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06-26-2016, 02:23 PM
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#1
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Guru
City: Puget Sound
Join Date: Jun 2016
Posts: 631
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Additional Insured (Marina)
Our marina just started to require that they (the marina) be named as additional insured on our yacht policy... Is anyone else being required to add their marina to their insurance policy? Does anyone know the ramifications of this? Thanks
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06-26-2016, 02:37 PM
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#2
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Guru
City: Ft Pierce
Vessel Name: Sold
Vessel Model: Was an Albin/PSN 40
Join Date: Oct 2011
Posts: 28,145
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yep...some places now require it even for transients.
call your broker...my insurance has done it several times for me over the last 2 years and seemed like it was no big deal.
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06-26-2016, 03:06 PM
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#3
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Guru
City: Seattle
Join Date: Apr 2012
Posts: 1,142
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There was a whole thread on this a while back. Should be able to find it. It is not a big deal and is becoming more common. Usually can be done with no more than a phone call to your insurance company or broker.
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06-26-2016, 03:12 PM
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#4
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Guru
City: Cypress Landing Marina (NC)
Vessel Name: Heron (2)
Vessel Model: '88 Cape Dory 28 Flybridge #115
Join Date: Nov 2014
Posts: 1,305
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My Marina (Municipal dock) requires it as well..
__________________
Steve
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06-26-2016, 03:16 PM
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#5
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Guru
City: Jacksonville
Vessel Name: SONAS
Vessel Model: Grand Alaskan 53
Join Date: May 2014
Posts: 7,235
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Since 2001. It covers them if your boat does damage to their property, for example if your boat goes on fire and it spreads.
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06-26-2016, 04:12 PM
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#6
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Guru
City: Seattle, WA
Vessel Name: Pau Hana
Vessel Model: 1989 PT52 Overseas Yachtfisher
Join Date: Aug 2012
Posts: 2,676
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Not a thing to worry about- the explanation above is spot on.
__________________
Peter- Marine Insurance Guru at Novamar Insurance Group (206-350-5051) & tuna fishing addict!
1989 52' PT Overseas yachtfisher
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06-26-2016, 04:18 PM
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#7
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Guru
City: Ft Pierce
Vessel Name: Sold
Vessel Model: Was an Albin/PSN 40
Join Date: Oct 2011
Posts: 28,145
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For annual leases...isn't it also that the marina will be notified in case the insurance is cancelled or lapses during the agreement period?
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06-26-2016, 04:42 PM
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#8
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Guru
City: Puget Sound
Join Date: Jun 2016
Posts: 631
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Thanks all, I suspect the main reason is the notification of insurance lapses... That was a constant issue when I was on the marina board... I never got a straight from the marina billing people only that it was now a requirement..
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06-26-2016, 05:39 PM
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#9
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Senior Member
City: Marathon, FL & On Loop
Vessel Name: Maka Honu
Vessel Model: Ta Yang, 42 Tayana PH Trawler 1976
Join Date: Mar 2014
Posts: 313
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A standard for many years in industry between Owners and Contractors. Nothing new.
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06-26-2016, 06:02 PM
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#10
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Senior Member
City: Marathon, FL & On Loop
Vessel Name: Maka Honu
Vessel Model: Ta Yang, 42 Tayana PH Trawler 1976
Join Date: Mar 2014
Posts: 313
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Further as Owner we require minimum coverages for those doing biz in our property. Once marina associations get act together issue minimum recommendations, when widely accepted among marinas, guess what? Yep, that's what your policy min will be.
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06-26-2016, 06:32 PM
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#11
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Guru
City: Sydney
Vessel Name: Sojourn
Vessel Model: Integrity 386
Join Date: Oct 2011
Posts: 13,329
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What happens to premium if you have a spotless no claim record, your marina gets added as an insured, and it has an appalling record of frequent and dodgy claims on its own insurances. Can that affect your premium?
__________________
BruceK
2005 Integrity 386 "Sojourn"
Sydney Australia
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06-26-2016, 08:28 PM
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#12
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Guru
City: LaConner
Vessel Model: 34' CHB
Join Date: Apr 2016
Posts: 1,257
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I was surprised the first time I encountered this but its common now and I pay it in LaConner. Because the marina is county owned, I also have to pay a leasehold tax of $60 a month and that irks the bejabbers out of me!
