Gulf Coast Boat Insurance

[morays]

Hi, newbie here,

I have been living and working in the Houston area for 14 years and have made the decision to but a boat and move onto it. I am in the process of buying a Caliber 40 (pre LRC - 1993). I have inquired about insurance and have received back quotes ranging from $3,500 to $4,000. know that we have had our share of hurricanes in the last years but this seems a little steep. Can anybody corroborate these prices from what they have already or what they have been quoted?
The value of the boat is approximately $140,000.
Any help would be greatly appreciated

Moray

[skipmac]

Seems little on the high side but you are in the hurricane zone. Rates also vary a lot based on your years of boating experience, any official courses or certifications, etc.

[morays]

Skipmac,

Thanks for the quick reply. This will be my first boat that I have owned but I have been crewing and racing boats for the last 6 years in the Gulf Coast. I am also ASA certified up through Coastal Navigation. I realize that this is not the same as USCG certification but I intend to work on my 6pack license once I live on the boat as I would be able to rack up the hours required with my own boat.

Moray

[Sailmonkey]

I feel your pain......We opted for liability only based on the total amount we've got in the boat and the rate of diminishing returns for full coverage being in a hurricane center.

[s/v Moondancer]

I paid $3,300 for $100,000 in Miami after Katrina and Wilma went through, up from $2,800 before the hurricanes.

[svHyLyte]

We are situated in the Tampa Bay area and are paying about $3,750 for $105,000 of coverage with a Markel American Helmsman policy (see http://www.markelmarine.com/Products...n%20Yacht.aspx ). The Company has an excellant reputation and performed very well for owners in the recent hurricanes. Our coverage is through IMIS in Maryland.

FWIW...

[RainDog]

I paid $2000 last year for $74,000 hull value. This year they tried to raise it to $2400, but the same broker found me another policy for $800. My lesson from all this is it really pays to shop around. The $800 insurance is actually slightly better.

Both policies I got through Kevin Severance in League City. I would at least give the a call.

[morays]

@Raindog

Thanks for the info I will try Kevin for sure. Can you tell me if you are a liveaboard or recreational sailor?

[RainDog]

Liveaboard. I don't think they asked when I was applying for insurance.

[AnchorageGuy]

morays, We lived on the boat in Clear Lake for two years and your numbers seem about right for what we paid and the fact that all of the insurance companies raised their rates for that area after Ike, which is pretty much SOP for them. We were never ask if we lived aboard in almost 20 years and the boats have always been insured.

[bstreep]

We pay about $2600 for $250,000. Nationwide. We had several friends have damage or lose boats in Ike. Nationwide had checks within days - their claim experiences were excellent. We had a claim from a tornado several years ago when we were in Kemah. They handled it very well.

Our agent here in SA is VERY familiar with the process - they insure quite a few large boats on the Texas coast, through referrals, and can write your insurance: Tina Pantusa 210.402.6155

[MadSailors]

Ditto on Nationwide!

[TabbyCat]

We were never ask if we lived aboard in almost 20 years and the boats have always been insured

Almost all marine insurance policies have some language that says that it's your duty to disclose any material facts that could influence the underwriter's decision whether or not to insure your vessel, regardless of whether you are asked specifically about them or not. If you are a liveaboard and hide it, that could come back to haunt you when you file a claim. I'm not saying it definitely would, but why take the risk?

[AnchorageGuy]

Originally Posted by TabbyCat

Almost all marine insurance policies have some language that says that it's your duty to disclose any material facts that could influence the underwriter's decision whether or not to insure your vessel, regardless of whether you are asked specifically about them or not. If you are a liveaboard and hide it, that could come back to haunt you when you file a claim. I'm not saying it definitely would, but why take the risk?

I am not sure how a question never ask and as a result, an answer never given could be construed as "hiding something" since there are probably a thousand issues that could influence an underwriter but never get ask by anyone. But then again, we are discussing insurance companies. But what constitutes a live-aboard. It is very subjective. If I spend the summers on my boat and the winters in a house, am I a live-aboard? If I take my boat on a once a year cruise and live ashore for the next 2 years, I am a live-aboard? If I use my boat for a months vacation every year do I contact the insurance company and declare myself as a live-aboard for a month or risk having a claim denied? We are full time cruisers for a year or two at a time and then return and work as we do now to build the cruising kitty. We insure our boat for all of these situations and never attempt to "hide" anything from anyone. I would think many on this board fall into that same catagory. Full disclosure by this definition would require a biography to comply under those circumstances. Some insurance companies make it a point to ask if one lives aboard or they do not. And there is nothing that I have seen over the years in any of our policies, although they have pretty much been written for very large navigational areas, that say we will have a claim denied or excluded due to living on the boat.

[Mule]

Seems to me being a live aboard for insurance purposes would be a plus. You are there every day to look after the investment. Just curious, why more for a live aboard?