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.