insurance for a CD25 ... any suggestions

[Keyscaptainadam]

My winter plans included in-water storage at a town marina.

The marina requires a 300,000 liability minimum that is costing my nearly 300 a year.

I'd rather invest that 300 in a new bilge pump, new anchor, or new storm sail, than waste it away on something I believe is preventable...i.e. disaster.

Prudence is best exercised and money best spent/invested in preventing disasters, not mitigating them in courts of law.

With hopes for some quotes under $200 for the simplest of policies...

adam
SV Velella

[tjr818]

Have you checked with BoatUS? They have some pretty good rates,, I am not paying that much for our 27.

[moctrams]

I have Progressive on Gabbiano.

[Jdpmus]

I second the motion for Progressive. Lowest rates found and, because of an "oops", great service.

[joemerchant]

Though I agree with you that paying for insurance just plain sucks (for lack of a better term), but being someone who had an uninsured boater do considerable damage to my boat many years ago when I just carried liability was a real pain when he couldn't or wouldn't pay for damages. They dropped the mast on our boat when trying to put it up in the slip.

I agree with you that mitigating disaster is important, but so is being responsible for your own actions. We can't mitigate all scenarios, and thus the reason for insurance.

Apologize, it is a sore subject with me.

[Sea Hunt Video]

Adam:

I agree with Tim. I have BoatUS and I have been very happy with them. Shortly after I purchased her in Toms River, NJ, a hurricane came right over the marina. Fortunately, the marina hauled S/V Bali Ha'i and all the other sailboats prior to the storm. There was no damage. The marina did charge me for the haul out which I expected. What I did not expect was an email from BoatUS advising all insured owners that if they hauled out to protect from the hurricane that BoatUS would reimburse a portion of the haul out fee I ain't never had an ins. co. volunteer information like that. When I received the email from BoatUS I did remember that this was part of their policy coverage. I just never expected them to volunteer the information.

As for the $300,000 liability, almost all (probably all) marinas require that you have it and that they be listed as a "secondary insured payee" (or some such similar term) on the policy so that if your sailboat causes damage in the marina, the marina owners can collect from your ins. co. There is no real way around this.

As for price, because of the "agreed valuation" on S/V Bali Ha'i I pay about $450/year. In addition to the normal stuff it also covers damages from an uninsured boater which would have resolved the problem Joe Merchant mentioned in his post. While there are a lot of uninsured motorists out there, I am guessing there are a lot more uninsured boaters. Protect yourself at all times.

All said, having the Boat US insurance is a peace of mind issue for me. When I talk to them they sound like boaters who know their stuff - generally a lot more than I do. While Progressive and others (I had Allstate for one year on my earlier Ty Weekender) may have good policies and reasonable prices, when you deal with BoatUS you are, from my experience, dealing with people who spend their days dealing only with boat issues.

I also have the unlimited towing package with BoatUS. Another "peace of mind" issue with me.

[Gary H]

Another option is insuring your boat as a rider on your homeowner's policy. This is usually less expensive and if you are happy with the company that insures your home, it is a good option. That is what I do.

[Jdpmus]

My homeowners insurance (Hartford) will not allow a "secondary insured payee" on boat coverage.

YMMV

[Neil Gordon]

My homeowners insurance (Hartford) will not allow a "secondary insured payee" on boat coverage.

YMMV

And my marina, while requiring liability coverage, doesn't require that they be named.

[tjr818]

...And my marina, while requiring liability coverage, doesn't require that they be named.

That is the same at our marina. All they want is to be listed as an "interested party", that way they get automatic notices of our annual renewal.

[Northoceanbeach]

Do all insurance companies require a survey? That seems like the most expensive part.

[Russell]

Do all insurance companies require a survey? That seems like the most expensive part.

Insurerers who give policies without surveys tend to charge a premium. You can find liability policies with no survey needed and need to do the math if the extra cost is worth it compared to a survey cost. I paid $500 a year for worldwide liability at $300K with no survey, not bad really, underwritten by Markel (most brokers gave me the same quote). 2 summers ago I stayed in a marina that required $1 million liability and that cost me $1000 a year (again worldwide), I was not happy about it but I did the math on my rather inexpensive slip rent for the location and decided it was worthwhile, also underwritten by Markel. Last summer I had yet another marina, wanted $500K, I went with Progressive that time at $40 a month, no survey.

