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30-05-2020, 13:38
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#1
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Registered User
Join Date: Jan 2016
Location: Huntington NY
Boat: Tartan 3000
Posts: 357
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Liability only insurance no survey required
I have a 1984 Tartan 3000, 30 ft monohull located in Huntington, NY. The value of this boat is 10k to 15k. For several years, 2016 - 2018 had a Geico / Boat US liability only insurance policy. This 1 million Liability policy was initially $75 rising to $87 in 2018. I chose the 1 million because it was the same price as the 250k policy. In 2019 left the boat on the hard for a season so did not renew the Geico policy.
Today I made a call to Geico to see about reinstating the policy for 2020. For liability only policies they would now offer only 500k policy, no 1 million is available. The price was $125 including Boat US towing. Also a survey would be required. I remember this same request for a survey in 2016. After checking the 2016 agent conirmed no survey required as it was liability only policy. The agent today insist a survey is required.
Has anyone had the same experience as me with Boat US?
I'm interested to get a liability only policy without survey sailing primarily on the Long Island Sound.
Please advise any helpful information
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30-05-2020, 13:51
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#2
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Registered User
Join Date: Oct 2016
Location: Cape Haze,FL
Boat: Carver,Cobia,Nacra, Columbia
Posts: 815
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Re: Liability only insurance no survey required
Let me get this right. You want a company to risk a damages payout of $500,000 due to your actions, or bad decisions or just bad luck, all for a whopping $125 bucks. And is that a monthly or annual premium?? Just how much is your annual cell phone bill?
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30-05-2020, 13:56
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#3
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Registered User
Join Date: Sep 2011
Location: Good question
Boat: Rafiki 37
Posts: 14,131
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Re: Liability only insurance no survey required
Quote:
Originally Posted by flyingfin
Let me get this right. You want a company to risk a damages payout of $500,000 due to your actions, or bad decisions or just bad luck, all for a whopping $125 bucks a year. How much is your cell phone bill?
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Liability is typically quite inexpensive. It inexpensive because the real risk to underwriters is quite small. I pay less than that for $2M coverage as part of a comprehensive policy.
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30-05-2020, 14:06
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#4
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Registered User
Join Date: Oct 2007
Location: Lakewood Ranch, FLORIDA
Boat: Alden 50, Sarasota, Florida
Posts: 3,464
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Re: Liability only insurance no survey required
As the saying goes, Insurance is always too expensive .... until you need it
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30-05-2020, 14:17
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#5
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Registered User
Join Date: Jan 2016
Location: Huntington NY
Boat: Tartan 3000
Posts: 357
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Re: Liability only insurance no survey required
Quote:
Originally Posted by flyingfin
Let me get this right. You want a company to risk a damages payout of $500,000 due to your actions, or bad decisions or just bad luck, all for a whopping $125 bucks. And is that a monthly or annual premium?? Just how much is your annual cell phone bill?
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Actually I'm looking for a liability only policy without a survey. The prices mentioned were the historical policy premiums paid for the years mentioned.
Even without knowing you I'm certain Geico knows more about setting insurance rates than your good self. My cellphone bill was $211 last month, 4 lines!
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30-05-2020, 14:23
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#6
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Registered User
Join Date: Aug 2006
Location: Skagit City, WA
Posts: 25,453
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Re: Liability only insurance no survey required
Check with your auto insurer. For local recreational boating They have never asked me for a survey for liability on smaller craft.
__________________
"I spent most of my money on Booze, Broads and Boats. The rest I wasted" - Elmore Leonard
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30-05-2020, 14:27
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#7
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Registered User
Join Date: Nov 2007
Boat: TRT 1200
Posts: 7,265
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Liability only insurance no survey required
We have our catamaran insured through Geico, liability only.
They insisted on a survey 2 years ago, no problem as I had an existing survey from when purchasing the boat.
As they cover pollution/discharge costs I can understand their need for a survey.
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31-05-2020, 08:52
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#8
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Registered User
Join Date: Apr 2018
Location: Scotland
Boat: 42ft Moody Ketch
Posts: 643
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Re: Liability only insurance no survey required
All my liability insurance in UK requires no survey, liability to 8 million US for $89
Liability insurance is very low and low risk, no one truly is going to do 5 million damage, unless you feel the need the hit a Super yacht and sink it
If your boat sinks they do not care, pollution is minimal , how much diesel leaks from your boat will disperse in the water pretty quickly,
Or Soak up cloths on the water do not cost $5 million , nor does hitting a pontoon cost a lot of money.
