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  #31  
Old 12-04-2012
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Re: Help- New owner of 40ft old sailboat, can't get insurance

click here on the wooden boat fourms--> Where to get old wood boat insurance?

"Default Re: Where to get old wood boat insurance?

At the Wooden Boat Show in Mystic, I stopped at the Grundy booth. They do not require a survey - but do ask for a narrative of what's been done to the boat. Grundy Insurance

Their prices absolutely blew Heritage & Hagerty out of the water - 1/4 Heritage's price, ~45% of Hagerty's. They, like Hagerty, got their start with classic cars & then the owner got into old boats.

I have no connection with them, but unless someone comes up with a big reason why I shouldn't go with them, I am going to. Saving 2-3,000 is just too big a difference to ignore.

All comments welcome!"

-----------
Hope this helps
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Last edited by deniseO30; 12-04-2012 at 01:15 PM.
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  #32  
Old 12-04-2012
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Re: Help- New owner of 40ft old sailboat, can't get insurance

Try Liberty Mutual, they insured my 79 Allied Princess at half the price of BoatUS.
I do have auto and home with them.
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  #33  
Old 12-04-2012
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Re: Help- New owner of 40ft old sailboat, can't get insurance

Quote:
Originally Posted by night0wl View Post
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.
Actually this might work, if you get an umbrella liability policy for the LLC, it should cover any damage done by it's assets. Then you should be able to get it into a marina with the umbrella policy.

But the OP found another solution, a private dock, though I would not want to have a boat without at least liability insurance. Even a small accident could take all your assets, including your house if you have one.
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  #34  
Old 12-04-2012
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Re: Help- New owner of 40ft old sailboat, can't get insurance

mndieck, we ever going to see this boat? I love wooden boats and I would love to see yours!
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Old 12-04-2012
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Re: Help- New owner of 40ft old sailboat, can't get insurance

Progressive was at least (2 years ago) one of the easiest places to get insurance. They did not require a survey and will insure coastal sailing. What is there reason for not insuring the boat? They insure my 34 year old boat.

I had problems with a lot of other insurace companies like Boat US. My homeowners (state farm) was going to insure then they backed out- I think they would rather stick to houses and cars rather than off-shore boats.
Good luck
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  #36  
Old 12-04-2012
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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.
You may be able to get an umbrella personal liability policy that would cover you for anything. Might be worth asking if the marina would accept that instead of a boat policy.

Also, THANK YOU for following up on this thread! I wish more people did that
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Old 12-05-2012
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Re: Help- New owner of 40ft old sailboat, can't get insurance

I was looking at a '76 Sabre 34 that listed for $12K. I wanted to find out what the boat might be worth in average condition. I went to Boat US and filled out a form and they sent me an email estimating it at around $30K but added it could be higher or lower depending on a survey.

Then I started getting emails to insure it. I even got a policy in the mail that was for Florida and the Bahamas and the surrounding area. It was about $1,200/yr, but only insured the boat for $15K. I had already figured it would cost me that in repairs alone to make her safe to sail any farther from land than I could swim.

(I don't remember all the questions in the questionnaire but if they asked I would have said the largest boat I have ever sailed is 45' and I have about 7K-8K miles of sailing experience.)

They continued to send me emails about the policy for several weeks, the last being on 11/29 that included a toll free number to call or a link where I could go to purchase the insurance. At no time did I get anything that told me this offer was contingent on anything other than writing the check. I didn't pursue it because I didn't buy the boat.

FWIW.
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Old 12-05-2012
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Re: Help- New owner of 40ft old sailboat, can't get insurance

Quote:
Originally Posted by night0wl View Post
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.
Yea, I'm not so sure about that. If you're trying to limit your personal liability by placing the boat in an LLC, don't forget that boats are operated by people, and usually the operator will bear some fault when the boat damages another person. I mean, you can't put your car into an LLC, crash into someone, and tell them they're out of luck because they got damaged by an uninsured asset-less LLC.

In some situations, like if you're chartering out the boat to others, an LLC might be useful to limit personal liability, but not when you yourself are the operator of the boat.
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Old 12-05-2012
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Re: Help- New owner of 40ft old sailboat, can't get insurance

I'm surprised no one would write you for liability alone with a rider stating that you will not run the boat yourself or that you would only have a captain run it etc.
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Old 12-05-2012
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Re: Help- New owner of 40ft old sailboat, can't get insurance

I would try BoatUs as someone else mentioned. When I bought my boat there were a number of pretty serious deficiencies on the survey. I was able to get 'port restricted' insurance for the boat through Boat US.

Once I was able to correct the problems and get a surveyor to record that the propane tank no longer vented to the engine room, and that the knife switch for the 110 volt fuse panel was no longer on board and next to the propane tank, I was able to switch to a normal policy.

I also found BoatUS easy to talk to, and understanding about the realities of an old boat. For example I was able to negotiate a temporary process of getting the old girl off of port restriction if I removed the propane tank and did not use my 110 v system long enough for me to bring her home, where I switched to an alcohol stove and redid the 110 v system.

As others have suggested, BoatUS may tell you tha the problem is with your experience owning a boat. I would suggest that you put a resume together showing your experience on boats, and discuss that resume with the agent. Worse comes to worse, you may need to go through a sailing safety course.

Jeff
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Last edited by Jeff_H; 12-05-2012 at 06:25 PM.
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