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Old 14-09-2013, 04:29   #1
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Insurance

So........I've been sailing since I was a kid, crewed for years on a Cal 40. But never owned. Been idle for many years, and now that I'm in my 50's, I want something like I crewed on for many years. Something I can entertain some guests on. Live on and make long cruises on eventually. But I haven't owned a boat before. And I can't document years spent on the Chesapeake bay really since the owner I crewed for is long dead. I'm not worried about getting up to speed and taking a class or two to knock some rust off. However, I've been told that getting insurance for an older (say early to mid 1980's) cruiser in the 38-40' range would be next to impossible. What does the forum's experience on this?

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Old 14-09-2013, 05:38   #2
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As long as you get the boat surveyed you should find a insurance company who'll provide coverage. While every company inquires to ships you've helmed, a little white lie would be to claim those. For every visitor I've seen takes either that turn at the helm or tiller very serious. IMHO
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Old 14-09-2013, 05:56   #3
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Re: Insurance

There have been some threads on this subject here in the past. Give the "search" feature a try and see what comes up.

Advice from a member who actually sells recreational marine insurance was to the effect that your experience will be a factor in a given underwriter's decision to offer you a policy and/or what the premium might be. In my experience, insurers have always accepted my boating resume as a factual representation of my personal experience with boats. I provided references, but they were not checked.

That being said, I'd strongly recommend that you be straight with them--don't embellish your experience in any way. If you have a significant claim later on, and are found to have falsified information in your application, you're probably going to regret it.
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Old 14-09-2013, 08:28   #4
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Re: Insurance

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Originally Posted by Hud3 View Post
There have been some threads on this subject here in the past. Give the "search" feature a try and see what comes up.

Advice from a member who actually sells recreational marine insurance was to the effect that your experience will be a factor in a given underwriter's decision to offer you a policy and/or what the premium might be. In my experience, insurers have always accepted my boating resume as a factual representation of my personal experience with boats. I provided references, but they were not checked.

That being said, I'd strongly recommend that you be straight with them--don't embellish your experience in any way. If you have a significant claim later on, and are found to have falsified information in your application, you're probably going to regret it.
Well said, Hud!

For recreational craft up to 60' or so, insuring companies generally will accept an insured's submitted resume/statement of experience. HOWEVER, if a claim is submitted, and the nature of the claim is suspect, the claims adjustor's may request proof of said experience.

Example- a client purchasing a 45' twin engine trawler embellishes his experience info by stating he has owned a 37' trawler, as well as the current 19' runabout. Truth- his father owned the 37' boat.

A claim is filed for a crash (backed into another boat, causing significant damage). Claims adjustor interviews claimant, becomes suspect, and requests proof of ownership of the 37' (registration/USCG doc).

Claim is declined due to falsification of application. Yes, this was a real world example.

When you get to vessels over 60, underwriters like to see significant experience; federal licensing, a cruising blog that denotes the owners experience, etc.

There's no hard and fast rule, but (as Hud stated) don't embellish.
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Old 14-09-2013, 21:13   #5
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Thanks for the info. I was mostly worried that an insurer would absolutely not issue me a policy based on non previous ownership of smaller craft. If I have to pay a bit more for a few years, I will. I can always shop my policy around after that with a few years ownership under my belt, right? I hadn't planned going over 50'. Most likely 40'.
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Old 14-09-2013, 21:36   #6
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Re: Insurance

Might consider something like an ASA on-water course which can provide documentation of instruction for insurance company's consideration. Good way to knock of the rust.
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Old 15-09-2013, 02:36   #7
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I had planned to do that anyway, but I have a specific boat in mind right now and I may not be able to get the course complete before I have to punch he ticket on the purchase.
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Old 15-09-2013, 07:50   #8
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Re: Insurance

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I had planned to do that anyway, but I have a specific boat in mind right now and I may not be able to get the course complete before I have to punch he ticket on the purchase.
I think you will find that insurance broker can work with this. You may end up initially with a policy with restrictions such as "daytime use within Chesapeake Bay only" or some such language. Then when have certain number of hours experience and/or instruction, the policy restrictions could be modified.

Marine insurance brokers deal with this sort of thing all the time and I will bet can come up with a workable solution. Find a good insurance agent and start a dialog.
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Old 15-09-2013, 08:19   #9
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Re: Insurance

I had never owned anything bigger than a Hobie 20 when I bought my 1965 Cal 40. One insurance broker asked for a resume and said he was impressed with my experience which included teaching and ocean sailing. He was slow to find companies and the ones he got replies from were high.

Another only asked what I had owned previously and commented that I was making a big jump, I don't remember anything happening from him.

BoatUS only asked for previous ownership, replied in 3 days, said I would have to be insured with their affiliate for a couple of years at a higher rate due to not having owned before, and was the cheapest rate I had received.

I called the first one to ask about BoatUS, and to see if that would light a fire under him to get me some rates, he replied BoatUS was junk insurance and that he couldn't compete with that.

I haven't had to make a claim, so don't know personally if there will be a problem with a claim, but have seen some good reports about BoatUS.
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Old 24-09-2013, 06:00   #10
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Re: Insurance

Sorry, I can't help Santana 11 but I have an insurance issue myself. I want to take out a replacement policy for my boat effective 30 September and I'm looking for a broker/company who might be able to help me.
I am a NON US (Australian) registered yacht, fairly new, high value, with a very good history of paying premiums and not making claims. My current underwriter is a US company but my UK broker has a new deal with Lloyds and will no longer help me.
Does anyone have any suggestions?
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