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Old 03-19-2015, 09:33 PM   #1
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Insurance coverage, What do I need?

I received this quote for insurance. I am less concerned with the price than I am with having the right coverage. What should I be looking for in insurance coverage limits. The boat will be in Rhode Island.



Outline of coverage
1979 MAINSHIP 34 MKI
Hull ID #:
Hull material: Fiberglass
Garaging/Mooring Zip Code: 02886 State: RI Use: Pleasure Use Exclusively
Propulsion type: Inboard Number of motors: 1 165 Total horsepower:
Limits Deductible Premium …………………………………………………………………………………………………………………………………… …………………..
Comprehensive Agreed Value $35,000 $1,000 $143 …………………………………………………………………………………………………………………………………… …………………..
Collision Agreed Value $35,000 $1,000 92 …………………………………………………………………………………………………………………………………… …………………..
Included with Comprehensive and Collision:
Wreckage Removal
Marine Electronics $500 …………………………………………………………………………………………………………………………………… …………………..
159
Bodily Injury and Property Damage Liability $500,000 combined single limit each accident
Liability To Others
Includes Fuel Spill Liability
…………………………………………………………………………………………………………………………………… …………………..
Uninsured Boater $500,000 combined single limit each accident 84 …………………………………………………………………………………………………………………………………… …………………..
Medical Payments $10,000 each person 95 …………………………………………………………………………………………………………………………………… …………………..
Replacement Cost Personal Effects $2,000 $250 26 …………………………………………………………………………………………………………………………………… …………………..
Coastal Navigation 75 Nautical Miles included …………………………………………………………………………………………………………………………………… …………………..
Total premium for 1979 MAINSHIP $599 …………………………………………………………………………………………………………………………………… …………………..
Total 12 month policy premium, with paid in full discount $599
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Old 03-19-2015, 09:39 PM   #2
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Pathetically low $500K public liability cover for Bodily Injury,Property Damage Liability to Others. Standard here is $10M.
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Old 03-19-2015, 10:04 PM   #3
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Old 03-19-2015, 10:46 PM   #4
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Salvage....best to send Pau Hana a PM and let him advise you.
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Old 03-19-2015, 10:50 PM   #5
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Good advice to contact Pau Hana. When in doubt, contact an expert in the business.
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Old 03-19-2015, 10:57 PM   #6
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I second the recommendation to speak with Pau Hana. He set me up with some good insurance, and he (Peter Ricks) is a heck of a nice guy.
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Old 03-20-2015, 04:21 AM   #7
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Liability is normal, but would suggest umbrella coverage up to at least $1,000,000. Also look at whether the coverage is for replacement value or actual cash value. For example if the motor is wrecked by fire or water the replacement cost may take up most of the $35,000. However, a decades old motor may have an actual cash value of very little.

The section dealing with loss because of mechanical failure should be reviewed so you aren't surprised to find you have no coverage for a loss because you didn't maintain the boat properly.

Any mention of the coverage of a dinghy and outboard and whether you are covered if you tow the dinghy?
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Old 03-20-2015, 04:41 AM   #8
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Originally Posted by Bay Pelican View Post
Liability is normal, but would suggest umbrella coverage up to at least $1,000,000.
I recommend you have sufficient coverage for the total amount of your wealth, or at least the amount of wealth you're comfortable retaining.
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Old 03-20-2015, 09:06 AM   #9
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Contact Pau Hana. You should have $1 million of liability coverage PLUS an Umbrella for at least your net worth rounded up to the next million. Your policy pays for environmental damage out of liability and an Umbrella excludes environmental damage. If your agent didn't tell you this, get a new agent.
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Old 03-20-2015, 10:24 AM   #10
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jdud133:

That coverage is typical of a decent marine policy. There are details that only an experienced marine broker could advise you on, but all in all it looks good.

