Re: Boat Insurance Nuances - do I have it wrong?
Hull coverage is entirely up to the owner. If one can afford to lose it and is willing to chance it, that's a personal decision.
It's insane not to have liability in the US, which bears no relation to the value of your boat. You can do as much damage to others or the environment with a $5k boat as you can with a $500k boat.
The problem is that some insurance companies want a survey, even for liability, based upon certain factors such as: the specific age or model of the boat, the owners resume or the insurance company's policy.
A survey makes obvious sense when covering the hull, as they would want to know the hull is worth what they are insuring and not in a condition expected to drive an immediate claim. Liability, however, can also be a factor of the condition of the boat. I'm aware of two boat fires in the past year, both of which took out several others at the marina. Millions in liability. You bet that most insurance companies want to know your beloved isn't an accident waiting to happen.
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In the harsh marine environment, something is always in need of repair. Margaritas fix everything.