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Old 05-03-2013
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How many insure their boat with only liability insurance?

I raised this question on another thread concerning insurance, however I left out an important detail about liability insurance.

I was interested in finding out how many average people, (by average I mean, individuals who struggle to enjoy sailing on lower incomes) insure their boats with only liability insurance?

I agree, liability insurance would be a required facet of owning a boat, just like marine towing insurance, but when it comes to comprehensive insurance, how many do without and what would be the value that most go uninsured?

I know a lot depends on what reserves a person has but, let's say a person who does not have a lot in reserve except the boat itself. Is it worth the money to insure it if it cost less than, say 30K, 50K, or 100K, and not what one would call a perfect boat but one that is seaworthy and comfortable to sail to any destination.

I am in the process of having to decide if I want to go the route of liability only coverage or not and your responses would be appreciated. I have an older boat and I am tired of jumping through the insurance/surveyor hoops and I wanted to find out if their are others out there or do I need to just suck it up and just get the insurance.

Other thread:
Insurance rant - How would you respond
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Old 05-03-2013
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Re: How many insure their boat with only liability insurance?

In my experience your ability to get insurance is ALL or NONE and to get liability only does NOT remove any hoops

The wife and myself did take the risk while Seafever was in the driveway because we had to as it was not insurable BUT were are sure not prepared to roll the dice at the 20 k level

Pretty much nothing ever happened in my 55 year life until 6 weeks after a 20 month refit when my mooring neighbor put his bow pulpit through the cabintop

I get rather nervous in my mooring area as there are four well know 30' boats with extensive bow pulpit and rail damage from collisions
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Old 05-03-2013
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Re: How many insure their boat with only liability insurance?

I have a (maybe) $6,000 boat that I bought for $760 off e-bay and have been fixing on...

I have 300 k liabilty (marina required)... only...actually I think they might give me my $760 back if it sinks....
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Old 05-03-2013
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Re: How many insure their boat with only liability insurance?

Full replacement coverage for boat, motor and trailer. $1 million liability, $10,000 medical, coverage for items stolen from the boat.

I sleep at night with this coverage.

I, too, am worried about collisions. Know a guy couple boats down who hit the opposite marina's dock 2x so far this year.
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Old 05-03-2013
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Re: How many insure their boat with only liability insurance?

I was unable to get insurance without going through major hoops for my latiest boat because my boat is a kit boat and is consitered home made. I got it for free but put 5k in cash into materials and at least 200 hours overhauling her. I think I'm ok with only liability. Rolling the dice may also be easier for me because I'm at a dock and I'm on the great lakes not the ocean. I also redisigned the boat so that it would still float if it were cut into pieces. Really sick of giving my hard earned money to insurance companys just to get screwed when you do have a problem. Insurance is a scam to make the rich richer. I only keep it to protect my family.
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Old 05-03-2013
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Re: How many insure their boat with only liability insurance?

I insured my first boat during building. When I asked about insuring her after launching the broker came up with a policy which covered lightening( we get lightening every few years at most) theft of entire vessel.( She was not rigged. ) explosion( there was nothing to explode on her, and fire( there was no stove nor heater on board.) I told him where to stick his policy, and have had no insurance of any kind since.
I once made a claim for medical insurance and the company( world wide mediclaim, travel underwriters) refused to pay because I didnt have a credit card for them to put my expenses on, and force me to go to court to get paid. My brother, and others I have met also had bad experiences with them. I have little confidence insurers will pay any claim made .
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Old 05-03-2013
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Re: How many insure their boat with only liability insurance?

I've got my insurance through the US POwer Squadrons (carrier is The St Paul) and it's so affordable, it doesn't make sense to skimp. If you have a built-in engine/fuel tank, you'd damn well better have environmental insurance too.
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Old 05-03-2013
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Re: How many insure their boat with only liability insurance?

our boat is our house so full coverage is the only way for us to go, even with it being a problem finding insurance for an older boat.

I wouldn't have thought this was a problem untill I heard of a sailboat hitting a million dollar yacht at a fuel dock causing a few thousand in damage and the sailboat owners had no insurance. The yacht owner brushed it off but if I was the one that was hit I would either own another boat or be in jail for assalt.
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Old 05-03-2013
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Re: How many insure their boat with only liability insurance?

We currently carry agreed-value insurance as well as liability. We do that b/c our yacht club insists on it. When we head off to become full-time cruisers next spring we will likely only carry liability. The reason, once again, is b/c it seems more and more marinas are insisting on boats having liability coverage just to dock.

Personally, if I could avoid buying any insurance, I would. This seems to be increasingly hard to do, at least in the rich parts of the world, so it will be liability-only for me.
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Old 05-03-2013
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Re: How many insure their boat with only liability insurance?

When we go, soon please Neptune, we will carry only liability. We can afford the loss of the boat. We can not afford the fines for a fuel spill or recovering the hull should she sink.
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