You will not find full coverage without a survey in the US, liability only can be had with Progressive and Markel (with a CD25 I suggest Progressive). Anyone else will require a survey for a 20+ year old boat. Keep in mind Markel is an underwriter, not an broker, you need to go through a broker who sells Markel (I used Global Maritime Insurance for several years).

Another option is a cut rate policy from an offshore insurer, like Nothernreef, they will insure anything for cheap, based in Gibralter and unregulated and likely wont pay a dime on a claim (they are who all the ferrocement owners get insured by, you basicly pay for the peice of paper that gets you into a marina).

Unbrella policies with your homeowners can work with a smaller boat like a 25 and you might even get full coverage that way rather then just liability, thats the first route I would explore.

[Russell]

Another note about progressive, you can do it all online, they dont get picky about particulars of this and that, you can literally get covered the same day you do it, no survey, simple, and quick. Walmart style insurance (sell a lot, sell it cheap). Real yacht insurance requires particulars and details, some of which may make your rates absurd, Progressive is simple, quick and easy (but not worldwide, its got a lot more restrictions, but I suspect you are not crossing oceans in your CD25). If you buy a policy for marina X in state Y, and you make a claim in state Z you are probably screwed, they really do more the ski boat type insurance as their bread and butter but will cover you as well with no survey.

BoatUS will require a survey, even for liability only.

If you are a USAA member, they have a partnership with both Markel and Progressive, get USAA awesome customer service while dealing with a 3rd party underwriter, win win. But I was never able to use them because they dont do insurance outside the US for boats.

[Terry]

Russel,
You mention worldwide coverage. So, is proof of insurance required to enter a foreign port, or just at a marina? Also, if the offshore insurance likely would not pay out, as you suggest, would a boat owner with such insurance still be held liable?

Regards, Terry

[joemerchant]

Do all insurance companies require a survey? That seems like the most expensive part.

Insurerers who give policies without surveys tend to charge a premium. You can find liability policies with no survey needed and need to do the math if the extra cost is worth it compared to a survey cost. I paid $500 a year for worldwide liability at $300K with no survey, not bad really, underwritten by Markel (most brokers gave me the same quote). 2 summers ago I stayed in a marina that required $1 million liability and that cost me $1000 a year (again worldwide), I was not happy about it but I did the math on my rather inexpensive slip rent for the location and decided it was worthwhile, also underwritten by Markel. Last summer I had yet another marina, wanted $500K, I went with Progressive that time at $40 a month, no survey.

You will not find full coverage without a survey in the US, liability only can be had with Progressive and Markel (with a CD25 I suggest Progressive). Anyone else will require a survey for a 20+ year old boat. Keep in mind Markel is an underwriter, not an broker, you need to go through a broker who sells Markel (I used Global Maritime Insurance for several years).

Another option is a cut rate policy from an offshore insurer, like Nothernreef, they will insure anything for cheap, based in Gibralter and unregulated and likely wont pay a dime on a claim (they are who all the ferrocement owners get insured by, you basicly pay fopiece peice of paper that gets you into a maUmbrellaUnbrella policies with your homeowners can work with a smaller boat like a 25 and you might even get full coverage that way rather then just liability, thats the first route I would explore.

The term "Umbrella" coverage is additional coverage normally after you are already insured to the maximum underlying policies used to extend limits. Used for people who have a lot more personal exposure such as wealth that someone would go after if sued.

You can have your homeowners insurance endorsed for a "rider" to include just about anything. It may not be satisfactory to the marina, and yes, their insurance company. Your homeowners insurance already extends liability to you for outside acts, but the rider will cover the hull. If you have expenisve equipment, etc. It is really inexpensive to add it as a rider to your homeowners. Such as a iphone...

It is best to consult with a licenced agent in your State who is fimilar with boat insurance. BOAT US, Progressive, CNA, Safeco, Travelers, Allstate, Geico, etc... Stay with a company that is A rated or better. And overseas, brokers are fine, just make sure they are underwritten by major player like LLoyds.

Also, when going with a National company like Progressive it is advisable to go through a local agent as opposed to direct. This creates a personal relationship, added level of protection, and they will actually go to bat for you in the claims process.