Boat Insurance

krozet · #1 (**permalink**) 12-12-2009

Hey all;

After purchasing my boat I was told by the marina where it is stored that I needed to have it insured and that they needed a copy of the insurance, all pretty straight forward. Then they told me that they needed to be listed on the policy as an additional insured, well what do I know about insurance...

I contacted my insurance broker to get the info sorted out and after a week going back and forth I was told that no insurance company they dealt with would list the marina as an additional insured because they have no financial interest in the boat. I received an insurance policy including $1,000,000 in Liability insurance that listed the marina as where the boat was kept.

The marina is telling me now that according to their contract I have to have them listed as a additional insured...

What is going on? I can't imagine my insurance broker wouldn't know what they are doing, and I find it less likely that an insurance company wouldn't want to take more money from me for a rider...

Can anyone shed some light on this for me?

Robert

kf2vv · #2 (**permalink**) 12-12-2009

I'll come down on the side of "insurance broker wouldn't know what they are doing", or perhaps a massive miscommunication. I don't like the practice, but it's really common and no marine insurer should even blink at the request. Cost is usually cheap-to-free.

Tempest · #3 (**permalink**) 12-12-2009

It's never been requested of me in any of the marina's I've berthed.
The Insurance company wants to know where I keep it.
I have Boat US ins...my marina simply asks for a policy number on my contract.

That's not to say it's not common practice elsewhere, I've just never encountered it.
I guess if you crash into or blow up their docks, they want to be covered.
probably helps keep their ins. costs down doing it that way??

tager · #4 (**permalink**) 12-12-2009

I would get the insurance, and then cancel it for the largest refund you can get. Who cares about the marina. They are not going to check up on you and make sure that your insurance is up to date every few months!

Insurance is a scam anyway, so I don't participate.

alwheeler98 · #5 (**permalink**) 12-12-2009

Just asked hubby who is an insurance agent.

He does not understand what is the insurable interest that the marina has on the boat.

He doesn't have many boat policies, but the ones he has (including ours) does not have the marina (or boatyard in our case) as an additional insured.

Maybe different in Canada?

krozet · #6 (**permalink**) 12-12-2009

Quote:

Originally Posted by alwheeler98

Just asked hubby who is an insurance agent.

He does not understand what is the insurable interest that the marina has on the boat.

He doesn't have many boat policies, but the ones he has (including ours) does not have the marina (or boatyard in our case) as an additional insured.

Maybe different in Canada?

No, I am in Canada. The Marina is in the US... The marina I am keeping the boat at when I get back to Canada in May of next year didn't ask for this insurance. I am really confused about this.

krozet · #7 (**permalink**) 12-12-2009

Quote:

Originally Posted by tager

I would get the insurance, and then cancel it for the largest refund you can get. Who cares about the marina. They are not going to check up on you and make sure that your insurance is up to date every few months!

Insurance is a scam anyway, so I don't participate.

I can't find an insurer that will put the marina on the policy in the first place, let alone cancel the policy afterword's.

Not that I would do such a thing...

poopdeckpappy · #8 (**permalink**) 12-12-2009

It's very common around here, every marina I've been in has require to be additionally insured, I totally understand this with the way everyone get dragged into any lawsuit involving property damage and it's worse if there is a injury or death

Quote:

Originally Posted by krozet

I can't find an insurer that will put the marina on the policy in the first place,

call BoatUS, I would be leary of any insurance broker that's never heard of such a thing

Faster · #9 (**permalink**) 12-13-2009

While it's common for marinas to require proof of insurance, this is the first time I've ever heard of one wanting to be included in the policy... usually only a copy of the policy is necessary....

..... find another marina?

swadiver · #10 (**permalink**) 12-13-2009

This is standard practice in Southern California and the marina I'm at. I contacted my insurance company (BoatUs) and they had no problem with it.