insurance/survey - Page 2 - SailNet Community

   Search Sailnet:

 forums  store  


Quick Menu
Forums           
Articles          
Galleries        
Boat Reviews  
Classifieds     
Search SailNet 
Boat Search (new)

Shop the
SailNet Store
Anchor Locker
Boatbuilding & Repair
Charts
Clothing
Electrical
Electronics
Engine
Hatches and Portlights
Interior And Galley
Maintenance
Marine Electronics
Navigation
Other Items
Plumbing and Pumps
Rigging
Safety
Sailing Hardware
Trailer & Watersports
Clearance Items

Advertise Here






Go Back   SailNet Community > General Interest > General Discussion (sailing related)
 Not a Member? 


Like Tree18Likes
Reply
 
LinkBack Thread Tools
  #11  
Old 12-10-2013
captain jack's Avatar
Senior Member
 
Join Date: May 2013
Location: frederick, md
Posts: 1,222
Thanks: 78
Thanked 38 Times in 34 Posts
Rep Power: 2
captain jack is on a distinguished road
Re: insurance/survey

Quote:
Originally Posted by Alex W View Post
What is the stated value of the boat?

My State Farm rep told me that they require a survey on boats with a replacement value of over $20k. I insured a Catalina 25 with a stated replacement value of $8k with no survey. My Pearson is insured for more and I did need to get a survey.

Different agents and different regions may of course vary. I'm in Seattle.
well, that i don't know. i have seen them go for 3000 and i have seen them go for 6500. te reason they gave me was the age. the underwriter won't cover a boat that old without a survey.
Reply With Quote Share with Facebook
  #12  
Old 12-10-2013
boatpoker's Avatar
Senior Member
 
Join Date: Jul 2008
Location: Toronto
Posts: 1,053
Thanks: 8
Thanked 25 Times in 24 Posts
Rep Power: 7
boatpoker is on a distinguished road
Re: insurance/survey

Ask the insurance broker if he will give you "Port Risk" liability coverage until you get her fixed up and then get the survey.

I can't see anyone giving you coverage on a $300.00 boat for general liability. A $300 boat is a screaming red flag and the risk is just not worth it against what it costs to remove a potential sinker or fire risk (their point of view).
__________________
Dirt People Scare me
Reply With Quote Share with Facebook
  #13  
Old 12-10-2013
captain jack's Avatar
Senior Member
 
Join Date: May 2013
Location: frederick, md
Posts: 1,222
Thanks: 78
Thanked 38 Times in 34 Posts
Rep Power: 2
captain jack is on a distinguished road
Re: insurance/survey

Quote:
Originally Posted by boatpoker View Post
Ask the insurance broker if he will give you "Port Risk" liability coverage until you get her fixed up and then get the survey.

I can't see anyone giving you coverage on a $300.00 boat for general liability. A $300 boat is a screaming red flag and the risk is just not worth it against what it costs to remove a potential sinker or fire risk (their point of view).
ok. sounds like you know something about insurance. is a 'port risk' liability policy a common thing?

the boat wasn't a wreck, just abandoned. she's not taking on water or anything. i explain how i got it at that price, when they ask what i paid for it. but i guess i see your point. it's the age that makes them want the survey.
Reply With Quote Share with Facebook
  #14  
Old 12-10-2013
Member
 
Join Date: Aug 2007
Posts: 36
Thanks: 0
Thanked 0 Times in 0 Posts
Rep Power: 0
ozsailer is on a distinguished road
Re: insurance/survey

Hi Captain Jack,
Here in Oz if the boat is over 15 years old most insurance companies now require a survey every 2 to 5 years and also when a person buys a boat. There a lot more people getting 3rd party insurance as they believe their boats are not worth insuring. One thing to consider is not so much what your boat is worth but what occurs if your boat is responsible for an event which damages one or several other boats, many today are very very expensive. Not having a go but what is going to cost more, Insuring the boat and get the survey and have no worries if something goes wrong or having a life long debt if it all turns bad. Only recently there was a large fire at a local marina, Four boats totally destroyed. Estimated value 3 to 4 million. Hope the guy who boat was the cause of the fire is insured. Here in Oz some insurance companies are now refusing to insure boats on moorings yet there is a huge lack of marina's to put a boat, catch 22


Greg and Sue
Reply With Quote Share with Facebook
  #15  
Old 12-10-2013
TakeFive's Avatar
If it's blowin' I'm goin'
 
Join Date: Oct 2009
Location: Swarthmore, PA
Posts: 2,515
Thanks: 5
Thanked 44 Times in 41 Posts
Rep Power: 5
TakeFive will become famous soon enough
Re: insurance/survey

I genuinely hope you can avoid a survey. Ir sounds like some here have given you reason to believe that for an inexpensive boat and/or liability only coverage, you might be able to avoid it. That's good news.

But if it's unavoidable and you need to "bite the bullet" and get a survey, you should let go of this idea that survey cost has anything to do with what you paid for the boat. It can be argued that the older/cheaper a boat is, the more difficult it will be to survey, and hence the more it will cost...and the more it is needed. You should realize that by getting a boat for very little money, you're going to pay less in up-front cost, but also may pay more for other things later. Not everything is going to be reduced in proportion to your original purchase price. So be glad whenever you can trim costs, but realize that some things will not be avoidable.

Make sure any potential surveyors know that this is an insurance survey, and not a pre-purchase survey. The latter usually costs more.

I used State Farm (my auto and home carrier) for my boat for my first year. After that first year I realized a couple of severe deficiencies in their policy. A couple of the deficiencies limited their potential replacement payout (which is irrelevant for a liability-only policy). But they also did not cover liability for environmental damage, which can be a huge bill. I switched to BoatUS, which covers over $800,000 in environmental damage. You need to consider that, especially if you are doing a DIY repower with diesel. My annual premium for my 25' boat is about $150, with full coverage but $1000 deductible.
__________________

To view links or images in signatures your post count must be 10 or greater. You currently have 0 posts.

Formerly posted as "RhythmDoctor"
1998 Catalina 250WK Take Five (at Anchorage Marina, Essington, on the Delaware River)
1991 15' Trophy (Lake Wallenpaupack)
1985 14' Phantom (Lake Wallenpaupack)
Reply With Quote Share with Facebook
  #16  
Old 12-11-2013
newhaul's Avatar
islander bahama 24
 
Join Date: Feb 2010
Location: kingston WA
Posts: 795
Thanks: 6
Thanked 24 Times in 24 Posts
Rep Power: 5
newhaul is on a distinguished road
Re: insurance/survey

I'm with foremost for liability they didn't want survey just good pictures from all 4 sides showing that the boat wasn't derelict. Foremost insurance group fredrick MD 866 592 3770 mine cost a c note a year for 300k liability. (Mines older than yours 68 islander)
__________________
Illegitimus Non Tatum Carborundum.

To view links or images in signatures your post count must be 10 or greater. You currently have 0 posts.
Reply With Quote Share with Facebook
The Following User Says Thank You to newhaul For This Useful Post:
captain jack (12-11-2013)
  #17  
Old 12-11-2013
barefootnavigator's Avatar
Senior Member
 
Join Date: Mar 2012
Location: Salish Sea
Posts: 557
Thanks: 22
Thanked 21 Times in 21 Posts
Rep Power: 3
barefootnavigator is on a distinguished road
Re: insurance/survey

Contact the guy you bought the boat from get his agent who previously insured the boat bam your done, go sailing Life is so easy
Reply With Quote Share with Facebook
  #18  
Old 12-11-2013
Unkle Toad's Avatar
Senior Member
 
Join Date: May 2013
Location: South Puget Sound
Posts: 123
Thanks: 0
Thanked 5 Times in 5 Posts
Rep Power: 2
Unkle Toad is on a distinguished road
Re: insurance/survey

I was told today that possibly progressive does not require a survey for Liability. worth looking into.
__________________
We Have nothing to fear but Reefs and Pirates
Reply With Quote Share with Facebook
  #19  
Old 12-11-2013
captain jack's Avatar
Senior Member
 
Join Date: May 2013
Location: frederick, md
Posts: 1,222
Thanks: 78
Thanked 38 Times in 34 Posts
Rep Power: 2
captain jack is on a distinguished road
Re: insurance/survey

