Insurance

[Bad Obsession]

Think about the cost if your diesel tank was punctured somehow and diesel spilled into the water. YOU are responsible for the clean up! OUCH!

Yeah...bad term when I called it an investment, it is better described as a purchase.

 

[Steve Dion]

A survey is normally $12-20/ft. They do not always require an out of the water survey for insurance. Quick haul for a survey would probably cost $150.

 

[Deadhead]

My brother-in-law sells insurance.

He has told me of a client of his who has sailed to Bermuda, amongst other places. I don't know if the fellow has made trans-oceanic passages. If I remember rightly the insurance company attached riders to the policy based upon the locations in which the boat will be sailed. I understood that the Bermuda rider was pretty pricey (on the order of a few thousand $$). I imagine that the premium for an ocean crossing would be a little more.

The riders are priced in accordance with the associated risk. Maybe I will be an actuary in my next life.

 

[Hermit Scott]

Why would an insurance carrier not provide liability on an old boat? There's alot of people on here with old boats, what do they do?

 

[michaelanthony]

...and not only that Hermit but why do they need to survey the boat out of the water for liability only. After all its the other guy I'm looking out for.

 

[Don S/V ILLusion]

...and not only that Hermit but why do they need to survey the boat out of the water for liability only. After all its the other guy I'm looking out for.

not entirely - the "other" guy is going to sue you, your family, your estate, your assets, your business, etc for which your underwriter could be responsible and would want to know your boat is seaworthy and safe. The "other" guy could be in your boat. It has little or nothing to do with the inherent value of an old boat.

 

[tagalong]

I Know Someone Who Doesn't Have Any Insurance..............

 

[michaelanthony]

Me too!
I would have thought that it's the experience of the operator rather than
the condition of the boat itself that's relevant when being considered for a liability only insurance.

 

[Bad Obsession]

I was glad a few years ago that my neighbor had insurance. The guy, who no longer owns a boat thank God, tied his boat up with rinky dink lines (I told him numerous times that he may want to put bigger lines on his boat). During some wind his boat came loose and hit mine.

At first his insurance company was giving me a hard time and said that I had to claim the incident on my insurance. After I advised them that they were about ready to be named in a law suit and told them that I was VERY experienced in this kind of stuff because of the nature of my job (and the fact that I do Automobile crash reconstruction) they decided to pony up the cash to fix the ding on my boat.

Make sure you have insurance because you never know when freak things happen like that. Also make sure that your neighbors have insurance.

 

[petersea]

"When I bought my boat a survey would have cost 15% of the purchase price. "

Hermit

When you check out insurance and getting a survey make sure you specify to the surveyor that you need an insurance survey NOT a purchase survey. Insurance surveys are not as expensive but that are not as detailed on some items.http://www.rimarinesurvey.com/why.asp

 

[txtowman]

hermitt,
you won't need insurance at corpus christi harbor down town. mike firestone is the best surveyor around, he even goes to houston a lot cause he is so good. my catalina 22 is $105 for $300,000 at boat u. s.

 

[Hermit Scott]

$105 a monthor or a year? Did you get a survey? Everyone recomends a survey, to be honest I thought I was buying an old boat that needed fixed up. I considered everything wrong with it. The survey list of things wrong with my boat would read something like this:
Problem areas
1. The boat.
I have no other motivation to pay someone for a survey than insurance. I do want to get at least liability. Otherwise my investor would end up paying for somebody's boat I tore up with mine. I can get sued, I don't mind. That's why we have a lawyer. But I can't get sued and be at fault. I've added boat us to my list of people to call tomorrow. They seem to be pretty reasonable and recomended. I will be sure to mention that I only need an insurance survey Peter, thank you.

 

[petersea]

Hermit, another thought comes to mind is some insurance companies will let you add a boat to your homeowners insurance. May want to give a call to you insurance agent to see if yours will. Not sure if it restricted by size or value to add to homeowners but worth a call !

 

[sailingdog]

AFAIK, very few homeowners insurance and domestic insurance companies will insure a boat for BLUEWATER ocean crossing. That is what the OP is asking about. As far as I know, the only company/policy that does so regularly is the Jackline policy from IMIS.