1975 Hans Christian over here, and I work in the insurance industry, for whatever that's worth.
You can get it insured. We're fully covered (bank loan still being paid), so we're paying about $1100 a year. You can get nearly anything insured if you try hard enough.
Without doing the whole insurance story, essentially there are carriers that are banks, and they invest in risk. Most carriers want to invest in the lowest risk possible, and get the highest return (no claims / high premiums).
The boat insurance world is weird, because it's rather small (compared to home insurance), and the values are fairly low (for a broker). There aren't any rich insurance agents out there that only do yacht insurance. For a $2000 premium policy, a broker is lucky to make $100 net take home on it. Maybe more if he/she is solo and not with an agency.
And that's the crux of the issue. If you have a big premium, brokers (a.k.a. producers) dance for you, because they get a big slice. But for boats, if it doesn't fit into the easy stream that allows them to write it in 30 minutes and make a quick hundred bucks, they don't care. There's just not enough money
But you can find some brokers that specialize in it, especially if you're in a harbor town (LA, Seattle
, Norfolk, Boston, etc). They might ask for an additional survey
or two. I've seen some carriers demand a ship survey
, an engine
survey, and a rigging
survey. I even had an underwriter call me up and quiz me before they allowed our policy to go through.
So yes, you can do it. There are a ton of wonderful older boats out there like mine that are fully insured. Call these guys in your area, and ask to speak with a broker: International Marine Underwriters
If you get any flack, just tell them you have a friend in San Diego
with a 1975 Hans Christian that uses them, so... what's up? They have a lot of flexibility.
Seriously though, even the guys who take hot air baloons around the world get it insured. You can insure anything.