On the subject of umbrella coverage I agree, but not in the context of boat ownership alone. It should cover all liability risks and extend your home owners, auto and boat liability policies. You might do better buying this policy from the carrier that supplies your home owners insurance.

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Old 03-20-2015, 10:54 AM   #11
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Thank you for the replies.


I have been chartering 30-40ft sailboats for the past five years. I love to sail, but I don't love sailboats. This will the first boat that I own.


I got this quote from an agent at the New England boat show as a ballpark figure toward making my budget. Since there are good and not so good agents I wanted to know what I should be looking for in a policy.


I do already have a 1 million dollar umbrella policy.
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Old 03-20-2015, 11:24 AM   #12
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Greetings,
Mr. 133. $1M doesn't go very far in the current market. Up it to $5M at least.
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Old 03-20-2015, 11:37 AM   #13
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I do already have a 1 million dollar umbrella policy.

Make sure that the boat policy is added as part of the umbrella coverage. It won't happen automatically. It might or might not cost anything to do, but if it does it will be trivial, literally a few bucks.

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Old 03-20-2015, 12:40 PM   #14
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Some umbrella carriers will not cover a major boat. Others will not cover a boat which leaves the United States. Clarify this is writing.

Also if you are planning on taking the boat of the United States make sure the umbrella coverage covers you for claims made in a foreign country. I have seen umbrella policies which will cover you for occurrences outside of the United States but only if the claim is made inside the United States (lawsuit in the US).
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Old 03-20-2015, 04:41 PM   #15
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Originally Posted by Bay Pelican View Post
Some umbrella carriers will not cover a major boat. Others will not cover a boat which leaves the United States. Clarify this is writing.

Also if you are planning on taking the boat of the United States make sure the umbrella coverage covers you for claims made in a foreign country. I have seen umbrella policies which will cover you for occurrences outside of the United States but only if the claim is made inside the United States (lawsuit in the US).
My umbrella discussion went something like this.

Me: I want to be covered for anything, anywhere, anytime.

Broker: Do you want to be covered for xxxxx?

Me: Yes, anything, anywhere, anytime.

Broker: And even xxx?

Me: Yes, anything, anywhere, anytime.

He got the point. I don't want to have to remember or go pull my policy out to see if covered and I don't want to have to call my insurer every time I do something different. I might forget.
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Old 03-20-2015, 04:47 PM   #16
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Pathetically low $500K public liability cover for Bodily Injury,Property Damage Liability to Others. Standard here is $10M.
$10M what? Dollars?
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Old 03-20-2015, 05:49 PM   #17
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$10M what? Dollars?
Australian Dollars so only $7.8 million US.

And before one panics at the thought of the cost, you'd be amazed sometimes how cheaply higher limits come. Since the vast majority of claims are low, it's often more affordable than you might believe. That's why umbrella policies themselves are affordable. The odds of them ever being used are very slim. But they're extremely valuable to have just in case.
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Old 03-20-2015, 06:28 PM   #18
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Another point: I have found only two carriers in Indiana who will issue umbrella coverage for a boat in the Caribbean. State Farm and Chubb.
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Old 03-20-2015, 06:46 PM   #19
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Another point: I have found only two carriers in Indiana who will issue umbrella coverage for a boat in the Caribbean. State Farm and Chubb.
When you're thinking Umbrella coverage don't overlook Lloyd's.
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Old 03-20-2015, 07:32 PM   #20
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Before you go out and buy a bunch of insurance you don't need, you should review your state laws and the federal laws on asset protection. First of all, they cannot get what you don't have in the first place. Second, federal law states, qualified 401k plans are protected, IRAs are state regulated as well as equity in your home and other personal property. I suggest you investigate thoroughly before you buy. Unless you got millions lying around in a bank account, I cannot see where anybody would need 10 million in coverage for your average 35-50 ft trawler. but don't take my or anybody else's word for it, research on your own. I would first check with local carrier that handles your home and cars. Remember, anything related to boat usually tends to be inflated. Good Luck!
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