I have the boat but at moment it is out of the water in a marina boat yard. I don't have any insurance. Do you need insurance while it is out of the water? How much liability to carry? I'm in Canada...any recommended insurance companies?
Boat Insurance
- Thread starter GeneraiT001
- Start date
The boatyard where I dry store my boat in the winter insists on having a copy of my current boat insurance policy. Can't speak to Canadian requirements, but it seems logical that they would.
Yeah, thats what I kinda figured. Gotta find a reputable place now
Wonder if my car/house insurance company will insure it...will check that out.
E-mail sent. Heres me hoping for a deal seeing as how they already have my car/house
If your boat were to topple in a storm or have an onboard fire could it damage other boats or buildings? Could a ruptured tank or fuel spill cause an environmental impact needing expensive cleanup? I think you should consider liability coverage at minimum. You might be able to get liability-only or an umbrella policy that would extend to the boat or you might also be able to tack it onto your home/auto policy.
Here in the US I was unable to find a yacht policy that was liability-only last time I checked 2 years ago. An insurance agent or even an AI search might save you some time searching.
Here in the US I was unable to find a yacht policy that was liability-only last time I checked 2 years ago. An insurance agent or even an AI search might save you some time searching.
Thanks. I only got possession of the boat on Friday and am now scrambling to get it insured...especially as the remnants of Melissa are headed our way with 100KPH+ winds. It is surrounded by other boats in the boat yard. Its a heavy boat at 18,500lbs, so thats good
Try Progressive. Can get a quote in a minute, online, as well as purchase. You may be able to purchase through your homeowner’s insurer; however, many insure smaller boats only.
Sounds like the OP may not have contacted their insurance carrier before closing the deal, something I have always done. The good news is that an insurer will want to see a survey, and at least you now have a current survey to show them.
Unless enamored of any certain insurance carrier, contact a Broker ASAP, and see if they can get you insured within 48 hours.
(When we finally woke up to the shenanigans happening with Geico (aka BoatUS), a great boat insurance agent got us reinsured with a better quality company rapidly; and having a current survey really did help a lot.)
Good luck!
Unless enamored of any certain insurance carrier, contact a Broker ASAP, and see if they can get you insured within 48 hours.
(When we finally woke up to the shenanigans happening with Geico (aka BoatUS), a great boat insurance agent got us reinsured with a better quality company rapidly; and having a current survey really did help a lot.)
Good luck!
Boat insurance is not as simple as home owners or auto insurance. Essentially there are 3 types of insurance, liability only, cash value, and agreed hull value. Of the three Agreed Hull Value (AGV) is the preferred as it covers both liability and the vessel itself if damaged. With AGV the insured and the insurer agree upon the boat's value at the time of underwriting and that is the amount paid (less a deductible) if the boat is declared a total constructive loss. A cash value policy also provides liability and vessel damage, however, the value of the boat before the accident is determined after the accident occurs and may be less than the insured thinks it is worth.
Liability insurance protects the rest of us should you or your boat cause us injury. Because liability insurance will cover the victims loss, it protects the insured from litigation by the victim to recover losses.
Insurance companies often require surveys to establish the condition of the vessel and to assign a value to it.
Liability insurance protects the rest of us should you or your boat cause us injury. Because liability insurance will cover the victims loss, it protects the insured from litigation by the victim to recover losses.
Insurance companies often require surveys to establish the condition of the vessel and to assign a value to it.
You me a penalty for not having insurance? How do they allow an uninsured boat into the yard? I guess in my case it would be because the boat ownership simply switched hands because of the sale and the boat was already in a cradle in the yard.
I can't even guess at what hoops Canadian yards put a boat owner must jump through. That is why I specifically mentioned the States. However, to answer your question, when I was hauled the yard asked for my insurance, and I kinda didn't hear the accountant. She'd ask every month when I came to pay my bill and I'd put her off, nicely. After a while she'd ask, I'd duck, and she'd apologize but she'd have to charge me. I looked sad, hung my head and gladly paid.
Just business. Other yards it was similar, but I was there for my annual haul out, so it was always two weeks or less. Always friendly, leaving the yard with a, "We'll see you next year."
Every boat I operated (didn't own) had to have insurance up the ying/yang before I would sign on the dotted line, for a haul out or other yard work. Just sayin'...