What are typical marina liability insurance requirements - Page 2 - SailNet Community
 2Likes
Reply
 
LinkBack Thread Tools
post #11 of 29 Old 04-06-2019
Old soul
 
MikeOReilly's Avatar
 
Join Date: Apr 2010
Location: Wherever I am
Posts: 4,069
Thanks: 253
Thanked 196 Times in 183 Posts
Rep Power: 10
 
Re: What are typical marina liability insurance requirements

Quote:
Originally Posted by roverhi View Post
Difference could be that your legal system is not designed to serve the interests of the Trial Lawyers at the expense of everyone else. Hopefully you don't have bottom dwelling attorneys filing lawsuits for every thing they can think up so insurance can be cheaper.

The two marinas I currently have boats in, Hawaii & California, recently upped their limits to $500,000 from $300,000. Both are publicly owned facilities.
Yes, my $2M liability coverage is pretty cheap; a tiny part of my total insurance bill.

It certainly seems true the US is far more litigious than just about anywhere else in the world. But wouldnít that encourage marinas to demand even higher liability amounts from transients? Iím sure the cost to the boater would be a lot more, but the marina doesnít care about that. They are trying to ensure they donít get stuck with a cost, so wouldnít they want to see higher amounts?

Why go fast, when you can go slow.
BLOG:
To view links or images in signatures your post count must be 10 or greater. You currently have 0 posts.
MikeOReilly is online now  
Sponsored Links
Advertisement
 
post #12 of 29 Old 04-06-2019
Senior Member
 
Join Date: Aug 2010
Location: The Bahamas
Posts: 3,716
Thanks: 3
Thanked 139 Times in 137 Posts
Rep Power: 10
 
300k in the US runs me about $110 yr.
Cheap yeah.
Anchorages and sime marinas can seem tight...but nothing like what happens in a walmart etc parking lot...
RegisteredUser is online now  
post #13 of 29 Old 04-06-2019
Member
 
Join Date: Mar 2016
Location: Sydney Australia
Posts: 58
Thanks: 2
Thanked 3 Times in 3 Posts
Rep Power: 4
 
Re: What are typical marina liability insurance requirements

Quote:
Originally Posted by MikeOReilly View Post
I find it interesting that American standard liability amounts are in the $100k to $300k range, yet here in Canada at least $2M is standard.

I have only ever been asked to produce proof of liability insurance by my home marina ó never as a transient, and I have traveled the length of the Canadian Great Lakes.
Down here , most insurance is $10 mill liability.

Cheers, Uncle Bob the 1st from Sydney Aust.
Uncle Bob the 1st is offline  
 
post #14 of 29 Old 04-07-2019
Full time cruiser
 
Join Date: Aug 2003
Location: Wintering over in Israel
Posts: 542
Thanks: 27
Thanked 32 Times in 30 Posts
Rep Power: 17
 
Re: What are typical marina liability insurance requirements

We have been carrying $500Kusd for 12 years and we have sailed about 1/2 the world. The only time we had a problem was in Montenegro who wanted 1mEuro - we contacted IMIS and they gave us a rider in less than 24 hours. Looking at the boats in Montenegro where most of the dingys are bigger than our 40' Jeanneau you would understand.

We did have a run in with the Greeks in Rhodes when we checked out and the CG wanted to see all our papers and said $500kUSD was not enough - it had to be 500KEuro - now bear in mind we had our papers check multiple times by the Greeks and not one said a thing.

Just our thoughts and opinion
Chuck, Patty and SVSoulMates
Wintering over in Israel
chuck5499 is online now  
post #15 of 29 Old 04-07-2019
Senior Member
 
Join Date: Feb 2010
Location: Narragansett Bay
Posts: 20,175
Thanks: 82
Thanked 573 Times in 549 Posts
Rep Power: 11
   
Re: What are typical marina liability insurance requirements

The more sophisticated marinas have a clause in their contract that limits their liability for damage, even if itís caused by their property or people. The worst of the marinas will bury a waiver of subrogation clause, which means they can not be pursued by your insurance company, if the claim they paid you was caused by the marina (say an electrical fire on the dock). Ready for the real kick in the pants? If you waive that subrogation right, unless you have a specific acknowledgement in your insurance policy, saying the insurance company accepts this risk, they donít have to pay that claim.

Liability coverage gets incrementally cheaper, as the coverage increases. The first dollar of coverage is more at risk, for the insurance company, than the last. Small claims are more common than large. Umbrella coverage is often the cheapest way to get to larger coverages. These pay, after your primary policy runs out. Therefore, umbrella policies require a defined minimum coverage on the primary, such as your house, boats, etc. Then itís fairly inexpensive to have secondary (umbrella) coverage to larger amounts that protect oneís total assets.

