Liability Insurance + Survey?

friz · 06-20-2018, 08:51 AM

Contacted Geico for a quote. The $300K liability quote was $70. Great figure, but then he said a survey was required. So the boat is a "71 28" cabin cruiser (Cargile Cutter). I purchased it as a project a couple of years ago. Restoration is coming to an end hence the request for a quote. I was somewhat surprised about the survey requirement. I don't want to insure the boat (I don't think it is worth the expense), just liability. Is a survey normal for just liability insurance?
Also is there a difference in surveys for insurance and purchasing i.e. price? Obviously I am new at this. Any help greatly appreciated.
Almost forgot. Agent insists on calling it a houseboat because of "the hull shape". Actually he is referring to the freeboard forward. It is a modified cupped chine V hull, WOT around 25 mph.

Comodave · 06-20-2018, 09:41 AM

Most companies will require a survey to insure a boat, especially if it is older. They may accept an in the water survey or they may require a haul out, ask before you get the survey done. Also ask what they require as to the surveyor’s qualifications.

psneeld · 06-20-2018, 09:55 AM

Ask the insurer who they want and what extent the survey for liability.

I have heard of and almost did "insurance surveys" with a friend years ago...they were substantially less in content and price at the time.

So it is worth your checking unless you are very interested in a value and condition/pre purchase one just for info.

tiltrider1 · 06-20-2018, 10:05 AM

Some insurance companies will let you do a self survey. You just need to ask if that’s a possibility.

**Shrew** · 06-20-2018, 10:31 AM

I believe the survey gives them an idea of your potential liability. Is this a wreck that is going to sink at the dock? Salvage and environmental cleanup are very, very expensive. Is the boat a potential fire hazzard that is going to burn down half of the marina and adjacent boats? Are half the cleats missing, damaged or undersized increasing chances that the boat will break free causing havoc in a marina, mooring field or anchorage?

They don't care about replacing your boat, but rather the potential your boat has to cause damage to the dock or adjacent boats. I know that you know that you have done fine restoration, but some guy in an office 800 miles away doesn't know that.

friz · 06-21-2018, 08:25 AM

Quote:

Originally Posted by Shrew

I believe the survey gives them an idea of your potential liability. Is this a wreck that is going to sink at the dock? Salvage and environmental cleanup are very, very expensive. Is the boat a potential fire hazzard that is going to burn down half of the marina and adjacent boats? Are half the cleats missing, damaged or undersized increasing chances that the boat will break free causing havoc in a marina, mooring field or anchorage?

They don't care about replacing your boat, but rather the potential your boat has to cause damage to the dock or adjacent boats. I know that you know that you have done fine restoration, but some guy in an office 800 miles away doesn't know that.

Very likely the reason. Thanks to all for the great info and advice.