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Old 14-04-2014, 10:24   #1
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Insurance and Liveabaords

Do insurance companies dislike liveaboards?

Any known companies that are ok with it?
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Old 14-04-2014, 10:35   #2
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Re: Insurance and liveabaords

Markel has multiple policies that are geared for full time cruisers.... IMIS has the best range of their options as well as other companies and work closely with them...
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Old 14-04-2014, 14:46   #3
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Re: Insurance and liveabaords

Iíve probably applied for a dozen policies in the last 25 years and donít ever remember being asked if I was a liveaboard.

Insurance companies likely would view liveaboards as less risky. They tend not to sail much and there less chance of a loss being that itís not an unattended vessel.
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Old 14-04-2014, 16:52   #4
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Re: Insurance and liveabaords

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Originally Posted by dennisjay View Post
Iíve probably applied for a dozen policies in the last 25 years and donít ever remember being asked if I was a liveaboard.

Insurance companies likely would view liveaboards as less risky. They tend not to sail much and there less chance of a loss being that itís not an unattended vessel.
Also one is more likely to take every precaution and step to protect their home than they are to protect a boat they occasionally use.
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Old 06-05-2014, 14:18   #5
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Re: Insurance and Liveabaords

Recently, I asked a BoatUS underwriter why living aboard does not reduce my premium. I reasoned that since I am on the boat much more, I would be aware of and correct threats to the vessel more readily. However, I was informed that living aboard does not result in premium reduction because full-time occupancy causes increased wear and tear! Seems ridiculous to me because insurance doesn't reimburse you for wear and tear anyway, only loss. Somebody please explain.
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Old 06-05-2014, 14:22   #6
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Re: Insurance and Liveabaords

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Recently, I asked a BoatUS underwriter why living aboard does not reduce my premium. I reasoned that since I am on the boat much more, I would be aware of and correct threats to the vessel more readily. However, I was informed that living aboard does not result in premium reduction because full-time occupancy causes increased wear and tear! Seems ridiculous to me because insurance doesn't reimburse you for wear and tear anyway, only loss. Somebody please explain.
I asked the same question. They told me that if I was living aboard I would be more likely to burn the boat down with a fire from the stove. Go figure.
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Old 06-05-2014, 15:58   #7
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Re: Insurance and Liveabaords

As far as wear and tear, you're correct that it's not covered. But wear and tear can lead to insured losses. For example, a badly worn boarding ladder or lifelines could lead to serious injury and a costly claim for an insurer.

Insurers probably are comparing losses from liveaboards to those who never use their boats, which is a large population. In this comparison, liveaboards likely are much more costly to insure.
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Old 07-05-2014, 08:47   #8
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Re: Insurance and Liveabaords

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Originally Posted by dennisjay View Post
As far as wear and tear, you're correct that it's not covered. But wear and tear can lead to insured losses. For example, a badly worn boarding ladder or lifelines could lead to serious injury and a costly claim for an insurer.

Insurers probably are comparing losses from liveaboards to those who never use their boats, which is a large population. In this comparison, liveaboards likely are much more costly to insure.

You said it very well as a group live a boards are probable more riskier.

Contrary to popular believe insurance companies view live a boards as more of a risk and will decline or charge a higher premium. I would be some what up front with them about being a live aboard as there are clauses and way outs for them. The clause that can catch most is due diligence to reduce risk/loss and/or disclosure. I have found that marine insurance broker that also insure commercial boat are better as they have access to insurance companies willing to accept higher risk for higher premium of course.

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Old 07-05-2014, 10:24   #9
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Re: Insurance and Liveabaords

Our premium will increase $250 when we become liveaboards. This is only slightly higher than the current renters' insurance and will provide similar coverage of personal items.
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