Cruisers Forum
 


Join CruisersForum Today

Reply
 
Thread Tools Rate Thread Display Modes
Old 14-04-2014, 10:24   #1
Registered User

Join Date: Sep 2012
Posts: 777
Insurance and Liveabaords

Do insurance companies dislike liveaboards?

Any known companies that are ok with it?
__________________

__________________
GalaxyGirl
5KidsAndaBoat
GalaxyGirl is offline   Reply With Quote
Old 14-04-2014, 10:35   #2
Marine Service Provider
 
Scott Berg's Avatar

Join Date: Jul 2011
Location: Aboard
Boat: Seaton 60' Ketch
Posts: 959
Re: Insurance and liveabaords

Markel has multiple policies that are geared for full time cruisers.... IMIS has the best range of their options as well as other companies and work closely with them...
__________________

__________________
Scott Berg
WAōLSS
SV CHARDONNAY
Scott Berg is offline   Reply With Quote
Old 14-04-2014, 14:46   #3
Registered User
 
dennisjay's Avatar

Join Date: Feb 2008
Location: Annapolis, Md.
Boat: Island Packet 380 - Delta Blues
Posts: 346
Images: 1
Re: Insurance and liveabaords

Iíve probably applied for a dozen policies in the last 25 years and donít ever remember being asked if I was a liveaboard.

Insurance companies likely would view liveaboards as less risky. They tend not to sail much and there less chance of a loss being that itís not an unattended vessel.
__________________
- Dennis Jay
Annapolis, MD ē USA

http://sailingdeltablues.com/
dennisjay is offline   Reply With Quote
Old 14-04-2014, 16:52   #4
Registered User

Join Date: Dec 2013
Location: Paradise
Boat: Various
Posts: 2,359
Re: Insurance and liveabaords

Quote:
Originally Posted by dennisjay View Post
Iíve probably applied for a dozen policies in the last 25 years and donít ever remember being asked if I was a liveaboard.

Insurance companies likely would view liveaboards as less risky. They tend not to sail much and there less chance of a loss being that itís not an unattended vessel.
Also one is more likely to take every precaution and step to protect their home than they are to protect a boat they occasionally use.
__________________
BandB is offline   Reply With Quote
Old 06-05-2014, 14:18   #5
Registered User

Join Date: Apr 2011
Location: New Zealand
Boat: Lagoon 400
Posts: 12
Re: Insurance and Liveabaords

Recently, I asked a BoatUS underwriter why living aboard does not reduce my premium. I reasoned that since I am on the boat much more, I would be aware of and correct threats to the vessel more readily. However, I was informed that living aboard does not result in premium reduction because full-time occupancy causes increased wear and tear! Seems ridiculous to me because insurance doesn't reimburse you for wear and tear anyway, only loss. Somebody please explain.
__________________
dgabier1 is offline   Reply With Quote
Old 06-05-2014, 14:22   #6
Registered User

Join Date: Sep 2012
Posts: 777
Re: Insurance and Liveabaords

Quote:
Originally Posted by dgabier1 View Post
Recently, I asked a BoatUS underwriter why living aboard does not reduce my premium. I reasoned that since I am on the boat much more, I would be aware of and correct threats to the vessel more readily. However, I was informed that living aboard does not result in premium reduction because full-time occupancy causes increased wear and tear! Seems ridiculous to me because insurance doesn't reimburse you for wear and tear anyway, only loss. Somebody please explain.
I asked the same question. They told me that if I was living aboard I would be more likely to burn the boat down with a fire from the stove. Go figure.
__________________
GalaxyGirl
5KidsAndaBoat
GalaxyGirl is offline   Reply With Quote
Old 06-05-2014, 15:58   #7
Registered User
 
dennisjay's Avatar

Join Date: Feb 2008
Location: Annapolis, Md.
Boat: Island Packet 380 - Delta Blues
Posts: 346
Images: 1
Re: Insurance and Liveabaords

As far as wear and tear, you're correct that it's not covered. But wear and tear can lead to insured losses. For example, a badly worn boarding ladder or lifelines could lead to serious injury and a costly claim for an insurer.

Insurers probably are comparing losses from liveaboards to those who never use their boats, which is a large population. In this comparison, liveaboards likely are much more costly to insure.
__________________
- Dennis Jay
Annapolis, MD ē USA

http://sailingdeltablues.com/
dennisjay is offline   Reply With Quote
Old 07-05-2014, 08:47   #8
Registered User
 
rw58ph's Avatar

Join Date: Jun 2013
Location: Seattle WA
Boat: Roughwater, pilot house, 58 ft
Posts: 485
Re: Insurance and Liveabaords

Quote:
Originally Posted by dennisjay View Post
As far as wear and tear, you're correct that it's not covered. But wear and tear can lead to insured losses. For example, a badly worn boarding ladder or lifelines could lead to serious injury and a costly claim for an insurer.

Insurers probably are comparing losses from liveaboards to those who never use their boats, which is a large population. In this comparison, liveaboards likely are much more costly to insure.

You said it very well as a group live a boards are probable more riskier.

Contrary to popular believe insurance companies view live a boards as more of a risk and will decline or charge a higher premium. I would be some what up front with them about being a live aboard as there are clauses and way outs for them. The clause that can catch most is due diligence to reduce risk/loss and/or disclosure. I have found that marine insurance broker that also insure commercial boat are better as they have access to insurance companies willing to accept higher risk for higher premium of course.

__________________
rw58ph is offline   Reply With Quote
Old 07-05-2014, 10:24   #9
Registered User

Join Date: Jan 2012
Location: San Diego
Boat: Pearson 39-2 "Sea Story"
Posts: 1,109
Re: Insurance and Liveabaords

Our premium will increase $250 when we become liveaboards. This is only slightly higher than the current renters' insurance and will provide similar coverage of personal items.
__________________

__________________
Greenhand is offline   Reply With Quote
Reply

Tags
insurance

Thread Tools
Display Modes Rate This Thread
Rate This Thread:

Posting Rules
You may not post new threads
You may not 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 Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
Able Maritime Yacht Insurance and Sunderland Marine Insurance Arcticsailor Dollars & Cents 0 17-03-2014 10:56
Health and Life insurance in USVI and while cruising tibu720 Health, Safety & Related Gear 2 15-01-2014 12:18
Blue Water Insurance + Med Insurance Trish Affleck Rules of the Road, Regulations & Red Tape 1 01-04-2013 01:28
New boat registration and insurance BlackBart Rules of the Road, Regulations & Red Tape 3 19-08-2007 18:54
Insurance for Offshore and Caribbean Sonosailor Dollars & Cents 8 25-07-2005 15:06



Copyright 2002- Social Knowledge, LLC All Rights Reserved.

All times are GMT -7. The time now is 22:52.


Google+
Powered by vBulletin® Version 3.8.8 Beta 1
Copyright ©2000 - 2017, vBulletin Solutions, Inc.
Social Knowledge Networks
Powered by vBulletin® Version 3.8.8 Beta 1
Copyright ©2000 - 2017, vBulletin Solutions, Inc.

ShowCase vBulletin Plugins by Drive Thru Online, Inc.