Insurance needed for a boat...

[Spin_Drift]

We are looking to buy a yacht in about two weeks. If so, we need to get an insurance for her.

Whom do you recommend and what kind of experience have you had with an insurance company?

What kind of insurance is the best kind to have?

I think we should have the boat covered at her replacement value, don't you think so?

What all to look for in an insurance coverage?

What to watch out for in a policy?

Any other suggestions or words of wisdom you might have?


Thanks...

[George Roberts]

I think you should have insurance to protect others and their property.

An insurance broker should be able to find a policy and answer your questions with respect to specific policies.

[Gary E]

I was just reading another site and saw this....

http://www.thehulltruth.com/ad_rotator/seainsure_468x60.jpg

I am told that is a division of Sea Tow... the guys that drag you home for a small insur policy cost each year....

As for what type of insurance?.. I imagine replacement is going to cost you a bunch more $... and since your buying the policy is like you betting that it's gona sink and the insur co takes the other side of the bet and sez... nah he wont.
So.. pick your flavor and takes your choise...pay your money..

[cmorse]

Spin_Drift, Talking with a broker regarding your questions would be the best way to go. I have never had an insurer insure for replacement value in Alaska. They will insure for surveyed value. In fact, some insist on doing so. My vessel is surveyed for much higher than my loan. I only wanted to insure it for the loan, so that should something happen, the loan would be covered. They will not do it and have long explanations as to why yacht insurance is different than other insurance policies so my vessel is insured for surveyed value. Also, some harbors require minimum liability insurance requirements and the harbor office will let you know their respective requirements.

I have heard varying stories about major insurers (Allstate, State Farm, etc.) not insuring wooden boats any longer in Alaska ( at least this far north-some have no problems with SE Alaska, although while we were bringing the boat up here, I met a couple who were stuck in Ketchikan with an immaculate Grand Banks woodie who's insurer would not let them go any further; they were in the process of getting new insurance to allow them to continue their dream trip.) but I have talked with other folks who said they will, so perhaps it has to do with age of the boat, etc. Boat U.S.,Sea Insurance, etc. do not insure in Alaska at this time.

My boat was built in 1962 and converted by Sam Devlin in 2000. Insurers take the original date, not the rebuild date. My broker (Anchor Marine in Seattle, who also brokered the insurance while it was in Devlin's care)could find only 2 insurers for us; one restricted our navigation to only Resurrection Bay and Prince William Sound, even though the waters south of Cape Aialik are common grounds for cruising in Kenai Fijords. I was with them for 3 years and grew tired of their increasing costs with no further benefit. Anchor Marine found another insurer who is rarely taking wooden vessels that old but who was impressed with our survey and care of the boat. So, I can now cruise all of PWS, Resurrection Bay and all waters of the Kenai Peninsula/Cook Inlet (if I only had the time)with harbor-movement only between Nov. 1 and May 1. And it is not cheap, but those are the only choices I have. Our brokers have been very good about searching and I have even done my own searches but now I am realistically limited to this one insurer. Those who advertise in WB or regional publications(NW Yachting, etc.)will not insure in Alaska or this far north in Alaska. Of course, you may not even be bringing it to Homer but if you are, these are some of the challenges I have experienced. As a sidenote, I have never had any problem insuring my wood composite boats.

Good Luck!