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06-26-2016, 09:42 PM
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#13
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TF Site Team
City: California Delta
Vessel Name: FlyWright
Vessel Model: 1977 Marshall Californian 34 LRC
Join Date: Apr 2008
Posts: 13,728
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It's common here in the CA Delta and SF Bay waters. Reputable insurance companies should be familiar with it, too.
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06-26-2016, 10:11 PM
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#14
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Guru
City: Gig Harbor
Vessel Name: Kinship
Vessel Model: North Pacific 43
Join Date: May 2015
Posts: 9,046
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Quote:
Originally Posted by BruceK
What happens to premium if you have a spotless no claim record, your marina gets added as an insured, and it has an appalling record of frequent and dodgy claims on its own insurances. Can that affect your premium?
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I wouldn't think that it would make any difference. They insure you based on your location already.
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06-26-2016, 10:14 PM
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#15
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Guru
City: Seattle, WA
Vessel Name: Pau Hana
Vessel Model: 1989 PT52 Overseas Yachtfisher
Join Date: Aug 2012
Posts: 2,676
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Quote:
Originally Posted by BruceK
What happens to premium if you have a spotless no claim record, your marina gets added as an insured, and it has an appalling record of frequent and dodgy claims on its own insurances. Can that affect your premium?
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Quote:
Originally Posted by dhays
I wouldn't think that it would make any difference. They insure you based on your location already.
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Correct. Adding an AI to a policy does nothing more m.than make the AI and info addee on the policy with regards to cancellations, reinstatements, etc. They cannot make any changes to the policy or access policy info.
__________________
Peter- Marine Insurance Guru at Novamar Insurance Group (206-350-5051) & tuna fishing addict!
1989 52' PT Overseas yachtfisher
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06-26-2016, 10:41 PM
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#16
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Guru
City: Sydney
Vessel Name: Sojourn
Vessel Model: Integrity 386
Join Date: Oct 2011
Posts: 13,329
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Quote:
Originally Posted by Pau Hana
Correct. Adding an AI to a policy does nothing more m.than make the AI and info addee on the policy with regards to cancellations, reinstatements, etc. They cannot make any changes to the policy or access policy info.
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So, they can`t make a claim? It just ensures they know if the policy is kept current, in the same way as a lender?
Property lenders here often have agreements with insurers so property stays covered even if the owner doesn`t pay on time, and of course they can bill the borrower for any premium they might pay.
My marina is not so switched on as to get themselves on the policy.
__________________
BruceK
2005 Integrity 386 "Sojourn"
Sydney Australia
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06-26-2016, 11:17 PM
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#17
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Guru
City: Fort Lauderdale. Florida, USA
Join Date: Jan 2014
Posts: 21,449
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It's standard for many marinas and standard for most anyone renting a home or business building or apartment. Any rental property. Easy to get added on the phone and immediate.
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06-27-2016, 06:20 AM
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#18
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Guru
City: Ft Pierce
Vessel Name: Sold
Vessel Model: Was an Albin/PSN 40
Join Date: Oct 2011
Posts: 28,145
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For longer term transient places that require it, is it best to give an expiration date or call when leaving to cx it?
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06-27-2016, 07:20 AM
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#19
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Senior Member
City: Marathon, FL & On Loop
Vessel Name: Maka Honu
Vessel Model: Ta Yang, 42 Tayana PH Trawler 1976
Join Date: Mar 2014
Posts: 313
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For the Owner (that would be the marina), from a legal perspective, allows the marina to step into the policies justlike the insured, meaning marina have rights to the coverage just as the insured doesincluding defense rights, coverage for losses and injuries to the extentcovered by the policies etc. I don't believe it has any effect on Insured rates.
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06-27-2016, 07:23 AM
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#20
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Senior Member
City: Marathon, FL & On Loop
Vessel Name: Maka Honu
Vessel Model: Ta Yang, 42 Tayana PH Trawler 1976
Join Date: Mar 2014
Posts: 313
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Quote:
Originally Posted by Pau Hana
Correct. Adding an AI to a policy does nothing more m.than make the AI and info addee on the policy with regards to cancellations, reinstatements, etc. They cannot make any changes to the policy or access policy info.
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Well, incomplete...see below for additional insured rights.
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