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Old 19-01-2020, 09:09   #1
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Insurance

What are popular forms of insurance which owners opt for?
Full coverage, limitations, deductibles?

Does anyone go without coverage? Which cruising areas require insurance?
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Old 19-01-2020, 09:37   #2
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Re: Insurance

You will get quite a bit of information from this thread:

http://www.cruisersforum.com/forums/...ge-223687.html
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Old 19-01-2020, 09:59   #3
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Re: Insurance

You should insure against low risk but high financial loss if it something happens. Likely low insurance premium to value ratio.

You should self insure against high risk but low financial loss if something happens. Likely high insurance premium to value ratio.

So for a domestic washing machine self insure because it will break down but the cost of a new one pretty low.

However, the loss of even a modest yacht will be significant, so insure against it as the annual cost is tiny compared to the value of the yacht. Think we pay 1% for coastal cruising in NW Europe. You pay a bit more in the US I believe 1.3 - 3% I seem to remember from previous threads.

However, for a marina berth other than a short stay, they often ask us about insurance cover and who with. For our permanent berth we had to provide a copy of the policy.

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Old 19-01-2020, 15:58   #4
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Re: Insurance

Quote:
Originally Posted by Pete7 View Post
SNIP

However, for a marina berth other than a short stay, they often ask us about insurance cover and who with. For our permanent berth we had to provide a copy of the policy.

Pete
I have read liability insurance in Europe is less expensive and offers higher coverage than in the US.

My experience (in Florida) has been what I call quality marinas require proof of liability insurance no matter how long you plan to stay; while others may or may not require it. I have also noticed a change in Florida after the mess recent hurricanes have caused. There were a large number of what I will call uninsured boats that would up costing the state millions to clean up. They were sunk or washed ashore and as a rule the owners simply abandoned them.

As more and more boats wind up not just being on the water but being viewed as a problem by law makers I predict liability insurance requirements will increase; sadly.
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Old 19-01-2020, 16:28   #5
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Re: Insurance

You can not stay at any marina in Washington State without liability insurance. I think most other states have the same policy. One good thing about this policy is that the insurers already know the minimum required so it makes it easy for you.
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