First boat owner here, just bought a Cat 30. BoatUS/Geico just declined to insure me for 300K bodily injury per person, 500K per accident, 100K property damage liability, which is what my marina is requesting. Anyone have any other insurance suggestions? Progressive maxes out at 250K/500k/100k. Is the marina's insurance request normal?
Insurance Question
- Thread starter Hungryfroggy
- Start date
Often it's the age of the boat that attracts the INSC's ire. They don't like old boats. Ask Boat USA if that is the issue. There are insurance brokers who will find a company to insure an old boat but it will be more expensive. Flip through the back of a sail magazine.
As for the marina they are probably given those numbers by their INSC.
As for the marina they are probably given those numbers by their INSC.
He was only trying to get liability... so that seems odd. I have statefarm for my boat. And I only have liability insurance since I did not pay that much for the boat. But I went high on the liability side so I won't get caught with a high payout if something goes sideways.
... not saying how high cause I don't want to give you all any ideas about running yourself over with my boat.
But you should be able to find someone else to cover those numbers.
... not saying how high cause I don't want to give you all any ideas about running yourself over with my boat.
But you should be able to find someone else to cover those numbers.
If it's a liability-only policy you need, you can broaden your selection to many other insurers. I suggest you first try your homeowner/vehicle insurer. There are certain enhancements a true marine insurer might offer such as longshoreman's liability, but those tend to be a rare risk. Good luck.
Most marinas require liability insurance.
Insurance liability premiums are based on risk of the insured and the insured limits. Factors that contribute to risk are driving record, credit history, claims history on all insurance policies, and other factors. Have a problem on any of those and the chances of getting insured decline.
Insurance liability premiums are based on risk of the insured and the insured limits. Factors that contribute to risk are driving record, credit history, claims history on all insurance policies, and other factors. Have a problem on any of those and the chances of getting insured decline.
I got dropped by my Umbrella policy because according to my broker my boat was too old. INSC's know the numbers. There is a reason, besides greed (And they are that), to avoid old boats. Maybe it's just the upgrade in electrical codes - the source of a lot of fires. If the INSC industry had to cover one of these boatyard fires, which a few of had been significant losses, it would make a difference.
I thought it was weird. I have good driving record, great credit, no claims. The lady on the phone wasn't rude, but her tone made it sound like I was stupid for buying a 30' sailboat for my first boat. I was so confused, she made it sound like there was no way they were going to insure a new boat owner who has a 30' boat.
I found out that progressive offers 500K combined single limit, which based on my understanding is basically up to 500K personal/500k per accident/500k property. So I'm going to ask the marina tomorrow if that is acceptable.
jssailem
SBO Weather and Forecasting Forum Jim & John
- Oct 22, 2014
- 23,250
Michael That is because the boat was Canadian. There is the financial exchange rate. What is it now 30 to 1?
Now days you could never keep your boat in Blaine. You would never get to see her.
Maybe, John. However they specified U.S. dollars and way back then our dollar was a $ 1.10 U.S. I think they were afraid I would spill some oil and you know how hard that is to clean up.
jssailem
SBO Weather and Forecasting Forum Jim & John
- Oct 22, 2014
- 23,250
HB That is 30 USD to 1 Looney right?
I thouhgt that was the quoted exchange rate when I tried to play poker with a couple of Canadian boat men...
I thouhgt that was the quoted exchange rate when I tried to play poker with a couple of Canadian boat men...
I am insured through Markel Marine Insurance through Twin Rivers Insurance Agency in Antioch, CA (an insurance broker). Novamar is another. Alternatively, seek out an insurance broker like I did. Below is my coverage, which is acceptable all over the SF Bay.
Marina's in the SF Bay generally require $500,000 liability protection and indemnity and of course, name the marina as an additional assured.
I don’t play poker John but at those odds I might be up for a game!
They accepted the insurance! I'll be moving into that marina on July 1st. Now, I need to replace my starter motor and redo the exhaust manifold gaskets this weekend. Wish me luck.