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Old 08-29-2018, 01:03 PM   #21
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Originally Posted by Woodland Hills View Post
It might be, then again insurance companies are not known for their open handed generosity. Most likely they will claim it was due to negligence and let you take them to court to prove otherwise. Or, more likely, by the time they apply all the depreciation and deductibles you will end up with nothing anyway.
Doesn't sound like much of a reason to choose to give them MORE money / control of my destiny (full coverage vs liability).
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Old 08-29-2018, 01:24 PM   #22
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Talk to a marine insurance broker. IMIS Corp is a good one and even though they are in Maryland they insure lots of Florida boats. Progressive used to have decent Florida rates, so check with them as well although I think that they have a length limit on what they will insure.



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Yes, yes, yes, to marine insurance broker. There are plenty of insurers writing coverage and they can shop them for you.
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Old 08-29-2018, 01:28 PM   #23
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Try living aboard with none. You are not going to be welcome very many places without it. Most marinas will require liability for long term stays and if you look sketchy they can ask for the policy and binder number out front. No business owner or municipality wants to get stuck with a cleanup bill if something goes wrong.

You can always anchor out where nobody will care or keep moving and pay transient rates.
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Old 08-29-2018, 01:39 PM   #24
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Never did I suggest going without liability. Even in my original post, I said I intended to carry liability (at minimum).
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Old 08-29-2018, 02:15 PM   #25
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You might try Hagerty: https://www.hagerty.com/Insurance/Cl...Boat-Insurance
They cover US and Canadian territorial waters. I had no problem insuring my 1942 wood boat. No required winter layup.
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Old 08-29-2018, 02:24 PM   #26
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Isn't that covered by liability?
Damage to others probably is, but salvage unless separate line item comes out of hull value first, then the rest is paid.

Not sure about fines to government entities.

Usually environmental cleanup is the $900,000+ line item and is included in my policy with no extra premium.
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Old 08-29-2018, 02:38 PM   #27
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Lots of stuff goes into pricing policies- not just hull value. Havenít seen Ted? On here for awhile to mention more?
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Old 09-03-2018, 02:16 PM   #28
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Shop around on insurance. Every quote I've ever had from Boat US has been ridiculously high.
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Old 09-03-2018, 02:31 PM   #29
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Shop around on insurance. Every quote I've ever had from Boat US has been ridiculously high.
Based on my recent experience, if you are in FL with an old boat, shopping around doesn't gain you much. I went to four brokers. Two could not quote me any policy, two quoted me a single policy that was higher than what I got by going directly to Geico.

I think since last years storms, companies have stopped writing new policies in Florida.

The best I could find was 4-5%. I have great credit, 10 years with no claims (on my previous boat), and the boat is not on the coast for hurricane season.

If anyone finds a better deal (on a NEW policy with a Florida address), I would like to hear about it.

I already tried IMIS. No luck there. I will try MTOA and Hagerty.
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Old 09-03-2018, 05:36 PM   #30
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Wow, I thought my $790 per year insurance was bad.
What company selling that cheap. I could not find for less that 2000 on my GS 36
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Old 09-03-2018, 06:00 PM   #31
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My BoatUS policy is based on an Agreed Upon Value which is about 50% of what I think the boat is worth. That's one way to keep the price lower.
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Old 09-03-2018, 06:00 PM   #32
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Isn't that covered by liability?
No. It generally is not. Remember that when a boat with any kind of motor goes down there will be "environmental damage" i.e. fuel, motor oil, antifreeze, battery acid, transmission fluid. All kinds of nasty stuff. From what I read, liability insurance only covers damage to "property" which would, of course, exclude the environment. From what I've heard, when a boat sinks near a populated area, the EPA almost always gets called in and thats where the fun starts.

AND you will be held liable for the cost of removing the wreck if it is in a place that affects boating traffic.

Bottom line is that the value of the boat may be the LEAST of your losses.
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Old 09-03-2018, 06:04 PM   #33
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What company selling that cheap. I could not find for less that 2000 on my GS 36
Boat/US is who we have our insurance through.
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Old 09-03-2018, 07:03 PM   #34
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No. It generally is not. Remember that when a boat with any kind of motor goes down there will be "environmental damage" i.e. fuel, motor oil, antifreeze, battery acid, transmission fluid. All kinds of nasty stuff. From what I read, liability insurance only covers damage to "property" which would, of course, exclude the environment. From what I've heard, when a boat sinks near a populated area, the EPA almost always gets called in and thats where the fun starts.

AND you will be held liable for the cost of removing the wreck if it is in a place that affects boating traffic.

Bottom line is that the value of the boat may be the LEAST of your losses.
Maybe larger boats, but in my salvage experience with boats under 50 feet, I doubt I saw the EPA called or a cleanup done in at least 200 salvages.

Most were in very rich neighborhood back yards in NJ and marinas.....not the boonies.
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Old 09-03-2018, 08:23 PM   #35
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In my view it seems that insurance is meant to protect banks and insurance companies far better than owners. Hoarders without borders - might be a name for a boat.
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Old 09-03-2018, 08:31 PM   #36
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Old 09-04-2018, 02:49 AM   #37
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BTW I am paying about 1/2 of what you were quoted for my 63í Hatteras with an agreed value of $350k through the MTOA. This includes spending hurricane season in Florida.

Do not be surprised if you need to have your boat surveyed before the policy is in place, this is one way to weed out those who want to insure semi-derelicts.
Valid points, yes.
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Old 09-04-2018, 05:38 AM   #38
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You get what you pay for...

I had the unfortunate experience of having my Hunter Passage (sloop) catch fire and sink three years ago. I was insured through Offshore Risk Management. They were amazing. Very professional, paid the claim within 30 dayís and very nice about it. Probably not the cheapest option, but are you buying insurance just to have insurance or do you anticipate Maybe having to file a claim someday?
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Old 09-04-2018, 12:49 PM   #39
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I recently insured my 18' Lobster Skiff with Progressive. Pretty reasonable & no hassle. My neighbor insured his 28' Carver, liability only, with them a couple of years ago & it was very reasonable.
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Old 09-04-2018, 12:56 PM   #40
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Some insurers won't touch any combination of the following..... larger boats, people without property, liveaboards,certain experience levels, boats under a certain price, etc.....
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