- - The basic problem with boat insurance is the market is too small and the claims too high. This is why you get good rates from your auto/house insurance company for small boats that never leave the home country's waters. They can bury the boat loss money
in their profitable auto/house coverage.
- - Whenever you venture outside "home waters" you are into international insurance and the number of legitimate insurance company can be counted on one hand, not counting the finger you use for signaling to the idiot boat zooming by way too close.
- - Therefor rates are pretty much the same based on the same boat, age, cruising grounds, time of year - (apples to apples). And more than anything, getting a company that will actually pay off on legitimate claims further restricts the field and the variation in rates.
- - Lloyds of London (LL) is basically a giant betting hall - you put up your proposal of what you want to insure and how much money
you want if you do lose the thing - and if the "contract" is taken by somebody, you will arrive at a price
based on your betting you will collect and they will be betting that you will not incur the loss and they get to keep the money. Many famous movie
stars and others insure their "body parts" and other strange things through LL.
- - Self insuring Hull/Comprehensive works for older boats and people who can afford to lose the boat and continue on with their lives. "Liability-only" is for everybody who needs to use marinas
in 1st world type countries where ligation is a national sport. Or if they have assets at "home" that might be "gone-after" should you get involved in an incident. If you own your boat and have no "deep pockets" then insurance is only a "morality/sociological " question - and we all know when it comes between dollars and morals, which one wins the argument.