Liability Insurance

[osirissail]

Very true in that the logic by the insurance company is as you stated - the illogic is that the same policy was cited when I pulled my boat from the water, decommissioned it and worked on it for 10 years on private property. I would have had to pay the insurance company an amount equal to my purchase price if I maintained the coverage over that time period which did not make sense. After the boat was ready to be launched again, getting coverage was very difficult.

[TabbyCat]

One good argument for comprehensive coverage outside USA waters is the "uninsured boater" consequences. If some local fishing boat or other vessel causing damage to your vessel has no insurance - and you can bet your anchor, none of them do - you are out of luck unless your insurance will cover your boat's damage.

I've noticed that many posters to this forum keep comparing auto insurance to yacht insurance. Maybe that's inevitable, since they both cover "vehicles" and personal property, but you should know that the laws, regulations and policy language are different. Auto insurance is filed with the the state, most marine insurance polices are not. When an insurance policy is filed, it is subject to very strict rules administered by the state insurance commission regarding rates, credit scoring, and policy language. Since Marine Insurance policies are not filed, the underwriters have more flexibility in making underwriting decisions.

Uninsured Boaters (UB) coverage is not the same as Uninsured Motorists (auto) coverage. UB coverage covers the people on your boat for personal injury if you are hit by an uninsured boater. It does NOT cover your hull. Your hull coverage always covers your hull if you are hit by an uninsured boater.

[osirissail]

You are getting too technical - A comprehensive boat policy contains many internal provisions to afford protection for circumstances that a new person to boating can grasp by comparing the overall policy to what they are used to in auto policies. The discussion is about "full/comprehensive" type insurance (package) versus "liability only" versus no insurance and the benefits, costs and consequences of each situation.