Insurance - Newbie question

CPseudonym wrote:

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*Are the survey requirements similar to what I would get in a pre-purchase survey? Would it include hauling the boat and inspecting the bottom too?

No to part one, yes to part two.* Usually.

The insurance companies want "a survey."* We generally have to do it every five years or so.* It needs to be done by an acredited surveyor.* How thorough it is is between you and the surveyor.* Some surveyors, like the one we have been using, offers an "insurance" survey.* It's not that it isn't relatively thorough, but he only writes up stuff that could put the safety or integrity of the boat at risk.* It costs less than a "buyer's survey."


-- Edited by Marin on Saturday 5th of November 2011 12:59:08 PM

I was referring to general insurance surveys in a generic form. Not brand specific. Trying to figure out the extent of what is involved in all aspects of my new chosen hobby/lifestyle. If out of water surveys are required for insurance purposes, is it typical to combine it with an annual maintenance haul-out?

If I am not being clear enough it is most likely my inner newbie shining through. Thank you for the response. Each one is filling in the missing pieces of the puzzle for me.

CPseudonym wrote:
If out of water surveys are required for insurance purposes, is it typical to combine it with an annual maintenance haul-out?

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*It will depend on when the insurance company requires a survey.* You generally have a pretty small window to get it done.* By such-and-such a date is the usual requirement.* If this happens to fall near your normal haul-out, bottom-paint interval, great, you can do both at the same time.

But it doesn't always work out this way.* We normally haul and paint every two years.* My work schedule has forced me to cancel haulouts several times over the last couple of years so we're getting close to two years overdue.* But the last time we had to have an insurance survey, it had to done about a year after our previous haul and paint (at which time we did a bunch of other stuff like props,* a new shaft, etc.).* So it was pointless to paint the bottom only a year after we'd painted it.*

So we did a "hang in the slings" haulout for the insurance survey.* We made an appointment with the yard and the surveyor, the boat was hauled and the surveyor did his bottom and running gear inspection while the boat hung in the Travelift.* When he was done, they put the boat back in the water and we returned it to its slip.* The surveyor came down later in the week and did the rest of the survey at the slip.* This was considerably less expensive than hauling the boat and having it blocked and braced.

CPseudonym wrote:
I was referring to general insurance surveys in a generic form. Not brand specific. Trying to figure out the extent of what is involved in all aspects of my new chosen hobby/lifestyle. If out of water surveys are required for insurance purposes, is it typical to combine it with an annual maintenance haul-out?

If I am not being clear enough it is most likely my inner newbie shining through. Thank you for the response. Each one is filling in the missing pieces of the puzzle for me.

Click to expand...

No problem,*There are no dumb questions here.**We all started there at some point and you learn by asking.

I don't do annual haul outs, they are not really necessary here in the PNW. *I have a diver on retainer, who replaces the shaft and rudder zinks as needed (usually once a year). *He also checks for anything unusual during the year and removes the errant rope and string that gets sucked up by the props. *I usually haul-out every 4 years and have gone as long as 7. *

If your insurance company wants a survey, they will usually allow you to schedule it along with a maintenance haul out, as I did in 2003. *If you combine it with your scheduled haul-out it will save you a few bucks.

Ask some of the other boaters, with simular boats ,in your marina how often they haul out and that will give you an idea how long you should go between haul outs in your area. *

But don't forget to have your zink checked in between though. *Really important!!!

Larry B

*


-- Edited by Edelweiss on Saturday 5th of November 2011 01:55:09 PM

I believe MTOA has an insurance program for members I dont know what the rates or coverage is like.
Steve W.

I used Progressive due to the fact that they didn't require a survey and gave me an "agreed value". I also liked the fact that you can do it all on line and add/subtract certain coverages (example; Boat Towing) to see different total premiums.

Geico also allows you to mix and match online (without survey), but they don't have an "agreed value" option..... so, if you have a newer boat, or need liability only, Geico would be a good one to look at.


-- Edited by Adelaide on Sunday 6th of November 2011 10:46:06 AM

These are all good points. *But while looking at different policies, I also became aware of these limitations and exclusions too:
<ul>[*]Watch for cruising area coverage, some are quite restrictive. *Boat US restricted me to all of Puget Sound, West through the Straits, and to the North end of Vancouver Island, going up to Alaska, which covers 99.9% of my normal cruising area. *But I was happy to learn in a 5 minute call to their 800 number, I was given a 30 day rider extending my cruise range to Juneau, AK. Over the phone, no charge.[*]The difference between "agreed value" and "stated value" (or whatever they decide to call it). In the case of total loss, agreed value is what they will pay you (more or less). *Stated value is what they say the boat was worth minus depreciation based on age and current value. *So with this type of a policy, your $3.1 million 60' Nordhavn three years later at the time of loss, might only be worth $1.8 million. Yikes!![*]Even with "Stated Value" insurance, (the more or less part) watch for a statement that the cost of recovery or salvage is included or deducted from the Stated Value. *It means what it says. *You may end up with nothing!![*]Be willing to accept a higher deductable. *Are you really going to claim that 5 year old $300 dollar TV set stolen from your boat? They're going to get it back from you in higher premiums anyway. A $500 or $1000 deductable will return the cost of that TV every year.[*]For Mexico, the Mexican government doesn't recognize US written liability insurance, boat, car or plane. *Yes your insurance company may write you a policy that includes mexico. But in the event of an incident, don't be surprised if they chain your boat to the dock or seize your boat outright until your US company pays up. *A good insurance company will tell you that up front and will either refer you to a reputable Mexican Insurance company or have a Mexican Insurance partner write your liability policy. * **[/list]

-- Edited by Edelweiss on Sunday 6th of November 2011 02:57:55 PM

Great information. I have always considered myself fairly well versed as a consumer of Auto Home and Life policies. I can see now that the boat policy will be a different and unique animal. I really enjoy new and unique.