Vic,
Insurance is a very difficult and risky business. Liability insurance I feel
is mandatory and is affordable. Under international marine law, the vessel
is held liable unless a bond is established for the value of the claim and
if not, is chained to a pier. During the period while the claim filters
through the local court, no maintenance will be allowed that unchains the
vessel and it can take years. If however, you have liability insurance that
covers the claim, a bond is not necessary. You may also wish to purchase
legal insurance to cover your legal fees in case of personal tort cases, but
it is not available in every country and a legal insurance policy rarely
extends outside the national border of purchase. Insurance that covers your
vessel typically costs between 1 and 2% of the assessed value, depending on
what is covered and what isn't and the amount of any deductable. If the
declared value is less than the appraised value at the time of a claim, the
difference, as a percentage, is applied to the AGREED payment. Secondly,
these type of policies often insure the vessel for local waters only and any
voyage undertaken beyond those waters, is not covered. If a voyage outside
of the insured area is undertaken, a one time trip policy may be requested,
but may not be granted, depending on the insurance company's risk assessment
and if it is, the cost may exceed the annual cost of the base insurance.
Now, the assessment of whether the insurance is good insurance or not should
not be based on the annual premium, but should be based on the insurance
company's record of adequately paying claims made against their policies and
that's ultimately, the risky business. Due diligence is definitely in order.
Steve

"Vic Smith" wrote in message
...
Some discussion of boat insurance may be in order.
I've noticed some do without.
The bumfuzzle circumnavigators went without.
The boat itself was worth about $150k.
But Pat came from the Chicago Board of Trade, or maybe the Merc, so
he's a gambler at heart.
Can you buy a liability only boat insurance policy?
If you forego boat insurance, is it best to just declare bankruptcy
first, so you don't have to worry about the hassle of doing it later?
Anybody care to suggest rules of thumb, whether it's your personal
view or otherwise?

--Vic