Insurance assistance needed...Liability only for 65' Sailboat

[MoonlightSailor]

Aloha sailors!

I'm struggling to find liability only insurance for a 1990 65' Custom build U.S. sailboat that I'm sailing to Hawaii with in January, 2022.

I need a current liability policy that is in effect so that I may get on the waiting list for a slip in Kewalo Basin on Oahu.

The difficulty is related to the length of the vessel and liability only.

I've tried Markel and ALL the other generic insurance companies like, Geico, Progressive, Farmers Insurance, etc.

If there are insurance agents monitoring threads or someone who can point me in a direction that is helpful, I'd be eternally grateful!

Mahalo!
Matt

[Wannabes00n]

Try Gowrie Group, http://www.gowrie.com/ I believe I have heard them recommended on the forum before. As long as you have good experience and a good recent survey they should be able to provide a solution.

Best of luck.

[jt11791]

I've tried the "liability only" thing recently and not found a company that would write one. The insurance market is really really bad right now. I wish I could be more optimistic for you.

[MoonlightSailor]

After spending hours on the phone providing information to a handful of agents I'm happy to report the following:

State Farm offered, by far, the best price for the coverage I was looking for. I actually couldn't believe my eyes!

Here is some backstory...
Prior to leaving Hawaii, I was insured with Markel with liability for our 65' cutter rigged sloop. That premium was around $800/year.

Around 2020, the state of Hawaii began a requirement that they be listed as an additionally insured entity on vessels moored locally to cover their ass in case of accidents and potential "clean-up" costs. Some underwriters then began to require full coverage on vessels in Hawaiian waters. This, of course, raises the out of pocket cost for boaters already struggling to get by.

Recent survey put market value of our vessel at $190k; most underwriters won't insure for market value if you paid less than the market value for your vessel.

Concepts Special Risk Quote for full coverage
Premium $3,599; Hull Coverage 78K; Deductible $11,700; In the event of cancellation by the Assured minimum of 25% of premium deemed earned.

State Farm Quote for full coverage
Option #1: Premium $567; Hull Coverage 80k; Deductible 2k;
Option #2: Premium $1764; Hull Coverage 200k; Deductible 2k;

As I get more quotes, I'll update this post.

[skipmac]

Originally Posted by MoonlightSailor

After spending hours on the phone providing information to a handful of agents I'm happy to report the following:

State Farm offered, by far, the best price for the coverage I was looking for. I actually couldn't believe my eyes!

Here is some backstory...
Prior to leaving Hawaii, I was insured with Markel with liability for our 65' cutter rigged sloop. That premium was around $800/year.

Around 2020, the state of Hawaii began a requirement that they be listed as an additionally insured entity on vessels moored locally to cover their ass in case of accidents and potential "clean-up" costs. Some underwriters then began to require full coverage on vessels in Hawaiian waters. This, of course, raises the out of pocket cost for boaters already struggling to get by.

Recent survey put market value of our vessel at $190k; most underwriters won't insure for market value if you paid less than the market value for your vessel.

Concepts Special Risk Quote for full coverage
Premium $3,599; Hull Coverage 78K; Deductible $11,700; In the event of cancellation by the Assured minimum of 25% of premium deemed earned.

State Farm Quote for full coverage
Option #1: Premium $567; Hull Coverage 80k; Deductible 2k;
Option #2: Premium $1764; Hull Coverage 200k; Deductible 2k;

As I get more quotes, I'll update this post.

Know this is an old thread but I'm looking for new insurance and thought I would check with you to see how your search worked out.

[MoonlightSailor]

Skipmac...

I ended up going with State Farm.
200K policy
full coverage
around $110/month

[GreenWave]

That’s great moonlight. Did you go through a local agent or just call State Farm 800 number? What did they need from you to insure other than boating resume?

[MoonlightSailor]

Originally Posted by GreenWave

That’s great moonlight. Did you go through a local agent or just call State Farm 800 number? What did they need from you to insure other than boating resume?

I had to have an out of the water survey done, picture of the vessel, etc. I just went through a local agent when I was in San Diego.

[skipmac]

Originally Posted by MoonlightSailor

Skipmac...

I ended up going with State Farm.
200K policy
full coverage
around $110/month

Thank. I left a message for the local State Farm agent last week but no call back. I'm assuming they will not cover a boat in Europe? Any idea on this?

[MoonlightSailor]

I would doubt they cover outside of the USA. My sv was in Ensenada for a spell and they wouldn’t provide coverage. You would have to check