What are the pitfalls of marine insurance.?

Question

Specifically if I invest a substantial amount of my nest egg in a live aboard boat, that means that I have to protect myself or I will wind up homeless. But will insurance companies pay off if my boat is lost. Will it cover my liability for environmental etcetera. Who are the reliable insurance companies?

Answer 1

A strong vote for the answer by cat38si.... although I have found Boat US a tad higher in price than other carriers (for my particular boat and use). Regardless of carrier, I would take note of the restrictions in the policy. Negotiate the policy based on exactly what you intend (all possibilities) to do with the boat and make sure you are covered for all hazards.

Answer 2

The biggest pitfall concerning insurance is of course...not having any.

Cat38ski gave some good info. My suggestion would be to create a list of questions you want answered and then let your fingers start doing the walking or do internet inquiries and ask the same questions of everyone. Then, take the time to compare each against the others and make a decision.

We're in the DC area and we found here that National Marine Underwriters gave us better coverage than BoatUS and for a significant amount less. But then I've heard that in other areas it's the opposite.

You don't say where you'll be boating. If you happen to live in a hurricane zone make certain you ask what the carrier will cover should a storm hit. Ask too if they have any special instructions on what they require you to do if in a zone. BoatUS apparently wants the boat to be out of the water or coverage is lessened. Nat'l Marine charges more too for hurricane prone areas but cuts it off at the N/S Carolina border. Believe BoatUS runs theirs further north. Definitely something you want to check on if it applies to your area.

Good luck.

Answer 3

The short answer is: Yes, you can get your boat covered for total loss.

We live aboard. Our insurance covers replacement of the boat based on the value as determined by the most recent survey plus an amount for possessions. They will require a survey and valuation from the survey. If you have surveys from previous years, that will help to establish the continued upkeep and valuation of the boat. Liability coverage is required by most marinas.

I will risk opening the insurance can of worms and say that I found the best coverage (bang-for-buck) for our boat and area is provided by BoatUS.

Be sure You ask if Your policy restricts where You can take your boat. Many companies will not cover You offshore or outside protected waters.

Answer 4

Not sure....wouldn't of thought there were many pits in the Ocean? hee hee , sorry hunny all i know about insurance is they don't like to pay up all that is owed to you! take care sweetie! love from Wales x