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Old 28-10-2020, 12:42   #1
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Old boat liability Insurance?

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
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Old 28-10-2020, 13:06   #2
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Re: Old boat liability Insurance?

wow .. Boat US rejected for age? good to know. what I did was check for insurance and dockage before purchase but that's no help for you.
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Old 28-10-2020, 13:12   #3
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Re: Old boat liability Insurance?

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Originally Posted by gonesail View Post
wow .. Boat US rejected for age? good to know. what I did was check for insurance and dockage before purchase but that's no help for you.

Great in theory, and for next boat will be that. But to be honest, this was an Ebay Boat Angel buy. Have inspected and accepted boat. Certainly worth more then I paid.

Full boat details will be in my intro post when I get around to in hopefully the next week. Right now time is focused on getting the boat ready to move.

Just hoping someone has a name to suggest so I don't waste time finding that one company who wants my money

Brian
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Old 28-10-2020, 13:20   #4
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Re: Old boat liability Insurance?

You can try asking for liability-only insurance. Progressive offers it, but unsure about an age limit. When I had difficulty finding insurance, Allstate covered my boat. Rules vary from state to state, so contact an agent in the state where boat will mostly reside.
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Old 28-10-2020, 13:29   #5
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Re: Old boat liability Insurance?

I bought a 1959 New Horizons this summer and just added it to my Progressive auto policy. Liability only, but it was easy and no hassle, no inspection, to get insurance. Might change if I plan to leave the country, but I verified I was ok for the Great (American) Loop with them.
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Old 28-10-2020, 13:58   #6
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Re: Old boat liability Insurance?

Progressive, gave me a quote and a very reasonable one at that. Under $250 a year depending on exact limits. Awesome, thanks everyone for the tips. Looking to visit some marinas tomorrow and once I pick one will buy (They want to know where boat will be located).

Right now it is Annapolis and need to get it further North up the bay to get closer to home. But at least they seem willing to write the policy.
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Old 28-10-2020, 14:05   #7
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Re: Old boat liability Insurance?

On the flip side, when you visit marinas ask them about their insurance requirements. Some may want $500k liability, others may want a million. Some may require wreck removal and/or environmental cleanup. Progressive can probably satisfy all of them, but you may need to tailor your policy to match your marina.
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Old 28-10-2020, 14:19   #8
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Re: Old boat liability Insurance?

I have a 1975 Dufour on the Chesapeake. It's Liability insured with Progressive. $300K.
Was $247 first year..2019. Just went down a little.
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Old 28-10-2020, 14:42   #9
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Re: Old boat liability Insurance?

I live North of the Bay...Pennsylvania. I considered keeping my boat in the very North of the Bay to have less of a drive. I ended up deciding on a more Middle location, Castle Harbor on Northern Kent Island. They are reasonable, and surprisingly, no more expensive than the Northerly Marinas. The benefit that I found is that it only takes me 15-20 minutes longer to drive there and offers a much wider variety of sailing without having to sail an extra day to get "somewhere". Castle Harbor also required a $300K Liability policy.
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Old 28-10-2020, 15:04   #10
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Re: Old boat liability Insurance?

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Originally Posted by PatMc57 View Post
I live North of the Bay...Pennsylvania. I considered keeping my boat in the very North of the Bay to have less of a drive. I ended up deciding on a more Middle location, Castle Harbor on Northern Kent Island. They are reasonable, and surprisingly, no more expensive than the Northerly Marinas. The benefit that I found is that it only takes me 15-20 minutes longer to drive there and offers a much wider variety of sailing without having to sail an extra day to get "somewhere". Castle Harbor also required a $300K Liability policy.
I am actually in PA too, Lancaster County. I agree completely that I don't want to be all the way North (aka Havre De Grace area). Double the sailing are for weekends since you can go either north or south on the bay. Tomorrow I am going to look around the Sparrows Point area. Trying to keep it to under a 90 minute drive.

