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How to the owners obtain protection?
Buy an umbrella policy from the same company that writes fire, or go naked. |
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Thanks for the responses... just so's you know, I'm basically "judgment
proof" since I have zero assets except for a cheap car, a few possibilities of having any assets any time soon. That's why the boat I'm buying is so inexpensive ;).. I'm also probably not going to be parking her in marinas but mostly keeping her at anchorage. Thanks again. "Karl Denninger" wrote in message news:dh8dd.31591$bk1.10487@fed1read05... In article , Gould 0738 wrote: Hi, I'm planning on buying a very inexpensive ~26 foot sail boat. I know most marinas require some sort of insurance, right? How about transient anchorages, moorings, etc run by the county/state? The boat is so inexpensive that I wouldn't really care if it were a complete loss, so the only insurance I'd get would be that which is required. Is that liability insurance? Is there some sort of standard liability insurance or something else super cheap? Thanks! If the boat is "super cheap" for certain reasons, you may not be able to get hull insurance on it in any event. It is certainly responsible, even where not legally required, to carry liability coverage. It might be tricky to find an underwriter who will issue a liability policy on a boat that might be otherwise uninsurable. One good option is to see about "umbrella" coverage through your regular general insurance carrier. You can buy a few million dollars worth of umbrella coverage for relatively little, (probably more than enough to cover your butt if you were moored next to a megayacht and a galley fire broke out and spread). The umbrella coverage also provides liability for most of the other activities you pursue, or if somebody slips on a wet sidewalk in front of your doorstep, etc. If you go the umbrella policy route, do make sure your agent knows that you have a sailboat and make sure that boating isn't a risk that's excluded somewhere in the fine print Nearly all umbrella policies require anywhere from $300-500k of underlying liability insurance on any of a set of "specific" risks - and watercraft are almost always one of those specific risks. An umbrella is an excellent investment as they are quite cheap. However, the underlying insurance requirement is an issue you pretty much can't get around. Umbrellas are meant as "excess liability" insurance, not replacements. -- -- Karl Denninger ) Internet Consultant & Kids Rights Activist http://www.denninger.net My home on the net - links to everything I do! http://scubaforum.org Your UNCENSORED place to talk about DIVING! http://www.spamcuda.net SPAM FREE mailboxes - FREE FOR A LIMITED TIME! http://genesis3.blogspot.com Musings Of A Sentient Mind |
Interesting.
I actually ran into something like this with a rental unit that my daughter bought (read me). It was built in 1920 and the insurance company that I used for our other two houses was reluctant to insure it for fire or anything else for that matter. I spent some money to rehab the house and all was well after that. Does that work the same way in your state? Later, Tom ----------- "Angling may be said to be so like the mathematics that it can never be fully learnt..." Izaak Walton "The Compleat Angler", 1653 Once a year the insurance company gives an adjustor a list of addresses insured by individual policy holders. The adjustor does a "drive-by" and takes a few polaroid shots or each property. He of course feels compelled to come up with something, somewhere, to justify his gig. Once a year the insurance company then sends out notices declaring that unless the "peeling paint on the south wall is repaired", the "leaky downspout near the back bedroom is replaced" or "the tenant removes the camping trailer parked in the side yard" coverage will terminate in 90 days. I've never been certain how paint peeling on the sunny side of the house creates an additional fire hazard, but the ins.co. has policy holders by the short hairs as there is very little competition. One winds up doing the repairs to keep the coverage, but the repairs would need to be done in any event. If I had any income property, the relationship with the insurance company would go back to the mid-70's. There might even be rumors that I enjoyed some "grandfathered" considerations not available to newcomers. |
I would add however, that you should not assume your homeowners insurance
automatically covers your boat. Years ago I was in a similar situation and found my homeowners policy *would* cover liability, but it required a rider on the policy and an additional small premium. I second this advice, as our homeowner's insurance policy covers our small (125 hp, 19 ft) powerboat with a liability rider which costs $100 per year. |
Thanks for the responses... just so's you know, I'm basically "judgment
proof" since I have zero assets except for a cheap car, a few possibilities SNIP Judgement proof? I seriously doubt that ANYONE is "judgement proof"... You may be right that you have very little that anyone could take, but a judgement against you would ensure that anything you earn or own in the future would be subject to claim. Get the insurance. |
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"Falky foo" wrote in message om...
Hi, I'm planning on buying a very inexpensive ~26 foot sail boat. I know most marinas require some sort of insurance, right? How about transient anchorages, moorings, etc run by the county/state? The boat is so inexpensive that I wouldn't really care if it were a complete loss, so the only insurance I'd get would be that which is required. Is that liability insurance? Is there some sort of standard liability insurance or something else super cheap? Thanks! Either way I strongly recommend liabilty as even a cheap boat can cause great damage to othes. Matt |
"Falky foo" wrote in message om...
Hi, I'm planning on buying a very inexpensive ~26 foot sail boat. I know most marinas require some sort of insurance, right? How about transient anchorages, moorings, etc run by the county/state? The boat is so inexpensive that I wouldn't really care if it were a complete loss, so the only insurance I'd get would be that which is required. Is that liability insurance? Is there some sort of standard liability insurance or something else super cheap? Thanks! As others have mentioned, you may have trouble getting a liability only policy on a boat. It shouldn't be that way, but it is (just business). I would inquire about a rider on a my homeowners policy. OR look at a minimal package that covers a low agreed hull value, or fair market value. I have more than adequate liability and FMV coverage for the hull for my baby jetboat (a Sea-Doo) and it cost less than $150 per year (BOAT/US). Note that the jetboat is on a trailer in my garage most of the time. But even my old 36' Chris Craft, kept in a slip, gets full coverage (agreed value @ $30,000) for $350. A homeowners insurance rider on a small inexpensive boat will probably be a two-figure annual expense. (note that my homeowners insurance, State Farm, would not do a rider for either boat, but they do offer boat insurance - though they are pricey). I have never been required to show proof of insurance at any transient dock/mooring for either boat. My home marina requires me to have liability insurance with a certificate making the marina 'named insured'. This is not an unusual requirement. |
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