FL Liveaboard (on the hook) insurance?

[Carl Martin]

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.

 

[CapnCrunch]

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.

 

[Comodave]

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.

 

[psneeld]

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.

 

[Boat]

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.

 

[Simi 60]

Pantaenius

 

[Juggerknot]

BTW I am paying about 1/2 of what you were quoted for my 63’ 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.

 

[JDM]

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 day’s 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?

 

[Carl Martin]

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.

 

[psneeld]

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.....

 

[O C Diver]

Just to recap on a couple of points:
Insurance companies see 40' to 45' trawlers under $100,000 as higher risk as they probably assume many owners won't spend the money to maintain them.

Insurance companies see risk from least to most as follows:
On the hard )out of the water)
Very protected marina
Very exposed marina
At a dock behind a private home. (No one watching it)
On a mooring
At anchor

Insurance companies grade areas based on historical risk. While there are certainly safe places to keep boats from SE FL through the Keys, moorings and and at anchor, make those areas significantly higher risk.

You've done a good job checking the wrong boxes. My guess is changing any one of those 3 boxes would probably make a meaningful difference in the eyes of the insurance companies. Unfortunately, changing any one of them probably eliminates the financial incentive for you.

Ted