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Old 10-04-2013, 14:34   #1
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Insurance

Hi,

Does anyone know where I can get insurance for Liveaboard? All of the insurance companies I have called will not cover a boat as a primary residence.

Any suggestions or advice? I would really appreciate any help. I am new to this game.
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Old 10-04-2013, 15:14   #2
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Re: Insurance

Progressive? It was the only one that would insure my 1978 Ranger 28 with 100/300 liability which is required by the marina.
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Old 10-04-2013, 15:33   #3
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Re: Insurance

I've found my best rates though my BoatUS membership, though I don't see your location. If you are in the "States" you might want to look at the BoatUS offerings for liveaboards.
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Old 10-04-2013, 16:30   #4
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Re: Insurance

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Progressive? It was the only one that would insure my 1978 Ranger 28 with 100/300 liability which is required by the marina.
I have not checked this year but Progressive has a no live aboard policy. That is one of the reasons I am no longer with them.
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Old 10-04-2013, 16:41   #5
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Re: Insurance

I would think that living aboard the boat would reduce the chances for a claim. Don't most boats sink when no one is aboard? Makes no sense to me that a company would refuse to insure an occupied boat.
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Old 10-04-2013, 17:10   #6
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Re: Insurance

RE: Progressive and Live aboards.

I don't understand their reasoning. All I know it is fact. I was with them for as long as I can recall untill I asked about living aboard. I would also suggest that whoever you have insurance with you understand all the limitations. ESP. (Named Storm and physical location of coverage., Crusing Area, Distance off shore, etc.)
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Old 10-04-2013, 17:34   #7
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Re: Insurance

Try IMIS Home Page ~ International Marine Insurance Services We've had a liveaboard policy through them with Merkel with all the options we need.
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Old 10-04-2013, 18:14   #8
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Try IMIS Home Page ~ International Marine Insurance Services We've had a liveaboard policy through them with Merkel with all the options we need.

That's who I used. Ended up with London Marine.
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Old 14-04-2013, 22:45   #9
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Re: Insurance

In case anybody is looking at this thread, one of the problems I had was finding a liveaboard policy that *also* included basic liability. This is the liability you get when you buy homeowners, and it covers you for basic liability issues that have nothing to do with your home (you can google around for examples of this). But the real kicker is that *without* this basic liability coverage (the type that usually comes with homeowners or renters) no insurance company I was able to find was willing to write umbrella liability. The importance of carrying umbrella liability, especially for a cruiser, are beyond the scope of this post (but needless to say, if you have income and assets having umbrella is crucial).

I found *one* company -- and this was after an exhaustive search -- that is writing true liveaboard yacht policies that also include general liability (and, as a bonus, include a few other things pertinent to liveaboards as well, like coverage for storage units): a yacht policy issued by Wells Fargo and underwritten by a major insurer (can't remember which one). PM me if you're interested and want contact information.

For example, Boat US allows liveaboards on their policies (and they were pretty well priced), but no general liability.

On the other hand, if you've found anyone else that offers similar coverage, PLEASE let me know -- always interested in competing quotes :-)
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Old 15-04-2013, 09:19   #10
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Re: Insurance

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.............

For example, Boat US allows liveaboards on their policies (and they were pretty well priced), but no general liability.
...........
I was surprised to read this as I have 500K liability with my Boat US policy as a liveaboard. Could I be misunderstanding the term, "General" liability?
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Old 15-04-2013, 10:10   #11
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Re: Insurance

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I was surprised to read this as I have 500K liability with my Boat US policy as a liveaboard. Could I be misunderstanding the term, "General" liability?
Under BoatUS, you have 500k in liability for anything related to your boat. This is comparable to the 500k in liability you have on your auto policy, which relates to anything regarding your car.

What is does not cover are any liability claims having nothing to do with your boat (or your car). For example, you bump into someone on the street, they spill their own hot coffee all over themselves, and then they sue you (don't laugh -- this happens).

In our incredibly litigious society, anybody with assets, income, or income potential needs liability insurance.
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Old 15-04-2013, 10:21   #12
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Re: Insurance

Can't you get a separate umbrella policy for the rest?

Seems like it would be the least expensive option.
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Old 15-04-2013, 10:32   #13
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Re: Insurance

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Can't you get a separate umbrella policy for the rest?

Seems like it would be the least expensive option.
I spent a long time looking into this, and the answer, unfortunately, is no.

I couldn't find an umbrella insurer willing to write a policy without an underlying general liability policy, and I only found one insurer willing to write underlying general liability without a permanent land-based residence (not address, actual residence). I spent time with four or five different insurance brokers, plus the usual suspects (GEICO, Travelers, etc.) and nobody was willing to write for my situation.

I think it *might* be possible to get a customized policy that would function like umbrella and work without underlying coverage but it would have to be a completely custom policy and thus likely to be even more expensive. I talked to a friend of mine whose family holds a seat at Lloyds -- they write this kind of policy, occasionally, but usually for the extremely wealthy (umbrella coverage in the $50M+ range). Doesn't mean you couldn't find someone to write it lower, but given that it would be custom coverage you would be paying for it.

If anyone else has had a different experience and can provide the name of an insurer / broker who has worked for them, I would be grateful.

My liveaboard policy through Wells Fargo costs about $1200 a year, which is steep for a yacht that only cost $100k and stays in Puget Sound.
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Old 15-04-2013, 17:22   #14
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Re: Insurance

Thanks, I understand that I am a loose cannon when I'm not at the helm!
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Old 15-04-2013, 17:43   #15
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pirate Re: Insurance

Nope... that's never come up for me... but then my current insurance covers Europe... and further I imagine... its liability only..
However I have had what I consider its equivalent.. a fully comprehensive policy which covers everything listed as part of the boats equipment.. which is everything including my clothes... if all is lost.. over 200miles offshore its void.. but all I've had to inform them is my intended route... some places are verboten..
Pantaeneus... give em a try.. get cover for a wide cruising area not just local waters.. unless its a house boat with a toy mizzen.
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