INSURANCE (Combined threads)

[Dave G.]

I can't get hauled-out! without insurance.

You should be able to get liability insurance regardless of the age of the boat no ? That's all a marina or yard needs for insurance is the liability coverage.

 

[Prairie Schooner]

You should be able to get liability insurance regardless of the age of the boat no ? That's all a marina or yard needs for insurance is the liability coverage.

Maybe this is what you're talking about, Dave, but our yard also wants $1M environmental cleanup coverage.

 

[Dave G.]

but our yard also wants $1M environmental cleanup coverage.

Wow, that seems extreme. It would be hard for any one boat/owner to cause an environmental event any where near that number. I have $1m in liability coverage which I would guess would cover any related damages caused by me or my boat but no specific coverage for environmental cleanup.

 

[Christian Williams]

As I understand it, lawsuits for oil-spill cleanup can create very high costs, hence coverage requirements. My policy:



That's standard issue Geico, I didn't ask for it.

 

[RedDog]

You should be able to get liability insurance regardless of the age of the boat no ? That's all a marina or yard needs for insurance is the liability coverage.

Yes. theoretically But....Geico, Progressive, Hagerty, all said no for a 51 year old Ericson.

 

[Tooluser]

For what it's worth, Geico was willing to raise my 'agreed' value when I called and said I didn't ... agree. The agent said they would insure my '85 E38 up to something like $59900 if I wished. I didn't wish, and went for the surveyor's value. Their initial number was ~28k. Moving it to 48k added $100 or so to the annual premium, $1200/yr.

 

[Christian Williams]

Similar boats, same state. (from this similar thread

 

[Loren Beach]

If I understand accurately, you pay roughly $41. per thousand $ of agreed value on the boat? I wonder how that compares to what others here are paying?
(or is my simple math not simple enough for me?)

 

[p.gazibara]

We are going through getting insurance now (didn’t carry it while cruising unless required by the country we were visiting).
What we found in NZ:
No insurer here will offer us 3rd party liability coverage on a boat flagged US and/or over 30 years old.

Third party liability is required to enter a marina or haul out.

The marinas will offer temp 3rd party liability cover at a substantial markup.

So we paid the man, hauled and watched them spray 1/3 of my antifouling off so an inspector could see that the hull is sound and charge me $1000 on top of the $400 lift/hold.

The quotes I am getting now for comprehensive coverage are around $800NZ.

What a racket.

-p