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Go Back   SailNet Community > On Board > Boat Review and Purchase Forum > Insurance and Survey Recommendations
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Thread: Insurance and Survey Recommendations Reply to Thread
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Topic Review (Newest First)
05-31-2007 05:55 PM
poopdeckpappy
Quote:
Originally Posted by brak
Interestingly, progressive online quote does not allow for comprehensive or collision at all on my boat, and it is not even 20 years old. Do you have full coverage with them or just liability?

.

I have full coverage, plus marina as additionally insured
05-31-2007 01:33 PM
FritzN
Thanks

You've given me a good idea of how things work.

Fritz
05-31-2007 11:28 AM
Wendy
Quote:
Originally Posted by FritzN
Several of you have mentioned required repairs, installations and purchases. Who pays for these? Is it an accepted practice that the seller reduces the price to compensate you for these deficiencies? If yes, how minor can these be? If no, what is typical?

I'm in the process of buying a used boat, and have never been on the buyer's side of a survey.
As Cam mentioned, everything is negotiable. That said, in my case I agreed to deal with all of the odds and ends at my expense. They weren't material in the big scheme of things- had they been major I would have either walked away or negotiated a price reduction. At some point soon after the survey, the broker will give you an "Acceptance of Yacht" form to sign if everything is to your satisfaction.

Wendy
05-31-2007 09:10 AM
TrueBlue
Quote:
Originally Posted by FritzN
Several of you have mentioned required repairs, installations and purchases. Who pays for these? Is it an accepted practice that the seller reduces the price to compensate you for these deficiencies? If yes, how minor can these be? If no, what is typical?

I'm in the process of buying a used boat, and have never been on the buyer's side of a survey.
It is my understanding that if post survey results identified significant deficiencies, overlooked during the inititial pre-survey inspections, it is common practice to renegotiate whatever offer was accepted by the seller.

Our surveyor, under my contract, discovered several "deficient" conditions requiring corrections. Most could be easily remedied by me, but two or three I had hired out to professionals after purchase.

I obtained written quotes for everything before final settlement - including work I would be doing, and presented them to the seller's broker. The sellers agreed to 100% of these itemizations - accepting my adjusted offer. I think the professionalism of the written surveyor's report, backed up by certified quotes, convinced the sellers . . . coupled with the fact that they were relocating out of State and were motivated.

Regarding obtaining the insurance binder required by the lender, Boat US had strict conditions requiring that a few of the issues identified by my surveyor, be repaired. They essentially were minor points, such as a cracked bobstay fitting, crazed gelcoat around one chainplate, securing a bolt in the waterlift muffler and updating fire extinguishers.

I eventually repaired these items, but in the interim, the insurer issued a binder with coastal limitations - acceptable with my lender. Some time after purchase, I sent them a signed statement of compliance and they issued full offshore coverage.
05-31-2007 09:00 AM
Pamlicotraveler Our last survey had "Essential Repairs" and "Recommended Repairs". For instance adding GFCI outlets was an essential repair so we did that right away. The insurance contract referred to having "all recommended repairs" completed and we balked at that. As an example, the surveyor had recommended that we "re-bed deck hardware" which makes sense enough over a period of time, but it is a major job to get done and there was no urgency to it so we worked it out with the insurance company that this would be done later.

I think its just one of the myriad of issues you have to navigate as a boatowner.
05-31-2007 08:49 AM
camaraderie Fritz...everything in a sale is a negotiation. That said, after an offer has been made and accepted, it is my view that only items which the buyer was aware of before the survey are NOT open to further negotiation. Anything that will be costly to repair and is not just normal wear and tear should be negotiated. Many sellers will have a "bottom line" that they will try not to dip below so you may not get everything you ask for and still wish to get the boat..but it never hurts to press and it is perfectly acceptable to do so.
05-31-2007 08:31 AM
FritzN
Question About Surveys

Several of you have mentioned required repairs, installations and purchases. Who pays for these? Is it an accepted practice that the seller reduces the price to compensate you for these deficiencies? If yes, how minor can these be? If no, what is typical?

I'm in the process of buying a used boat, and have never been on the buyer's side of a survey.
05-31-2007 06:28 AM
Wendy The "essential repairs" noted on my survey didn't give the underwriters any terrible heartaches. I was given 30 days to address them (hose clamps here and there, battery terminal insulators, horn- minor stuff similar to what you have listed). The policy did indicate that any losses due to these items would not be covered during that 30 day period. They were very reasonable about everything. I used Charter Lakes Yacht Insurance, for what that's worth.

Wendy
05-31-2007 02:15 AM
brak Interestingly, progressive online quote does not allow for comprehensive or collision at all on my boat, and it is not even 20 years old. Do you have full coverage with them or just liability?

I like the navigation area - a lot less restricted than BoatUS.
05-31-2007 01:58 AM
poopdeckpappy Call Progressive Insurance, they insure my little boat, No BS, it was done over the phone and increased twice as improvements were made, and this is a 40 yr. old boat
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