Insurance?

[Matthew]

Well this is probably a no brainer but I was wondering how much insurance is "required" by law to sail for pleasure?Is it like a car where you have to have a certain amount?I realize if there is a loan on the boat the financing co. will require a certain amount to meet their needs but what if its paid for?Thanks

 

[Edward Kennedy]

Insurance

I don't think there is a legal requirement for insurance, but all marinas will require proof of liability insurance in order to keep your boat there. If you have a small or low value boat, you may be able to cover it as part of your homeowners insurance.

 

[Matthew]

Thanx

That makes sense, thankyou.

 

[Joel langdon]

Ounce of prevention

Matthew- check with your insurance agent/broker...your homeowner's policy has specific limits as to craft length and horsepower as to whether your homeowner's liability will extend coverage. Chances are, your best bet is a separate policy with as much liability coverage as you can afford. Medical payments are also available and often cover you and family, unlike the homeowner's policy. And don't skimp. If and when a guest cracks their skull in an accidental jibe (or a fall), you'll sleep much better...transfer this unnecessary risk to a good solid insurance company.

 

[Jim McCue]

Check your Umbrella provisions too!

If you have an large "umbrella policy", it may require you to have more than the basic $300,000. Some will require the boat insurance limit to be $500,000 or more. Or you will have a liability gap. True, this is Liability and not casualty insurance but just wanted you to know there were other considerations. Jim McCues/v SafeHarbor