Liability only or full coverage

[Shrew]

I........ was told by my agent at Brown and Brown it went out to all insurers of yachts.

The assumption here is "........of the companies they represent". Not all multi-line agencies do business with all insurance companies. I took a look at Brown and Brown.

https://www.bbinsurance.com/about-us/
https://www.bbinsurance.com/what-we-do/

About US
Brown & Brown, Inc. is the sixth largest independent insurance brokerage in the nation. We provide risk management solutions to help protect what our customers value most. Our four business segments, Retail, National Programs, Wholesale, and Services, offer insurance products and services to businesses, corporations, governmental institutions, professional organizations, trade associations, families, and individuals.

What We Do
Brown & Brown is one of the largest and most respected insurance brokerages in the world. We provide risk management solutions through our licensed subsidiaries to help protect and preserve what is most important to our customers.

It doesn't sound like the are really in the Marine Insurance business, per se. It also seems like there are limitations to the companies they work with.

I'd be asking which companies the quotes specifically went out to.

 

[BandB]

The assumption here is "........of the companies they represent". Not all multi-line agencies do business with all insurance companies. I took a look at Brown and Brown.

https://www.bbinsurance.com/about-us/
https://www.bbinsurance.com/what-we-do/

About US
Brown & Brown, Inc. is the sixth largest independent insurance brokerage in the nation. We provide risk management solutions to help protect what our customers value most. Our four business segments, Retail, National Programs, Wholesale, and Services, offer insurance products and services to businesses, corporations, governmental institutions, professional organizations, trade associations, families, and individuals.

What We Do
Brown & Brown is one of the largest and most respected insurance brokerages in the world. We provide risk management solutions through our licensed subsidiaries to help protect and preserve what is most important to our customers.

It doesn't sound like the are really in the Marine Insurance business, per se. It also seems like there are limitations to the companies they work with.

I'd be asking which companies the quotes specifically went out to.

They're in every business, but marine definitely not their emphasis and your point of still not knowing who they sent it to or how much they talked to others is the same I would make. So, my original question remains unanswered.

 

[Bud]

They're in every business, but marine definitely not their emphasis and your point of still not knowing who they sent it to or how much they talked to others is the same I would make. So, my original question remains unanswered.

Thats good feed back, I will ask them.

Bud

 

[Wxx3]

I think it's simple. Can you afford the loss of your boat?

Be it car, house or other, isn't full coverage always about whether you can afford the loss?

 

[BandB]

I think it's simple. Can you afford the loss of your boat?

Be it car, house or other, isn't full coverage always about whether you can afford the loss?

Double the afford question though. Can you financially afford it? Can you emotionally afford and accept it?

I can financially afford it, but I just don't want to have to deal with such a large loss. I'm conservative financially and willing to pay for the protection.

 

[Bryant]

Getting ready to renew our boat policy and thinking about going with liability only. Lived aboard a sailboat for six years and cruised down to the Virgin Islands and up to Maine. Owned a aft cabin trawler for five years. Never had a claim on either one. So, do we need collision and comprehensive?


Do you have liability only or full coverage?



Bob

I have full coverage but every year I wonder if I should switch. Being in Florida, I've decided to probably keep full coverage. You are going pay one way or another. After all, it's a boat.
Bottom line, what can you afford? If you have a $100,000 boat and you lose it the first year or even after 10 years, can you eat a 100k loss? On the other hand, if your full coverage is 3k/year, can you afford that? 10 years of that will set you back 30k but chances are, you will have a claim of some kind or another during that 10 years. It's like Vegas. Either decision is a gamble.
Just for info though, I'll throw this tidbit in. I had a small Bayliner for years that I kept on the trailer. It was insured for 15k, trailer and all. After it was 12 years old I decided that I was tired of paying insurance so I dropped it. Ivan took the boat shortly thereafter. Just sayin.

 

[Bryant]

Insurance

A lot of it is Glass half-full/Glass half-empty sort of perspective.

Using general numbers. Let's say I own a boat worth $100,000 and pay $1,000/yr for insurance. Let's say I own the boat for 10 years, paying $10,000 in premiums over that time span and have no claims.

Have I wasted $10,000? Maybe.

If the boat were a total loss, paying $10K on a 100K asset sure seems to make sense. If post-accident, you were told "It'll cost you $10K or $100K", who would choose the latter? Nobody cares that they saved $10K when they lose $100K.

Obviously, on a depreciating item, the value of the asset slides down, reducing the time to break even on the ROI.

If you can absorb the total loss and would chase fractions of a dollar, then great.

A good deal on full coverage for a 100k yacht kept in the water in Florida is $2500/year. But your point is well taken. 20 years of coverage will cost you 50k. If you keep your boat up, have regular surveys and have an "agreed value" on your policy of 100k then they won't depreciate it and I'll trade 50k for 100k any day of the week . Bottom line is, you have to know the value of your boat, how old you are, what you have invested in it, likely hood of loss or serious damage etc. If your boat is worth 30k and you are 60 years old, maybe liability only is the way to go.
There is one more serious consideration that people are overlooking, though. With Liability only, that's all you get. With comprehensive, you get $939k worth of environmental damage coverage should your boat sink in a storm and my policy has a $500k salvage and haul away rider. That's pretty important coverage to have if you have a large boat that stays in the water. If your boat sinks and your fuel tanks and holding tank leak and you have to have a barge and crane lift your boat out of the water and haul it away you are looking at the possibility of a $500-1,000,000k bill. Not very pretty. Full coverage is pretty cheap when you factor in these considerations.

 

[Simi 60]

There is one more serious consideration that people are overlooking, though. With Liability only, that's all you get. With comprehensive, you get $939k worth of environmental damage coverage should your boat sink in a storm and my policy has a $500k salvage and haul away rider. That's pretty important coverage to have if you have a large boat that stays in the water. If your boat sinks and your fuel tanks and holding tank leak and you have to have a barge and crane lift your boat out of the water and haul it away you are looking at the possibility of a $500-1,000,000k bill. Not very pretty. Full coverage is pretty cheap when you factor in these considerations.

Our liability insurance has $10 million of personal and property coverage.
It also has salvage and wreck removal/cleanup coverage.

 

[Brooksie]

All above assumes that when the worst happens, the insurer will do what they have contracted to do. This will usually only happen only 1/2 the time based on some consumer surveys.

This needs to be factored in to the equation as well.