Some Opinions from the Insurance Industry

[GordMay]

Originally Posted by Tellie

... The one thing I know for sure, if you plan on providing a path for the static voltage from a direct lighting strike away from anything, much less a boat of any kind, you'll need a conductor the size of a large tree trunk...

I doubt you'd find a lightning researcher, engineer, or other "expert" to agree with you. I certainly know of none.
#6AWG is generally specified as the minimum copper downconductor size (0.162" dia.).

[TabbyCat]

Here's one for the history buffs: 50-60 years ago, Marine Insurance Companies were hesitant to insure fiberglass boats, since the material was new and didn't have a track record. They much preferred to insure wooden boats! Now they prefer fiberglass over all other materials, but there are still a couple of companies that specialize in insuring classic wooden boats.

[Jerry Woodward]

There are conflicting opinions on this thread about whether cats are more of an insurance risk than monohulls, but what is the bottom line? Are cats more expensive to insure than a monohull of the same value with the same goodies aboard? Tabby, what is your experience?

[TabbyCat]

Marine insurance underwriting is done on a case by case basis- factors like the owner's experience, navigation territory, the type of vessel (Catamaran, Monohull, Performance Powerboat, Trawler), the condition of the vessel, and the brand of the vessel, are all taken into account along with hull value.

Most insurance companies give the most weight in premium calculations to the hull value, so a $500,000 cat should cost about the same to insure as a $500,000 monohull.

But note I did say "most". A few companies do charge a bit more for cats, presumably on the basis that in the event of a partial loss, there tends to be more equipment to replace. Example: we had a claim for a charter cat that was partially submerged. It was re-floated, but both engines had to be replaced. If it had been a monohull, there would only have been one engine to replace. I'm sure you can make lots of arguments to the contrary, and I don't agree with it, but that's the current thinking.

Anyway, the difference in insurance premium, (if any), would not be, in my opinion, a big enough factor to affect the mono vs multi-hull decision.
And a good insurance agent will know which company offers the best rate for each type of boat, and will steer you toward the one that is the best fit for your situation.

[Maren]

Originally Posted by TabbyCat

Most insurance companies give the most weight in premium calculations to the hull value, so a $500,000 cat should cost about the same to insure as a $500,000 monohull.

How does it work for owner-built boats or boats from small boat building firms? I know the survey must have a great deal of weight but there seems to be a bit ... judgement amongst surveyors on the fair market and replacement values overall. I would think this could be a real challenge.

Jerry:

There are conflicting opinions on this thread about whether cats are more of an insurance risk than monohulls ...

Excluding the meets and greets thread that's true of more than half the topics on the site. On the plus side, you get lots of input on topics.

[TabbyCat]

Owner-built or kit boats are on many underwriters' list of vessels that will automatically be declined an offer of insurance coverage. Good documentation of the construction process including receipts, and the ability to find other similar vessels on the market for sale are the key to insuring these types of vessels. Choosing a well known design helps.