Sailboat Insurance Recommendations?

[advocate777]

Can anyone recommend an insurance company they use or like that sells sailboat insurance for boats in USA - East Coast?

[nautical62]

Boat U.S.

Progressive

Atlas Insurance

IMIS

[Island Time O25]

I just received my winter storage bill from the yard and for the 1st time in 10 years they want my insurance policy info. As I was self-insured all this time I may have to be looking to purchase liability only policy i.e. just to cover fuel spillage or damage to someone else's property, etc. I figured that a full coverage policy on a 30+ year old boat given the insurance industry's proclivity to not pay or under pay or both many such claims makes self insurance more attrractive option in he long run. Anyway, what is the absolute minimum one can get away with insuring just the liability portion for a 33 year old 36footer? $300/yr? $500? More? Less? Thanks.

[Clipper4730]

We use Markel for our 50' Bene. We are paying 2k/yr for a 237k agreed value with a 5000 deductible/ 10,000 windstorm. While we have not had any claims they have been very easy to work with and respond quickly to questions etc. our cruising area is pretty narrow, Jersey to Jacksonville but it is not much more to expand to the Caribbean.
Hope this helps

Will

[chuckr]

we had great success with bill hodgens of yachtinsure for a number of year and now imis

[chuckr]

Originally Posted by Island Time O25

I just received my winter storage bill from the yard and for the 1st time in 10 years they want my insurance policy info. As I was self-insured all this time I may have to be looking to purchase liability only policy i.e. just to cover fuel spillage or damage to someone else's property, etc. I figured that a full coverage policy on a 30+ year old boat given the insurance industry's proclivity to not pay or under pay or both many such claims makes self insurance more attrractive option in he long run. Anyway, what is the absolute minimum one can get away with insuring just the liability portion for a 33 year old 36footer? $300/yr? $500? More? Less? Thanks.

will depend on what the minimum your yards requires? if liability only, how much?

Then you have to do some leg work and contact some insurance companies to ascertain if they can insure you and the cost.

[billgewater]

Try Edward William Marine. They are an English company based in Malaga, Spain.


Old boats, Ferro boats etc. No survey required. Free quotes.

[lesterbutch]

Progressive is very good and did not require a survey on my 1972 Pearson, which happens to be in top shape anyway.

[Island Time O25]

Originally Posted by chuckr

will depend on what the minimum your yards requires? if liability only, how much?

Then you have to do some leg work and contact some insurance companies to ascertain if they can insure you and the cost.

I was looking for a ball park figure for a typical basic policy. I'll know more details as to the yard requirements early this coming week. I recall that in 2010 when I was window shopping for a policy the very basic ones among 3 insurers I contacted were between $500 and $800 with min. liability of around $250K-300K, may be $500K. Considering the age/value/run of the mill condition of my boat, after deductibles, wear and tear and the usual insurers' run around there won't be much left for that "replacement check". So replacement value is less of a concern than say potential salvage costs or oil spill coverage.

[Moody46CC]

Related to this is the question of insurance coverage for consequential damages. Most policies do not cover this, so if a hose goes and the boat sinks at the dock, sol. A shroud snaps and the rig goes over, sol. If one could prove latent defect ..., but good luck with that.

I don't want this to turn into a lecture on maintenance--I do the routine, periodic maintenance and services on my boat and I pay for the stuff I cannot do. No stinting on safety when one goes outside of the sight of land. But the idea behind insurance for me is to cover catastrophic loss. Paying the bank for a boat that is under water would be a bummer, to say nothing of having to pay more on top to get it removed if one's insurance did not cover it. Check your policy--most do not cover consequential damages and wear and tear (and that means corrosion--and metal corrodes in seawater) as the boat and its systems get older.

