Liability only insurance no survey required

[Larry Florida]

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

[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?

[Mike OReilly]

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?

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.

[S/V Illusion]

As the saying goes, Insurance is always too expensive .... until you need it

[Larry Florida]

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?

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!

[Cheechako]

Check with your auto insurer. For local recreational boating They have never asked me for a survey for liability on smaller craft.

[smj]

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.

[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.

[Scubaseas]

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.

[AndrewA2]

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.

Who do you have your insurance with?
Im looking for something similar

Thanks !!

[smj]

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.

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

[gpridgen]

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.

[inchcailloch]

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.

[Boatguy30]

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.

[trimarannaga]

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.