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Old 10-04-2022, 05:31 PM   #1
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self-insured anyone?

does anyone have information regarding self insuring your own vessel.

Mainly for marina requirements with around 300K lability.
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Old 10-04-2022, 08:16 PM   #2
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Many years ago as a commercial fishing boat owner. And at times with a private boat. I've nobody recent to recommend. If you have the cash, the best way was a bank deposit. Otherwise there's many bonding companies.
Fishing the rates were high enough to buy a new boat in 9 years.
Now I have a 1942 Wheeler, wood, 83'. I use Hagerty. I don't hit things. Currently just liability about $2,000 for a million liability. US and Canadian waters to 25 miles out. For tuna and crossing the Gulf of Alaska I'm more than 25 miles out but not likely to need liability. If the boat sinks, I'm 74, I'll probably be with it so full coverage doesn't do me much good.

If your boat has a good survey Hagerty is probably the best for older wood boats.
Full coverage price depends on the value. When I had it on this boat it was 6Gs.
LLoyds of London is another choice. They spread the liability over several partner firms. More for ships or high liability boats. Price wasn't too bad.
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Old 10-04-2022, 08:19 PM   #3
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My marina has required $300k liability insurance for years, now they're planning to up the requirement to $1M
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Old 10-04-2022, 09:17 PM   #4
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What about oil spill protection?
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Old 10-04-2022, 09:18 PM   #5
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Been $1m everywhere I’ve been for awhile.
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Old 10-04-2022, 10:26 PM   #6
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I'd be happy to self insure but pretty sure in Oz it's $10 million needed for wreck removal and liabilities.
And we aren't a litigious society.
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Old 10-04-2022, 10:27 PM   #7
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In Australia $10M Liability is standard.
IMO, "self insuring"(really NOT insuring and accepting the risk yourself),might be ok for your own boat but for liability to others?? Maybe it depends on your financial position and appetite for risk, but I wouldn`t do it.
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Old 10-05-2022, 03:13 AM   #8
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Quote:
Originally Posted by ofer View Post
does anyone have information regarding self insuring your own vessel.

Mainly for marina requirements with around 300K lability.
So what's your plan? Present yourself to the marina management with a stack of hundred dollar bills to satisfy their liability requirement? Post a bond with your local bail bond guy in lieu of carrying around $300K cash everywhere you go? That bond will probably cost you a bundle, even if you can find someone to issue such a bond on a mobile asset, and (per your avatar) an old wooden one at that. And as others have remarked, how will you plan to cover oil spill liability (fortunately limited to $1M by the US government, I think) should you manage to meet Mother Earth and spill some diesel oil? Not to mention personal injury. Seems to me property damage liability is a drop in the bucket in comparison.

Yikes. This idea seems REALLY off the wall, unless your pockets are WAY deeper than mine. Yeah, marine insurance is spendy and irksome, and hard to get in some locations, under some circumstances. But in my opinion, one of the fixed costs of this boating lifestyle that is irrefutable. And to operate self-insured seems irresponsible as well.

Regards,

Pete
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Old 10-05-2022, 04:14 AM   #9
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Nothing wrong with carrying a liability only policy with enviro cleanup, but no hull policy. Is that what you’re referring to?
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Old 10-05-2022, 04:18 AM   #10
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Nothing wrong with carrying a liability only policy with enviro cleanup, but no hull policy. Is that what you’re referring to?
I agree, but the OP does sound like question was directed towards self-insuring against liability too.

As Lepke describes, liability-only insurance is an economical approach to cruising, but obviously shifts risk. Also requires boat has no loan against it. I've considered it myself.

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Old 10-05-2022, 07:29 AM   #11
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Self insuring against liability is technically possible if you have sufficient money sitting around. But at the same time, I can't see the the cost vs risk working out in favor of it very often. Most of the time, you'd be better off paying for liability insurance (which shouldn't be all that expensive) and just self insuring the hull.
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Old 10-05-2022, 08:01 AM   #12
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It's said that you should insure against financial catastrophe, not inconvenience. I dropped hull coverage because if I lost my boat, it would hurt financially but I wouldn't be wiped out. But with liability insurance being relatively cheap for what you get, it seems nuts to not take advantage of it.
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Old 10-05-2022, 12:02 PM   #13
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Quote:
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Nothing wrong with carrying a liability only policy with enviro cleanup, but no hull policy. Is that what you’re referring to?
yes, I am only looking for liability only. but even that is hard to find for wood boats.

I am happy for any information on brokers insurance companies
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Old 10-05-2022, 04:44 PM   #14
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Pau Hana on the forum and I discussed liability only when Geico went on their tirade. Sold the boat before I had to decide but it seemed a LOT easier to get liability, salvage and environmental than the normal Yacht Policy.
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Old 10-05-2022, 07:06 PM   #15
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If you are self-insured, how would you provide proof of insurance that is acceptable to a Marina?
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Old 10-05-2022, 07:15 PM   #16
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If you are self-insured, how would you provide proof of insurance that is acceptable to a Marina?
I have heard it's like a secured loan, you provide a bond or similar holding of asset(s) equal to that worth..... in escrow or equivalent....

I have heard of people doing it, just don't know the terminology.
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Old 10-05-2022, 08:28 PM   #17
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Start with:
https://www.hagerty.com/insurance/boat-insurance/
Many insurance brokers sell Hagerty plans, but you can go direct. No savings.
You need a good survey.


In my experience, a bond is cheaper than the usual boat insurance if your in a higher risk category or commercial. And insurance will be going up as the latest hurricane settlements hit.
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Old 10-05-2022, 09:01 PM   #18
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Quote:
Originally Posted by Lepke View Post
You need a good survey.
that's the big question. i have checked a couple of years ago and it seems like i need the wood survey that takes out fasteners etc.

I will not go that far.
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Old 10-05-2022, 09:03 PM   #19
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Quote:
Originally Posted by Lepke View Post
Many years ago as a commercial fishing boat owner. And at times with a private boat. I've nobody recent to recommend. If you have the cash, the best way was a bank deposit. Otherwise there's many bonding companies.
Fishing the rates were high enough to buy a new boat in 9 years.
Now I have a 1942 Wheeler, wood, 83'. I use Hagerty. I don't hit things. Currently just liability about $2,000 for a million liability. US and Canadian waters to 25 miles out. For tuna and crossing the Gulf of Alaska I'm more than 25 miles out but not likely to need liability. If the boat sinks, I'm 74, I'll probably be with it so full coverage doesn't do me much good.

If your boat has a good survey Hagerty is probably the best for older wood boats.
Full coverage price depends on the value. When I had it on this boat it was 6Gs.
LLoyds of London is another choice. They spread the liability over several partner firms. More for ships or high liability boats. Price wasn't too bad.
Now that’s a real salt there. Love that go down with the ship attitude. Please post a picture of your 83 Wheeler.

BTW I met the great grandson of Wheeler, I believe Wes Wheeler at Brooklin Boat yard Maine where they built hull number one of a modern copy of Hemingway’s boat. It was a Wheeler of course. I saw it upside down being built and a year latter finished under sea trails. That’s were we were befriended by Bill Mayher and met the famous to us Maynard Bray https://www.offcenterharbor.com/maynard-bray/. We purchased our Fairchild Scout from Bill and Carolyn. Maynard says “wood is good”.

Also check out www.ofcenterharbor.com. It’s well worth the price of admission.
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Old 10-05-2022, 09:07 PM   #20
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In addition to at least having basic liability, make sure you have a large umbrella for your land based assets, ie home etc. This is a very cheap form of insurance. I’m not sure if they have this for marine.
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