does anyone have information regarding self insuring your own vessel.
Mainly for marina requirements with around 300K lability.
I agree, but the OP does sound like question was directed towards self-insuring against liability too.Nothing wrong with carrying a liability only policy with enviro cleanup, but no hull policy. Is that what you’re referring to?
Nothing wrong with carrying a liability only policy with enviro cleanup, but no hull policy. Is that what you’re referring to?
If you are self-insured, how would you provide proof of insurance that is acceptable to a Marina?
You need a good survey.
Many years ago as a commercial fishing boat owner. And at times with a private boat. I've nobody recent to recommend. If you have the cash, the best way was a bank deposit. Otherwise there's many bonding companies.
Fishing the rates were high enough to buy a new boat in 9 years.
Now I have a 1942 Wheeler, wood, 83'. I use Hagerty. I don't hit things. Currently just liability about $2,000 for a million liability. US and Canadian waters to 25 miles out. For tuna and crossing the Gulf of Alaska I'm more than 25 miles out but not likely to need liability. If the boat sinks, I'm 74, I'll probably be with it so full coverage doesn't do me much good.
If your boat has a good survey Hagerty is probably the best for older wood boats.
Full coverage price depends on the value. When I had it on this boat it was 6Gs.
LLoyds of London is another choice. They spread the liability over several partner firms. More for ships or high liability boats. Price wasn't too bad.
I have heard it's like a secured loan, you provide a bond or similar holding of asset(s) equal to that worth..... in escrow or equivalent....
I have heard of people doing it, just don't know the terminology.
Yes that seems to be the norm now for older planked hulls. I've seen it done a few times. They don't pull very many fasteners. It can discover problems that really need to be fixed.that's the big question. i have checked a couple of years ago and it seems like i need the wood survey that takes out fasteners etc.
I will not go that far.
EL TORO is described as a 58' party boat specifically designed for party fishing and built in Norfolk, Virginia in 1961. Typical of her type for that era and region, she has what is known as a "bay bottom," being transversely planked in 1.75" yellow pine on a longitudinal framing system. She has a 16.5' beam, draws 4.7' and is powered with a single 310 HP Detroit Diesel. Perhaps most significantly, she was fastened with galvanized cut nails. She is of a type well known to the region in which she operated.
The consensus was that the hull was in remarkably good condition except for three sprung planks on the port side immediately forward of the forward engine room bulkhead. The inboard end of the planks had dropped about four inches from their normal position, leaving a gap in way of the keel of about two inches. With the exception of a single nail, all nails connecting these planks to the sister keelson had wasted totally through at the faying surface with the keelson."
To me, the El Toro makes a frightening read.
The materials used seem more suited to build a garden shed
Yellow pine and galvanised nails?
All our fasteners are substantial silicone bronze screws and bolts and plenty of them going by the amount of them removed in a recent deck repair we did.
And 2 inch spotted gum hardwood used for planking
Insurance is having a partner in funding risk. Risk is a measurement of the % chance of you incurring loss. That chance is never 0% so calculate your odds (and an insurance company knows these to the penny and will usually share the information), see what your comfort level is in living with those odds and writing the potentially big check, and act accordingly. If writing a $1m check for damages doesn't affect your lifestyle, you're likely in a good spot to self insure and can invest what you would be paying in premiums. I can't comfortably write that check so I use insurance as a partner in bearing my risk.
Tak