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Old 06-16-2012
mndieck mndieck is offline
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Re: Help- New owner of 40ft old sailboat, can't get insurance

UPDATE

Owner of thread here:

So I called BoatUS on the recommendations of SailNet community. At this time they will not touch it. Bryan, one of the underwriters, was very helpful though, and I have learned much to share. He said if I had 12 months of ownership of this boat, and a few ASA classes under my belt, then getting insurance through BoatUS shouldn't be a problem. New boat Owner/limited experience (2 years of using other peoples boats...)/Big boat is the biggest headache.

It doesn't help that this boat was once on land, though a decent survey may help that. I expect the hull and engine to survey well, but a few soft spots on the deck and some old rigging/sails will cause issues. Not terrible for a 38 year old boat, but I have issues I want to address before survey.

Now, according to the underwriter, over the past year or so the entire marine insurance industry has tightened up considerably. If this had been 2 years ago, insurance would not have been a problem. Case in point I have also learned from my friend at the marina that he got cheap liability insurance through State Farm 2 years ago, with zero experience on a 30ft sailboat. Calling State Farm, they had changed their policies and/or underwriter one year ago and no longer insure boats in the salt- he is grandfathered in, for now. Essentially, if you have a good insurance policy DON'T LET IT LAPSE!

At this point, a lot of the marinas are not even aware of the difficulties for new boat owners to acquire insurance. Asking around it was one of those "Oh, just get $300,000 liability insurance to protect our docks and the other boats and it won't be a problem..."

Bryan, the BoatUS underwriter, has given me three smaller insurance companies that may be able to help. Unfortunately they are only open M-F. Current plan is to get the boat fully seaworthy, take a few ASA classes, and try these other companies- not necessarily in that order.

Will post the outcome.
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