Join Date: Feb 2010
Location: Narragansett Bay
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Paying for rescue is an age old debate. I think many would agree, but putting in writing an exact description of those reimbursable risks is very hard. The day before an EPIRB was invented, it wouldn't have been considered necessary. The next day, it still wasn't really commerically available, etc. Keeping those requirements current would be very hard.
As far as insurance goes, most banks require a Breach of Warranty clause in the policy, which will still pay their loan balance even if you violate the coverage requirements of the policy. None of your equity would be covered. Naturally, that clause typically costs a few more dollars, but not as much as one might think.
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In the harsh marine environment, something is always in need of repair. Margaritas fix everything.