"Shortwave Sportfishing" wrote in message
...
On 12 Sep 2006 09:26:14 -0700, "Chuck Gould"
wrote:


Shortwave Sportfishing wrote:
Supposedly, some of the larger marina's around these parts are going
to start requiring million dollar liability policies for boats over 24
feet. Minimum liability coverage at $500,000 for boats under.

Hmmmm....

Anybody with a boat should have *at least* $1mm liability umbrella.

I disagree. I understand your point, but putting a million dollar
liability policy on a '89 Aquasport 23 seems a little outrageous and
it is being viewed as such by those who have older, serviceable boats.

In particular with regard to operating areas. I know you NW types
have all these huge zillion dollar cruisers that you put-put up and
down the coast, but I'd be willing to bet that your average weekender
doesn't want to have a million dollar policy and is perfectly content
with a quarter of that in terms of liability. And to tell the truth,
I'm not sure that a million dollar policy is necessary for the average
boater.

Run into a new 40-footer and sink it, and you're going to be in close
to 7 figures of trouble long before the "whiplash claims" get any
traction.

That's not totally true. On my boats I have underinsured riders up to
the replacement value of the boat and I have full replacement on all
the boats regardless of how it was lost. The insurance companies can
argue, but I'm covered. So if that hypothetical '89 Aquasport
breaches and sinks the Contender, ain't no way his liability is going
to cover it anyway.

Good news is that a liability umbrella is pretty cheap insurance. We
carry a substantial policy that has to be by far the lowest cost, per
dollar of coverage, of any insurance policy we own.

Can't be for a smaller, older boat - the cost has to be prohibitive in
terms of boat value.

For something like your boat, I can understand it. For our
hypothetical '89 Aquasport, it isn't cost effective.

Heck, the insurance premium is probably more than the net worth of the
boat in that situation.

$1mm isn't any sort of money anymore. When I was a kid, anybody with
$1mm was considered set for life, now they're lucky to be considered
anything beyond middle class and unless they have a pension coming in
they are darn sure working for a living.

Heh - well, on that we can agree. :)

Then again, a good cigar was .05¢ too. :)

I don't think the new requirement is unrealistic.

For boats like yours or Eisboch's, I totally agree. For mine, it's
borderline for the Contender and definitely not for the Ranger and
Princecraft or the Halman.

It is not a matter of the age or size of the boat but the fact that you can
possibly be responsible for a fatal or otherwise serious accident with your
boat. The money to cover medical costs and possible civil damages has to
come from somewhere.......either your insurance or your bank account. ;-)