Sailboat Insurance

[essej4269]

We are shortly purchasing a livaboard sailboat. Will be 36-41 foot, purchase price 30-45k so lets say an agreed value of 40,000 usd.

We are both 100 percent new to any boat over 16 foot, never sailed a day in our lives. We will be livaboard in boot key harbour for 1 to 2 years aquiring training and experience with instruction, day sails, overnights, short hops etc before setting out for the bahamas and carribean for an extended midlife sabbatical, and hopefully beyond.

Purchased boat will be fully surveyed prior to purchase.

We will be in the hurricane zone during season for the forseeable future. I understand any insurance will exclude all named storm damage.

2 Questions:

1) Because we have zero experience I have trouble even getting a quote for us. Does anyone have a rough guestimate what full coverage insurance will cost for us and what the standard deductible will be? Just a range would be fine, 1-2 thousand? 5-8 thousand? Also, if we so chose, I could possibly set aside replace cost of the boat and so-called self insure, if I were to do that, what would the cost of typical 500k liability cost and how do we go about getting that?

2) I cant seem to get a quote for insurance with our experience, anyone have any idea how we should go about getting insurance with no experience? I'm thinking we may have to cross out fingers and go without for a year til we get experience?

Thank you, these forums have been invaluable the last few months while we planned our tranisition, house closes on friday! Have a boat planned for survey and a backup if that one falls through, hope to see you all on the water soon!


1)

[boatman61]

My Liability for the Med and Europe on a Van de Stadt Custom (steel) is £162/yr with Pantaenius.. 500K.. have also requested personal yacht accident and Marine Legal Cover as extras.. my estimate.. £200 max including those..

[svHyLyte]

Originally Posted by essej4269

We are shortly purchasing a livaboard sailboat. Will be 36-41 foot, purchase price 30-45k so lets say an agreed value of 40,000 usd.

We are both 100 percent new to any boat over 16 foot, never sailed a day in our lives. We will be livaboard in boot key harbour for 1 to 2 years aquiring training and experience with instruction, day sails, overnights, short hops etc before setting out for the bahamas and carribean for an extended midlife sabbatical, and hopefully beyond.

Purchased boat will be fully surveyed prior to purchase.

We will be in the hurricane zone during season for the forseeable future. I understand any insurance will exclude all named storm damage.

2 Questions:

1) Because we have zero experience I have trouble even getting a quote for us. Does anyone have a rough guestimate what full coverage insurance will cost for us and what the standard deductible will be? Just a range would be fine, 1-2 thousand? 5-8 thousand? Also, if we so chose, I could possibly set aside replace cost of the boat and so-called self insure, if I were to do that, what would the cost of typical 500k liability cost and how do we go about getting that?

2) I cant seem to get a quote for insurance with our experience, anyone have any idea how we should go about getting insurance with no experience? I'm thinking we may have to cross out fingers and go without for a year til we get experience?

Thank you, these forums have been invaluable the last few months while we planned our tranisition, house closes on friday! Have a boat planned for survey and a backup if that one falls through, hope to see you all on the water soon!


1)

Google "Seaworthy Marine Insurance" and contact one of the listed representitives who may be able to help you. Likewise, join BoatUS (very inexpensive) for towng coverage which, considering your experience you may/will need sooner than later and, once a member, request a quote for coverage as well. Being in the hurricane zone during season does not preclude coverage for a "Named Storm" but will involve rather a greater premium and, for an event, a somewhat higher deductable. In our case coverage is about 2% of the Agreed Value of the yacht covered by insurance. Our carrier is Seaworthy which is a very reliable company. BoatUS is an equally reliable carrier. There are other companies, of course, e.g. Progressive, All-State, etc., but a dedicated marine insurer is preferable.

Regarding your lack of experience, assuming you undertake training via any of the "on-the-water" programs that are available, as well as some of the USCG Auxilliary classes (e.g. Coastal Navigation and Piloting) that should not be too problematic and you will lear quickly if you are on the water often. Don't fret "mistakes". They happen and are part of the learning curve. Just do things slowly with some forethought and don't let the acht get ahead of you and you'll be fine.

