Eddie P
Member
Hi everyone. I recently requested a quote from BoatUS for insurance for a mid 30 foot size boat slipped in Northern California.
I quoted the price I thought the boat should go for and the location, standard insurance questions (12 years experience boating, no losses/claims, no driver issues currently, no tickets, etc). I received the following general terms:
-Commercial Towing and Assistance- Each Incident TowBoatU.S. /$3,000
-Boating Liability (Protection and Indemnity): Liability Limit Each Accident, Bodily Injury and Property Damage $100,000
-Fuel and Other Spill Liability- Limit Each "Accident" $939,800
-Longshore and Harbor Workers' Compensation- Limit of Liability Statutory
-Medical Payments- Limit Per Person Each "Accident" $1,000
-Uninsured Boater- Limit Each "Accident" $100,000
-Ice and Freeze Coverage- Included
Is this s typical marine insurance policy on a mid 30's size trawler or cruiser? I'm using the asset as a 1 or 2 day "stay on board" base of operations in slip, more than a traveling machine, a few times a month. Though I plan on going out for a day or two once a month. No where particularly demanding, interior bay cruising to be more specific.
The deductible seemed reasonable but what has me wondering is the medical payment each person at only $1000. You can't even check into an ER for a hang nail for that these days. I'm not looking to throw money away on bloated policies but what do you guys think? I'll be placing the boat in a Corp for liability but I'm also thinking about an occasional passenger and what they would be covered for if the unexpected happened.
Also, unrelated, but I received an "agreed hull value" on the policy that was less than I asked for, in the quote. I assume this is probably an industry valuation that says they believe the average condition of this make and model and that year is X dollars. Would that be right?
And there is always the fine print. There is a note about depreciation - "Depreciation applies to all partial losses and will be calculated at 10% for each year beginning with the 20th year of manufacture with a maximum of 80%. Depreciation applies to parts and material, not labor." This seems like if there was damage to my boat, and it was a 10,000 repair, is this going to effect that claim? Or - is this a "total loss" clause where my agreed hull value would not be paid and instead some sort of depreciated amount would be paid? I'm looking at a 20 year old boat so this would be somewhat an issue if the worst happened. Not a deal breaker but I'd like to know before hand what that implication was and either be at peace with it or look for another policy.
Many thanks for your experiences and ideas!
I quoted the price I thought the boat should go for and the location, standard insurance questions (12 years experience boating, no losses/claims, no driver issues currently, no tickets, etc). I received the following general terms:
-Commercial Towing and Assistance- Each Incident TowBoatU.S. /$3,000
-Boating Liability (Protection and Indemnity): Liability Limit Each Accident, Bodily Injury and Property Damage $100,000
-Fuel and Other Spill Liability- Limit Each "Accident" $939,800
-Longshore and Harbor Workers' Compensation- Limit of Liability Statutory
-Medical Payments- Limit Per Person Each "Accident" $1,000
-Uninsured Boater- Limit Each "Accident" $100,000
-Ice and Freeze Coverage- Included
Is this s typical marine insurance policy on a mid 30's size trawler or cruiser? I'm using the asset as a 1 or 2 day "stay on board" base of operations in slip, more than a traveling machine, a few times a month. Though I plan on going out for a day or two once a month. No where particularly demanding, interior bay cruising to be more specific.
The deductible seemed reasonable but what has me wondering is the medical payment each person at only $1000. You can't even check into an ER for a hang nail for that these days. I'm not looking to throw money away on bloated policies but what do you guys think? I'll be placing the boat in a Corp for liability but I'm also thinking about an occasional passenger and what they would be covered for if the unexpected happened.
Also, unrelated, but I received an "agreed hull value" on the policy that was less than I asked for, in the quote. I assume this is probably an industry valuation that says they believe the average condition of this make and model and that year is X dollars. Would that be right?
And there is always the fine print. There is a note about depreciation - "Depreciation applies to all partial losses and will be calculated at 10% for each year beginning with the 20th year of manufacture with a maximum of 80%. Depreciation applies to parts and material, not labor." This seems like if there was damage to my boat, and it was a 10,000 repair, is this going to effect that claim? Or - is this a "total loss" clause where my agreed hull value would not be paid and instead some sort of depreciated amount would be paid? I'm looking at a 20 year old boat so this would be somewhat an issue if the worst happened. Not a deal breaker but I'd like to know before hand what that implication was and either be at peace with it or look for another policy.
Many thanks for your experiences and ideas!
Last edited: