Personal Property Insurance

Sorry if this seems obvious...but after an hours of searching forums, search engines, insurance companies, boat policies...well ...no luck.

My liveaboard policy has $2500 coverage for personal property but the exclusion list is so in depth...it eliminates anything of value including the Booze!

What do you do for insuring laptops, TV's, jewelry, etc...etc?

Thanks....my next step is making phone call but it's often a struggle to explain how we live....

We have tenants/renters insurance. We store a few boxes and some tools at a friends house and pay a $1.00/year, all documented. Our agent knows that we cruise full time. We've never had a claim, so I can't say if it will stand up.

We know other cruiser's who have gotten renters insurance on storage lockers. After talking to some in the insurance business, it's split 50/50 on whether or not that's OK.

My underwritter increased my personal effect's on a seperate rider, that includes items that may be off the boat at times ( tools etc ).
Just like the tender I have is on a rider as the base coverage was not enough.
I currently have a pleasure craft policy with Live aboard granted. No personal liability. The underwritter has now offered us a Live aboard policy that makes scents after almost 2 decades ( personal liability included at a resonable cost ). But I would still need the rider for my additional coverage on personal extras. Clothing , cookwear, tools, cameras , laptop, fire pump etc etc. Them costs add up fast. Along with the rider for the tender.

Not sure if that helps. Canadian insurance seems very different compared to the US.

Phil Fill said:

Your home insurance policy might cover your personal items on the boat...

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You have to have a home to have home owners.

We are full time liveaboards. Depending on your policy language, you should have coverage for your personal effects. Here is how my policy reads:

Personal Property is defined as clothing, personal effects, fishing gear and equipment, sports equipment, personal electronics and computer hardware that belong to you, Resident Relatives, or your guests, while these items are on board or are being loaded on to or unloaded from the Insured Vessel. Personal Property does not include money, jewelry, furs, traveler’s checks or any other valuable papers or documents. Personal Property does not include any items or equipment contained within the definition of Insured Vessel.

The above is for unscheduled personal property- that is, you don't have to report every purchase to the insuring company.

Items such as jewelry, fine arts, heirloom goods, etc., can be endorsed onto your policy as scheduled personal effects.

Our policy has a $5K limit on personnel affects. Which isn't great but acceptable.

The difficulty is personnel liability coverage . If you don't own a house, condo or rent, and cruise full time, it can be expensive and difficult to get.

Thanks...some of that I figured out...good to know that some of you have it...called my broker and he's looking into it...just wanted some ammo before I started negotiating.

See IMIS Home Page ~ International Marine Insurance Services. These guys are cruisers and very familiar with live-aboards and cruisers. They have a Jackline policy which will cover your personal effects as well as provide liability insurance. I've used them for years.

Keith said:

See IMIS Home Page ~ International Marine Insurance Services. These guys are cruisers and very familiar with live-aboards and cruisers. They have a Jackline policy which will cover your personal effects as well as provide liability insurance. I've used them for years.

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Keith, the Jackline program is excellent for cruising couples who want to go afar (offshore) without the requirement for additional crew- that is the only unique point they offer. Otherwise,the liability and personal effects coverages they offer are no different from any other yacht insurance market.

I've referred quite a few folks to IMIS- Al Golden has a great crew.

Insurance pricing from IMIS

After asking for several quotes for insurance on our 1990 Jefferson I was not impressed with IMIS. They have the highest rate of any quote and that included having the boat out of Florida for more than 6 months or I would have to have to pay additional Florida fees. They already wanted $3800+ per year for modest coverage.
Obviously those that have promoted IMIS had a much better experience with them but I will not pay an additional 35% + more than a Jacksonville FL based insurer or 28% more than the previous highest quote.

My broker finally did his thing...got me a liveaboard policy (actually didn't know I didn't already have one based on the coverage/policy wording)...

The rates went up from $1300 to $1600 for $20, 000 PP coverage (now just abut everything is covered and not listed except certain jewelry and some papers)....and a separate liability category (have to reread that one but now I'm covered as a liveaboard).