Worth remembering is that there is no separate business entity. They are now the same company, i.e. no daylight between them.
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INSURANCE (Combined threads)
Super inexpensive. Impressive low premium.
Does that include pollution abatement and wreck removal? (SOP for mooring in our area), and are you *sure* that the value you cite is "agreed" value? And, not "actual cash value" ??
My amounts are similar to Dave G. Except I did notice, last time it flowed across my desk, that I have "agreed value replacement" (I had thought it was liability only) but I don't recall ever discussing any agreed value. I have put a lot of time and money into that boat in the years since I took out the policy!
Dave G.
1984 E30+ (SOLD)
Yes agreed value. I have no idea about wreck removal/pollution abatement. Although I think they would own it at that point so it would be their problem ? Kind of like when you total a car, you never see it again. Guess I need to ask that question cause if it sank guess someone needs to recover & clean it all up. Even if it sank in my slip as it's 25' deep... but maybe my dock lines would keep it from going to the bottom ? Wow this is getting depressing.
When a boat sinks and/or spills oil, at that moment the USCG or local LEO's will demand that the owner of record remove the wreck and/or remediate the spill. They will take over the "event" if you are not on scene and doing this organizing, immediately. They will summon the salvors and spill businesses. Given their responsibilities for the safety of the waterways, they really have no choice.
And, if the vessel ownership changes a week or three later, the liability will not go away. Later the insurance company may well take the title and resell the remains for scrap or even let the (former, recent) owner buy it back for pennies on the dollar to restore it. I know of owners who have restored their own boat after such a buy-back. To the insurer, it's just about money and risk, and for them, closing the incident file as expediently as possible.
One thing to keep in mind is how astoundingly much the 'cleanup bill' will be, without insurance, to muster up a crane barge (or experienced divers with air bags) on zero notice.
And, if the vessel ownership changes a week or three later, the liability will not go away. Later the insurance company may well take the title and resell the remains for scrap or even let the (former, recent) owner buy it back for pennies on the dollar to restore it. I know of owners who have restored their own boat after such a buy-back. To the insurer, it's just about money and risk, and for them, closing the incident file as expediently as possible.
One thing to keep in mind is how astoundingly much the 'cleanup bill' will be, without insurance, to muster up a crane barge (or experienced divers with air bags) on zero notice.
In my (limited) understanding, most policies have 'wreck removal' incorporated. Often it's on page xx, further in. This is a "gap" you would not want to have. But read it thoroughly.
One dividing line, as it were, in coverage is the transition from boat insurance to "yacht insurance" and this roughly occurs at about 26 feet. The rationale is that smaller boats need coverage for accidents and trailer problems and are much less likely to park routinely at a dock. i.e. you have differing insurance needs, to some extent, for a trailerable boat.
When we started out in sailing, we had a full coverage "yacht" policy for our trailered (and much of the year) moored Ranger 20 sailboat. It just seemed like a good idea.
Our club requires 'salvage' coverage in policies for boats that request in-water storage assignments (slips or moorings).
Dave G.
1984 E30+ (SOLD)
So that would indicate there is a possible huge hole in some policies as they must of got burned by said hole at some point in the past. Interesting info, I guess I need to read ALL the fine print in my coverage pronto. They do know the boat is kept in a slip at the YC and is not a "trailerable" boat.
We just require members to send the Harbormaster a screenshot of the Salvage paragraph from their policy (and, yes, we also verify that they actually do have current insurance, with $100,000 liability coverage too).
Solely to help gauge the amount of administrative work needed where you moor, how many slips do you folks rent? (Our YC marina is approx 150 slips, and we operate it by volunteers)
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We have about 125 slips and 20 swing-moorings. I've been the harbormaster for about 5 years - I have no trouble meeting our club's requirement for at least 15 hrs of volunteer time per year! (we're also 100% volunteer-operated). My biggest problem is when members resign and abandon their boat in a slip or on a mooring (or we terminate a membership for non-payment of dues and fees). It's a long process to have a boat legally declared 'abandoned property' and for the club to then gain 'ownership', so we can then dispose of it (usually only a few things of value to salvage at that point) - again, at our expense ...
I am the club's Moorage Chair for the last couple decades.
Abandoned boats are a huge hassle. We got $100. at an advertised auction out of the last one, and Heaven knows how many (volunteer..!) hours our Commodore and club legal advisor had to put in for six months + prior. We had to follow state rules to gain/create a valid title before we could sell it.
And of course it was parked in a slip that we wanted to rent, having a long waiting list for new member boats.
https://ericsonyachts.org/ie/threads/ericson-25-auction-in-portland.16624/
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BoatUS just sent me my GEICO insurance policy renewal. It's an increase from $879 to $969 for the same coverage. $42.9k agreed value that is the maxium they will cover, $300k liability, $0 deductible that they automtically reduce it to $0 in steps over 4 years.
Update: New policy in hand. Thru a well-established marine insurance broker in Seattle, with the policy written by Travelers.
My guess is that this sort of brokerage service varies by geography, and I would suspect that there are other regional competitors you could talk to. If you are considering how to insure your boat in a "post Geico" world, you might want to start your insurer list by asking marine professionals in your area for references. Our surveyor was a great help in this regard. I suspect that the GM of your local boat yard would also have some useful input.
They accepted a new "agreed value" based on our survey (with a section citing comps). There were only a couple of equipment updates required by the new survey, and (as usual in the past with previous insurers) I just had to sign a declaration that these had been complied with, after I did the requested updates.
Boat Insurance | Seattle
www.boatinsurance.net
They accepted a new "agreed value" based on our survey (with a section citing comps). There were only a couple of equipment updates required by the new survey, and (as usual in the past with previous insurers) I just had to sign a declaration that these had been complied with, after I did the requested updates.
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RedDog
Member II
I realize how old this thread is but I'm still without insurance. My E35 Mk2 is from 1972. The limit I have discovered, is 50 years, and Coqui is 51.
I can't get hauled-out! without insurance.
Prairie Schooner
Jeff & Donna, E35-3 purchased 7/21
RD,
My post #53 in a related thread might be helpful. Or not.
Jeff
Stunned by insurance increase!
Speaking of boats at or near 50 years in age, the huge surge in sailboat sales happened as a result of the oil embargo and fuel shortages in 1973-74. Seems like there's gotta be an agent that can shop around for a policy for your boat. (and a lot of others, as well.) My experiences are likely...
RedDog
Member II
Many thanks! I've got work to do!RD,
My post #53 in a related thread might be helpful. Or not.
Jeff
Stunned by insurance increase!
Speaking of boats at or near 50 years in age, the huge surge in sailboat sales happened as a result of the oil embargo and fuel shortages in 1973-74. Seems like there's gotta be an agent that can shop around for a policy for your boat. (and a lot of others, as well.) My experiences are likely...ericsonyachts.org