Thoughts about going uninsured?

[Liza Lee]

If you add up ALL the insurance you have paid during your lifetime: House, car, boat, life. You may be astonished at just how much you have wasted. What have you got back? By buying Insurance, you are supporting the reckless, thieves, and TV advertising!

[MicHughV]

This whole " insurance" thing is a sad commentary on life today.

You can get blind drunk and trip over a City sidewalk and be able to sue the City. The City has to have liability insurance in place to handle such things.

Here in Florida we have an interesting dilemma for a homeowner on the coast and even elsewhere.
You buy hurricane insurance, thinking you are covered.....not so.

If the hurricane wind blows your roof off and destroys everything you own, you'll be covered.
However, if the hurricane causes the tidal surge to come in thru' your window without the roof blowing off and destroy everything you own.....you will not be covered....that is considered " flood insurance" and is a separate policy you'll have to get.

Etc, etc, etc.....it's worldwide racket in my humble opinion. The insurance companies feeds on public fear and manipulate the circumstances to get folks to sign on the dotted line.

Ok, I've had my rant.

[Liza Lee]

Good on ya mate. My sentiments exactly. Australia is no different!

[badadim]

There are two parts in pleasure craft insurance: liability and hull.
Not having hull insurance means you are self-insured. This is very common, in particular wit older vessels. Nobody is going to have any hard feeling if you end up choosing no to insure your hull and content.
Liability component, is a bit trickier unfortunately. Many marina's, if you plan to keep your bat at one - will require a liability insurance in place. Some eve ask to be named as additional insured on the policy (in fact many policy wordings already have this feature as built in by default).

[Fore and Aft]

The flip side of the coin is I had some clients of mine who cruise with very little money. Their boat was wrecked, and they were suddenly homeless. Very quickly they needed a place for the family to live, Dad got a job as they now had expenses beyond their control and costs were mounting quick. Luckily, they carried comprehensive insurance and eight weeks later they were paid out and now they are out looking for their next yacht. Without insurance they would have been years away from going cruising again.

Cheers

[wingssail]

Originally Posted by GreenWave

Some good points here but overall this logic is flawed, especially for someone who is using their boat as their home. I am not trying to trivialize $4000, but if one cannot afford that amount to pay for insurance I question their ability to cruise extensively as a $4000 bill for repairs or something else could easily come up...

A monthly budget (which does not allow for $4000 insurance premium) probably has amortized amounts for maintenance and repairs (mine does). Whether the insurance is paid in a lump sum or spread it out of 12 months, it likely doesn't fit.

If one cuts out the maintenance and repairs budget in order to pay for insurance, then the budget is insufficient to maintain the boat and therefor the cruise. That may be the reality for some.

[Benz]

Originally Posted by wingssail

A monthly budget (which does not allow for $4000 insurance premium) probably has amortized amounts for maintenance and repairs (mine does). Whether the insurance is paid in a lump sum or spread it out of 12 months, it likely doesn't fit.

If one cuts out the maintenance and repairs budget in order to pay for insurance, then the budget is insufficient to maintain the boat and therefor the cruise. That may be the reality for some.

I agree with this, especially since if I put $4k a year into maintenance, the chances of something failing are slim. When cruising, my maintenance costs are far less than insurance premiums would be. In fact, I could buy a new engine or mainsail every year for what I save in insurance!

[sailingharry]

Originally Posted by Mike OReilly

Formal contracts for transient berthing just aren't a thing where I've travelled. And I can guarantee you, if you come to my current home port for a night or a week or a month, you will not even be asked about insurance.

I spent some time in Mike's stomping grounds this summer. Let's just say it ain't NYC. Great place, but not exactly high strung[emoji16]

[sv_pelagia]

Originally Posted by Mike OReilly

"Berthing contract?"

And I can guarantee you, if you come to my current home port for a night or a week or a month, you will not even be asked about insurance.

That's basically the same here in British Columbia for transient berthing.

[HeywoodJ]

Our current marina requires liability insurance, hull insurance to the full value of the boat, wreck removal insurance, and pollution insurance. The marina to be named as additionally insured under all coverage. If you do not have the required coverage they will cover you for liability and pollution at the flat rate of $50 per day.

[Love2 boat]

For my marina and I left off the name - I am required to carry this...



Certificate of Insurance Requirements

• Protection and Indemnity (P&I) policy of insurance with limits of not less than $500,000
• A deductible of not more than $10,000 per occurrence
• A Hull and Machinery policy covering at least 100% of the present cash value of the boat, with endorsements for extended perils, damage by fire, pollution and oil spills, salvage and wreckage removal, vandalism, and burglary.

So I think it depends on where you are located and what you can stomach (afford)...

[Jammer]

Originally Posted by wingssail

And you won't be asked to sign anything when you check in? That must be nice.

Aside from annual slip contracts, I've only been asked to sign something once on the Mississippi and the Great Lakes and that was for a week-long stay.


It is not unusual to also show up and find that the office has gone home and has not left a slip assignment, gate key, etc., either.

[Mike OReilly]

Originally Posted by sailingharry

I spent some time in Mike's stomping grounds this summer. Let's just say it ain't NYC. Great place, but not exactly high strung[emoji16]

Indeed. It's one of the big reasons I'm so hesitant to head south. Everything seems more, "high strung" the further south I get.

Originally Posted by sv_pelagia

That's basically the same here in British Columbia for transient berthing.

Exactly. The only time I've ever been asked about insurance is for long-term dockage. This has always been associated with my winter haul out location. And even here it's been erratic. My current base is a yacht club which asks for insurance, but has never made me prove I have it. And the previous one before this only "recommended" we have insurance. They did not require it, even for winter haul out and storage.

[Scorpius]

Originally Posted by Benz

With condolences to your acquaintance, the only reason insurance had to kick in is because he was cutting down trees with people around. I do a good deal of tree work on my property, and make sure no one is anywhere near a danger zone when I'm cutting stuff down. I'll simply wait until it's safe to do so.
But I'll allow that in our litigious times, certain businesses perhaps do well to carry insurance, though it's made necessary more by the rapacity of lawyers than because insurance companies want to have your back.

I think that you mean "have the shirt off your back" ☺️

[rwidman]

Originally Posted by Benz

The only reason to ever buy insurance for anything at any time is because you're forced to, whether by the mortgage company or the government. Insurance companies are businesses who's model is the same as the Disney pirates: "Take what you can, give nothing back."
If you aren't legally bound to carry insurance, then you're just paying a "stupid tax".

Well, that's a "stupid post"!

If you are found responsible for the death or injury to another person or to property, you could be looking at a claim of a million dollars or more. Without insurance, you will have to pay to defend yourself in court and when you lose, you will have to pay the claim.

If you have any assets, such as a boat, house, vehicles or savings, these will be taken from you.

Only an idiot would own a boat and not carry at least a million dollars in liability insurance on it. Only an idiot!