Boat Liability Insurance

[Terry Arnold]

My Hunter 33 is depreciated sufficiently that liability insurance is my main concern. My car insuror State Farm provides liability insurance at a reasonable cost but does not extend out of the country. Since I will be leaving the US with Bayhorse this spring, I have checked with several boat insurance concerns and the liability cost seems exorbitant. Surely a sailboat doesn't have the liability potential for a 80 mph car so why should liability be so much? Any suggestions? Also, can anyone tell me whether liability is a requirement for cruising Bahamas?

 

[Jeff D]

Umbrella Policy

I think you will need $300K liability on your boat to qualify for $1M on an umbrella policy. Also, you need more than the max on autos and home. No it ain't cheap but if you have anything much to lose, then it is just the cost of doing business.

 

[FP]

trading pennies for dollars

Buy the best you can afford and not the cheapest. If you had a 300,000 dolar loss and paid 600 dollars in premium you spent .002 or 2/10 of a penny for every dollar the insurer paid out on your behalf. Even if you spent 600 dollars every year for ten years your are still paying only 2 cents for every dollar.

 

[Ron Brassord]

Liability insurance.

There are no Bahamas requirements for insurance on visiting boats, Try Progressive Insurance for a reasonable rate on liability coverage only. I found coverage for about $150 for $300M You will not have luck finding coverage for foreign countries, since they have different civil laws if any. Liability coverage makes a lot of sense on old boats with small physical value, but exposure to liability from use. Ron b