Yacht Insurance FYI for DIYers

[Tim R.]

With the threats of tropical storms and even huricanes lately I looked at my yacht policy and found my coverage to be inadequate. The agreed value was from 2 1/2 years ago when I bought the boat at a very low price. I have done considerable work since then and if I had a total loss, I would lose out on much of the value of that work. I upped my coverage by almost $20,000 so I can sleep better at night. I listed all the upgrades to my insurance company and they agreed on the increase as long as I have receipts and documentation to back up my claims(which I do). Of course my premium has increased but I can afford that. If I couldn't, I would not be a boat owner!

The bad side of this exercise was tallying all the money I have spent over the last 2 1/2 years. But none on labor and I feel my boat is very close to being worth what I paid plus my contributions. In a normal economy at least.

 

[Brian D]

A very wise precaution and I should do the same, but for different reasons. How much, % wise, did you premiums go up? That could be a driving factor for some.

 

[Tim R.]

I also lowered my deductable and made some other minor changes so the increase is not just for the premium increase. I am paying about $40 more per month. My insurance(Amica) may seem high to some but it also includes unlimited towing from any provider and it is from an outstanding underwriter. I also get a 20% dividend check at the end of the year. They are very good to work with and never hassel me about any cliams. I actually have a claim into them right now for about $2000 worth of hand tools that got stolen from my garage last week. They said no problem, we will send you a check for replacement value minus your deductable.

:cussing:For maine sailors, there have been a rash of burgleries outside of Portland the last couple of months. They have been in broad daylight during the week. They will drive in, break in, grab a buch of stuff in a single shot and take off. They are in and out in less than 10 minutes. They concentrate on stuff that is easy to sell out of the back of a PU that same day. eg. hand tools. They did not touch my kayaks, mtn bikes, skis, OB motor or a new $1,400 snow blower. I wish they took the OB as it is for sale now and would be worth more at replacement value. They also left all my old racing sails(again worth lots at replacement value)

 

[Seattle Scott]

Insurance what do you pay and what do you get

For about $750/year $45K agreed hull value, with 2% deductable, $500K liability and $500 tow coverage. Coverage on the engine and sails is FMV not replacment costs and I think a speparte deductable on the dink and OB, no theft coverage on personal property or stolen electronics. there is a geograghical limitation, so I would have no coverage in Desolation Sound, and when I asked it was another $200 for a month up there. This is through Zurich and no claims during 5 years with them.