ready aboot! wrote:
I've known two full fledged citizens who had "proper" insurance on
expensive boats. Neither of them could get more than $1000 for their
$200k boats, one after being cut in half by a Mexican shrimper run by
a man who reeked of liquor and was too short to see over the wheel
house ledge.

Really? Well I know a guy who was walking his dog one day
and the dog was piddling on a mailbox of a very nice home
when a car pulled up, a rich guy jumped out and said "I'll
buy your house for half a mill!" He handed over a suitcase
full of money and the guy with the dog said "sure" and
signed the papers. Later on he counted the money and found
it was only $485,000 but it wasn't his house so he didn't
complain.

Luck averages out over time. That's why insurance, on the
whole, is a smart gamble.

I'd also suspect that your "full fledged citizen" had some
sort of fault with his insurance.



... If a bank owns your boat and you are in your home country
it might be a different

Yeah, especially if you make sure that your boat is insured
for that region. It makes a big difference.

.... but I don't get that impression, especially
for people who own their boat outright. That kind of thing is
discouraged in america.

Ummm... what kind of thing? Owning a boat outright?

... If the insurance co doesn't pay you're still
liable so what's the point in paying them to charge you money?


???

If you carry liability insurance, which is required in most
states AFAIK, then you don't pay a dime until the max
liability of the policy is exceeded. Since a million bucks
of liability insurance is very cheap (at least for those of
us who rarely have accidents) it's a great bargain. The
insurance company will send a very good lawyer to protect
their million bucks.

DSK