Hi. I am about to purchase my first Cape Dory 25 and I need insurance. I have never owned a boat of this size and don't know what I should have. How much liability is standard/advisable? Should I insure for the full sale price? More? Less?
I need advise ASAP so any help is appreciated. Names of carriers in the northeast would be particularly helpful.
e
ewoodman@lycos.com
insurance on CD 25 -- Reponses sought
Moderator: Jim Walsh
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Bill Goldsmith
Re: insurance on CD 25 -- Reponses sought
I had great results using BOAT/US. They have very competitive rates and the sales staff was quite helpful. As to how much, that is a very personal question. If a loss of the boat would not be a financial bother to you, don't insure the hull. If you have a loan or if you would take a big financial hit from a loss, insure it for the cost of the boat plus any improvements you've made or plan to make in the near future.
As to liability, it's always a good idea to protect yourself. If you damage someone else's property, if you hurt someone, or if someone slips and falls on your boat you may be liable to them. You can buy an umbrella policy of $1,000,000 that would cover you in excess of your homeowners, auto and boat coverage. Don't buy large primary limits on any of your policies. Get smaller primary limits and a big umbrella excess policy and you'll save alot of money.
Total limits of $1,000,000 to 1,300,000 (primary plus umbrella) should be more than adequate unless your net worth exceeds that amount. If your net worth exceeds that amount, get off the web site (sorry, Walt) and call a good insurance agent for a customized plan.
william.goldsmith@mendes.com
As to liability, it's always a good idea to protect yourself. If you damage someone else's property, if you hurt someone, or if someone slips and falls on your boat you may be liable to them. You can buy an umbrella policy of $1,000,000 that would cover you in excess of your homeowners, auto and boat coverage. Don't buy large primary limits on any of your policies. Get smaller primary limits and a big umbrella excess policy and you'll save alot of money.
Total limits of $1,000,000 to 1,300,000 (primary plus umbrella) should be more than adequate unless your net worth exceeds that amount. If your net worth exceeds that amount, get off the web site (sorry, Walt) and call a good insurance agent for a customized plan.
eric wrote: Hi. I am about to purchase my first Cape Dory 25 and I need insurance. I have never owned a boat of this size and don't know what I should have. How much liability is standard/advisable? Should I insure for the full sale price? More? Less?
I need advise ASAP so any help is appreciated. Names of carriers in the northeast would be particularly helpful.
e
william.goldsmith@mendes.com
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Kurt
Re: insurance on CD 25 -- Reponses sought
Try the Underwriter that works through BOAT U.S. The quote sent to me last fall is very attractive...I will be insuring with them when my present policy lapses. Also, I have been insuring sailboats for 25 years and the only claim I ever submitted was for a stolen outboard.
I would go for minimum liability(100k) & injury amounts. Insure for actual cash value under the casulty (fire & theft) portion. Make sure the outboard motor is listed separatley and includes it's serial number
kjlgpw@aol.com
I would go for minimum liability(100k) & injury amounts. Insure for actual cash value under the casulty (fire & theft) portion. Make sure the outboard motor is listed separatley and includes it's serial number
kjlgpw@aol.com
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Bill Goldsmith
Re: insurance on CD 25 -- Reponses sought
Eric:
What I forgot to mention in previous response is that you could probably do just fine with primary limits on the liability (probably offered at $200,000 to $500,000) without the umbrella (didn't mean to scare you with such big numbers). However, the 1million excess will only cost about $200 a year and, combined with a low primary limit, may actually save you money over,say, a $500,000 primary. And you'll be protected against the possibility of a catastrophic liability exposure.
Bill Goldsmith
william.goldsmith@mendes.com
What I forgot to mention in previous response is that you could probably do just fine with primary limits on the liability (probably offered at $200,000 to $500,000) without the umbrella (didn't mean to scare you with such big numbers). However, the 1million excess will only cost about $200 a year and, combined with a low primary limit, may actually save you money over,say, a $500,000 primary. And you'll be protected against the possibility of a catastrophic liability exposure.
Bill Goldsmith
eric wrote: Hi. I am about to purchase my first Cape Dory 25 and I need insurance. I have never owned a boat of this size and don't know what I should have. How much liability is standard/advisable? Should I insure for the full sale price? More? Less?
I need advise ASAP so any help is appreciated. Names of carriers in the northeast would be particularly helpful.
e
william.goldsmith@mendes.com
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Bill Goldsmith
Re: insurance on CD 25 -- Reponses sought
Eric:
What I forgot to mention in previous response is that you could probably do just fine with primary limits on the liability (probably offered at $200,000 to $500,000) without the umbrella (didn't mean to scare you with such big numbers). However, the 1million excess will only cost about $200 a year and, combined with a low primary limit, may actually save you money over,say, a $500,000 primary. And you'll be protected against the possibility of a catastrophic liability exposure.
