Cruisers Forum
 


Join CruisersForum Today

Reply
 
Thread Tools Rate Thread Display Modes
Old 03-10-2014, 21:18   #1
Registered User

Join Date: Apr 2014
Location: tenessee
Boat: 58ft Alden boothbay explorer
Posts: 16
Insurance For An Older Yacht?

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.
__________________

__________________
cpttroy is offline   Reply With Quote
Old 03-10-2014, 21:39   #2
Marine Service Provider
 
Emmalina's Avatar

Join Date: Jan 2012
Location: Thailand
Boat: Herreshoff Caribbean 50
Posts: 482
Re: Insurance For An Older Yacht?

After a survey most insurance companies will insure a boat .. Just depends how much the premium is !!!.
I have a 1983 boat and the rule of thumb is 1-2% value of the boat depending on what you want to include on the policy.
__________________

__________________
Steve .. It was the last one that did this !
Emmalina is offline   Reply With Quote
Old 03-10-2014, 22:00   #3
Registered User

Join Date: May 2014
Location: Al
Boat: 1981 51' Formosa
Posts: 183
Re: Insurance For An Older Yacht?

Try Grundy Insurance
__________________
Formosa Scott is offline   Reply With Quote
Old 04-10-2014, 15:04   #4
Registered User
 
sapient sue's Avatar

Join Date: Jan 2014
Location: We are now waiting for a weather window to cross Bass Strait. Currently in Lakes Entrance and have enjoyed exploring the Gippsland Lakes.
Boat: Joe Adams Naut 40
Posts: 202
Images: 5
Re: Insurance For An Older Yacht?

Not sure where you are located but here in Aus Pantanious have been great and we have an agreed value policy on our 33 year old yacht.

Sue


Sent from my iPad using Cruisers Sailing Forum
__________________
sapient sue is offline   Reply With Quote
Old 05-10-2014, 14:47   #5
Senior Cruiser
 
zengirl's Avatar

Cruisers Forum Supporter

Join Date: Jun 2014
Location: Florida
Boat: 1985 Freedom Mach1 32'
Posts: 292
Re: Insurance For An Older Yacht?

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 is offline   Reply With Quote
Old 05-10-2014, 15:12   #6
smj
Registered User

Join Date: Nov 2007
Boat: Searunner 38 catamaran
Posts: 3,654
Re: Insurance For An Older Yacht?

Quote:
Originally Posted by zengirl View Post
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?
Strange as it seems, quite a few companies won't insure you if your living aboard. Just the opposite for a house.
__________________
smj is offline   Reply With Quote
Old 06-10-2014, 00:03   #7
Senior Cruiser
 
CLady's Avatar

Cruisers Forum Supporter

Join Date: Jan 2013
Location: Seattle
Boat: C&C40T 1980
Posts: 180
Re: Insurance For An Older Yacht?

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. It is the hull value that is used for basis of insurance for off shore.
Coastal insurance is different. Most insurance companies will insure an older boat for coastal use.
__________________
CLady is offline   Reply With Quote
Old 06-10-2014, 01:06   #8
Registered User
 
UNCIVILIZED's Avatar

Join Date: Jun 2014
Location: Up the mast, looking for clean wind.
Boat: Currently Shopping, & Heavily in LUST!
Posts: 5,629
Re: Insurance For An Older Yacht?

If yours is like this one, the first one I pulled up doing a search 1973 Alden Boothbay Explorer Sail Boat For Sale - www.yachtworld.com
Then you shouldn't have too much trouble, post survey that is. Given that's she's got a Lloyds certification.

When you're querying the insurance companies, have a checklist of questions for them. Particularly listing areas of difficulty where you've run afoul of the other insurance companies which you've tried.
Also, let them know where you're located, & have a list of surveyors say within 50 miles that you can fax to them. As well as asking them directly, but politely, who they work with surveyor wise. And the bottom line, what it takes to get insurance from them.

Another way to go is the reverse. Ask the local boatyards & marinas who they recommend surveryor & insurance wise. As, obviously, both the surveyors & the marinas want your $. And if they're decent folks, they'll do a little bit of leg work in order to get it/your business.
- If the latter works, it don't hurt to; at the least write them a thank you letter to their respective higher ups. Sighting the names of those who helped you. And or, give the surveyor a bit of a tip, even if it's just a case of his favorite cold ones, or a fifth of his favorite scotch.

Um, one other thought came to mind. If there's an owner's association for your brand of yacht, you might query some of the other owners of her sisterships. And or if the yard which built her is still splashing new vessels, then they may have some ideas as well.

And thank you for bringing up this topic, as it's one I need to do something about, a little ways down the road. And your impasse, which could easily be mine, or anyone elses, stirred my grey matter to come up with some ideas.

PS: If your vessel's a new purchase, you might ask the broker as well. Ditto on banks which have been to do loans for vessels such as yours.
__________________

The Uncommon Thing, The Hard Thing, The Important Thing (in Life): Making Promises to Yourself, And Keeping Them.
UNCIVILIZED is offline   Reply With Quote
Old 06-10-2014, 07:36   #9
Registered User

Join Date: Oct 2010
Location: Mid-Coast Maine
Boat: Brewer 12.8, 42'
Posts: 25
Re: Insurance For An Older Yacht?

