Insurance For An Older Yacht?

[cpttroy]

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.

[Emmalina]

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.

[Formosa Scott]

Try Grundy Insurance

[sapient sue]

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

[zengirl]

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?

[smj]

Originally Posted by zengirl

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.

[CLady]

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.

[UNCIVILIZED]

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.

[jcdexter]

Try Atlass Insurance in Newport, Rhode Island. I do business with Richard Smith. Great people.

[Island Time O25]

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?

[svHannabel]

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

Might also find some others at InsuranceForBoats.org

[zengirl]

Thank you one all, great info

[lifeofreilly57]

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.

[Pendragon35]

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

[tfrank]

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.