My 2002 42' Cascade Custom Cutter
is insured with Progressive. They insured it for a declared value equal to the survey
amount. As far as I can remember (5 years ago) they did not ask about my sailing experience, but I may be wrong about that.
Two years after insuring, I suffered $14,000 in damage while the boat was anchored in a bayou during a hurricane
threat. The hurricane
was mild, but a power boat
anchored nearby came down on my boat and severely damaged the port side.
Progressive promptly paid the claim, less the deductible, and renewed my policy the next year without any claim penalty.
The premium is less than half my next best quote. The major drawback is a 125 mile limit from U.S. territory.
By the way, I had quotes from $1,600 to $6,500 for the same coverage, so it pays to shop around.