Insuring your boat for Haul out

[N4061]

I was reading one of the popular boating magazines this morning and came across an article related to preparing your boat for haul out. What I found missing from the article was the topic of insurance during the haul out and while the boat was on the hard. I remember a few years back when we were preparing our N40 for its first haul out and I noticed the fine print in the contract limited the yards liability $25K. I checked around and discovered most of the yards in the area had similar liabilities (possibly to remain competitive) which I found interesting. When I called my insurance broker I found out my coverage which was very good, didn't include liability during haul out and I needed to add an amendment for the limited time the boat was out of the water. Needless to say I have had to do this more than once.

Just mentioning this for those who may be getting ready to haul out their boats.

John T.
N4050, N4061, N3522
Helmsman 38E - under construction

 

[Larry M]

I just looked at our policy and there are no exclusions for haul outs:

Coverage is provided:
A. While the boat is afloat within the navigational area
shown on the Declarations Page; and
B. While the boat or its equipment is ashore or being
transported by land conveyance in the United States or​

Canada.

 

[Aquafarm]

Same here, boat covered during transport and in declared waters.

 

[psneeld]

Not sure I know of good insurance that doesn't cover haulouts...granted the marinas have greatly reduced liability that they make you sign away...but all the more reasons insurance companies ARE aware of it.

Always good to check....but if my insurance didn't covery the boat in all things usual, I would definitely go through it again with a legal set of eyes to make sure it is saying what I want/need.

 

[Larry M]

John: What was the actual rider for that you have been purchasing?

My insurance will cover 50% of the cost of a haul for a named storm which is included (buried) in our premium.

Four years ago we were on the hard for 6 months. I had talked to our agent and no additional fees.

We were once dropped during a routine haul out and our insurance company paid the $66K for repairs. They did subrogate against the boat yard to recover their costs.

 

[N4061]

Insurance

John: What was the actual rider for that you have been purchasing?

My insurance will cover 50% of the cost of a haul for a named storm which is included (buried) in our premium.

Four years ago we were on the hard for 6 months. I had talked to our agent and no additional fees.

We were once dropped during a routine haul out and our insurance company paid the $66K for repairs. They did subrogate against the boat yard to recover their costs.

If memory serves me correctly the additional insurance covered the entire placement cost of the boat regardless of what the yard covered. It cost me around $75 each time. There was something about the basic policy not covering everything or had limits which I did not like on our new boats. I was possibly being a little over protective but it reduced some of the stress while I watched the boat being lifted up and out of the water.

John

 

[psneeld]

Even warships are hauled on occasion.....I would dump that insurance for lack of common sense

Even if they are the best around...that would just bother me no end unless they made a big deal about saying they are way cheaper than most because every coverage is al la carte.

 

[BandB]

I very much dislike having to buy riders for specific purposes, feeling my insurance should be all encompassing. I always fear I might forget one of those exceptions I need a rider for. The only situation we have that requires one that I'm aware of is a specific list of high piracy and/or combat zones and those are areas that I'm listening to them and not planning on going to regardless.

 

[psneeld]

As difficult as my liveaboard policy is to read....I wish it was al la carte and I could check off sentence long coverages I would like.

But in the meantime....a decent policy should cover the expected of boats. Haulout coverage for all but the unusal in haulouts should be included as it is TOTALLY expected and specifically spelled out in bold if not.