SailNet Community - View Single Post - Help- New owner of 40ft old sailboat, can't get insurance
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post #24 of Old 06-16-2012
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Re: Help- New owner of 40ft old sailboat, can't get insurance

Originally Posted by mndieck View Post

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.
Thanks for the update, as this may directly affect me.

With what you describe, it would appear that 30 year and older boats may well have an even further devaluation, unless marina's change their practices, and I'll bet dollars to donuts that the marina's insurance will require them to get copies of boat owner's insurance policies.

Reality bites in this very risk averse universe we are in now.

Why are people happy to accept science which makes their life easier while rejecting science that makes their faith or beliefs more difficult?

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