So how much do people pay for the extra benefit of consequential losses. Boat US wanted $2800 for agreed value of $280K; another outfit will do the same for $1950. And that's assuming both like my hurricane plan and my absentee owner plan. My current insurance company (which is looking good) does not require any "plans" but does not offer consequential damages. My premium for $285K agreed value and eastern seaboard from Canada to NC out to 125 miles for regular coverage of boat and tender with a low deductible (and it is one of those vanishing ones) is under 1200.

[chuckr]

Originally Posted by Island Time O25

I was looking for a ball park figure for a typical basic policy. I'll know more details as to the yard requirements early this coming week. I recall that in 2010 when I was window shopping for a policy the very basic ones among 3 insurers I contacted were between $500 and $800 with min. liability of around $250K-300K, may be $500K. Considering the age/value/run of the mill condition of my boat, after deductibles, wear and tear and the usual insurers' run around there won't be much left for that "replacement check". So replacement value is less of a concern than say potential salvage costs or oil spill coverage.

the reason i ask the question is that carried full insurance on our 2003 jeanneau ds40 but understand your need for liability only. why not totally comparable we carry $500k usd liability and met everyones threshold until montengro when they wanted 1,000k euros. while i understand you will not be sailing to montengro we found some yards with minimum liability requirements.

two asides. first our full coverage runs between $1,700 and $3,400 a year depending on what we are doing. low for panama and southwest caribbean and high for a two person crossing of the atlantic. in the med we are about $2,100 usd a year.
point can reduce our liability to $500k usd again as it meets most eu countries but it appears greece wants a lot more and as we are sailing greece we will keep the higher liability at a cost of about $300usd.

so your cost, and i am assuming you will get liability only, will be directly proportational to the yard requirement and may well vary by company.

[gdfsbtch]

new to forums and looking to retire on a sail boat soon. my question is without having to go into quotes and all. if you are liveaboard do you have to have insurance on my sailboat ? about how much and what is the kind I would need to have? any input please just checking around now it will still be a few months before we do this thing ..thank you in advance.

[cashgar]

Originally Posted by Moody46CC

Related to this is the question of insurance coverage for consequential damages. Most policies do not cover this, so if a hose goes and the boat sinks at the dock, sol. A shroud snaps and the rig goes over, sol. If one could prove latent defect ..., but good luck with that.

I don't want this to turn into a lecture on maintenance--I do the routine, periodic maintenance and services on my boat and I pay for the stuff I cannot do. No stinting on safety when one goes outside of the sight of land. But the idea behind insurance for me is to cover catastrophic loss. Paying the bank for a boat that is under water would be a bummer, to say nothing of having to pay more on top to get it removed if one's insurance did not cover it. Check your policy--most do not cover consequential damages and wear and tear (and that means corrosion--and metal corrodes in seawater) as the boat and its systems get older.

So how much do people pay for the extra benefit of consequential losses. Boat US wanted $2800 for agreed value of $280K; another outfit will do the same for $1950. And that's assuming both like my hurricane plan and my absentee owner plan. My current insurance company (which is looking good) does not require any "plans" but does not offer consequential damages. My premium for $285K agreed value and eastern seaboard from Canada to NC out to 125 miles for regular coverage of boat and tender with a low deductible (and it is one of those vanishing ones) is under 1200.

Hi moody46cc
Can you tell me who is your insurance company thanks C

[Moody46CC]

Originally Posted by cashgar

Hi moody46cc
Can you tell me who is your insurance company thanks C

I use the Norman-Spencer Agency of Stockton, CA, and the actual policy is from American Family Home Insurance Company, and the plan is AquaPac.

I've used Norman-Spencer and their former affiliate in NYC area (Keenan) for a number of years. Easy to deal with. I have also had no claims in 7 years.

[CSY Man]

.Try Edward William Marine. They are an English company based in Malaga, Spain.


Old boats, Ferro boats etc. No survey required. Free quotes.

Not so sure about these guys: They declined a total loss on a neighbor's boat here in Florida when it sank at the dock. The owner lost everything.
It came down to: Sue us...