Insurance

[troy994719]

I am looking for suggestions on insurance companies on the Gulf Coast, I got the dreaded cancellation letter that I figured I would get this time since we had a hurricane. National Marine Underwriters is not insuring boats over 29 feet and greater than 20 years old in this area.

 

[Capn Chuck]

Troy, We have used IMIS in Maryland for years and highly recommend them. Can't hurt to give them a try. Chuck http://www.imiscorp.net/

-- Edited by Capn Chuck on Tuesday 11th of August 2009 10:09:27 AM

 

[Keith]

I second the recommendation on IMIS. Same as Chuck's.

 

[troy994719]

Thanks! I will check them out. The good thing about United Marine is they didnt charge extra for live aboards.


-- Edited by troy994719 on Tuesday 11th of August 2009 11:41:23 AM

 

[Capn Chuck]

Troy, I suggest you use the don't ask don't tell when it comes to live aboard. We have lived aboard for near 20 years and always insured and no one asks. Chuck

 

[FF]

If you are eligable USAA used to have no problem with live aboard.

AND NO CRUISING GROUND LIMITS!!!

Haven't used them in a while , but it was great , worldwide insurance , with out surcharges.

 

[troy994719]

Capn Chuck wrote:

Troy, I suggest you use the don't ask don't tell when it comes to live aboard. We have lived aboard for near 20 years and always insured and no one asks. Chuck



Chuck my current policy first stated that the boat was not used for owners primary residence, this was front page in bold print right by the line that said boat is not used for charter. I called them and asked, they said they only charged more for live aboard if I wanted more coverage on personal property.
You might want to take a look at your policy and check it out. I bet an insurance company will look for any way out if you ever have a claim.
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[Keith]

You bet... for any major loss they're going to be looking for anything to get them out of the claim. Be honest with them.

The other thing about being a liveaboard is that you need liability insurance. If you don't have any from a homeowner's policy or something else, you need to add it to your liveaboard policy. It doesn't cost that much, but can sure save your ass if you ever need it!

 

[koliver]

Keith:
I don't mean to sound dumb, but who on this board, or anywhere that people have enough resources to put some of them into a decent boat, would ever fail to buy liability insurance. Most boaters place liability ahead of own loss. Most marinas, yacht clubs, etc. have rules that reject you for moorage without proof of liability insurance. I know mine does. They don't care if you have loss of property insurance, but when your electrical fire takes down the neighboring boats, its your liability insurance that will pay.
As for truth in disclosure, any lack will allow the voiding of your coverage. They will still pay for the liability, but they get to come back on you for reimbursement if they find a breach of that little term in the policy that requires disclosure of anything that might put up the premium.
Keith

 

[Capn Chuck]

troy994719 wrote:

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Capn Chuck wrote:

Troy, I suggest you use the don't ask don't tell when it comes to live aboard. We have lived aboard for near 20 years and always insured and no one asks. Chuck



Chuck my current policy first stated that the boat was not used for owners primary residence, this was front page in bold print right by the line that said boat is not used for charter. I called them and asked, they said they only charged more for live aboard if I wanted more coverage on personal property.
You might want to take a look at your policy and check it out. I bet an insurance company will look for any way out if you ever have a claim.
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Troy, We have lived aboard and cruised for 17 years and the boat has had complete coverage every day of that time. Our current policy and last policy which cover us for 5 years and the policy before that says and has said absolutely nothing about living aboard or not living aboard. Of course we have serious coverage for cruising and have had our policies through IMIS as does many of our friends that are cruisers and liveaboards also. We have never had a claim but our agent knows we live aboard. Other friends have had claims and do live aboard and have never been denied. Of course how you handle this is entirely up to you. BTW, If liveaboard is not written into your policy as an exclusion you can not be denied a claim because of it. Chuck


-- Edited by Capn Chuck on Wednesday 12th of August 2009 07:23:08 PM

 

[troy994719]

Capn Chuck wrote:

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Troy, We have lived aboard and cruised for 17 years and the boat has had complete coverage every day of that time. Our current policy and last policy which cover us for 5 years and the policy before that says and has said absolutely nothing about living aboard or not living aboard. Of course we have serious coverage for cruising and have had our policies through IMIS as does many of our friends that are cruisers and liveaboards also. We have never had a claim but our agent knows we live aboard. Other friends have had claims and do live aboard and have never been denied. Of course how you handle this is entirely up to you. BTW, If liveaboard is not written into your policy as an exclusion you can not be denied a claim because of it. Chuck


-- Edited by Capn Chuck on Wednesday 12th of August 2009 07:23:08 PM
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If it doesnt exclude it then I wouldnt care, I am going to get a quote with IMIS.
I just remember seeing the exclusion on the front page of my current policy. Thats good info and feedback that I was looking for.

As for the comment about people not having insurance, my dock is a prime example. Our marina is very strict on rules, but we had a boat fire on the dock and it turned out the owner had let his insurance expire. All the other boats damaged were left for the owners and the owners insurance to deal with. The boat that burned was not only freshly painted but also had just been fitted with a rebuilt 8V71, so it wasnt a POS, just an owner that didnt pay his premium.

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[Keith]

When I said liability as it applies to liveaboards, I'm talking about people slipping on your decks, your dog bites them, etc. Things that a regular homeowner's policy covers, not things like spill liability, if you crash into another boat, etc. If you live aboard and don't have personal liability coverage, you have a gap that could be a big problem. That's why it's always best to be honest and talk to your insurance provider.