Is insurance needed for 40 yro boat?? - SailNet Community

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Old 06-28-2006
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Is insurance needed for 40 yro boat??

Recently purchased 1968 Westerly here in Maine, boat is payed for in full. I expect the boat to be in the water May- late Oct. This is my first boat- do I need insurance? Boat is only worth $5000.00 or so. Thanks in advance. Jeff
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Old 06-28-2006
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Maine does not require boat insurance so technically "No." However, I would recommend that you get boat insurance even if just for the minimum. Here is why:
1. You want property insurance for damage you may cause to other boats.
2. You want liability insurance in case one of your passengers is injured due to your negligence.
3. If another boat strikes your boat and totals it you may have to pay significant money to dispose of your boat.

Insurance on that boat will not be expensive but I say it is wise to have it.
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Old 06-28-2006
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Maybe this should be viewed from 2 perspectives. First, if something happens to your boat that you had no control over, how keen are you to effectively throw away your $5000 investment, and front up more cash for the repairs? Second, if you hit something or someone else, what are you going to do when you are in the middle of a law suit so the other party or party's insurance company is trying to recover their loss due to your apparent negligence.
It's all to do with Risk Management - what are the risks you are able to cover on your own?
Perhaps others who are more knowledgable can shed light on other aspects, but for my money, I want to protect my investment and the rest of my hard earned things.
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Old 06-28-2006
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Most marinas require liability insurance to lease a slip.
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Old 06-28-2006
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No one will sue you if you don't have deep pockets, or insurance...

Just a thought...
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Old 06-28-2006
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There is a some solid advice....They will take a judgment.
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Old 06-28-2006
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Most insurance policies also provide "spill coverage", a little accident at the fuel dock could be expensive.
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Old 06-28-2006
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And considering the government can be rather ferocious about enforcing the fines for MARPOL violations... might be worth getting on that alone.

That said, most marinas require boats using their moorings or slips for a season to have adequate insurance. Most insurance policies will provide some medical coverage as well, for people either injured on your boat, by your boat, on while on your boat if hit by an uninsured boat.
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Old 06-28-2006
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There is going to be an accident. . . .
If you're insured you'll sail bow-first into a dock or something equally indestructable at 3 knots
If you're not insured you'll sail bow-first into the side of an anchored 140ft Dubois superyacht at 8 knots.
This is the unavoidable law of Murphy.
You choose :-)
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