How many insure their boat with only liability insurance? - Page 3 - SailNet Community
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post #21 of 56 Old 05-05-2013
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Re: How many insure their boat with only liability insurance?

I believe in doing a lot of sailing on a cheap boat. My 1981 28' S2 has a declared value of only $10,000 but prob isn't worth that much. If anything happed to her, I'd shrug it off and think "Now I've got a GOOD reason to build what I want". Liability only for me.
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post #22 of 56 Old 05-06-2013
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Re: How many insure their boat with only liability insurance?

I have 4 old cars (newest is 23 years old) and carry only liability coverage. I can manage the risk of damage by driving well (at least trying to), and parking in relatively safe places, as well as not being concerned about minor bangs, scrapes and scrathes others may inflict on these well broken in modes of transport.

My boat harbor requires $300,000 liability (which I would carry in any case to pay for damage I might cause, and pontential pollution and recovery cost I might inflict). I also carry comprehensive to cover the cost of my boat- it is cheap and will offset the cost of fixing or replacing the boat in case of damage. With a boat there is a lot of damage that may at times be out of your control, since everthing entails some risk- like potential sinking at the dock, lightning strikes, collisions by others, the high cost of a tow in case of a demasting or rig failure, or engine problems, hitting an object just below surface, and grounding.

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post #23 of 56 Old 05-06-2013
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Re: How many insure their boat with only liability insurance?

Just liability for me.. but my dockmates have boats that are pretty inexpensive too, we're on freshwater, and my boat is a write-off at $5k (insured for $10k)... bluebook says it's worth $8k. I have $5k in sails on it. Yep, never seeing the money I put into my boat again, but I'm ok with that!

"Rum Line" a 1982, S2 7.9 - Production boat limit tester, blue-water bucket owner, with wine taste on a beer budget.
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post #24 of 56 Old 05-06-2013
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Re: How many insure their boat with only liability insurance?

I have two separate policies, a full coverage Boat/US policy for the Chesapeake Bay and a relatively inexpensive liability-only Progressive policy for my ocean/coastal sailing out to 75 nautical miles.
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post #25 of 56 Old 12-07-2013
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Re: How many insure their boat with only liability insurance?

Some may 'sleep well at night' with full insurance, but consider this. I have done much consulting for insurance people. The claims agents are paid bonuses based on how many claims they DENY. Yes, deny. So if one claims agent pays out 80% of his claims and another only 60%, the latter is the superstar and the former is fighting for his job. If there is any doubt, wiggle room or uncertainty you may not get your claim accepted. The percentage of rejected claims varies, but I've heard its as high as 30%. So forget your security blanket, you don't have one. If there is damage, there is an excellent chance you will hear "sorry, not paying".

There are vast risks all around us. You'd have to stay in bed to live safe. There are thousands of situations in which you might get sued, or be liable for something, and you simply cannot be insured for many things. And if you could find the coverage, they'd try to wiggle out of paying.

Outside of the US, people do not face bankruptcy due to massive fines if their diesel tank leaks, or if their boat sinks. Ah, the land of the free....
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post #26 of 56 Old 12-08-2013
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Thanks for this Richard. It's part of the reason I'm no fan of insurance. My main objection to being forced into buying insurance has to do with risk vs cost.

By any measure the actually risks associated with cruising for most people is exceedingly small. The cost for full coverage insurance is not. The problem is that many of us are forced into buying this product, and therefore have little ability to make a rational choice.

Why go fast, when you can go slow.
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post #27 of 56 Old 12-08-2013
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Re: How many insure their boat with only liability insurance?

We pulled our 20' fishing boat and brought her home for safe keeping with Sandy approaching. Huge maple crushed her into the ground. One phone call, no questions asked, 3 pics emailed and two weeks later a check for $10k arrived. They said it's ours to do with now. We sold the outboard for an additional $2500.

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Yes all true, No wonder no one will go on the water with me.
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post #28 of 56 Old 12-08-2013
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Re: How many insure their boat with only liability insurance?

Just have liability required by marina on my boat. It's a Hunter 23.5 I keep on a trailer there. I guess it's in case the mast falls on someone else's boat? Most of the boats in my marina never move and any fuel in them probably wouldn't burn if you threw a match on it. I could definitely see the case to be made for spill remediation though. LOL.

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post #29 of 56 Old 12-08-2013
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Re: How many insure their boat with only liability insurance?

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Originally Posted by jppp View Post
We pulled our 20' fishing boat and brought her home for safe keeping with Sandy approaching. Huge maple crushed her into the ground. One phone call, no questions asked, 3 pics emailed and two weeks later a check for $10k arrived. They said it's ours to do with now. We sold the outboard for an additional $2500.
Excellent. You are one of the 70-80% that has their claims accepted. A clear, cut and dry situation. But rest assured, if it were not so simple, an agent would have appeared, looking for ways not to pay. That is there job. They get paid well to reject claims. They try hard to do this.

There were wild fires in my friend's neighborhood a few years back. her neighbor's house burned to the ground, but fortunately my friend's house was undamaged by flames. However, the smell of smoke was strong. It really stank in there. She said two agents came to her house, and looked around for an hour Then they sat at her kitchen table, looked her in the eye and said "what do you mean you smell smoke? WE don't smell smoke". She had the choice of litigation, but was advised against it. Her costs to repair the home were about $30,000.
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post #30 of 56 Old 12-08-2013
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Re: How many insure their boat with only liability insurance?

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Originally Posted by richardb123 View Post
Some may 'sleep well at night' with full insurance, but consider this. I have done much consulting for insurance people. The claims agents are paid bonuses based on how many claims they DENY. Yes, deny. So if one claims agent pays out 80% of his claims and another only 60%, the latter is the superstar and the former is fighting for his job. If there is any doubt, wiggle room or uncertainty you may not get your claim accepted. The percentage of rejected claims varies, but I've heard its as high as 30%. So forget your security blanket, you don't have one. If there is damage, there is an excellent chance you will hear "sorry, not paying".

There are vast risks all around us. You'd have to stay in bed to live safe. There are thousands of situations in which you might get sued, or be liable for something, and you simply cannot be insured for many things. And if you could find the coverage, they'd try to wiggle out of paying.

Outside of the US, people do not face bankruptcy due to massive fines if their diesel tank leaks, or if their boat sinks. Ah, the land of the free....
So what are you saying here? Do you have a liability only policy? Is this your self-deluding excuse to not carry any insurance? If so, please stay away from my boat.

You're welcome to think that comprehensive insurance coverage is a ripoff. That's your right, even if you're exaggerating. But if your boat catches fire and burns down my marina and my boat, I don't want you running and hiding, or declaring bankruptcy to escape your responsibility. I want all my boating neighbors to have liability insurance to make me whole if you screw up my boat.

It's what responsible boaters do. It's what reputable marinas require.


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