Survey for Insurance ?

[Garrett C]

Hey All,

I am looking at buying a sailboat for 25k. I just want the bear minimum of liablility insurance and maybe 20k insurance in case the boat is sank or lost. Do any of you know if I need a survey for such a thing? Any companies that you have had sucess with would be helpful. I have turned in an application for insurance through boatus. The boat is 1979 and is insured by the current owner.

Thanks,
Garrett

[zeehag]

insurance companies DEMAND surveys for comprehensive insurance; liability only is a different story.

[rgscpat]

It might make some difference where you plan to sail, how well the insurance company likes your qualifications, how expensive and old the boat is, and which insurance carrier. As you go further offshore or to more interesting places, you could expect the insurance companies to get more and more picky.

For what it's worth, I think there could also be an interesting discussion on the possible consequences of insuring the boat for less than it's worth but maybe that's already been done or someone around here knows more about that.

[hellosailor]

Garrett, insurers normally require a survey before they will issue insurance on a boat, and in the case of 30+ year old boats...everything gets harder.

If it is your first boat, if you don't have experience in the same type of boats, if you haven't had a policy with the insurer before, anything you can think of and some insurers won't issue a policy. The least selective insurers tend to be the ones that you may have homeowners, renters, or auto insurance with. If the boat is small enough they may be able to simpy add it onto your policy (typically, 26' or 28' or not much larger) although their coverages also tend to be more limited.

You may also want to make sure the policy covers environmental issues and salvage, because if you or someone else sinks your boat, you can face a fast $10-25,000 fine for the pollution from leaking petrochemicals and double that for mandatory salvage to remove the boat from any area that might "endanger" other traffic. Cheap policies probably won't cover those major liabilities.

[Randyonr3]

If its only liability, there are a few companies out there and no survey is needed.
Recently I asked our progressive agent.. they added liability for 300 per year on our 42..no survey

[Garrett C]

The boat is already covered by Boat US by the current owner. I was going to call tomorrow and see what they want. Unfortunately I know it is insured because I have the reciept for a grounding that messed up the strut. Boat US payed out $6500!! I was hoping that now they know the bottom has been inspected and repaired and in good condition. I'm not sure how you ground a boat with 7' draft and take out the strut. Must be more to the story.

[nautical62]

I did not need a survey to insure by boat for inland waters including the great lakes. When I looked at coastal/offshore policies most all companies required it for a full coverage. For one boat I had liability only coverage which include U.S. waters and the Bahamas which did not require a survey.