Quote:
Originally Posted by ozsailer View Post
Hi Captain Jack,
Here in Oz if the boat is over 15 years old most insurance companies now require a survey every 2 to 5 years and also when a person buys a boat. There a lot more people getting 3rd party insurance as they believe their boats are not worth insuring. One thing to consider is not so much what your boat is worth but what occurs if your boat is responsible for an event which damages one or several other boats, many today are very very expensive. Not having a go but what is going to cost more, Insuring the boat and get the survey and have no worries if something goes wrong or having a life long debt if it all turns bad. Only recently there was a large fire at a local marina, Four boats totally destroyed. Estimated value 3 to 4 million. Hope the guy who boat was the cause of the fire is insured. Here in Oz some insurance companies are now refusing to insure boats on moorings yet there is a huge lack of marina's to put a boat, catch 22

Greg and Sue
there's no question about getting insurance, or not. i have to. it's a matter of how....due to the survey requirement. at least here i don't need to get it every few years. yikes!
Reply With Quote Share with Facebook
  #20  
Old 12-11-2013
captain jack's Avatar
Senior Member
 
Join Date: May 2013
Location: frederick, md
Posts: 1,222
Thanks: 78
Thanked 38 Times in 34 Posts
Rep Power: 2
captain jack is on a distinguished road
Re: insurance/survey

Quote:
Originally Posted by TakeFive View Post
I genuinely hope you can avoid a survey. Ir sounds like some here have given you reason to believe that for an inexpensive boat and/or liability only coverage, you might be able to avoid it. That's good news.

But if it's unavoidable and you need to "bite the bullet" and get a survey, you should let go of this idea that survey cost has anything to do with what you paid for the boat. It can be argued that the older/cheaper a boat is, the more difficult it will be to survey, and hence the more it will cost...and the more it is needed. You should realize that by getting a boat for very little money, you're going to pay less in up-front cost, but also may pay more for other things later. Not everything is going to be reduced in proportion to your original purchase price. So be glad whenever you can trim costs, but realize that some things will not be avoidable.

Make sure any potential surveyors know that this is an insurance survey, and not a pre-purchase survey. The latter usually costs more.
thanks sir. that's good to know. this is all new to me. every piece of info i get is a nugget of gold. this fits right in with the future of sailing thread. it's not learning to sail that is hard. it's jumping through the hoops of boat ownership!

Quote:
Originally Posted by TakeFive View Post
I used State Farm (my auto and home carrier) for my boat for my first year. After that first year I realized a couple of severe deficiencies in their policy. A couple of the deficiencies limited their potential replacement payout (which is irrelevant for a liability-only policy). But they also did not cover liability for environmental damage, which can be a huge bill. I switched to BoatUS, which covers over $800,000 in environmental damage. You need to consider that, especially if you are doing a DIY repower with diesel. My annual premium for my 25' boat is about $150, with full coverage but $1000 deductible.
boats US was my first quote. then i learned tey needed a survey. if i have to get a survey, then they are back in the running.

Last edited by captain jack; 12-11-2013 at 02:09 AM.
Reply With Quote Share with Facebook
Reply


Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
 
Thread Tools

 
Posting Rules
You may post new threads
You may post replies
You may post attachments
You may edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is On


Similar Threads
Thread Thread Starter Forum Replies Last Post
Insurance Survey SVTatia General Discussion (sailing related) 6 08-02-2012 10:50 PM
Need insurance survey - Port Washington -- recommendations? Bene505 Long Island 2 06-14-2012 01:49 AM
Insurance survey vs purchase survey RossC32 General Discussion (sailing related) 9 03-01-2012 05:05 PM
Insurance and Survey Recommendations otaga05 Boat Review and Purchase Forum 20 05-31-2007 04:55 PM


All times are GMT -4. The time now is 03:03 PM.

Add to My Yahoo!         
Powered by vBulletin® Version 3.8.7
Copyright ©2000 - 2014, vBulletin Solutions, Inc.
SEO by vBSEO 3.6.1
(c) Marine.com LLC 2000-2012

The SailNet.com store is owned and operated by a company independent of the SailNet.com forum. You are now leaving the SailNet forum. Click OK to continue or Cancel to return to the SailNet forum.