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Old 07-04-2020, 12:55 AM   #1
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Help with insursurance

I am new to the board as I recently purchased 2 weeks ago a 37ft cym 1981 trawler....I believe I got a steal of a deal on the boat 400 gallon water tank 400 gallon diesel 120hp lehman just 6 years since installed and seems to run good for 17,500 off ebay..... well I'm running into issues with insurance in florida ...geico/boat us says they refuse to do liability on a boat that large + that old....I didnt even realize that was a thing I would have thought I could get liability only and if I sank it then that was on me but I suppose not....I went through maritime insurance which quoted me a geico policy ....does anyone know a way around having full coverage ...they want nearly 2000 per year for an old 17k dollar boat and to me that seems excessive and of course all marinas require insurance so I'm trapped into needing it...please help
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Old 07-04-2020, 01:42 AM   #2
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2000 seems like a lot. Keep shopping.
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Old 07-04-2020, 02:07 AM   #3
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Have any suggestions for a trawler in florida ?
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Old 07-04-2020, 06:52 AM   #4
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Contact Pau Hana on the board here for help.

He said that I should be able to do liability only if my switching over to BoatUS/Geico didn't work just last month. For a 1988 trawler.

I am paying over 2200 for a slightly more expensive boat in FL all year.

My last company wouldn't even insure it if in Florida during Cane season.
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Old 07-04-2020, 12:03 PM   #5
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“Florida” is your insurance problem. I live in South Florida and ended up buying a newer boat. GEICO wrote my policy on my 40-footer, and it’s still just over $5,000/year. With $180,000 on the hull and $1,000,000 in liability. The price of living on a boat in paradise.
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Old 07-04-2020, 12:09 PM   #6
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Part of it maybe that you are in WV and an absentee owner, maybe. According to your profile you are in WV.
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Old 07-04-2020, 12:16 PM   #7
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Yes I am in WV boat in fl so absentee owner
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Old 07-04-2020, 12:20 PM   #8
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Have you Pau Hana (member that is an insurance expert) yet? Use advanced search feature.....
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Old 07-04-2020, 02:17 PM   #9
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With the big hurricane claims last year and the Covid shutdowns keeping people from traveling I’ve heard some crazy high insurance quotes for FL boats lately. Especially if they are absentee owners. I got called to do a delivery because the boat couldn’t get insurance in FL at any rate. Had to go to Georgia to get insurance binder and then settle.
It changes every year, sometimes it actually goes lower when the companies see competition and are losing market share.
Haul the boat at a yard, even if it means taking it to Georgia.
The purchase price is just the entry fee for boating. The real money comes in upkeep, insurance, storage, and stuff that breaks.
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Old 07-04-2020, 04:16 PM   #10
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Quote:
Originally Posted by Whgoffrn View Post
they want nearly 2000 per year for an old 17k dollar boat and to me that seems excessive and of course all marinas require insurance so I'm trapped into needing it...please help
But if your boat sinks or catches fire of has a fuel leak, you can have hundreds of thousands of environmental liability. You can also ram into other boats and cause a million dollars worth of damage. Compared to your ability to generate claims, seems to me that covering you for $2000 is a huge gamble by an insurer. Not enough revenue to justify it and plenty of potential expense. The fact your boat is only valued at $17k doesn't change the other exposure.
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Old 07-04-2020, 04:23 PM   #11
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Most of the insurance is for hull insurance...liability and environmental damage is pretty cheap for out boats as most of the times, the actual pollution is very minor and cleaned up for a few thousand.

Pau Hana told me he could set me up with liability and pollution insurance.

Have you PMed him yet?
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Old 07-04-2020, 04:37 PM   #12
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I'm new here and trying to figure out how to pm lol
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Old 07-04-2020, 04:51 PM   #13
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Try this link....

https://www.trawlerforum.com/forums/...hana-3607.html

Go to the contact info tab and it will have a PM link.
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