Help- New owner of 40ft old sailboat, can't get insurance - Page 2 - SailNet Community
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post #11 of 45 Old 06-15-2012
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Re: Help- New owner of 40ft old sailboat, can't get insurance

What are YOUR sailing credentials? USPS? CG Aux? ASA? US Sailing?

I suspect that may have something to do with the trouble in your getting insured as well.


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post #12 of 45 Old 06-15-2012
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Re: Help- New owner of 40ft old sailboat, can't get insurance

To make matters worse, this boat is more of a project boat than normal. I bought the boat after it was washed ashore from a storm at a discounted price, got it back into water, and have been doing the necessary repairs. Very long story. While the boat is in great shape all things considered, the likelihood of getting a good survey is low at the moment as well. Currently I have to anchor it out due to insurance woes. The motor runs well, and the boat is worthy of a diesel powered journey, but the rigging and sails need lots of work.


The survey is THE issue and my 1970 boat is insured with Boat-US NO problem with them or anybody else and had the PO not been willing to keep the boat and existing insurance in his name until it was on jack-stands at home the deal would NOT have happened


Been there done that would nobody would touch it until AFTER it would survey NOT even port insurance while it was in my driveway



WHY IN GODS NAME would anybody insure a storm salvaged boat that will NOT even remotely pass a survey

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post #13 of 45 Old 06-15-2012
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Re: Help- New owner of 40ft old sailboat, can't get insurance

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[COLOR="Red"].......

WHY IN GODS NAME would anybody insure a storm salvaged boat that will NOT even remotely pass a survey
He is looking for liability, not insurance to cover HIS boat.

I don't get it either.
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post #14 of 45 Old 06-15-2012
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Re: Help- New owner of 40ft old sailboat, can't get insurance

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He is looking for liability, not insurance to cover HIS boat.

I don't get it either.

liability would be the one that has them BIG TIME on the hook if the boat should sink as it cost a LARGE fortune to salvage a 41' boat with diesel leaking to the surface
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post #15 of 45 Old 06-15-2012
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Re: Help- New owner of 40ft old sailboat, can't get insurance

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liability would be the one that has them BIG TIME on the hook if the boat should sink as it cost a LARGE fortune to salvage a 41' boat with diesel leaking to the surface
Fair point. I suppose a viable hull survey doesn't exist? In other words, through hulls, seacocks etc. are solid.

I do feel for the owner though.



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post #16 of 45 Old 06-15-2012
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Re: Help- New owner of 40ft old sailboat, can't get insurance

Try Boat US too.

If they say no you may have to go with out insurance on a mooring or put the boat up in someone's yard (not a boatyard). Boatyards and marinas wont let you in without insurance. Staying on anchor is not a safe alternative, some night you'll come home find your home nowhere in sight.

Then you can work on a plan to get insurance:
1. Have the boat surveyed. The surveyor will have some strong recommendations as to safey items needing to be addressed. You need to fix those items.
2. It may take a few months to fix the safety issues. At the end of that period visit one of the local ASA schools and challenge the 101 and 103 exams. If you don't pass the challenges, take the classes.

Then you can go back to the insurance companies with the survey and list of resolved issues, some sailing certificates, a few months of experience running the boat, and that should be enough. The company may require you have the surveyor back to certify the suitability of your resolutions.

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post #17 of 45 Old 06-15-2012
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Re: Help- New owner of 40ft old sailboat, can't get insurance

My survey guy was very nice and gave me a free list and said forget about getting it insured

When he came back 20 months later he had no problem putting his name on the dotted line

General Summary/Risk Assessment/Values: This boat was found to be well constructed originally, and it has not suffered any major damage or repairs. The basic structure of the boat – the hull, deck, and interior, is sound. The foredeck has been largely rebuilt to correct a delamination condition. The work has been well done. The standing rigging is all new., and the mast and sails are in good condition. The engine, fuel and exhaust systems have all been rebuilt or replaced. The hull has been repainted. There are still some cosmetic upgrades to be made to the interior. In general, the boat has benefited from a knowledgeable and conscientious owner.

If the recommendation is followed I would consider it to be an acceptable risk.

I would place its current market value, as surveyed, based on book values as well as selling prices of similar boats, at about XXXXX

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post #18 of 45 Old 06-15-2012
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Just purchased our second boat. Not wanting to do a survey I called our insurance company and can get liability that will make the marinas happy.
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post #19 of 45 Old 06-15-2012
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Re: Help- New owner of 40ft old sailboat, can't get insurance

Create a LLC, put the boat under the LLC and put it on a mooring or anchor. Its worth nothing, and the LLC will protect you from the (remote) chance that your boat causes someone else damages beyond the value of the boat.

Some may find this distasteful...but the fact that you cant get insurance and now marinas require it is a bit crazy in todays litigious world.
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post #20 of 45 Old 06-15-2012
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Re: Help- New owner of 40ft old sailboat, can't get insurance

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Create a LLC, put the boat under the LLC and put it on a mooring or anchor. Its worth nothing, and the LLC will protect you from the (remote) chance that your boat causes someone else damages beyond the value of the boat.

Some may find this distasteful...but the fact that you cant get insurance and now marinas require it is a bit crazy in todays litigious world.
Agreed, at least it protects your other assets. Call it self-insurance if you want.



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