Help- New owner of 40ft old sailboat, can't get insurance - Page 3 - SailNet Community
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post #21 of 45 Old 06-15-2012
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Re: Help- New owner of 40ft old sailboat, can't get insurance

I would talk to a marine insurance broker even if he can't help he will be able to tell you why or what you will need to be insured. the real issue with a not so good survey and liability is not so much what you might hurt but who you might hurt. insuring a boat that does not survey well is not one that they want to insure because that is one way new owner get into trouble .

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post #22 of 45 Old 06-16-2012
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Re: Help- New owner of 40ft old sailboat, can't get insurance

try BoatUS.com for insurance.
contact the american saing association and find a sailing school near you and get a couple of ASA certifications. start with basic keelboat 101 which most schools also include a boating safety certificate. then do basic coastal cruising 103 and coastal navigation 105. this will get you over the hump. then get plenty of pratice on the water.
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post #23 of 45 Old 06-16-2012 Thread Starter
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Re: Help- New owner of 40ft old sailboat, can't get insurance

UPDATE

Owner of thread here:

So I called BoatUS on the recommendations of SailNet community. At this time they will not touch it. Bryan, one of the underwriters, was very helpful though, and I have learned much to share. He said if I had 12 months of ownership of this boat, and a few ASA classes under my belt, then getting insurance through BoatUS shouldn't be a problem. New boat Owner/limited experience (2 years of using other peoples boats...)/Big boat is the biggest headache.

It doesn't help that this boat was once on land, though a decent survey may help that. I expect the hull and engine to survey well, but a few soft spots on the deck and some old rigging/sails will cause issues. Not terrible for a 38 year old boat, but I have issues I want to address before survey.

Now, according to the underwriter, over the past year or so the entire marine insurance industry has tightened up considerably. If this had been 2 years ago, insurance would not have been a problem. Case in point I have also learned from my friend at the marina that he got cheap liability insurance through State Farm 2 years ago, with zero experience on a 30ft sailboat. Calling State Farm, they had changed their policies and/or underwriter one year ago and no longer insure boats in the salt- he is grandfathered in, for now. Essentially, if you have a good insurance policy DON'T LET IT LAPSE!

At this point, a lot of the marinas are not even aware of the difficulties for new boat owners to acquire insurance. Asking around it was one of those "Oh, just get $300,000 liability insurance to protect our docks and the other boats and it won't be a problem..."

Bryan, the BoatUS underwriter, has given me three smaller insurance companies that may be able to help. Unfortunately they are only open M-F. Current plan is to get the boat fully seaworthy, take a few ASA classes, and try these other companies- not necessarily in that order.

Will post the outcome.
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post #24 of 45 Old 06-16-2012
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Re: Help- New owner of 40ft old sailboat, can't get insurance

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Originally Posted by mndieck View Post
UPDATE

Owner of thread here:

So I called BoatUS on the recommendations of SailNet community. At this time they will not touch it. Bryan, one of the underwriters, was very helpful though, and I have learned much to share. He said if I had 12 months of ownership of this boat, and a few ASA classes under my belt, then getting insurance through BoatUS shouldn't be a problem. New boat Owner/limited experience (2 years of using other peoples boats...)/Big boat is the biggest headache.

It doesn't help that this boat was once on land, though a decent survey may help that. I expect the hull and engine to survey well, but a few soft spots on the deck and some old rigging/sails will cause issues. Not terrible for a 38 year old boat, but I have issues I want to address before survey.

Now, according to the underwriter, over the past year or so the entire marine insurance industry has tightened up considerably. If this had been 2 years ago, insurance would not have been a problem. Case in point I have also learned from my friend at the marina that he got cheap liability insurance through State Farm 2 years ago, with zero experience on a 30ft sailboat. Calling State Farm, they had changed their policies and/or underwriter one year ago and no longer insure boats in the salt- he is grandfathered in, for now. Essentially, if you have a good insurance policy DON'T LET IT LAPSE!

