Marine Insurance

[floatingmick]

Looking for some advice, in the middle of a purchase of a '87 46 Banks, working to get insurance following the survey. Have one carrier willing to take it on a port restriction (boat stays out of the water), that requires that all items on the maintenance portion of the survey be completed and verified by another survey. Most everything on the survey is simple, however, I can't get a written agreement that they will lift the port restriction following completion. Anyone run in to this situation or have a recommendation on another carrier? The carrier I am speaking to is Merkel through Jack Martin.

The idea of buying a boat that I can't get out of the barn is a bit scary. Boat is in good shape, survey was exhaustive, and most items, I believe, are typical for age.

 

[ksanders]

Looking for some advice, in the middle of a purchase of a '87 46 Banks, working to get insurance following the survey. Have one carrier willing to take it on a port restriction (boat stays out of the water), that requires that all items on the maintenance portion of the survey be completed and verified by another survey. Most everything on the survey is simple, however, I can't get a written agreement that they will lift the port restriction following completion. Anyone run in to this situation or have a recommendation on another carrier? The carrier I am speaking to is Merkel through Jack Martin.

The idea of buying a boat that I can't get out of the barn is a bit scary. Boat is in good shape, survey was exhaustive, and most items, I believe, are typical for age.

It sounds to me like the insurance company wants the survey items completed prior to you launching the boat, which puts it at risk.

This is GREAT for you as it provides you insurance while you make the boat seaworthy.

My opinion is get the items fixed, get a second survey to verify repairs and enjoy your boat.

Neither you, nor the insurance company want a boat in the water that presents a risk, and it seems that the survey pointed out some risks to the boat if it is left in the water.

 

[DavidM]

Jack Martin is a top notch broker and Markel is a good insurance carrier. If Jack Martin says it is ok, I would do it.

David

 

[tiz]

Seems fairly standard. Obviously the second survey cost is a concern. I'd start there to see if the surveyor would do a follow up on just the list of items - not a full survey and what the cost would be. Regardless, you'll need someone to certify the work to the insurance co. Occasionally they will allow an owner to send in photo documentation of repairs. You could ask if the items on your list qualify for that.

--Kevin

 

[BandB]

Looking for some advice, in the middle of a purchase of a '87 46 Banks, working to get insurance following the survey. Have one carrier willing to take it on a port restriction (boat stays out of the water), that requires that all items on the maintenance portion of the survey be completed and verified by another survey. Most everything on the survey is simple, however, I can't get a written agreement that they will lift the port restriction following completion. Anyone run in to this situation or have a recommendation on another carrier? The carrier I am speaking to is Merkel through Jack Martin.

The idea of buying a boat that I can't get out of the barn is a bit scary. Boat is in good shape, survey was exhaustive, and most items, I believe, are typical for age.

It sounds totally appropriate. Fix the issues, re-survey, then odds are very high they'll remove the restriction. Only reason they wouldn't is if other issues cropped up. They're not going to make promises in writing though. A good broker and good insurer who are doing what they can to help you.

You say the items are simple and typical but that might be your definition and they might not be as simple as you think. Often you start one thing and it leads to more work than you planned. I wish you the best in getting it all done and getting on the water.

 

[Comodave]

Interesting, our last boat had several things called out on the survey. Boat/US just asked for me to certify that they had been fixed and they were good to go. Last August when we bought our current boat they didn’t even want a copy of the survey. Strange how different the companies are.

 

[floatingmick]

It sounds totally appropriate. Fix the issues, re-survey, then odds are very high they'll remove the restriction. Only reason they wouldn't is if other issues cropped up. They're not going to make promises in writing though. A good broker and good insurer who are doing what they can to help you.



You say the items are simple and typical but that might be your definition and they might not be as simple as you think. Often you start one thing and it leads to more work than you planned. I wish you the best in getting it all done and getting on the water.

It seems like the major issues are some moisture readings, the surveyor stated the ratings were low and there is no sign of intrusion--basically, watch it, but they got included in the report. The topsides were also painted in the recent past. Other issues were just flaking turbo charger blankets, a non-functional holding tank gauge, and just other miscellaneous.