Marinas requiring hull coverage?

[Happ]

My guess is because it is in FL the marina is concerned if the boat should sink due to a storm. Who would pay to raise the boat? With Hull insurance it is covered. If you have a good survey try State Farm. Good for 100 mil of US.

[b.needalman]

Ask the marina and local yacht brokers for marine insurance agent recommendations. You will likely be able to find hull insurance, regardless of the age of your boat.

You will have to have the boat surveyed. Usually surveys of older boats find faults, but the insurance company will decide which ones must be fixed as a condition of coverage. The survey might be more expensive than a year's insurance. Often a haul out is required.

If you are on a very limited budget, the best option might be to find another marina.

[TabbyCat]

Originally Posted by Jammer

My insurance agent?

Well, they're listed on my policy as an additional insured. That makes them equivalent to another owner as far as the insurance is concerned. ...

I don't like it. I don't always have a choice.

Agreed. Also note: Since you can not sue yourself, if another party is listed on your insurance as an insured, you also can not sue them for damages to your vessel. Possible solution: if you can get the marina to accept just a "COI" - Certificate of Insurance (proof of coverage) without actually naming the marina as an Additional Insured, that would be my recommendation. But it is often not possible.

[JBsurfin]

Originally Posted by Jammer

My insurance agent?



Well, they're listed on my policy as an additional insured. That makes them equivalent to another owner as far as the insurance is concerned. If they make a mistake and damage the boat, the insurance pays out subject to a deductible, just as it would if the owner made a mistake and damaged the boat. The insurance company can't turn around and collect from the marina any more than they can collect from the owner -- the insurance company is taking the risk of damage in exchange for the hull insurance premium.


I don't like it. I don't always have a choice.

I've been out of Property insurance for quite awhile, but there is a legal concept that the marina would have to get over. That being "insurable interest". Doubtful under many state rules/cases, they would prevail.

[TabbyCat]

Also note, on a claim for damage done by the marina, if your insurance pays out on the claim, then it is subject to your hull deductible. If the marina's insurance pays out, then it would fall under their liability coverage and so would likely have a much lower deductible, plus you would not have to pay it, they would.

[sailorboy1]

the simple way to look at it is if the marina requires it, it is to THEIR benefit

[Dirk01]

Originally Posted by SaylorMade

Insurance in the US must be very different from here (Denmark).
If the marina does damage to my boat, yes my own insurance will cover me, BUT I can tell you that my insurance company will have already started collecting the costs from the marina or rather the marinas insurance. Fiercely

Works the same way with car insurance here. If you are not at fault your own insurance will cover you first, but they will collect from the part at fault.

It is generally interesting how different it is when I read threads here.
In Denmark you can go to any insurance company and get insurance on a lets say 40 year old boat (like mine) with no demand for survey or other.
It's also cheap.
My own guess is that since we are a country with mostly protected waters and no hurricanes (or very very seldom), it is lower risk.
But again the whole survey thing, is just not a thing here, and yet insurance is cheap.

+1 in Germany.
Let me guess - more or less for the rest of Europe as well?
Yes, but more or less. Not really all over the same...