About to close on a 30 year old Marine Trader. Intend to liveaboard in FL.
Called SO MANY marine insurers -- literally only 1 could find a willing underwriter. They want $7k per year for a $70k boat that I'm going to own outright. When I checked prices a couple months ago (before electing to make an offer), this same insurer gave me an estimate of about $3k annual -- which I concluded was an "acceptable"cost of ownership. But $600/mo is wayyy more $ than I can rationalize; at 10% of value annual, I figure I might as well just take my chances (losing $70k would sting, but wouldn't break me).
So, I need Floridians with LIABILITY ONLY to advise what company insures them (and your monthly premium)? My biggest concern is losing the boat in a hurricane and getting a huge salvage bill / environmental fine.
Also, more generally, what are the standard liability coverage amounts?
Need to secure a policy ASAP. Thanks for the help
Called SO MANY marine insurers -- literally only 1 could find a willing underwriter. They want $7k per year for a $70k boat that I'm going to own outright. When I checked prices a couple months ago (before electing to make an offer), this same insurer gave me an estimate of about $3k annual -- which I concluded was an "acceptable"cost of ownership. But $600/mo is wayyy more $ than I can rationalize; at 10% of value annual, I figure I might as well just take my chances (losing $70k would sting, but wouldn't break me).
So, I need Floridians with LIABILITY ONLY to advise what company insures them (and your monthly premium)? My biggest concern is losing the boat in a hurricane and getting a huge salvage bill / environmental fine.
Also, more generally, what are the standard liability coverage amounts?
Need to secure a policy ASAP. Thanks for the help