At this point, a lot of the marinas are not even aware of the difficulties for new boat owners to acquire insurance. Asking around it was one of those "Oh, just get $300,000 liability insurance to protect our docks and the other boats and it won't be a problem..."

Bryan, the BoatUS underwriter, has given me three smaller insurance companies that may be able to help. Unfortunately they are only open M-F. Current plan is to get the boat fully seaworthy, take a few ASA classes, and try these other companies- not necessarily in that order.

Will post the outcome.
Thanks for the update, as this may directly affect me.

With what you describe, it would appear that 30 year and older boats may well have an even further devaluation, unless marina's change their practices, and I'll bet dollars to donuts that the marina's insurance will require them to get copies of boat owner's insurance policies.

Reality bites in this very risk averse universe we are in now.



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post #25 of 45 Old 06-16-2012
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Re: Help- New owner of 40ft old sailboat, can't get insurance

I sail on my 42 year old Cal 29 and a 42 Year old C&C 35 and its the survey which both have insurance without issue and pretty darn high Actual Cash Values

EVEN on a much NEWER boat they want one every 10 years and even my orginal owner friend of a PERFECT Tartan 372 had to have and OUT of water survey this season to KEEP his insurance

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post #26 of 45 Old 06-17-2012
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OP, pm me and I'll send you my broker's contact info. I was in the same boat, almost (sorry, couldn't resist): trying to find coverage for a home-built wood boat that had been under the PO's homeowner's policy. I found out like you did that companies don't want to cover older boats without a survey. I was prepping to spring for a survey on a 25'er I was getting for about what the survey would've cost me. In the end I got an agreed-value policy and liability based on my experience crewing (no certs) and detailed pics that showed she was shipshape.

But either way I could believe a good broker could get you liability coverage with a hull/engine survey.
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post #27 of 45 Old 06-17-2012
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Re: Help- New owner of 40ft old sailboat, can't get insurance

I hadn't thought about this problem but I guess it makes sense. I got liability with a few clicks online and $125 for my 26. No survey, no questions, nothing.
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post #28 of 45 Old 06-17-2012
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Re: Help- New owner of 40ft old sailboat, can't get insurance

Liability for inshore sailing shouldn't be problem for any boat. I had a number of companies offering to write a policy. The problem is in going>75-125 miles offshore. It seems that companies are reluctant to insure boats that venture very far from American waters, even when sailing where there are essentially no other boats to run into. I guess the uncertainty of foreign regulations has something to do with it but it would seem, in reality, that the farther one gets away from America the Land of Litigation, the less actual liability.

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post #29 of 45 Old 12-04-2012 Thread Starter
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Re: Help- New owner of 40ft old sailboat, can't get insurance

Owner of thread here, with final update.

I am not going to get insurance on my boat, for now at least.

After spending time working on it to make it pretty and seaworthy, I have found a private dock that I can use. I am forced to take the risk this year till I can accumulate the year(s) of ownership necessary to get insurance. To mitigate risk I had it pulled out of the water and placed on hard stands to get through hurricane season and to conduct repairs.

I found a friend with an old Chris Craft wooden boat that was forced into a similar situation, just because it was old and wooden- even though it was meticulously maintained.
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post #30 of 45 Old 12-04-2012
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Re: Help- New owner of 40ft old sailboat, can't get insurance

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my guess is the PO's insurance already paid out the loss and it's listed as sunk. I've no idea what you should do really. Denise030
Probably true. Did you research insurance for her before you got her? If not why not?
Is the only reason you are getting insurance is because the yards are requiring it? Or do you feel you should have liability insurance no matter what? Isnt what the insurance companies are saying true? Over 30 years, you have limited experience?

Do you feel those are unfair reqirements?

Isnt the insurance also for an accident where you have a polution spill or present an environemental hazzard also?


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