On 19 Oct 2004 16:49:18 GMT, (Gould 0738) wrote:

the ins.co. has policy holders by the
short hairs as there is very little competition.

==========================

Try getting insurance on boats or houses in Florida these days. Last
year was tough enough but you could still get insurance from companies
you'd never heard of. This year it's difficult to get it from anyone.
I've heard of boat deals falling through for lack of coverage.

it makes
no more sense to go to your homeowner/renter insurance agent expecting
expert advice on boat insurance..

yet, they the liability insurance they sell for liabilities associated with
boating troubles are in fact liability policies regulated by the state's
insurance regulator. marine insurance brokers don't sell liability only
policies.

In article ,
Gould 0738 wrote:
Been there, done that. The "umbrella carrier" always requires you to
carry some minimum amount of liability on your house, cars, boats,
etc. before they will issue the policy. Typically the minimums are in
the range of 100 to 300K$.

I have an umbrella liability policy that covers risks for which there is *no*
underlying liability insurance available. I have had the same policy for over
20 years, (although the limits and premiums keep increasing), so things may be
different in the current market.

Suppose, for example, that I owned income producing real estate. At least in
my state, many insurance companies will not write fire insurance on older
rental dwellings. One that will write fire policies on 20-50 YO rentals does
not offer inidividal liability insurance for houses or small multiplexes, but
does offer an umbrella policy that covers not only property on which they write
fire insurance but any other asset or activity as well.

If I owned income producing real property in my state, had a policy like I just
described, and had a 26-foot sailboat that was otherwise not insured my
liability would be covered while sailing.

Every situation is different, and the guy contemplating buying the "super
cheap" sailboat should be sure he explores all the options.

Careful with that Chuck.

"No underlying insurance AVAILABLE" doesn't mean "not available at a price
you want to pay."

In most cases liability coverage IS available on major risks (like
watercraft) You may have to pay for OTHER coverages to get what you want,
but that doesn't make the underlying "unavailable" - just "undesireable."

Look very, very carefully at these issues and enlist the help of a good
attorney skilled in estate-protection matters. The cost of being wrong on
one of these things if something really bad happens is usually damn near
everything you have (with some exceptions in places like Florida where
homestead residences are judgement-proof.)

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expert advice on boat insurance..

yet, they sell the liability insurance for liabilities associated with
boating troubles

??? You no good english... ???

no, gene, *your* opinion is just not worth proofreading for.

are in fact liability policies regulated by the state's
insurance regulator.

If not automotive, not in my state.


bull****. all fifty states. every last one.

marine insurance brokers don't sell liability only
policies.

For the simple reason that most people actually intend to *use* the
boat,

no, for the simple reason they don't wish to deal with ****ant commisions on
tiny policies.

*use* the
boat, whereupon:

Property Damage
Wind Damage
Towing and Assistance *
Medical *
Uninsured Boater *
L&HCA
Personal Property *
and Trailer

begin to seem like really good ideas, especially when those marked
with an asterisk are not a bump-up in premium after Liability and
Property Damage are bought.

none germaine to the issue of a cheap ass boat.

jgunnie, keep in mind that the total premiums on a pool of risk is equal to the
total risk, plus a profit. If you have a $2,000 boat you are a fool to pay
$800 a year to insure it against a total loss, less $500 deductible.

what you want to insure (even paying a premium to the insurer for his profit)
against is the potential that a $2,000 boat hits a $500,000 boat and causes it
to sink. That is worth $75/year to most people.




See:
http://www.boats.com/content/default...ontentid=12761

--



Grady-White Gulfstream, out of Southport, NC.

http://myworkshop.idleplay.net/cavern/ Homepage
http://www.southharbourvillageinn.com/directions.asp Where Southport,NC
is located.
http://www.thebayguide.com/rec.boats Rec.boats
at Lee Yeaton's Bayguide

If you have a $1,000 boat you
are a fool to pay $8000 a year to insure it against a total loss, less
$2500 deductible.

yup.

Again, straw man figures. If you only have liability and the only
line item on your declarations page is $2,000, that is all they are
going to pay..... and I wouldn't pay even $75 for that.

junnie, you obviously have no clucking fue what the word liability means. go
away.

And I think your basic premise is probably flawed. First, I can't
imagine a 26 foot sailboat being worth only $2000, nor do I believe
that most boat owners want to incur unreasonable risk.... which is a
function, not only of the value of the insured property, but of the
owner's net worth.

How do you insure your sunfish? Liability only?

yes. and it costs me $75/yr for half mil liability protection.