Understand that while a loss settlement is easier to the extent you have insurance coverage, your personal assets are still exposed to a judgement, if the loss exceeds your coverage and the injured is not willing to just accept the limit if your coverage. I donít let marinas tell me what limits I should have, they are always too low. A plaintiffs attorney sees a boat owner and knows there are more assets.


To view links or images in signatures your post count must be 10 or greater. You currently have 0 posts.

Jeanneau 54DS

In the harsh marine environment, something is always in need of repair. Margaritas fix everything.
Minnewaska is offline  
post #16 of 29 Old 04-07-2019
Senior Member
 
Join Date: Feb 2002
Location: Jackson WY
Posts: 2,195
Thanks: 45
Thanked 85 Times in 84 Posts
Rep Power: 18
 
Re: What are typical marina liability insurance requirements

I am surprised at the low numbered values. It seems like it could be easy to burn a million dollars worth of boats in the right marina. I have seen a boat fire before in a marina and it almost took out its neighboring boat, if it were not for the heroic actions of some guys working on the docks. When I was in San Diego the marina wanted a million dollars of liability. My new neighbor says you should have an umbrella policy of your net worth plus a dollar. It makes sense to me even though he does own an insurance brokerage.

Jordan
West Wight Potter 14 "Lemon Drop"
Oceanside CA
To view links or images in signatures your post count must be 10 or greater. You currently have 0 posts.
.
jephotog is offline  
post #17 of 29 Old 04-08-2019
██▓▓▒▒░░▒▒▓▓██
 
Join Date: Apr 2006
Posts: 13,645
Thanks: 11
Thanked 253 Times in 248 Posts
Rep Power: 15
   
Re: What are typical marina liability insurance requirements

"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.)
hellosailor is offline  
post #18 of 29 Old 04-08-2019
Member
 
Join Date: Jan 2014
Location: Canada
Posts: 80
Thanks: 0
Thanked 1 Time in 1 Post
Rep Power: 6
 
Re: What are typical marina liability insurance requirements

Quote:
Originally Posted by DeepDish View Post
What are typical marina liability insurance requirements in the Great Lakes?

As we're shopping for our new boat (up in the Great Lakes) and lining up insurance, etc. they want to quote insurance with a $100K liability. Was a little surprised. Down here in FL marinas seem to be commonly asking for $300,000 but Marina Jack in Sarasota wants $1M liability. Of course they do have some fancy boats there...
You won;t be getting a slip on the great lakes with only $100k liability insurance. $1m is the MINIMUM and lots of marinas are starting to ask for $2m as the liability coverage. Males sense really if you "bounce" off another boat its easy to to alot of $ in damage. $100k just doesn't cut it.
pcmm is offline  
post #19 of 29 Old 04-08-2019
Senior Member
 
Minnesail's Avatar
 
Join Date: Feb 2013
Location: Minneapolis, MN
Posts: 2,876
Thanks: 165
Thanked 118 Times in 114 Posts
Rep Power: 7
 
Re: What are typical marina liability insurance requirements

Quote:
Originally Posted by hellosailor View Post
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.)
Typesetter isnít really an occupation anymoreÖ.

But yes, there are regulations for the type on credit forms, insurance forms, and so on. I have worked on many of them. No one has ever asked me make them unreadable.

Maybe you need reading glasses.

Catalina 22
on a starboard tack
Minnesail is online now  
post #20 of 29 Old 04-08-2019
Senior Member
 
Join Date: Dec 2012
Location: Seattle, WA
Posts: 309
Thanks: 19
Thanked 16 Times in 16 Posts
Rep Power: 7
 
Re: What are typical marina liability insurance requirements

Quote:
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.
cs2340 likes this.
danvon is offline  
Reply

Quick Reply
Message:
Options

By choosing to post the reply above you agree to the rules you agreed to when joining Sailnet.
Click Here to view those rules.

Register Now



In order to be able to post messages on the SailNet Community forums, you must first register.
Please enter your desired user name, your email address and other required details in the form below.
Please note: After entering 3 characters a list of Usernames already in use will appear and the list will disappear once a valid Username is entered.


User Name:
Password
Please enter a password for your user account. Note that passwords are case-sensitive.

Password:


Confirm Password:
Email Address
Please enter a valid email address for yourself.

Email Address:
OR

Log-in











Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
 
Thread Tools
Show Printable Version Show Printable Version
Email this Page Email this Page



Similar Threads
Thread Thread Starter Forum Replies Last Post
Liability only insurance Cheap corvettekid General Discussion (sailing related) 3 03-04-2007 12:28 PM
Liability Insurance for crusing in Mexico kmeeks Cruising & Liveaboard Forum 1 09-12-2003 05:36 AM
Liability insurance davejean General Discussion (sailing related) 1 06-28-2001 05:40 PM

Posting Rules  
You may post new threads
You may post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is On
Trackbacks are On
Pingbacks are On
Refbacks are On

 
For the best viewing experience please update your browser to Google Chrome