Insurance for 1982 Albin 40 with no Survey

Hi guys. I'm buying a 1982 Albin 40 Double Cabin trawler and decided not to do a survey. Does anyone know of an insurance company that with cover a 1982 vessel, without a survey?

Congrats on the new boat. Very interesting topic. I can't offer any advice but will be following this thread for sure. Welcome to the Forum.

I recently went with progressive with an agreed value but I think they may stop at 35'.

SeaBoy said:

Hi guys. I'm buying a 1982 Albin 40 Double Cabin trawler and decided not to do a survey. Does anyone know of an insurance company that with cover a 1982 vessel, without a survey?

Click to expand...

bit of a leap of faith buying without a survey. have you seen it out of the water?
there can easily be issues under there like blisters or whatever else might be going on.
if you've got a good handle on it (lots of experience) i can see it, but it's doubtful you can get coverage without at least an in water survey.

It will be tough but maybe contact Pau Hana on this site. He is an insurance broker and may be able to help.

SeaBoy said:

Hi guys. I'm buying a 1982 Albin 40 Double Cabin trawler and decided not to do a survey. Does anyone know of an insurance company that with cover a 1982 vessel, without a survey?

Click to expand...

Greetings!

With VERY few exceptions, there are no insuring companies offering good coverages that will offer coverage for that age and length of vessel without a hauled survey.

The ones that will offer coverages have a specific box of parameters that must be met-

• age of the vessel
• value of the vessel
• experience of the prospective owner
• location of the vessel's location relative to the owner's location
• vessel construction
• And more

Is there a reason you don't want to do a survey? In my opinion, a survey can yield tremendous benefits- including giving you cause to walk away from a vessel that is pretty on the outside but rotten to the core...

I agree with Peter, if you have not closed on the purchase I would get a survey. You might find that you don’t really want this particular boat.

geico quoted me $2400 with out of water survey. Just bound insurance with progressive at $831!!! Thank you CharlieO!!!!!!

SeaBoy said:

geico quoted me $2400 with out of water survey. Just bound insurance with progressive at $831!!! Thank you CharlieO!!!!!!

Click to expand...

Remember that you get what you pay for. Compare the coverages closely.

SeaBoy said:

geico quoted me $2400 with out of water survey. Just bound insurance with progressive at $831!!! Thank you CharlieO!!!!!!

Click to expand...

Caveat Emptor, my friend.

Progressive is a “C” player in a “A” game: coverages are restrictive, no stand alone pollution liability to meet Federal requirements, deductible factor in for both partial and total losses, and more.

As recommended, read the policy closely- and know what you’re covered for.

In Florida I was unable to find insurance for a vessel over 35 feet without a survey.

A year later I am still repairing things the surveyor wrote up as "bad"

Peter....

If you go liability, pollution and salvage... no hull coverage.....

Are there insurers at that point that might forgo a survey?

psneeld said:

Peter....

If you go liability, pollution and salvage... no hull coverage.....

Are there insurers at that point that might forgo a survey?

Click to expand...

Yessir, there are.

If the pollution might be limited if the vessel is extremely old, but generally speaking, pollution and liability are standard.

Salvage/wreck removal is usually limited to $25k.

Thank you Peter....almost had to go this way and it might be for others buying much older trawlers that have little hull value left.

Anclote cowboy said:

In Florida I was unable to find insurance for a vessel over 35 feet without a survey.

A year later I am still repairing things the surveyor wrote up as "bad"

Click to expand...

Are you repairing survey found items as required by insurance or is it because you want to or for resale value or other?

Mainly so I can insure the boat. Most of the items they "wrote up" were things I planned on getting to. Just at a later time.

I was able to argue my way out of a dozen unreasonable insurance demands and just ignored the dozen dumb ones on the last 4 surveys.

It wasn't even a back and forth...I gave reasonable reasons not to do them and it was OKed.

psneeld said:

I was able to argue my way out of a dozen unreasonable insurance demands and just ignored the dozen dumb ones on the last 4 surveys.

It wasn't even a back and forth...I gave reasonable reasons not to do them and it was OKed.

Click to expand...

I will also give this a shot. My problem is you are supposed to get a re-survey after your repairs... Photographic evidence should suffice.

Anclote cowboy said:

I will also give this a shot. My problem is you are supposed to get a re-survey after your repairs... Photographic evidence should suffice.

Click to expand...

A survey reattend is required in very, very few cases- usually a statement attesting that all the survey critical recommendations have been corrected is proof enough for underwriting.

I would require a survey reattend only if the vessel was truly horrid- the approval of coverage would be combined with 2 requirements-

- the vessel be hauled at closing to repair the deficiencies
- a reattend would be required prior to relaunch.

When we bought our last boat Boat/US required us to fix the defects on the survey. All they wanted was a statement from me that I had them fixed. When we bought our current boat they didn’t even want a survey.

Thank you for the information. I was just assuming a re survey was needed. If you are in the marine insurance industry send me a private msg as I would like to bind a policy before spring.

Insurance

SeaBoy said:

Hi guys. I'm buying a 1982 Albin 40 Double Cabin trawler and decided not to do a survey. Does anyone know of an insurance company that with cover a 1982 vessel, without a survey?

Click to expand...

Unless it’s a new boat, pretty much every company will require a survey. Many companies won’t insure a boat of that age period. You are doing yourself a huge disservice by not getting a survey done. I would seriously rethink that.

You can post a bond in lieu of insurance.