Is this just stupid Marina thinking?

Ross · Jun 28, 2012

Check with progressive! One milion is not much in today's market maybe three or four boats.

Nom De Guerre · Jun 28, 2012

This is obviously a different region, (southern Ontario, Canada), but our marina requires proof of 1,000,000 liability.

It doesn't take much these days to approach that amount of damage - I don't think it's unreasonable. I think it more unreasonable that your insurance company is making it difficult to adequately insure for liability at 1,000,000.

woodster · Jun 28, 2012

Hold Harmless Agreement?

rpwillia said:
I keep my boat at the Quantico Marine Corps Base marina. Got an email from them today I need to show up by mid August with proof of my insurance and that it now has to have a minimum $1M liability. I have had Allstate for almost 15 years and my agent said they could get me a $500K rider, but if I really needed a $1M liability they would need to do a balloon option which would raise my rates on everything (house, car, auto, ...). Agent pretty much discouraged this. I went over and checked on BoatUS and their standard is $300K.

Thoughts? Seems like yet another bureaucrat who came up with a "great idea" with no idea of what it entails. We don't even want to discuss the last big change on storm policy they had to repeal. :cussing:

i built a shopping center one time and the general contractor required an additional 10 million dollar liability coverage...... like you i would have had to pay an enormous premium.....so i told them that i would have to turn the contract back to them as i had no extra money in the contract for the additional coverage....when it was all said and done...they decided to create a hold harmless agreement for the amount over my existing coverage...and i built the shopping center as planned.....see if you can do some thing like that it may work for you ....after all the courts usually don't award any more that the coverage allows unless they can be prove you did damage in malice ........

regards

woody

kenn · Jun 28, 2012

Like Norm, we have insurance for $1M liability, which on a 19 ft trailer-sailor seems ludicrous (unless someone fires it out of a cannon or something), but the insurance was easy to get and inexpensive. So if your home carrier can't deal with this, look for a boat policy elsewhere.

Don't blame bureaucrats, blame lawyers.

Sail123 · Jun 28, 2012

I asked and got $1M. I wanted nothing less. State Farm. My agent lurks here. I have that amount on two boats, need to drop one of them, now out of the water.

justsomeguy · Jun 28, 2012

I didn't even have to ask my Allstate provider. $1,000,000.00 liability.

Those bastards.

finding41 · Jun 28, 2012

I had to change insurance companies when I purchased a income property (house) that had a business (wig shop. Yes wig.) in one unit. It would have been fine to have the triplex all residential AND be its own business. Hmm.
Its still a duck if it quacks right?

Fly_H23 · Jun 28, 2012

kenn said:
Like Norm, we have insurance for $1M liability, which on a 19 ft trailer-sailor seems ludicrous (unless someone fires it out of a cannon or something), but the insurance was easy to get and inexpensive. So if your home carrier can't deal with this, look for a boat policy elsewhere.

Don't blame bureaucrats, blame lawyers.

Most bureaucrats ARE lawyers!!!

Scott B · Jun 29, 2012

$1M really isn't a whole lot. If your batteries short out and start on fire, and by the time the fire dept gets there, its wiped out say 20 boats on your dock. That could easily be over $1M including damage to the docks etc. Each individual owners insurance would replace their boat, then come after your insurance to pay up. When the $1M is spent, which is all the insurance is liable for, they then come you personally to pay up. That would mean your house and savings until the well is dry.

Navicula · Jun 29, 2012

here in pickering ontario, our docks require proof of 2 million min..........however this does not increase the rates by much (less than $100).

personally I would like to see everyone with a min off 1 million ins. on any kind of boat with an engine.

remember personal injurys $$$$$$

fireman416 · Jun 29, 2012

Im in Gerorgian Bay and i belive all the marinas up here require proof of insurance at 1mil or more.

tommays · Jun 29, 2012

Right after that C30 punched a hole through my cabintop last year 6 dam weeks after the refit i was really glad he had insurance

This year there are two boat Xs with the pulpits torn off and a bunch of other collision dammage dammage that i REALLY wish were MUCH further away

And its not like my boat could not break off the mooring and head down to the million dollar section of the field

gettinthere · Jun 29, 2012

I would encourage the OP to get the umbrella coverage of 1 mil for the house, cars, boats. Shouldn't cost too much. Any serious incident involving any of those items could easily exceed the 500 tho. Especially the cars

CCHer · Jun 29, 2012

Ray, I have my 310 insured by BoatUS to their limit and an umbrella from USAA that covers house, cars and the boat. $1M is not too much coverage in this day and age and the umbrella is cheap; dont remember exactly how much but barely a ripple in my overall insurance expense.

anchorclanker · Jun 29, 2012

Did everyone forget the term "acts of God"? Or, forget that there are risks in life. I dont mind carrying some liability, but at some point it begins to verge on ridiculous. If I had a $million boat and parked it in a Marina, I think it should be up to me and my insurance company how much comp I should carry, rather than making all my neighbors carry high liability policies, in the off chance some $1500 boat damages mine.

Ross · Jun 29, 2012

Having liability insurance can and will save your house from seizure in the event of damage attributed to you. You may not have a million dollar boat but someone else may and if you cause damage then you must make the loss whole. How much of a loss can you cover out of your assets?
A quarter million dollar judgement against me would improvish me.

Navicula · Jun 29, 2012

dont even think about the boat damage......try thinking about if someone gets hurt..........the boat damage will seam like a broken finger nail....compared to the personal injury suit that will be filed.....you can take that to the bank my friend...........I know you dont want to here it, but everyone needs this insurance

Scott B · Jun 29, 2012

Navicula said:
dont even think about the boat damage......try thinking about if someone gets hurt..........the boat damage will seam like a broken finger nail....compared to the personal injury suit that will be filed.....you can take that to the bank my friend...........I know you dont want to here it, but everyone needs this insurance

and yes, there is that as well. Doesn't take long for medical expenses to add up that will go through your insurance and then back to you eventually.

Gunni · Jun 29, 2012

rpwillia said:
I keep my boat at the Quantico Marine Corps Base marina. Got an email from them today I need to show up by mid August with proof of my insurance and that it now has to have a minimum $1M liability. I have had Allstate for almost 15 years and my agent said they could get me a $500K rider, but if I really needed a $1M liability they would need to do a balloon option which would raise my rates on everything (house, car, auto, ...). Agent pretty much discouraged this. I went over and checked on BoatUS and their standard is $300K.

Thoughts? Seems like yet another bureaucrat who came up with a "great idea" with no idea of what it entails. We don't even want to discuss the last big change on storm policy they had to repeal. :cussing:

You should thank the "bureaucrat" for sending you a wake up regarding your exposure, and find an insurance agent that understands how you layer insurance coverage. Really, this stuff is easy for qualified agents. I would NOT bundle boat coverage with my car and home insurance. Use a marine agent who knows boats and will be an informed advocate.