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Old 27-11-2008, 06:21   #1
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financing a live abroad

I got this question from an insurance question, but...

Why would it matter to a finance company whether you were going to live on the boat? And what is their definition of live abroad as anyone cruising is living on broad. Does that mean a finance company that wouldn't loan to a "live abroad" wouldn't loan to a "cruiser" also? I can understand maybe it matters to the insurance company (I can see that go either way in my mind), but why to the finance company...?

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Old 27-11-2008, 07:31   #2
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Liveaboard insurance combines traditional recreational watercraft coverage, with the endorsements necessary to protect a vessel as one's home.
A standard yacht policy doesn’t financially protect you from personal liability (away from your boat), personal property (away from your boat and limited on what is covered on your boat), and loss of use protection; all of which cost more for liveaboards.
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Old 27-11-2008, 08:29   #3
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I was asking about finance of a live abroad, not insurance. I read in another post people saying loan companies wouldn't loan to the live abroad.
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Old 27-11-2008, 11:18   #4
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I guess no fixed address ashore means more likely to simply sail off without repaying loan (as if!), plus a stable address indicates stable employment = more likely to be able to repay.......I guess the moral of the story is to borrow before you set sail...........
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Old 28-11-2008, 16:36   #5
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"Live abroad" or "Live aboard"?
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