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Old 04-08-2010, 08:56   #16
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Thanks everyone! These replies really help - I think we will definitely get some liability insurance, and we'll just go from there...I have read about cruisers who just purchase 'temporary' insurance when they get in port...(actually, just heard about this is mexico...) so maybe that is an option if we need it...anyway, thank you all for your help and advice! Very much appreciated!
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Old 04-08-2010, 14:15   #17
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Mexico is a whole different kind of thing. Mexico requires that you have insurance from a Mexican Company in Mexico. So your insurance broker outside Mexico can arrange for Mexican coverage for you or you can wait until you get there and then purchase the Mexican insurance.
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Old 06-08-2010, 16:27   #18
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Quote:
Originally Posted by osirissail View Post
You will need liability insurance in order to stay in most marinas and boatyards inside the USA.
...
I have found this to be true if you want to stay on contract. But I have never had a marina (in the US) ask for proof of liability coverage for transient stays.

At my marina, if you don't have insurance, you have to go on the month-to-month rate which is about double the yearly rate.

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Old 08-08-2010, 05:59   #19
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My experience is in marinas/boatyards in Florida, Georgia and north in the "hurricane alley" where they have a space on the "sign-in" form where you name your insurance company and then some of them want to make a copy of your insurance binder. Normally they just have a space where you have to write in the insurance company name.
- - In the Caribbean there are many "new" marinas opening and they all require you to have and name the insurance carrier for your boat.
- - Finding "old" out of the way boatyards is difficult but worthwhile endeavor as they are also free from the OSHA/EPA rats nest of rules and prohibitions on what kind of work you can D-I-Y on your boat.
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Old 15-08-2010, 17:58   #20
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insurance????

we just went through the same situation when we purchased our boat. We plan to go cruising exclusively, full time live aboard. The issues we encountered were 1. the value of the boat. We got a great deal on our 44 Cheoy Lee, which was far below market value. The insurance companies will only insure what you paid for the boat. So if we have a total loss in 3 years and the market rebounds our insurance check will be enough to buy a 25' boat. 2. additional equipment/upgrades. We are planning a total refit of our boat, cost about $100k. The insurace company will only give us credit for the equipment and not any labour to install it, they also want to deduct for the ancient electronics and other items we are removing so we may see 40% of the $100k we are putting in to the boat. 3. Areas of coverage. We plan to start out in the Bahamas and head south to the carribean for the next two years then maybe go to europe. The insurers do not like the hurricane belt at all so there are very few companies who will even insure an older boat in carribean waters during hurricane season. It does get better once you head to europe or beyond. Your best bet would be to talk to an expert and investigate the company you pick. We used this company IMIS Home Page an agent named resse. At least get the hard facts and numbers before you make a decision. Good luck
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Old 15-08-2010, 18:24   #21
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Generally there are two types of coverage for comprehensive boat insurance - market value (basically what you paid for it) depreciated over time (especially for the items like instruments, etc.) - - and "agreed value" which is a number that you and the insurance carrier agree to. This is the limit of what they will pay for a total loss or constructive loss. For probably additional premium you can get replacement costs of destroyed or damaged instruments, etc.
- - The big thing you do not want to do is insure the boat below the replacement value/market cost. We lost many hundreds of boats down here in Grenada with Hurricane Ivan and several of them (friends) had insured their boats for only 80% or less of the market value. The hurricane damage was repairable to these boats but the repair costs exceeded their policy limits and they lost the boat to the insurance company. Generally speaking if the insurance company pays the face amount on the policy or the constructive loss exceeds that amount - the insurance company takes ownership of the boat after paying you the money. You can buy the boat back from them but then you are back where you started with a damaged boat and no money.
- - So really investigate thoroughly through a reputable broker what is available and the types of coverage. IMHO, if you cannot afford to insure for the market value/agreed value then buy only liability insurance and start a separate savings account to be your own "insurance" fund for the boat should it sustain damage.
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