Insuring a Salvage Boat During repairs

[MrDiesel]

Hello

I'm in the process of looking for a boat to refit and restore. A hurricane boat.

I was hoping that by doing an insurance salvage boat that with some hard work that it would allow me to get into a boat that I would normally be unable to obtain.

Prior to pulling the trigger on anything I'm doing my due diligence. One of those questions is how insurance would work. I called my current insurance company (car and home only) and the first question they asked me was "is it sound and seaworthy?" I had to answer no (for the boat I'm currently looking at) right there, she had to stop and could not even give me a quote at all. even for when after it's been repaired. So how do I budget for a boat that I can't get an insurance quote on? What language do I use to get through all the red tape to figure this out?

Also, I want to be a liveaboard in 5-8 years and will be in and out of the tropics (something not covered by many insurance companies)

Any advise would be greatly appricated.

[Paul L]

Some companies will offer a Port Risk only policy.

[MrDiesel]

Originally Posted by Paul L

Some companies will offer a Port Risk only policy.

Do you know of any company names I should be hitting up?

[grantmc]

Originally Posted by MrDiesel

Do you know of any company names I should be hitting up?

Maybe it would help if you included what part of the world you're based.
If you're near me then I find AMI are excellent.

[SV Siren]

I talked to my insurance guy, and told him I was buying a boat, and that it would be in a restoration/refit for a while. We have State Farm, and they had no problem with it, and we had an agreed upon value, which was the purchase price, and is currently insured with a a storage policy. Once it is finished I will have it surveyed once again to have a value attached to it, and then change my coverage to reflect use in the water.


I am located in the US, in Michigan if that makes any difference to you.

[MrDiesel]

Originally Posted by grantmc

Maybe it would help if you included what part of the world you're based.
If you're near me then I find AMI are excellent.

Sorry, Im based in the US

[Paul L]

Originally Posted by MrDiesel

Do you know of any company names I should be hitting up?

Since you are looking for essentially speciality coverage I would start by contacting a marine insurance broker. They will have access to multiple companies and can go to bat for you if you have a legit case.

[smj]

Geico gave us a port risk policy