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Old 05-04-2015, 19:44   #31
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Re: Insurance while cruising ...

About insurance--do you have a bicycle? Do you have liability and replacement insurance? Why not? How can you be so irresponsible?
One school of thought is that you should never own a boat worth so much that you need to have hull insurance to protect your financial stability.
Self insurance is a valid concept and it has the opportunity for real cost savings.
I suppose if third party liability is required one has no choice, unless it is financially worthwhile to set up a captive insurance company.


Why can't things remain where i carelessly left them?
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Old 05-04-2015, 20:09   #32
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Re: Insurance while cruising ...

Quote:
Originally Posted by dohenyboy View Post
About insurance--do you have a bicycle? Do you have liability and replacement insurance? Why not? How can you be so irresponsible?
One school of thought is that you should never own a boat worth so much that you need to have hull insurance to protect your financial stability.
Self insurance is a valid concept and it has the opportunity for real cost savings.
I suppose if third party liability is required one has no choice, unless it is financially worthwhile to set up a captive insurance company.


Why can't things remain where i carelessly left them?
That's kind a silly post on many levels.

1) How much money do you lose if you lose your bike? If its a REALLY NICE BIKE you might get to $2K but most are worth a lot less - a few hundred bucks, max.

2) And how much damage can you do? You can cause an accident which kills someone, true, but you aren't likely to do $50K worth of damage or more if you drive into a parked car. The most likely person to die is you.

And if you DO have any assets or net worth, you can and probably should get a Blanket Liability policy in the sue-happy U.S.A. We did, just the hint that you have assets gets some people thinking about falling on the sidewalk in front of your house. If you have no assets there is nothing to lose, if you like your house, cars and non-retirement investment portfolio you may think differently about being hit with a $2 Million Wrongful Death suit. That will wipe most people out, even from riding a bike.

3) You are seriously suggesting no one ever buy a valuable boat? Or that the limit of boat value should be "what you could lose without insurance?" What fiscal nonsense. If my boat sunk tomorrow without insurance would it break me? No, but it would be really financially unpleasant to pay off a note on an asset out of my savings when that asset is destroyed. Boats are like cars and houses in that regard. I can mitigate my risk in the transaction by insuring the asset against loss - this is the point of insurance. The annual premium for me is something I'd rather pay than coughing up 30-40 times that amount if I had to pay off the mortgage in a hurry.

4) Self insurance...yeah, for your own damage to your own boat. If you drag down on the 500K yacht next you you and put him on the beach I don't think your "self" will be able to cover that as well as your own more modest boat.

You always have a choice. You can stay out of marinas, and risk your financial future every time you sail. You can take a chance on doing a lot more harm to other people that you can possibly compensate them for.

Not everyone chooses to operate that way.
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Old 06-04-2015, 06:07   #33
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Re: Insurance while cruising ...

Quote:
Originally Posted by dohenyboy View Post
Self insurance is a valid concept and it has the opportunity for real cost savings.
That's code for no insurance. I have no problem if you have no insurance to protect your boat, but I have a problem if have no insurance to cover my boat when you are responsible in damaging it.
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Old 06-04-2015, 07:12   #34
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Re: Insurance while cruising ...

Not wanting to kidnap the post but one relevant question that have not being asked is what are the insurance requirements for coverage?
Some insurers have crew seize, experience and equipment requirements and these may differ. For instance, if for some reason you need to do a passage and cannot meet the crew requirements you may be out of coverage. Do they provide these requirements with their quote?
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Old 06-04-2015, 15:42   #35
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Re: Insurance while cruising ...

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Originally Posted by SVTatia View Post
Not wanting to kidnap the post but one relevant question that have not being asked is what are the insurance requirements for coverage?
Some insurers have crew seize, experience and equipment requirements and these may differ. For instance, if for some reason you need to do a passage and cannot meet the crew requirements you may be out of coverage. Do they provide these requirements with their quote?
I've never seen a specific wording like that in my insurance. Singlehander's may have other issues though. I think there may be wording to the effect that the operator must be on board, the boat may not be left anchored unattended more than X number of days etc.

They ask for the owner's experience, any training, certifications, etc. and what boats you've owned before.

One thing I did do with my last boat, which I raced, was specifically name on the policy members of my racing crew that had permission to operate the boat without me on board. This was in the event that I couldn't make a race and wanted them to race without me (this happened once of twice) or we needed the crew to deliver the boat someplace without me.

There may be specific insurance requirements if say, you were having your boat delivered somewhere that I'm not aware of.

I'm not an insurance guy, I've just insured a lot of boats over the years and tried to read the policies...
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Old 06-04-2015, 16:11   #36
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Re: Insurance while cruising ...

Pantaenius Yacht Insurance always insisted that we had multiple qualified crew aboard - rather difficult with a family. Our eldest children qualified as skippers but there was no mention of age. Our present insurer is no where near are demanding.
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Old 06-04-2015, 16:28   #37
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Re: Insurance while cruising ...

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Originally Posted by steve1944 View Post
Anyone who sails their boat off shore without insurance puts themselves at risk and others.


Sailing without insurance is just


Plain


Stupid.
Just a suggestion-- blue and red lures work better than black and white.
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Old 06-04-2015, 16:50   #38
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Re: Insurance while cruising ...

Mine says (inter alia):

"Subject to a minimum of 2 experienced crew being onboard, subject to self-steering gear being fitted and fully operational"

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Old 06-04-2015, 16:52   #39
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Re: Insurance while cruising ...

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Originally Posted by Bulawayo View Post
Pantaenius Yacht Insurance always insisted that we had multiple qualified crew aboard - rather difficult with a family. Our eldest children qualified as skippers but there was no mention of age. Our present insurer is no where near are demanding.
I just reviewed my Pantaenius policy paperwork, there was no statement to this effect anywhere in ours.
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