Insurace On Boat?

Has anyone gotten an insurance policy for their boat?  I just got some thru Allstate but it came from a different underwriter because it's a wooden boat and hand made.   Got both liability and comp for $8,000 insured value on the boat and $2,000 on the trailer with a 1% deductible.  I may drop it next year if I find it's not needed.  Your experience?


8 replies:

« Previous Post       List of Posts       Next Post »

RE: Insurace On Boat?

I carry liability insurance on my powerboat in case of an accident on the water and I have it insured for the replacement value of the boat, motor, and trailer. My policy also includes wreck removal so if a storm  breaks it loose from my pier and it sinks creating a hazard to navigation, or is sitting high and dry in my neighbor's yard when the storm is over, salvaging it is their problem to deal with, not mine.

I don't carry insurance on my 14' sailboat or any of my paddlecraft.

That said, If I had a sailboat big enough to carry passengers and I were planning to take anyone other than immediate family members out on it I would at least carry liabiliy insurance.  Masts can come crashing down, booms can swing around and hit someone, and pasengers can fall overboard and drown. 

An insured value of $8K seems kind of high for a CLC kit boat when most usually sell for about the cost of a new kit, maybe slightly more or less depending on condition and build quality.  I wouldn't insure it for any more than it cost you to build it because you can always build another one if it gets destroyed.  

 

RE: Insurace On Boat?

Ask your insurnace agent what type of coverage your current homeowners policy provides?

Does this coverage apply to away from home?

You might want to know what coverage you have if the boat falls from the car and damages another car or hurts someone else.

It is possible to injure a swimer, skin diver or scuba diver. See how this is covered.

See what is covered by the boat policy. And see if there is another way to cover the risks.

I would also look at an umbrella policy to cover liabitly beyond home owners, auto, or baot coverage.

 

 

 

 

 

RE: Insurace On Boat?

You might also want to look at the ACA offerings. Individual purchase could be expensive and might not cover water rescue costs.

Your homewowners policy should cover your kayak up to $1,000.00 or $1,500.00 subject to your deductible. Over that look at marine schedule for more expensive craft. You should have coverage for theftand damge away from home subject to the standard homeowners exclusion. Motorized watercraft are not covered by homeowners insurance.

Some companies are offerig specific kayak insurance, but carefully read the policy terms and limits. Instructors and tour guide leaders have different issues and their homeowners policy would not applyto the group.

RE: Insurace On Boat?

George and Rob...thanks for your comments..

  • Yes, I already have an umbrella insurance, have had for years
  • The policy I got covers all inland waters, plus I had added coastal waters in the Northeast and the Gulf of Mexico.
  • I understand my policy is insured value, if the boat is totaled, I get a check for $8,000, and lower amounts were not that much less expensive

George...what is ACA?  (Obama care for boats?)

  • On my previous larger sailboats I used BoatUS, I'll check with them.
  • I'll check our homeowners insurance

   Curt 830/997-8120 [email protected]

RE: Insurace On Boat?

   ACA is the American Canoe Association. Founded in 1880. Even though the title is canoe it covers most paddle sports and is international in its membership.

RE: Insurace On Boat?e

 

   Has anyone been able to get insurance on a CLC Pocketship?  My broker cannot find any insurer willing to insure fibreglass over wood construction especially in a kit.  Hagerty says they’ll take an application but warns that they turn almost all fibreglass over wood boats down.  If the boat was destroyed by fire or collision, replacing it with a fibreglass sailboat with the same specifications would cost $35,000 to $40,000.  I am unwilling to take the risk of loss or liability without insurance.  Any ideas?

Greg Munro

Missoula, MT

 

RE: Insurace On Boat?

Boat US will insure homebuilds that are wood/fiberglass composit like your PS.   

RE: Insurace On Boat?

Boat US, through Geico, insures my Faering Cruiser for quite reasonable rates.

Laszlo

 

« Previous Post     List of Posts     Next Post »


Please login or register to post a reply.