Try Atlass Insurance in Newport, Rhode Island. I do business with Richard Smith. Great people.
__________________
jcdexter is offline   Reply With Quote
Old 06-10-2014, 08:34   #10
Registered User
 
Island Time O25's Avatar

Join Date: Sep 2014
Posts: 2,019
Re: Insurance For An Older Yacht?

A friend (a marine professional and 25 year long liveaboard) now owns a 1981 46footer. Bought her about 10 years ago for under $10K for a fraction of the cost of accumulated yard's fees. Totally refurbished her and has been all over the world on her. No insurance other than eco realted coverage. Tells me that in 10 years had he had full coverage for offshore etc would have probably paid close to $100K give or take. Says he can find a replacement for about $50K so why spend $100K for something that at worst case scenario will cost you $50K?
__________________
Island Time O25 is offline   Reply With Quote
Old 06-10-2014, 08:54   #11
Registered User
 
svHannabel's Avatar

Join Date: Jan 2008
Location: Great Lakes
Boat: Catalina 34
Posts: 253
Re: Insurance For An Older Yacht?

There are several who specialize in older/classic boats. Try Heritage Marine Insurance for starters.

Might also find some others at InsuranceForBoats.org
__________________
SailFarLiveFree.com
svHannabel is offline   Reply With Quote
Old 06-10-2014, 16:28   #12
Senior Cruiser
 
zengirl's Avatar

Cruisers Forum Supporter

Join Date: Jun 2014
Location: Florida
Boat: 1985 Freedom Mach1 32'
Posts: 292
Re: Insurance For An Older Yacht?

Thank you one all, great info
__________________
zengirl is offline   Reply With Quote
Old 20-10-2014, 13:57   #13
Registered User

Join Date: Apr 2012
Location: Massachussetts
Boat: Cheoy Lee 47 CC
Posts: 700
Re: Insurance For An Older Yacht?

Another Newport RI agency is Triton.
I insured my 1987 Cheoy Lee through them last year, the process was fairly easy, they are an independent agency and shop around several companies for the best deal/coverage. I was pleased with the results.
You will need a survey though but it's best you do that anyway.
There are several articles in the Practical Sailor archive that have excellent information on what your looking at when purchasing insurance, it can save you time and money as well as give you a leg up on the broker. There are several articles, each with good information to let you know what you really need and how to choose.
If you have a subscription or know someone who does you can get the articles online, it's interesting reading, especially in the types of coverage and some of the liabilities involved.
What you need is not always what you get and what you don't get can cost you dearly.
__________________
lifeofreilly57 is offline   Reply With Quote
Old 20-10-2014, 17:51   #14
Registered User

Join Date: Jun 2014
Location: Baltimore, MD / Albany, NY
Boat: Alberg 35
Posts: 188
Re: Insurance For An Older Yacht?

I'm sure the other post is good sense, proper procedure and all around better than what I'm going to say. Sometimes you need insurance NOW. That was my situation in July when we suddenly owned an Alberg 35. I couldn't get a survey in time and honestly couldn't afford one at that moment. Also, it was a meticulous friends boAt and I had confidence in him.

Progressive insured the boat for a declared value consistent with what we paid and without a survey.

Not a good procedure or approved by Practical Sailor but worked for us.


Sent from my iPhone using Cruisers Sailing Forum
__________________
Jim Eaton
s/v Pendragon Alberg 35 #175
Pendragon35 is offline   Reply With Quote
Old 24-10-2014, 10:17   #15
Registered User

Join Date: May 2013
Location: Mississippi
Boat: Creekmore 36
Posts: 42
Images: 1
Re: Insurance For An Older Yacht?

Beware of the small print. Most companies now have a hurricane exclusion. I keep my boat on the Mississippi coast and my only concern is hurricanes. Luckily I have my boat on a policy with my homeowners and back then the hurricane exclusion wasn't there. Now if I change companies it's a problem.
__________________

__________________
T Frank Collins
SV Scorpio
Ms Gulf Coast
tfrank is offline   Reply With Quote
Reply

Tags
insurance, yacht

Thread Tools
Display Modes Rate This Thread
Rate This Thread:

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
Able Maritime Yacht Insurance and Sunderland Marine Insurance Arcticsailor Dollars & Cents 0 17-03-2014 10:56
Blue Water Insurance + Med Insurance Trish Affleck Rules of the Road, Regulations & Red Tape 1 01-04-2013 01:28
insurance for older boats sailorboy1 Dollars & Cents 20 14-04-2012 09:13
Insurance for small, older boat Bill G Dollars & Cents 0 27-08-2008 14:21
Blue Water Yacht Insurance henryk General Sailing Forum 1 10-05-2008 09:41



Copyright 2002- Social Knowledge, LLC All Rights Reserved.

All times are GMT -7. The time now is 19:16.


Google+
Powered by vBulletin® Version 3.8.8 Beta 1
Copyright ©2000 - 2017, vBulletin Solutions, Inc.
Social Knowledge Networks
Powered by vBulletin® Version 3.8.8 Beta 1
Copyright ©2000 - 2017, vBulletin Solutions, Inc.

ShowCase vBulletin Plugins by Drive Thru Online, Inc.