Roger Derby wrote:
Excuse me. Insurance companies are profit centers. If one has paid cash
then the decision to buy hull insurance depends on one's fortitude.

I dunno, is risking the whole cost of an expensive toy
"fortitude"?

It may be cheaper in the short run, and you may get lucky,
but shipping businesses buy insurance for their vessels, so
it isn't just a rip-off game by insurers.

(Liability insurance is a different matter.)

Yes, in many places it's required.


I haven't looked into the premiums for boats, but on my aircraft I figure
I've saved over $5,000 over the last ten years by self-insuring.

Well, I know a lot of people who have made an informed
choice to not insure their boats... same thing as
"self-insurance" only not as politically correct. Frankly
IMHO the cost of insuring an item is part of the cost of
owning it... if bad luck takes it from you, you couldn't
afford to own it anyway. But it's a very tempting choice
because it's an unrecoverable cost... like renting a slip...



Does your insurance really inspect your boat regularly to make sure you are
caring for it properly?

Some do. One of my jobs is to do insurance surveys on power
plants, and this includes evaluating the skill & knowledge
of the operating crew. Commercial vessels have to go through
the same thing. In general, though, they don't care...
perhaps people who "self-insure" are more intelligent &
motivated? Or maybe they're just tightwads?

From what I've seen, most people who skimp on insurance
skimp on other things too, and don't care enough about their
boats anyway. There certainly are exceptions, and they're
usually obvious.

Fresh Breezes- Doug King