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Heard around the wharf...
"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. Which is not to say that I don't carry that much insurance I hasten to add - I do just because of what I do. But if I didn't, I'd be hard pressed to justify it just because a marina required it. http://info.insure.com/auto/umbrella.html |
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