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Old 21-08-2013, 12:33   #1
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Project Boat Insurance

A question for those of you who have completed or are going through a boat restoration project where the vessel is on the hard and in various stages of restoration: How/where have you obtained insurance coverage for loss and liability?

I have a 1969 SV in the process of a restoration project. I have a marine policy through BOAT US that has the boat insured with a standard marine policy (with the appropriate premium).

Thank you for any information you can provide.
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Old 21-08-2013, 12:57   #2
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Re: Project Boat Insurance

Given, you already have obtained insurance, I'm not sure what your question is. If you feel the upgrades you make substantially increase the value, you might want to have a survey or by other means document that the boat is now worth more and increase the insured value accordingly.

Realize that regardless of insurance, the costs of restoration will probably fall far short of the increased value of the boat.

Also, I'd contact Boat U.S. and ensure that if you have a claim during the boat restoration process, that the unfinished nature of the boat does not in any way decrease the value.
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Old 21-08-2013, 13:21   #3
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Re: Project Boat Insurance

Thank you for a quick response and your good comments.

Clarification to my question is warranted. With the standard Marine Insurance policy, I felt I was paying a much higher premium than what a policy that simply protects against liabilty and loss while under restoration. My goal is simply reducing the premium if possible.
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Old 21-08-2013, 13:42   #4
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Re: Project Boat Insurance

Tell them it is not in the water being used. Storage insurance is much cheaper.
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Old 21-08-2013, 14:03   #5
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Re: Project Boat Insurance

In addition to the possibility of storage insurance, last time I checked, BOAT U.S. offered liability only insurance (U.S. only) which was notably cheaper than a standard policy.
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Old 21-08-2013, 14:13   #6
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Storage is cheaper. Mine is through markel and they give you a credit for each two month block of time the boat is not in the water. Less than two months and no go.
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Old 21-08-2013, 14:39   #7
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Re: Project Boat Insurance

When I had my last boat up for sale I got a Port Risk policy. The boat was not allowed out of tbe slip without the insurance companies prior permission. It was much cheaper than the prior policy.
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