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 Post subject: Liability insurance
PostPosted: 16 Apr 2019 13:49 
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Able Bodied Seaman

Joined: 16 Jan 2019 08:52
Posts: 33
I am about to take over the new vessel at the end of the month. I will be having to haul the boat for the summer season so I can return to Canada. I will probably haul at Cobbs and leave the boat on the hard for 4/5 months. My question is with the cost of liability insurance as required by the Marina. I have had a quote of $1,500.00. Is this reasonable for a boat sitting on the hardstand? Obviously when I launch on the new bottom in November to head down the ditch I will renegotiate a policy to put the boat in transit mode.


 
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 Post subject: Re: Liability insurance
PostPosted: 16 Apr 2019 14:26 
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Skipper

Joined: 09 Aug 2017 15:35
Posts: 271
Location: Maine/USVI
Progressive gets you almost to the Bahamas. Cheap. I'm hauled, in a shed, paid $900 or so for a year. Two different brokers, 2 different prices. Then you'd have to switch to Bluewater or other for a policy. You should plan to be S of 12N for hurricane season. Even those hauled out at 18N got hammered in Irmaria.

"Expert" marine insurer quoted me over $2500 for the same coverage. No survey, either.


 
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 Post subject: Re: Liability insurance
PostPosted: 16 Apr 2019 14:58 
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Skipper

Joined: 29 Dec 2010 10:24
Posts: 165
Two days ago paid for my next year, cash value policy with boat us/ geico $42,000, it is $540. This has covered me VT to Bahamas. I ‘think’ it’s only for boats valued less than $45,000.It covers you at cash value at time of claim.

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 Post subject: Re: Liability insurance
PostPosted: 17 Apr 2019 08:24 
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Skipper

Joined: 09 Aug 2017 15:35
Posts: 271
Location: Maine/USVI
It could well be I meant Geico rather than Progressive. My policy is 2000 miles away. But I paid about double what Timshel quotes. I verified it covers up to 25 miles offshore in the U.S., including heading for the Bahamas. Didn't ask or check regarding Canada.


 
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 Post subject: Re: Liability insurance
PostPosted: 18 Apr 2019 06:12 
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Able Bodied Seaman

Joined: 16 Jan 2019 08:52
Posts: 33
Thanks all. My quote was through Boaters US/gieco for a replacement cost of 25,000 and was $1,500 for coastal and inland water Can/US. It seems really expensive to put the boat on the hardstand for the summer season.


 
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 Post subject: Re: Liability insurance
PostPosted: 18 Apr 2019 18:55 
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Skipper

Joined: 29 Dec 2006 09:38
Posts: 544
That sounds really high. I pay $800 a year for a boat valued at $75K for everything up here in Maine to Chesapeake and 100 miles offshore—I have a 50T USCG license and a long record of no claims. I am thinking those of you in the hurricane zone are paying a premium for that option. A couple of hints from a retired insurance exec:
1. If you are willing to insure the hull and damage, liability insurance (the only thing marinas and other countries care about) is really cheap. I get $500K of liability on my 25’ Folkboat for about $100 a year here in California. I will fix anything that I do to the boat.
2. Going to any broker is going to cost you a premium. I am sorry of there are brokers out there on this list, but they are paid on commission of what they can sell you they add costs and not much value if you read and have some sense about deductibles and exclusions—ask questions. Deal direct and save. BOAT US and GEICO is hard to beat in rates. FWIW
Ray Durkee
T37 #373


 
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