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post #20 of Old 04-08-2019
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Re: What are typical marina liability insurance requirements

Originally Posted by hellosailor View Post
"I am surprised at the low numbered values."
No surprise really, just politics as usual. Some loud mouth northern liberals start shouting about "Insurance! You've got to make them have insurance! Where is that insurance fairy?!" so the politicians make the rubes happy by passing a law requiring insurance. But, they make sure it is CHEAP insurance because all the other voters are screaming "We don't want to pay! We want cheap insurance! Where is that insurance fairy?!"
This is the reason why some states only require $10,000 automotive insurance--in a day when the average car costs over 3x that much and one trip to the ER can generate a $800 ambulance bill plus another $17,000 for just the initial checkup and a couple of xrays or an MRI.
The insurance is NOT DESIGNED to make anyone whole. It is mandated and set at a point which will shut most of the whiners up, and that's OK because when they find out their insurance was worthless...hey, they got what they paid for. No one can really read their policy anyway, they are purposely typeset in a manner that intentionally violates every typesetting standard for legibility and readability--even when there are rules specifying how it has to be typeset. (And there actually are rules about that, even the SEC has rules about how contracts can be typeset, and every typesetter can tell you how they've been paid to work around them and make things unreadable.)

Actually, insurance is mandated because too many people are (badly) driving their POS cars around and they tend to hit people. Owners of said POS cars don't tend to have any assets to make the ones they harm whole. So insurance is not a matter of making the "whiners" happy, but of protecting all of us.

The cost issue is largely because so many people drive so badly (i.e., lots of tickets or a DUI or two) that the insurers justifiably see them as bad risks. Those with good driving records can afford reasonable coverage. The low-cost/low-coverage insurance is about finding a way to keep bad drivers on the road.
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