Kent Island is my next location if I don't love any of the ones in and around Sparrows point. Will keep Castle Harbor on my list, but annoying when websites don't give prices........
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Old 28-10-2020, 17:46   #11
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Re: Old boat liability Insurance?

The "old boat" is often the problem. Old boats, particularly small ones, are often not well maintained. Why? Because their not worth much.

But imagine a scenario. Old 40í sports fishing boat catches fire. Known maintenance problems. No insurance. Drifts through the anchorage area. Catches 2 other boats on fire. One a 30+í foot sailboat in good shape. Uninsured. The other an insured 40+í sports fisherman worth maybe $300k. Then catches the dock on fire. Ultimate cleanup costs about $200k, not counting the boats.

Thatís why they donít like old, small boats. They can cause as much damage as a big, new boat.
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Old 28-10-2020, 18:50   #12
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Re: Old boat liability Insurance?

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The "old boat" is often the problem. Old boats, particularly small ones, are often not well maintained. Why? Because their not worth much.

But imagine a scenario. Old 40í sports fishing boat catches fire. Known maintenance problems. No insurance. Drifts through the anchorage area. Catches 2 other boats on fire. One a 30+í foot sailboat in good shape. Uninsured. The other an insured 40+í sports fisherman worth maybe $300k. Then catches the dock on fire. Ultimate cleanup costs about $200k, not counting the boats.

Thatís why they donít like old, small boats. They can cause as much damage as a big, new boat.

Agree with you 100%, except for insurance companies doing blanket cutoffs. I shouldn't need a full value survey for liability only insurance, but a cheap and quick "not a death trap, fire trap, or about to sink" inspection would absolutely make sense. And it wasn't hey prove to us boat is safe, it was nope we don't want your money at all... That makes zero sense... There are 30 year old boats WAY WAY worse then this 52 year old boat is. We all know the most important thing when looking at old boat is that boats individual condition not the make, model, or year..

Semi-related side note:
Reason I took a chance on this cheap old boat is because there were many indicators that previous owners put a lot of money into the boat. Nice new Yanmar less the 15 years old. vacu-flush head, New professionally made cushions inside and out with matching Sail cover and Bimini top, and the fact it was at Large marina in Annapolis ($$$$) . Sure it was still a risk, any Boat Angel site unseen boat is, and the boat has it's issues. Price was cheap enough that I could take the risk......
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Old 29-10-2020, 06:36   #13
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Re: Old boat liability Insurance?

Ah, you're beating up the messenger. I, too, have a going-on-40-year-old boat. I imagine I will soon "be in the same boat." Pun intended.

I was repeating what Iíd been told by numerous insurance people in the process of vainly attempting to find group liability insurance for yacht club members who were currently uninsured. Several good insurance companies told me "there isnít a pole long enough to not touch it with."

You, or I, might be the exception to the "old boats have a higher risk of causing a claim," but they donít run their business on the exceptions.

Whether I like or agree with that is purely besides the point. One possible work-around exists. Marine insurance is much less "regulated" than many other forms. Sometimes one can find a broker who has a "personal" enough connection with the underwriter to get the underwriter to bend the rules. On the other side, most underwriters donít carry all the risk. They sell it off to reinsurance companies that care even less that you or I have got 50-year-old boats in great condition. The reinsurance companies just statistically walk the docks, look at the sample of old boats laying there rotting, and run for the nearest shore. You canít really blame them.
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Old 29-10-2020, 08:17   #14
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Re: Old boat liability Insurance?

Quote:
Originally Posted by Fishzine View Post
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

Try Allstate or Nationwide.
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Old 29-10-2020, 09:01   #15
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Re: Old boat liability Insurance?

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Originally Posted by pjShap View Post
You can try asking for liability-only insurance. Progressive offers it, but unsure about an age limit. When I had difficulty finding insurance, Allstate covered my boat. Rules vary from state to state, so contact an agent in the state where boat will mostly reside.
I have a Progressive Liability only policy with Progressive. My boat is a 1987 vintage. Its expensive even though Ive been sailing for 40 years... but no survey required.
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