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31-05-2020, 09:13
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#9
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Registered User
Join Date: Apr 2005
Location: Seabroook Texas or Southern Maine
Boat: Pearson 323, Tayana V42CC
Posts: 1,501
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Re: Liability only insurance no survey required
BoatUS let me do a self survey form and send it along with pictures and my latest survey (which was about 20 years old). It took about a week for them to look over what I sent and OK my liability only policy. This was in 2017. This was on Long Island with a well equipped 1980 Pearson 323 sail boat. You have to accept their valuation which is about 50% of what BUC lists the boat at.
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31-05-2020, 09:29
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#10
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Registered User
Join Date: Sep 2019
Posts: 125
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Re: Liability only insurance no survey required
Quote:
Originally Posted by tarian
All my liability insurance in UK requires no survey, liability to 8 million US for $89
Liability insurance is very low and low risk, no one truly is going to do 5 million damage, unless you feel the need the hit a Super yacht and sink it
If your boat sinks they do not care, pollution is minimal , how much diesel leaks from your boat will disperse in the water pretty quickly,
Or Soak up cloths on the water do not cost $5 million , nor does hitting a pontoon cost a lot of money.
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Who do you have your insurance with?
Im looking for something similar
Thanks !!
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31-05-2020, 09:32
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#11
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Registered User
Join Date: Nov 2007
Boat: TRT 1200
Posts: 7,265
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Re: Liability only insurance no survey required
Quote:
Originally Posted by tarian
All my liability insurance in UK requires no survey, liability to 8 million US for $89
Liability insurance is very low and low risk, no one truly is going to do 5 million damage, unless you feel the need the hit a Super yacht and sink it
If your boat sinks they do not care, pollution is minimal , how much diesel leaks from your boat will disperse in the water pretty quickly,
Or Soak up cloths on the water do not cost $5 million , nor does hitting a pontoon cost a lot of money.
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I’m guessing there may be a big difference between the US and UK in liability. Big fines for polluting or even running aground in sea grass in the US to say nothing of the litigious nature
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31-05-2020, 09:45
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#12
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Registered User
Join Date: Feb 2014
Posts: 18
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Re: Liability only insurance no survey required
Many people are unaware that there is a lot of "fashion" in the insurance industry. Companies exit markets (by pricing or underwriting), all of the time, often without any actuarial basis. It shouldn't take much research to determine if the survey issue has become an industry requirement or a company reaction.
Find a good agent, and don't overlook Surplus Lines carriers.
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31-05-2020, 10:01
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#13
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Registered User
Join Date: Jan 2013
Location: On Board but also Scotland
Boat: Prout
Posts: 160
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Re: Liability only insurance no survey required
I have used Pantaenius insurance 3rd party for nearly 10 years for world wide sailing. It costs a little over £300. As it is not fully comprehensive insurance no survey has been required though I had one prior to purchase. Should I change to fully comprehensive I would have to provide a survey. However being single handed no one will insure me fully comprehensive, and Pantaenious the only one I could find in the UK who would insure for global solo sailing.
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31-05-2020, 10:42
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#14
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Marine Service Provider
Join Date: Dec 2009
Location: Working in St Augustine
Boat: Woods Vardo 34 Cat
Posts: 3,865
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Re: Liability only insurance no survey required
The survey is a requirement now due to the age and the fact they cover wreck removal. I have personally seen progressive and Geico/Boat US pay out mucho for wreck removal. Progressive had been specifically excluding wreck removal last 5 years or so. Therefore any savy marina will no longer accept.
How old is your engine intake hose? Boat sinks at dock they have oil and fuel spill liability to pay plus the cost of removing wreck.
Situation totally sucks, but that's what the story is. If you have big enough assets to need that high of coverage probably better just to get a 10 y/o Beneteau or Hunter that will be easy to insure.
Me, I'm just a poor yacht rigger floating around on a homemade boat with no insurance.
__________________
@mojomarine1
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31-05-2020, 11:11
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#15
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Registered User
Join Date: Jan 2013
Location: earth
Boat: 40' searunner trimaran
Posts: 74
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Re: Liability only insurance no survey required
On this same subject, i would like international coverage for my boat, liability only, no survey, anyone with an idea of what companies might offer this? Seems a lot of marinas now require at least liability.Thank you.
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