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Old 24-10-2014, 15:18   #16
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Re: Insurance For An Older Yacht?

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Originally Posted by cpttroy View Post
Looking for a little help, I have a 1973 Alden booth bay explorer 58ft. Im looking for a company which would cover my older but beautiful yacht, having a hard time.
Any help would be awesome.
Take a look at (click on) Seaworthy Insurance. With them, we have excellent coverage on our 1986 era yacht for a reasonable premium by a very highly rated company despite living in a "hurricane risk" area with coverage extending as far as the Turks and Caicos. No issues with the age of the yacht what-so-ever.

FWIW...
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Old 24-10-2014, 17:16   #17
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Re: Insurance For An Older Yacht?

If you are going out of the USA, give Scott Jarvey at Oversea Insurance a call. 619 559-6969. We had to change companies when our previous insurer would not insure beyond USA or Bahamas waters.
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Old 24-10-2014, 18:34   #18
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Re: Insurance For An Older Yacht?

Have Markel insurance on my 45 year old Pearson 35. Need to have a current survey one every 5 years and insurance is not cheap running around $650 for $40,000 hull coverage. This for Hawaii and don't know whether coverage would be more or less elsewhere. Think it would be cheaper in other areas as it's a limited market here and too many boats run into the reef at night trying to get into the AlaWai. Hitting something hard here is almost a guaranteed total loss of the boat.
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Old 13-11-2014, 08:38   #19
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Re: Insurance For An Older Yacht?

Regarding Grundy Insurance mentioned in this post:
Firstly I had difficulty getting in touch with them and wrote to the boss asking if they were still in business. Then I spent a lot of time getting the information they needed, writing a resume, details of improvements, etc., along with photos as requested.
I have just been told they arenít writing any more business in Florida.
I thought I would save anyone else the trouble with these people.
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Old 13-11-2014, 09:23   #20
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Re: Insurance For An Older Yacht?

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Insurance companies require that your hull value on your survey be at least $100,000. It doesn't matter how many improvements or the "replacement" value the surveyor gives for your boat.
??????
Our 1978 Hudson Force 50. Hull valve of $80k insured for with a 10% deductible, living aboard or full time cruising didn't make any price difference in the $1300/yr policy brokered through IMIS Insurance. Survey every 4 yes and I'm done. Not sure where the minimum $100k hull value came from or the difference in living aboard or not pricing because it didn't matter for us.
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Old 13-11-2014, 12:29   #21
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Re: Insurance For An Older Yacht?

While going through the insurance purchasing ritual on our new/old boat I made sure to go in with as much knowledge as possible so I wouldn't get hornswaggled. The hull value does ad to the overall insurance cost but not as much as you would think.
Liability is up there, spill coverage, uninsured passengers, etc, etc, so hull value doesn't have as much effect on insurance cost as you'd think.
I have the full spill coverage ($864,000.00 CG limit), full liability and an agreed hull value of $130,000.00 on a 47' boat and pay $1300.00 a year. Yes it did require a survey but I had one anyway when I purchased it, just for my own protection. I need to add an addendum to the policy when I go more than 75 miles from shore but in the mean time it's not required for the next year, no time to go to the islands while I work to pay for the required refit hardware.
The hull value didn't have as much effect as I thought it would but rather the liability coverage did.
I do still live and sail in the litigious US and need to protect myself accordingly.
Getting a good agent to explain the different costs will allow you to decide what level of protection you need, usually protecting yourself from others is more consuming than the cost of replacing the boat.
Most of all, read up on a few good articles on the hows and whys of marine insurance, it pays to go into it with some knowledge, a little knowledge goes a long way.
Anybody from any country other than the US out there who can compare insurance costs from a less lawsuit happy country? Just curious to know how much it affects our insurance costs.
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Old 14-11-2014, 00:17   #22
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Re: Insurance For An Older Yacht?

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I will be facing the same question in the spring and need to know is it cheaper to say you are a liveaboard or to say just using it for pleasure sailing. Does it make any difference?
Zengirl, I'm not a big insurance fan, but I know that it is essential these days for several reasons. IF you want insurance primarily so that you can use marinas or boatyards, then telling the insurer whatever greases the skids best is a viable plan. But, if you are insuring to reduce risk to yourself, please be up front with your declarations. In the sad event of a major claim, an insurer will use any false or misleading statements by the insured to avoid payment. It has happened all too often to penurious cruisers who were trying to save a buck on their premiums.

In our early days of cruising, most insurers required a minimum of three crew for passage insurance. We met a number of folks who happily told us that they had listed the ship's dog (or other fictitious bodies) as a crew member in order to qualify for insurance. Those fools were paying premiums for a policy that was never going to pay off for a loss. Don't emulate them!

Cheers,

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Old 14-11-2014, 05:16   #23
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Re: Insurance For An Older Yacht?

Good point there Jim. I recently went the rounds of getting quotes. Just wanted third party but one company offered me comprehensive anyway. I was interested in them till I found they would not cover me for solo sailing after sunset. They were good and upfront about it but that was a show stopper for me. They did not place the same caveat on their third party insurance.

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Old 14-11-2014, 10:12   #24
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Re: Insurance For An Older Yacht?

I agree with Jim--it won't be pretty if there is a claim and they found out you fibbed on the application. They aren't liable for the claim and then they report it to the authorities. That's Insurance Fraud and people go to jail for it. It reminds me of a quote from Benjamin Franklin: "Always tell the truth--it is the easiest thing to remember."
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Old 14-11-2014, 19:08   #25
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Re: Insurance For An Older Yacht?

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Strange as it seems, quite a few companies won't insure you if your living aboard. Just the opposite for a house.
Actually my policy specifies we can't leave the boat unattended for more than 4 hours !
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Old 14-11-2014, 19:10   #26
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Re: Insurance For An Older Yacht?

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Actually my policy specifies we can't leave the boat unattended for more than 4 hours !

I wish I qualified for that policy.


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Old 17-11-2014, 19:45   #27
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Re: Insurance For An Older Yacht?

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Old 30-01-2015, 21:51   #28
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Re: Insurance For An Older Yacht?

This is all good information, my youngest daughter is a broker, I'll let you know how I make out.


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Old 30-01-2015, 21:59   #29
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Re: Insurance For An Older Yacht?

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Thank you one all, great info
we have Markel on our 1984 Camper & Nicholson 58. never made a claim so experience is so far unknown - fortunately.
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Old 30-01-2015, 23:01   #30
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Re: Insurance For An Older Yacht?

Ask for the policy wording and read and understand it before signing up.
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