Liability Insurance..How Much $

[Lepke]

My liability insurance is a million. The big issue is cleanup for an oil leak or sinking. In Oregon, my private dock has to have a million even though there's no oil or fuel. Because contractors are called in for fuel spills, it can hit a million fast.
A hull sister to my boat sank at the dock in Olympia. I think it went close to 2 million. Boat was in bad shape, a series of owners without the funds to maintain.

[psneeld]

Isnt spill cleanup usually a seoaratebitem on yacht policies?

On my last 2 it was and it was way higher than the liability at first recommended by my insurers, but it seems like liability has caught up recently.

[Donsan]

Originally Posted by BandB

The claim ended up something like $100k actual damages from medical and loss of work and they sued for $10 million pain and suffering. A jury awarded them $4 million.

Typical South Florida jury award! Miami-Dade courts are a real favorite of plaintiff attorneys.

[BandB]

Originally Posted by Donsan

Typical South Florida jury award! Miami-Dade courts are a real favorite of plaintiff attorneys.

Wasn't in South Florida

[Sam44]

I would say the good insurance is well worth it. Hopefully you wont ever get any critical damage. But if you do, the cost can go up really fast. At lest the boat is in a decent shape.

[FootballFan]

Dealing with insurance this week. What I have seen is a standard yacht policy provides environmental coverage to statutory limits. The actual wording on the policy says statutory limits.


I believe the current EPA/State limit for environmental is around 800K.

[Sam44]

Originally Posted by Sam44

I would say the good insurance is well worth it. Hopefully you wont ever get any critical damage. But if you do, the cost can go up really fast. At lest the boat is in a decent shape.

Well my friend just got stucked in shallows... shit happens.

[Insequent]

Its pointless having low liability insurance level - as noted above, cost for increased level is not great, and consequences of not having a reasonable level are horrendous.

For boats 50' and above in Queensland it is mandatory to carry liability cover of $250k for pollution cleanup and $10m for salvage and wreck removal. So its normal that policies have the $10m liability coverage. Marinas typically have a $5m liability coverage requirement, but I suspect that even for boats <50' the policies will be for $10m. These amounts may not be enough in some cases, but it is going to save a lot of us ordinary boaters from financial catastrophe if bad shit does happen.

[AusCan]

One of our nearby marinas requires $10M liability for all boats who overnight there. It was only an extra $50/year to increase my liability from $2M to $10M.