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Old 03-24-2014, 08:39 PM   #17
Pau Hana
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City: Seattle, WA
Vessel Name: Pau Hana
Vessel Model: 1989 PT52 Overseas Yachtfisher
Join Date: Aug 2012
Posts: 2,676
Lots of good in this thread.

Multiple ownership scenarios (non related owners) bring a huge dynamic to boat ownership. To answer the OP's question - self insuring for the hull value and carrying liability only is a viable option. Bear in mind that when you carry hull coverage, wreck removal coverage is generally included, equal to the hull value of the boat. Liab only coverage usually won't cover wreck removal coverage.

Salvage coverage (the act of safeguarding a vessel that is recoverable) is generally not included in liability only policies. Oil pollution liability may or may not be included n liability only policies.

A general liability umbrella will usually cover you for some property liability, but not for pollution or wreck removal.

As far as how much coverage is enough- that is a question that must be answered by the OP based on his risk tolerance and asset base.

As always, take the time to read the policy to see what exactly is (and is not) covered.
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Peter- Marine Insurance Guru at Novamar Insurance Group (206-350-5051) & tuna fishing addict!

1989 52' PT Overseas yachtfisher
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