss I would have gotten something from the deal at least. I would only file a claim if something major happened, though. I was lucky to find an appraiser who valued my boat higher than most Tritons when I got my insurance 5 years ago, but even so, I wouldn't even get half of my investment back. It's far too easy to end up exceeding the market value of an old boat when you do a lot of rebuilding and restoration work. Half is better than nothing if I lose the boat, though.

I could retire if I stopped carrying insurance on everything; the costs get ridiculous. Sadly, you just can't really exist in society without it. It's irritating.

Figment · Post by **Figment** » Sun May 29, 2005 6:55 pm

Regarding surveys, I dunno, I think that condition of the boat might have some bearing on liability. A boat that's about to sink at the dock carries a pretty good chance of a liability claim, ya know?

I easily found insurance through BoatUS. They required a survey, but I wanted one anyway so I didn't bother to argue.
I will say, however, that my father dropped BoatUS a couple of years ago after their handling of his claim was not to his satisfaction. I'm considering followig suit, now that my boat is actually starting to be worth a buck or two.

windrose · Post by **windrose** » Mon May 30, 2005 6:43 am

Thanks Guys, I'll try my independent agent and then try Progressive if I need too. BoatUS was one of the companies I tried to get a quote on liability from, that responded that my boat was too old for them to cover.

I feel that the boat would survey fine.

Jason K · Post by **Jason K** » Mon May 30, 2005 9:39 am

It's peculiar that BoatUS refused to insure your boat, as they were willing to insure mine. Progressive was cheaper though. I didn't check with a local broker, though that may well be the cheapest route.

Post by **Tim** » Mon May 30, 2005 11:02 am

Boat/US is so weird.

Robert The Gray · Post by **Robert The Gray** » Mon May 30, 2005 12:17 pm

When you have a liability policy you will never get any money. the insurance will only pay to another person. if your boat has a liability only policy and it sinks at the dock, only if it pulled other boats down with it, or damaged the docks would there be any pay out. I suppose a liability policy could even cover a sunken boat if you were willing to write the check. and that is just being silly

Figment · Post by **Figment** » Mon May 30, 2005 7:03 pm

I'm thinking (and so are the insurers, probably) that a derelict boat which sinks at the dock will at minimum incur some environmental cleanup cost for the "spilled" fuel.
I'm also thinking that a vessel in poor condition has a greater chance of causing lawsuit-style injury to others when it actually does leave the dock.

Yeah, BoatUS is kinda weird. They weren't completely hassle free. I think the fact that I'd insured with them before helped, and they're also the only ones I've encountered who give any kind of "credit" for on-water experience. When I was actually able to provide paperwork to demonstrate that I'd been USCGA-"certified" since the age of 12, they changed their tune (price) remarkably.

windrose · Post by **windrose** » Tue May 31, 2005 8:05 am

Hmmm..... I have my Coast Guard OUPV (six pack) license. Maybe I should try to recontact them. I just filled out a quote request that was in my BoatUS membership package and sent it in when they replied the boat was too old. I don't remember it asking about the skippers experience.

I understand the nature of insurance having owned my service business, high risk, for 20 years. Can't live with it, can't live without it.

I don't see the value of a comprehensive style policy on this boat. It would never have the value of the money I have in it so I can't see paying for the coverage which is why I simply want liability to cover any other injured party and maybe some catastrophic insurance for total loss.

I assigned a value of $12,000-$15,000 for the boat, think this sounds reasonable.

Allen · Post by **Allen** » Tue May 31, 2005 10:06 am

windrose wrote:Thanks Guys, I'll try my independent agent and then try Progressive if I need too. BoatUS was one of the companies I tried to get a quote on liability from, that responded that my boat was too old for them to cover.

Regarding BoatUS, I had a boat insured with them that was 1960s vintage. They did require a survey but otherwise, weren't that bad to deal with. My understanding of the difference between BoatUS and Progressive, which I also had insurance with, is that BoatUS will also cover removal of the vessel, should it sink, and that Progressive will only cover the repairs. You might want to verify this before you buy your insurance, as the removal of a sunken vessel might well be more expansive than repairing it.

windrose · Post by **windrose** » Thu Jun 02, 2005 12:08 pm

I got it covered thru Progressive without a survey, full coverage with a value of $15,000, $100,000/$300,000 limits of liability, $500 deductible for $318 a year. Seemed reasonable since I did not have to have a survey, it is covered now for the launch and it will give me a chance to shop around.

The no survey part was what sold me on it. My time line is very tight, supposed to launch Tuesday week (June 14). I figure I can have full coverage on it for what I was going to have to spend on the survey to insure it with another company.

One more item checked off the list, now headed to DNR to get her decals. We are about to be legal. ;-)