Help- New owner of 40ft old sailboat, can't get insurance - SailNet Community
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post #1 of 45 Old 06-15-2012 Thread Starter
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Help- New owner of 40ft old sailboat, can't get insurance

Need help. New owner of a 1974 41ft blue water sailboat. This is the first boat I, myself, have owned. Right now, no insurance company will even give me liability insurance so I can dock at the local marina. I have tried:
SkiboatUS
State Farm
United Marine
Progressive
Global Marine

Their excuse is the same, too big of a boat for a new owner and it is near the ocean.

Any ideas?

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

oh dear...
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Denise, Bristol PA, Oday 30. On Tidal Delaware River, Anchor Yacht Club.
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My boat is sold!
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post #3 of 45 Old 06-15-2012
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Just currious but whats the magic number in length or have they given you one or have you asked? Or does anyone else know? And what do they consider inexperienced?

I ask because me and my wife are considering something in the 36ft range own a catalina 22 for a couple of years now and dont plan on buying for another couple years. Havent gotten to the point of checking on insurance yet on a new boat so this story makes me a bit nervious.
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post #4 of 45 Old 06-15-2012
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Re: Help- New owner of 40ft old sailboat, can't get insurance

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.

Denise, Bristol PA, Oday 30. On Tidal Delaware River, Anchor Yacht Club.
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post #5 of 45 Old 06-15-2012
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Re: Help- New owner of 40ft old sailboat, can't get insurance

It is more than 30 years old, so many insurers won't take it on as a new policy.
It is more than ~30' long, so many insurers who deal primarily in cars and homes won't take it on.
You're a new owner with limited credentials and no past ownership of a similar vessel, so again many insurers won't take it on.
And the boat may not pass a survey--so MOST insurers won't take it on in any case.

It may not be feasible but in some states you can post a bond in lieu of liability insurance on a motor vehicle, you might ask your state insurance department. Meanwhile, you need to make it a priority that the boat can and will pass a survey 100% and as soon as possible.

If there is a local USCG Aux or Power Squadron, you might ask them about membership and insurance, members often get a discount. Getting credentials (ASA tests, etc.) may help you. Or try IMIS, IMIS Home Page ~ International Marine Insurance Services they're professionals and can probably put you with some legitimate carrier, or tell you what has to be done to qualify for one.
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post #6 of 45 Old 06-15-2012
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Re: Help- New owner of 40ft old sailboat, can't get insurance

They will not insure the boat b/c it is not worth anything. You will have to moor the boat or go on the hard to make repairs.
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post #7 of 45 Old 06-15-2012
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Re: Help- New owner of 40ft old sailboat, can't get insurance

It's common knowledge that Lloyds of London will insure anything for almost anybody; it's all about the premiums....

Lloyd's
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Re: Help- New owner of 40ft old sailboat, can't get insurance

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Originally Posted by b40Ibis View Post
They will not insure the boat b/c it is not worth anything. You will have to moor the boat or go on the hard to make repairs.
You can still insure for an "agreed hull value"; again, it's all about the premium.


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post #9 of 45 Old 06-15-2012
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But if he's only asking for liability whats it matter what the boat worth is? There not gonna pay out on the boat no matter what there only gonna pay out on damages to other boats you hit or damage. While that still takes into account experience and boat size the worth shouldnt matter I wouln't think.
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post #10 of 45 Old 06-15-2012
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Re: Help- New owner of 40ft old sailboat, can't get insurance

Boat US through West Marine?

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