POLL Marine Insurance

[krissteyn]

Having spent a wonderfull time in USA - and understanding the nuances of marina life and insurance .... and the prevalence of lawyers ............

Quite a few of the readers have experience elswhere where the likelyhood of being sued is minimal and common-sense prevails (not mutually exclusive)

Most places I been - good luck if you feel the need to sue to cover your ass... You stuff-up - you will probably pay - but only if they catch you... and ... dont mess with the cops or cause injury - THAT IS SERIOUS !

my .02c worth

[sailcruiser]

Or at least here in the US your friend / crew gets hurt and they agree it was a simple accident and think nothing more of it. They go to the doctor with their health insurance and get patched up thinking that's that until the health insurance comes after you for repayment. True story. Or similar going on in my mailbox right now a family member visiting for the holidays slipped and fell in the bathtub breaking several ribs and puncturing a lung requiring a several day hospital stay. The family member stated it was a simple accident and the tub was indeed safe and even has grab bars. This person also carries complete healthcare coverage but guess who was deemed responsible by their health insurance despite the strong opposition to the injured.

After the above experiences I will always carry at a minimum liability. Neither individual thought anything about blaming me but their insurance certainly did. Neither incident was major dollars (less than 10k combined) but would put a dent in any cruising kitty. Fighting these examples in court would cost by best guesstimate from an attorney friend would be 2-3x the actual figure and more if you lost.

I personally am very careful. I am regularly teased for the number of dock lines that secure my boat. I add more if a gale is predicted. I am ridiculous about safety according to many. I consider insurance for catastrophes but sometimes even then it isn't enough.

There are many with the IMO flippant attitude that insurance will save the day. I know these <ahem> individuals pay are part of my premium and at this point in time I'm ok with that. Attitudes toward insurance appears to be a generational thing too.

I believe in personal responsibility. I don't think it's right to damage someone else's property and not make it right if I am at fault. I also consider insurance protecting me from those who do not share my attitude.
SC

[In Training]

Even a used boat with $200, to $250,000 invested is more than I can afford to lose.
Can't imagine not being fully insured.

[Weyalan]

It costs me roughly 1.4% of the value of my boat for a comprehensive insurance policy (a fraction more for long offshore racing risk, a fraction less if cruisng & short coastal racing only). This includes $10mill in 3rd party liability... sure that seems excessive, but I suppose, in theory, I could do 10mill damage to some luxury boat... anyway, local marinas invariably want 3rd party liability cover if you berth.

In 7.5 years I have made 1 claim against my insurance... and they paid up in full - yes they appointed an assessor and he spent some time verifying the particulars of the claim and the quotations for the repair, which took some time, but once all the boxes were ticked, the claim was paid in full. At this stage, I have claimed more than I have paid.

[SeaBuffalo]

Originally Posted by Weyalan

It costs me roughly 1.4% of the value of my boat for a comprehensive insurance policy (a fraction more for long offshore racing risk, a fraction less if cruisng & short coastal racing only). This includes $10mill in 3rd party liability... sure that seems excessive, but I suppose, in theory, I could do 10mill damage to some luxury boat... anyway, local marinas invariably want 3rd party liability cover if you berth.

Who is your carrier and what hull value do u have insured for? In the market for insurance in few months and looking around.