Marina insurance question

Bruce, believe it or not, $1M of liability coverage on a marine contract is considered high in the States. When I'm consulting with a client and recommend a higher liability limit, I get plenty of static about pricing and how expensive it is...

Pau Hana said:

Bruce, believe it or not, $1M of liability coverage on a marine contract is considered high in the States...

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Amazing, checked my standard Club Marine (Allianz)policy, $10M is standard.
Recently my Club renewed cover, 5M PL cover was standard, raising that to 10M cost about plus 50%.
Visualize a worst case scenario, you negligently make someone paraplegic or quad. What`s the $ liability? Will 10M be enough? Doubt it.And the US is more litigious than Australia.
Except if The Merchant Shipping Act 1894 applies, now there`s a total minefield.
Apology for the drift, but it is interesting and affects all boaters.

Pau Hana said:

Bruce, believe it or not, $1M of liability coverage on a marine contract is considered high in the States. When I'm consulting with a client and recommend a higher liability limit, I get plenty of static about pricing and how expensive it is...

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And above a million is almost always better covered under an umbrella policy as the insurers aren't use to going higher on regular policies. Plus if you need more on your boat, you probably do on your house and car and in general.

In Florida you are only required to have $10,000 property liability on your auto policy. The average nationwide is probably around $25,000 personal injury per person, maximum of $50,000 per accident and $20,000 property liability. So not only do we have uninsured motorists, but far more underinsured. Now you get a boater with $100,000 and it's just as underinsured when they're out on the water with $20 million - $100 million boats or at a marina. Of course my grandfather once drove his car across a home's front porch and into the living room of a house. The only reason there wasn't a death was the homeowners were in the kitchen in the back.

Starside said:

Yeah the problem is the covered slip. They are all 60' & even though my boat's half that size, I'm still paying for the bigger slip.

I do want to find another marina, though but am at Galesville through the year.

Does your marina have covered slips?

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Ah, I forgot about that part.

No, ours does not. Selby Bay Marina does; not sure about length or availability. There's also one on the Rhode River, I think (accessed from Central Avenue, I think), but can't remember which name. Might be a shed up at the Rt2 bridge/South River junction, too.

-Chris

Thanks, Chris. Good to have options. I'm seriously considering purchasing a covered slip. There aren't a lot around & they rent for premium prices. It may be a smart investment since I have an antique & will always need to be covered. I hear Piney Narrows sells them...will probably buy one next year if I can save the $. Restoration costs are killing me right now...