FWIW...

[hpeer]

We use BoatUs and IMIS.

IMIS Home Page ~ International Marine Insurance Services

I'm guessing $500 to $800 annual.

[chuckr]

I was in a similar situation but a bit worse as I bought a new 40' boat. I had taken some ASA lessons but still got turned down. Found Bill Hodgens of Yachtinsure who insured me. Oh I lived in Miami. Bill was great to work with.


Good luck.

[S/V Illusion]

Experience is generally irrelevant. Although some underwriters might not write you a policy, most will and at a cost equivalent to any experienced boater.

[alctel]

I also bought a boat with 0 experience and got insurance - however mine had a waver on it that I could not move or take it out without it being under charge of a licensed captain.

I went on a couple of courses and took a day of private lessons on the boat and the restriction was lifted.

[MarkSF]

I've been with State Farm as they came up with the most reasonable quote. I also had a very competitive one from Boat US, but they were then so obnoxious over the survey that I'd had done that I shopped elsewhere.

They said that the survey was not sufficiently detailed, without sufficient reference to ABYC standards. Now I've looked at a number of example surveys, and never seen one for a 1984 boat with extensive reference to ABYC standards. A 1984 boat is not expected to meet current ones. I suspect I just got an awkward ******* who got out of the wrong side of the bed. Anyway, Boat US, you've missed out on $2000 of premiums so far, and counting.

[Andy73]

Originally Posted by essej4269

(SNIP) 2) I cant seem to get a quote for insurance with our experience, anyone have any idea how we should go about getting insurance with no experience? I'm thinking we may have to cross out fingers and go without for a year til we get experience?(SNIP)

NauticED offers allot of online certification with a fairly official looking certificate. It may be worth your while to look at something like this for both your own development as well as the certificate you could provide to your insurance company as an indication of your training... You would still have no experience, but you could demonstrate a 3rd party signoff which may help.

[ChrisTinaBruce]

Originally Posted by Andy73

NauticED offers allot of online certification with a fairly official looking certificate. It may be worth your while to look at something like this for both your own development as well as the certificate you could provide to your insurance company as an indication of your training... You would still have no experience, but you could demonstrate a 3rd party signoff which may help.

As a newbie looking to gain experience before living aboard a Lagoon 380 would anyone suggest NauticED or any other online courses? I do also plan to obtain on the water experience this Summer.

[valhalla360]

Originally Posted by ChrisTinaBruce

As a newbie looking to gain experience before living aboard a Lagoon 380 would anyone suggest NauticED or any other online courses? I do also plan to obtain on the water experience this Summer.

Check with your local power squadron or coast guard auxiliary. They will have courses available that are more commonly accepted.

[Andy73]

Originally Posted by ChrisTinaBruce

As a newbie looking to gain experience before living aboard a Lagoon 380 would anyone suggest NauticED or any other online courses? I do also plan to obtain on the water experience this Summer.

I found the NauticEd system pretty comprehensive and a nice way to study.

Their price is a bit high for something which could also be achieved with a few books, however you would need to balance that against your personal learning style as well as the benefit of a recognized (at least to some degree) provider.

However to answer your specific question, the NE system is solid and presents allot of good information in a clear way.

[PuttingDoctor]

Your auto policy carrier is the place to start for liability. You'll need this for the marina(s) where you keep your boat. From there it's about risk vs cost. Can you afford to loose your investment? Can you afford the coverage?


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[Captain Curran]

There's a handy equation that gets you a good estimate for what to expect in an annual premium -

Find out the current market value of your boat - which it sounds like you have already done.

Then take 1.5% of that number.

So my sailboat is 13K
13,000 x .015 = 195

And that is about right, I pay about 250$ annually...

I wrote up a longer article on this subject. You may already have found your insurance - but if not here is a helpful link on the subject.

Compare boat insurance 2015 - All things boat

[Shadowplay]

I am an insurance broker. Just go to a brokerage, they should have premier marine (company based out of bc Canada). For my boat, actual cash value of 20k, with 1mill liability plus 1mil pollution liability, and all risk coverage, is about 300. It was also my first time with a boat over 16ft, no problem.

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