First Time Insurance Purchase

[NowhereHome]

I grew up on boats, helped friends with boats, but never owned my own boat. Most charters were in my dad's or brother's name. We are looking to purchase a boat - but I am trying to figure out how insurance will work for us. Do they want a resume? The other problem is most of that experience is earlier in life? We're looking at buying something by the end of Summer. How do I not take it on the chin the first few years of insurance?

I have a ton of time in 14' Livingstons though I doubt they will count that?

 

[mvweebles]

I grew up on boats, helped friends with boats, but never owned my own boat. Most charters were in my dad's or brother's name. We are looking to purchase a boat - but I am trying to figure out how insurance will work for us. Do they want a resume? The other problem is most of that experience is earlier in life? We're looking at buying something by the end of Summer. How do I not take it on the chin the first few years of insurance?

I have a ton of time in 14' Livingstons though I doubt they will count that?

Yes, a boating resume of relevant experience. Absent that, you may find some insurance companies won't insure you or will have requirements to hire a captain for lessons. When I was active 15 years ago, I did a few insurance sign-off regimes. My sense is it's a bit more common now than back then. I see you're in Seattle - there are several trawler charter outfits there who routinely rent to low experience people provided they go through a couple days of captain led training. You should be able to find a captain who is skilled in training ("skilled in training" being the operative word vs "captain," which are many).

Good luck. It's a great past time and you're in one of the world's premier venues for this type of boating (well, at least 6 Mos a year)

Peter

 

[psneeld]

Some of it might be just how big you want to start off buying.

If you are talking more than a 25 footer to cruise, you might have to hire a captain AND take a bath on insurance.

The forum has an insurance expert or two who may chime in, but if you know where you are planning to start, you can go on line and get some quotes and see what the answers are. Or walk into a known marine insurance agent and ask .

 

[NowhereHome]

We are looking at an American Tug 41 as our prime candidate now - still sort of searching for something that meets our goals. We have done a some charters in the 30-foot range in the last year, but spending $5k/week to charter a 40+ does not seem like the best way to drive down costs. We'll probably have a charter or two in the 40' range before we buy (got to get my fix)- but not too many of the boats in that range on the charter market really interest us.

Is there a level of "proof" required similar to getting a USCG license where I need letters from the charter companies? I just want to make sure my log and associated proof is up to snuff - I guess eventually I'll go for my USCG license + 6 pack. Is my time with a Livingston, including a season of marine construction (pushing a mini barge around with one) worth mentioning?

I am also doing several USPS courses via Zoom - and once I get the vaccine I'll probably consider in-person with them and US Powerboating and US Sailing - but not comfortable with group classes at this point.

 

[psneeld]

As I posted, I would walk in or call a live agent, tell them your plans and get maybe some of the answers you are looking for.

A lot of us here have experience with insurance, but a live agent know what it will take to actually make it happen.

You will spend less time than reading posts and get more answers with a short phone call.

 

[SteveK]

In another thread the 15 foot difference from the last boat operated was brought up. So if you have operated a 30 footer and wanted to move up 15, to a 45 insurance would consider it.

I am wondering if charter a bigger boat gives you credit with insurance when you wish to purchase. My only charter between boats was a 41' which I did not have any difficulty getting, in fact I do not recall more than filling in a form of past experience.

For first time bigger boat purchase would a charter boat experience reduce insurance woes.

 

[BandB]

Find a marine insurance broker with a good reputation who represents multiple lines. Talk to him about your situation. When you get close, he can then submit policy requests.

 

[Comodave]

Send Pau Hana a PM. He is really good with insurance.