Bill Goldsmith
william.goldsmith@mendes.com
What I forgot to mention in previous response is that you could probably do just fine with primary limits on the liability (probably offered at $200,000 to $500,000) without the umbrella (didn't mean to scare you with such big numbers). However, the 1million excess will only cost about $200 a year and, combined with a low primary limit, may actually save you money over,say, a $500,000 primary. And you'll be protected against the possibility of a catastrophic liability exposure.
Bill Goldsmith
eric wrote: Hi. I am about to purchase my first Cape Dory 25 and I need insurance. I have never owned a boat of this size and don't know what I should have. How much liability is standard/advisable? Should I insure for the full sale price? More? Less?
I need advise ASAP so any help is appreciated. Names of carriers in the northeast would be particularly helpful.
e
william.goldsmith@mendes.com
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D. Stump, Hanalei
Re: West Marine did well by me!!
Eric,
When I purchased Hanalei last spring, I was in the same situation you describe. I checked all the local carriers (found that they were outrageously expensive) and finally contacted West Marine on their web site (www.westmarine.com) and called in for a quote. They responded immediately, did NOT require a survey, and were the lowest cost of any quote I got. I also went with minimum liability(100K I think), and DECLARED cash value for the vessel. Declared means what you think the vessel is worth, not what you paid for it. Another good thing about WM Insurance, is that they do not have a date limit, you are insured 365 days per year, where ever the vessel is. I insured her before she was shipped from New Hampshire to Connecticut, and the insurance even covered her while she was on the road! I think I choose a 25 Nautical limit for distance off-shore.
In short, I think it was a good deal, and have re-insured her this year with WM also. Because of the price difference, I wouldn't even consider a local carrier, they are just too expensive! FWIW....
Dave Stump
Captain Commanding
s/v Hanalei CD-30
When I purchased Hanalei last spring, I was in the same situation you describe. I checked all the local carriers (found that they were outrageously expensive) and finally contacted West Marine on their web site (www.westmarine.com) and called in for a quote. They responded immediately, did NOT require a survey, and were the lowest cost of any quote I got. I also went with minimum liability(100K I think), and DECLARED cash value for the vessel. Declared means what you think the vessel is worth, not what you paid for it. Another good thing about WM Insurance, is that they do not have a date limit, you are insured 365 days per year, where ever the vessel is. I insured her before she was shipped from New Hampshire to Connecticut, and the insurance even covered her while she was on the road! I think I choose a 25 Nautical limit for distance off-shore.
In short, I think it was a good deal, and have re-insured her this year with WM also. Because of the price difference, I wouldn't even consider a local carrier, they are just too expensive! FWIW....
Dave Stump
Captain Commanding
s/v Hanalei CD-30
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Ed Haley
Re: insurance on CD 25 -- Reponses sought
I can recommend BOAT/US without hesitation. In a claim I submitted to them for damages sustained by one of their subscribers, they not only covered all my estimated expenses but also increased the estimate that was sent to them and sent me $200 more that I asked!!!! They weren't sure of the labor for installing teak so they sent me more. Because of the treatment I received, I switched over to them for coverage.
eghaley@twcny.rr.com
eghaley@twcny.rr.com
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Tom Foley
Re: insurance on CD 25 -- Reponses sought
If you live in Maine your household policies automatically provide liability for boats up to 25 feet and up to 10 hp motors. my insurance agent told me this when I asked to have a policy written for my previous boat.
Tom Foley
Kernnebunk
alewifehouse@mainecoast.net
Tom Foley
Kernnebunk
eric wrote: Hi. I am about to purchase my first Cape Dory 25 and I need insurance. I have never owned a boat of this size and don't know what I should have. How much liability is standard/advisable? Should I insure for the full sale price? More? Less?
I need advise ASAP so any help is appreciated. Names of carriers in the northeast would be particularly helpful.
e
alewifehouse@mainecoast.net
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John
Ditto regarding West Marine Insurance
Last year I did the insurance thing for our CD30 and spent numerous hours contacting different companies to get quotes. I could have saved myself mucho headaches if I had called West Marine first. They were by far and away the best coverage for the least premium. They will require a survey if your vessel is currently uninsured. Otherwise I don't think you will be asked to obtain a current survey. I also insured for declared value subject to surveyed value by a NAMS and SAMS certified surveyor.