Old boat liability Insurance?

[Turtle Blues]

2nd for post #29
Think I would ask Geico again.

My circumstances close to yours: '67 Sailboat from Boat Angel, Mid Chesapeake. Geico /BUS sent self certification questionnaire and wanted photos. I asked for liability only, they suggested adding minor hull value.

Great rate. Don't know if multiple boats or history was a factor.
Happy Sailing

[edlepera]

I only currently have a 50 year old 22 foot sailboat. Looking to go up to a 30 footer. She is Insured for liability and allow to have additional insurance to cover disposal Cost in case she get damage while towing or crunch Like what happen in our local by the Owner of a 200,000 dollar power boat that damage 5 sailboats Whose total worth Was over a million dollars, Repair fees for those 5 sailboats was over 200,000 dollars The owner of that 36 foot power Never bother to take a coast guard or state boater safety course. One of the owners of one of the sailboats is a criminal lawyer. He is pushing for criminal charges against the power boat owner.

[TabbyCat]

Originally Posted by Fishzine

First post, will post in intro sometime soon. But first my most pressing question.


Just bought a 1968 Columbia 36. Plan was to use my existing insurance agent who keeps sending me things telling me they cover boat too... Called them and they decided boat is too old....
Boat will be keep in Chesapeake bay area.


Next up Gieco/BoatUs. also rejected for age...

UGH...

Suggestions? Don't need to insure the hull itself as it wasn't 'that' expensive, but bit of a wrinkle that first two places I talked to simply flat out refused me.

Brian

If you had a survey done and have reasonable boating experience, I should be able to get you coverage. Send me an e-mail or PM.

[Mike OReilly]

The challenges a lot of people are reporting in getting insurance for older boats is especially interesting given the results of the "How old is your boat?" poll that is currently running.

https://www.cruisersforum.com/forums...at-241890.html

It's not a representative sampling, so one has to be careful about extrapolating out, but this poll clearly shows the vast majority of CF respondents reporting boats in excess of 30+years old. Heck, nearly 40% are reported being 40+ years old.

What does this say about the insurance industry if they are choosing not to service this significant proportion of the market?

[TrentePieds]

I think it sez that the ACTUARIANS (who determine the "risks", i.e. the probability that a "hull" claim will be made, and what the magnitude of it will be) haven't a clue about sailboats, and therefore are wildly off in their probability analysis for such exotic devices. There will be exceptions, of course, but the "risk managers" who review and accept or reject applications on the basis of the actuarians' numbers are not likely to listen to a voice in the wilderness. Easier to just go with the number provided by the consensus of (landlubber) actuarians.

Having said that, I must also say that I had the hull value of my 40 year old boat increased by 20% just for the asking. A bit of extra premium of course, but no difficulty in raising the limit. SOME of these sorts of decisions are made by underwriters who trust their brokers. If the broker can point to the insured's long, long claims free record when "placing" the risk, the underwriter is more likely to exercise his discretion. Best to stick with a broker/agent long enuff that he/she gets to know you and decide that you are neither accident prone nor frivolous :-)

Although it's an entirely different and separate coverage, even if it does show as "included" in a hull insurance policy, the same argument holds in regard to liability insurance: Most people can demonstrate that they are not accident prone or frivolous by using their claims history for Home Owners' and/or Tenant's Insurance as evidence, and liability insurance only should therefore, normally, be quite easy to get.

Tho' I shouldn't doubt that the Canadian "market" is a more comfortable place to be than the US market.

TrentePieds

[mjscottinnc]

When I lived in PA I kept my boat off middle river, easy access by both land and sea. When weather stuck me at the marina fells point and the inner harbor were a short drive. Lots of marine services in that area. My weekend sailing area was from the sassafras river to Oxford, loved the eastern shore.

Something else to consider

[col50]

Originally Posted by Fishzine

First post, will post in intro sometime soon. But first my most pressing question.


Just bought a 1968 Columbia 36. Plan was to use my existing insurance agent who keeps sending me things telling me they cover boat too... Called them and they decided boat is too old....
Boat will be keep in Chesapeake bay area.


Next up Gieco/BoatUs. also rejected for age...

UGH...

Suggestions? Don't need to insure the hull itself as it wasn't 'that' expensive, but bit of a wrinkle that first two places I talked to simply flat out refused me.

Brian

This is starting to get ridiculous. The insurance company won't insure a boat because it's to old, and a marina won't rent you a slip without insurance. I don't see what the risk is, if a boat is properly surveyed and all faults are corrected. Obviously the insurance companies just want to collect money without any risk. You are asking only for liability insurance, correct?

[Bycrick]

"Only asking for liability insurance." Only. Old boats are usually cheap. Therefore, during the term of the policy, it’s really easy for someone who’s a little short of cash to slack off on the maintenance. Just for a while. When it finally sinks (with the attendant clean up costs) or catches fire or runs into million dollar boat, the liability is much greater than the value of the boat. So, they look at their loss records and find, "Gee, old boats have more losses than new boats." So their response is "Why bother?"

[capnorv]

My insurer for automobiles and house is USAA. They partner with Progressive for both my old boat (40 years) and my two motorcycles. I have liability only, and no claims, so don't know how good it is.

[FTS]

Originally Posted by Kai Mana

I had luck with State Farm for an older Gemini Cat and it is very reasonable. Could try there. This is the agent I used: (205) 629-0327

I've had good luck with State Farm too. I'm on the lower Chesapeake, boat is small and somewhat newer, but $500k liability and $5k hull insurance is less than $140 / year.

[wmgysi]

Sailed around the world 6 years, no insurance. Marinas sometimes asked, then offered their own while berthed. Much easier.
The only problem was Hilo, Hawaii, where the harbour master asked for insurance while anchored!!!! I moved.

[capn ken]

Originally Posted by Fishzine

First post, will post in intro sometime soon. But first my most pressing question.


Just bought a 1968 Columbia 36. Plan was to use my existing insurance agent who keeps sending me things telling me they cover boat too... Called them and they decided boat is too old....
Boat will be keep in Chesapeake bay area.


Next up Gieco/BoatUs. also rejected for age...

UGH...

Suggestions? Don't need to insure the hull itself as it wasn't 'that' expensive, but bit of a wrinkle that first two places I talked to simply flat out refused me.

Brian

Allstate ,State Farm ,shop around ,us boat geico overpriced look around

[StoneCrab]

My suggestion is to go to an insurance broker. They will find a company to meet your needs.

I use Progressive. It is affordable. I have never filed a claim so I can't advise you on that.

Jack Martin Insurance Agency is in Annapolis
410-626-1000 or 800-497-5804