Most lenders require comprehensive. Most transient marinas require liability. My peace of mind requires both. Stuff happens.
My home marina requires proof of liability insurance and they are listed on the policy.
I have never been asked for proof of insurance as a transient.
You are correct. I included transient and should not have. With my luck, If I said "marina", as opposed to 'seasonal contract', someone would have corrected me that an overnight stay at they're favorite transient marina didn't require it as well.
I appreciate the correction.
I might have had to sign that I had insurance at a transient marina but I've never been asked to show proof. I couldn't, the papers are at home.
One of the boats in my marina was purchased for 7 million dollars. Who here has enough liability coverage to pay for that if their boat destroyed it (like from fire, for instance)?
I don't.
That's a mistake, leastwise here. Even for a day's docking, some marinas, one example: Berkeley wants proof of sufficient insurance in addition to proof of current documentation/registration as well as prepaid fees since no one there accepts payment during a weekend or holiday. My home marina (Vallejo) requires annual proof of insurance as well as registration/documentation and is closed on weekends so guests aren't welcome unless they can visit during the business week to make arrangements.
My liability insurance is $500,000 on the boat policy. Then my personal umbrella policy raises all liability coverage on the boat policy to $3M. Cost less than $100 to add my boat to my umbrella policy. Pretty much a no brainer.
Probably not to many $7M boats I can sink with my boat.
Ted
Certainly think you have a valid point. Just curious, as a hypothetical, what would you consider a reasonable percentage (not $ amount) of hull value for a premium to be?We have liability only. Our boat is valued at $40K. We live in the Keys. Boat US wanted $6,200 per year for full coverage or $200 a year for $300K liability only. That's right it is not a misprint. $6K a year to cover my $40K boat. We decided to self insure. In six and a half years we would have paid for their entire exposure.
This is a hobby. Why would one need insurance on something they could easily afford to replace? If my boat burned and sank I just would not need to pay moorage anymore. And I could afford to replace the boat so I see no reason to carry insurance.
I'm amazed how many here are insuring their boats. Why? Probably because most are buying boats on credit and the banks require it. Can't relate to that either. That is buying boats on credit.
Certainly think you have a valid point. Just curious, as a hypothetical, what would you consider a reasonable percentage (not $ amount) of hull value for a premium to be?
Ted
We insure our boats for the same reason we insure my cars, for the same reason we insure our home, for the same reason we have health insurance, for the same reason we have umbrella insurance, for the same reason we have business insurance. Sharing the risks with others to avoid a major unplanned expenditure. I'm willing to engage in a poor financial deal for leveling the expenses related to any of these policies. I like to have a good handle on what my expenses are going to be next year. Without insurance if I had no claims, my costs would be a moderately less amount. However, a claim could make my costs many times what the insurance costs.
We have liability only. Our boat is valued at $40K. We live in the Keys. Boat US wanted $6,200 per year for full coverage or $200 a year for $300K liability only. That's right it is not a misprint. $6K a year to cover my $40K boat. We decided to self insure. In six and a half years we would have paid for their entire exposure. Stupid! We have never had a claim and live on a mooring, I will take my chances. Gieco who owns Boatus was a little cheaper at $5K a year. No thanks. We have not had a hurricane in the Keys for 12 years. Give us a break, and yes I know we will get one sometime but 12 years of collecting premiums with no storms has to count for somethimg.
This is a hobby. Why would one need insurance on something they could easily afford to replace? If my boat burned and sank I just would not need to pay moorage anymore. And I could afford to replace the boat so I see no reason to carry insurance.
I'm amazed how many here are insuring their boats. Why? Probably because most are buying boats on credit and the banks require it. Can't relate to that either. That is buying boats on credit.