Marina wants to be on my Insurance?

[Mike OReilly]

Originally Posted by goboatingnow

The purpose of having their interest named on your policy is to ensure that they can claim directly from your insurance company in the event of your boat causing damage to their facility , as without that , the insurance company will settle with you as the "insured" it prevents you walking of with the money and the boatyard trying to recover it from you.

Hmmm... So, is the reverse also standard in those places? Do boaters have marinas add the boater to the marina's policy? Since it's also possible to have marinas damage clients' boats (faulty lift, inadequate dock cleats, fuelling mishaps, electrical damage, etc.) do boaters ask for a reciprocal arrangement?

[ColdEH]

I agree it should go both ways

Regards

[Janet H]

It may be "standard procedure" but I advise caution. When you name another entity as an additionally insured party you are essentially dividing the limits of your coverage with them. In theory if both you and the marina were making a claim against your policy it would be possible that you would only receive a partial settlement.

[WindLove]

Originally Posted by typhoon

My broker said no way they won't do it , the yard says they must have it . What to do ?? Regards

Sounds like an uninformed broker/agent, which is in itself not uncommon, but should cause you to question his/her expertise in Marine insurance. I'll bet it gets done with no problem and it will show you that the broker just didn't have an understanding of what the issues are for the policies he is selling.

There is another important reason a marina wants that....if they aren't a "named insured" you could cancel the policy the next day and they would have no way of knowing. This way they will be notified if you cancel your policy.

[Lake-Effect]

Originally Posted by Janet H

It may be "standard procedure" but I advise caution. When you name another entity as an additionally insured party you are essentially dividing the limits of your coverage with them. In theory if both you and the marina were making a claim against your policy it would be possible that you would only receive a partial settlement.

Yeah, this.

The boat insurance includes $2M for 3rd-party liability, which would cover any damage to the marina itself, or the property of others. The "named" insured is who would be reimbursed for loss of the boat as covered in another part of the policy, no?

[ColdEH]

Originally Posted by Lake-Effect

Yeah, this.

The boat insurance includes $2M for 3rd-party liability, which would cover any damage to the marina itself, or the property of others. The "named" insured is who would be reimbursed for loss of the boat as covered in another part of the policy, no?

Yes that's my understanding , it works the same way with car insurance. When I park me car at the airport for a week , they don't need to be named on my insurance. Is a marina any different ?

Regards

[tomdidit]

Originally Posted by typhoon

Yes that's my understanding , it works the same way with car insurance. When I park me car at the airport for a week , they don't need to be named on my insurance. Is a marina any different ?

Regards

You can argue this all day long, but in the end your choice is probably to move the boat. Your call.
Personally, I would be happy to have a marina/yard that is organized enough to make certain that all the boats are insured. As stated, some would show insurance to get into the yard, and cancel the next day. You probably would not be one of those people, but I can assure you they do exist. When they are named, they are notified. They can then remove you from the yard and protect themselves and others. Good for them, and it costs you nothing!

[Dsanduril]

Originally Posted by WindLove

There is another important reason a marina wants that....if they aren't a "named insured" you could cancel the policy the next day and they would have no way of knowing. This way they will be notified if you cancel your policy.

+1

Personally I think this is the bigger issue for most marinas. It sure is on my business side. When the premium doesn't get paid or the policy gets cancelled or anything along those lines the additional named insured gets notice, usually 30 to 60 days, which allows them to terminate your contract and kick you out before you actually lose your coverage.

[DeepFrz]

Additional insurance coverage and endorsements are the subject of frequent disagreements, misunderstandings, and litigation. The disagreements are often about whether the additional insurance coverage should cover "independent negligence" by the additional insured, or should only cover liabilities caused by the named insured's acts.

As is everything in this life, it is not a simple matter.

[donradcliffe]

Some of the state-run marinas in Hawaii require this for an overnight stay--needless to say we went somewhere else.

However, it your agent is not willing to do this, he may have pocketed your premium and used a copy machine to 'create' your policy--its been done before.

[ColdEH]

So I have contacted a few different Marine insurance companies up here in Canada. They explained to me that Canadian Marine insurance policies do not allow this amendment (A.N.I. Additional Named Insured) Something about the way our laws work and the way our policies are written. Who am I to argue with that, our banking systems are different as well.

So I guess Canadian insured boats will not be allowed to visit American Marinas . That's gonna hurt business.

Regards

[Tim R.]

Originally Posted by typhoon

So I have contacted a few different Marine insurance companies up here in Canada. They explained to me that Canadian Marine insurance policies do not allow this amendment (A.N.I. Additional Named Insured) Something about the way our laws work and the way our policies are written. Who am I to argue with that, our banking systems are different as well.

So I guess Canadian insured boats will not be allowed to visit American Marinas . That's gonna hurt business.

Regards

For the record, I know of no marina that requires this from transients. You are welcome to sail here and spend your Canadian dollars in Murica!

[thinwater]

Originally Posted by WindLove

There is another important reason a marina wants that....if they aren't a "named insured" you could cancel the policy the next day and they would have no way of knowing. This way they will be notified if you cancel your policy.

This is common place and the broker is lazy.

Put another way, wouldn't you like to know that the boat next to you is insured? How many boats on-the-hard look nearly abandoned?

Splitting coverage does not seem too big a deal, to me. It seems that 7-figure liabilities that are your fault are going to happen on the water, not in storage.

[Rocketman]

As a Dock Master at a small marina we, require all boat owners in our marina to have on file, liability insurance, with the marina listed as a certificate holder, or an interested party for several reasons.

1. If your boat causes damage to the marina, like a fire, fuel spill, loss of income the list could go one, then the marina will collect directly from your insurance company.

2. If you move your boat into the marina with insurance and then drop the insurance, your insurance company will notify us if we are named on the policy.

3. As a owner of your boat, you should feel some relief that the marina is keeping track of everyone's insurance, so if your neighbor, rams your boat, catches your boat on fire, or even vandalizes it, you are covered even if all you have is liability insurance.

I must admit that before being a dock master I felt that this rule was a little ridiculous, but the rule is there for your protection from others as well as to protect the marina.

By the way, our marina does not require transients to show proof of insurance because our marina insurance has special coverage for these folks.

[ColdEH]

Originally Posted by Rocketman

As a Dock Master at a small marina we, require all boat owners in our marina to have on file, liability insurance, with the marina listed as a certificate holder, or an interested party for several reasons.

1. If your boat causes damage to the marina, like a fire, fuel spill, loss of income the list could go one, then the marina will collect directly from your insurance company.

2. If you move your boat into the marina with insurance and then drop the insurance, your insurance company will notify us if we are named on the policy.

3. As a owner of your boat, you should feel some relief that the marina is keeping track of everyone's insurance, so if your neighbor, rams your boat, catches your boat on fire, or even vandalizes it, you are covered even if all you have is liability insurance.

I must admit that before being a dock master I felt that this rule was a little ridiculous, but the rule is there for your protection from others as well as to protect the marina.

By the way, our marina does not require transients to show proof of insurance because our marina insurance has special coverage for these folks.

The question I have for you is, would you refuse a Canadian boat with proof of current insurance of more then adequate liability, into your yard for 6 months. Becuase basically, a Canadian insured boat can not name you on a Canadian policy. Thats not a choice we have as a Canadian boater , it just that our insurance policies are different , that doesn't mean that the Marina is not protected , it is . My policy states it in writing .

Regards