View Full Version : insurance anyone
08-06-2010, 06:17 PM
Boat (simmons sea skiff) ready for the water - State Farm will not insure it unless I get a marine survey, because it is "home built".
I have not insured my non-motor-powered boats, so this is new to me.
You guys run into this? I've been with SF (house and cars) for many years but if I find someone else who wants my insurance business I'm ready to jump ship, so to speak.
08-06-2010, 06:38 PM
Sorry I'm not familiar with this boat..., how big is it and what's its estimated value. Often non-motorized dinghy and skiff size boats < 20' fall under the umbrella of your basic homeowner's policy. Bigger and/or high dollar, yup you need an appraisal and a rider. Shop the marine insurers as well. A home company may find some boats exotic, whereas a marine company finds it run-of-the-mill..., with comensurate premiums.
08-06-2010, 07:52 PM
Homeowners insurance covers liability in most states for boats up to 26'. I carry a rider to increase liability up to the max provided on our home policy. I never carry any other kind of insurance on small boats. If anything goes wrong, I'm the one who is going to repair it anyway. Most such insurance is just money wasted on small boats. If you can suffer the loss of the boat without hardship, just forget it.
08-06-2010, 08:50 PM
The heck with insurance, post a picture of the boat.
Peter Malcolm Jardine
08-06-2010, 09:11 PM
You definitely want insurance, not for the value of the boat, but for the liability insurance. So you run over some kid swimming out in the middle of someplace they shouldn't have been.... hopefully never happens, but...
Look around, and if you have to get a survey, get it, it should be cheap. Otherwise, write your own survey, using pictures of your build, specifying materials, and documenting purchases of hardware. A small overview of the plans should be included. If they see you know what you're talking about, you beat out about 40% of surveyors out there.
I wrote my own survey. The insurance company took it, but it was twelve pages, and had a previous survey with it, that I corrected all the errors.
State Farm was my first insurer of this boat. They gave me a good rate, then doubled it without notice three months later, and when I called they told me they didn't know it was a power boat, thought it was a sailboat. The professional survey was faxed to them at the outset, and it had about six pictures on it.:rolleyes::rolleyes::rolleyes:
08-07-2010, 08:08 AM
I think you need to carry insurance for two primary reasons:
liability for accidents, hitting something, someone slips and falls, who knows.
problems associated with sinking, in the great lake if your boat sinks you are going to be forced to remove it if possible, clean up spilled fuel and oil if possible and possibly to pay fines for polluting. those kind of things can get expensive fast.
I keep my boat insured for just those reasons, costs me about $100 per year to insure the boat, electronics and downriggers.
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