# Boat insurance suggestion



## barleyrye (Dec 6, 2015)

Hitting a road block purchasing my first larger boat, 37-45ft. It would appear due to my lack of experience in this size I have been unable to find an underwriter for my insurance. The largest boats I sailed regularly were 24ft. Maybe I was going about it incorrectly. 

1989 42ft catalina 

I was going to insure for the market value $70k 

4% deductible 

300k liability 

Does it make a difference if I state this is a live aboard, or not? Currently I have been getting quotes for it to be a weekend cruiser, not a live aboard. 


Any recommendations, would be greatly appreciated


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## chuck5499 (Aug 31, 2003)

Try Bill Hodgens at YachtInsure -- a few years ago I had never owned a boat but took sailing lessons. Then I bought a brand new Jeanneau DS40 and Bill was the only guy who would insure me. Stay with him a long time and he gave me hints on how to keep the cost down especially during hurricane season. 

Good luck


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## capecodda (Oct 6, 2009)

Find an insurance agent in your area that specializes in insuring boats. If you pick the right one, you'll get good advice, be sent to a good carrier, and you'll get help if you ever have a claim or worse a salvage situation. If you are near me, PM and I'll give you a few names.


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## barleyrye (Dec 6, 2015)

Thank you for the suggestion. I am actually in charlotte nc. Looking at keeping the boat in maryland or charleston SC.


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## capecodda (Oct 6, 2009)

barleyrye said:


> Thank you for the suggestion. I am actually in charlotte nc. Looking at keeping the boat in maryland or charleston SC.


Wrong neighborhood for me, but I'll bet someone reading this is nearby.


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## Empty Pockets (May 25, 2013)

Call Casey Heer @ Casey Insurance Group in FL. I bought a Catalina 42 also, with less experience than you, no problems.


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## barleyrye (Dec 6, 2015)

Thank you very much, will be reaching out to casey heer, on that note, how have you liked your catalina 42? What year did you settle on?


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## Empty Pockets (May 25, 2013)

Casey is a super helpful guy. Our boat is a 1992 MkI, and so far so good.


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## travlin-easy (Dec 24, 2010)

I've been very happy using Erie Insurance Exchange, lower rates, no problems when there is a claim.

Gary


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## outbound (Dec 3, 2012)

A lot depends on how you are going to use the boat. Particularly on where, with who and when. Make sure your carrier will cover your expected trips out of home waters if you plan to cruise. Otherwise you may end up having to change carriers in middle of term.
Have Catlin. No claims in 35+ years of sailing so don't know how good any of them are.


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## Minnewaska (Feb 21, 2010)

I am a fan of using a local (that may mean local to where you're keeping the boat) agent, that has access to multiple marine insurance carriers. Your marina themselves may have some recommendations. They use someone. BoatUS is worth a shot too, but I've never received a competitive quote. The rates are fine, but I've found better coverage, even if it cost a few more bucks.

Experience matters. If you really can't get this done, think about taking a week long live-aboard bareboat certification course. Likely to be done on a boat of that size and I'll bet insurance becomes much easier. Great way to take vacation, if you go to warm climates. Probably learn something too.

Where you intend to keep her, might also be impacting your insurability. I suspect there is less risk at a slip than a mooring, for example, or one neighborhood vs. another.


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## Don L (Aug 8, 2008)

When I got my first boat (39')after only 3 months sailing experience I got insurance through IMS who got me a policy through Markel. Market did require me to get some more instruction with a captain as part of it.


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## barleyrye (Dec 6, 2015)

Thank you for that info. I did at least get something from boat us. Starting to look for a local company now


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## fallard (Nov 30, 2009)

We went through a local insurance agency to get a proper yacht policy with agreed value and replacement (vs. depreciation) for damaged equipment. The latter was important in the wake of lightning, which took out all of our electronics. BoatUS was $200/yr cheaper than our yacht policy, but when we had a lightning strike 5 yrs ago, we got all of our electronics replaced with new. That was more than $20K, including installation. Yes, we had a lot of stuff (2 chartplotters, full sailing instruments, radar, below-deck autopilot, etc), but it was well worth it to pay an extra $200/yr.

Once you get quotes, you should see a difference between location in MD vs SC during the hurricane season (June-October). That may help you decide where to locate the boat if you have a choice.


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## Subaqua (Jul 14, 2013)

I've been getting insurance quotes as of late and reading through the pages of coverages.. I think I'm going to be on the phone with the agents going line by line through them to help me understand it all. I like to think of myself as fairly smart, but this has proven to me that I'm fairly stupid.

I'm thinking about presenting a few "what if" scenarios.. i.e. you hit a whale, a whale hits you, the wind blows your mast over, a swage fails and your mast goes over, you end up on a reef, a mooring breaks and you end up on the rocks, your ground tackle fails and you end up on the rocks, you have a margarita on the rocks and stub your toe and have a $3000 doctor bill.

One thing I am seeing.. there sure is a big difference in premiums without such a big difference in coverage.. so it definitely will pay to shop around.


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## Minnewaska (Feb 21, 2010)

Subaqua said:


> I've been getting insurance quotes as of late and reading through the pages of coverages.. I think I'm going to be on the phone with the agents going line by line through them to help me understand it all. I like to think of myself as fairly smart, but this has proven to me that I'm fairly stupid.
> 
> I'm thinking about presenting a few "what if" scenarios.. i.e. you hit a whale, a whale hits you, the wind blows your mast over, a swage fails and your mast goes over, you end up on a reef, a mooring breaks and you end up on the rocks, your ground tackle fails and you end up on the rocks, you have a margarita on the rocks and stub your toe and have a $3000 doctor bill.
> 
> One thing I am seeing.. there sure is a big difference in premiums without such a big difference in coverage.. so it definitely will pay to shop around.


Agents, as is plural? This is why you want one independent agent that represents several carriers and can explain the difference. Technical language may not be obvious to the lay reader.

That swage failing may be covered in some circumstances and not others, so the specificity of your question can also give you an answer you don't understand. For example, if it just broke, it probably is going to be covered, assuming you have hull coverage. However, if it is proven to have been corroded and not maintained properly, that is considered "consequential damage" and very few policies cover that. It isn't spelled out like that, there are exclusions that make this the case. Again, you need someone knowledgeable on your side.


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## seaner97 (May 15, 2011)

Actually found liberty mutual to have the most comprehensive coverage for my policy (Better than boat us) with the only thing left out being towing. Cheaper to get a separate tow policy anyway. When I put them side by side, they were better and cheaper than the dedicated marine ones. Helped that I had other stuff with them and a local agent. Had agreed replacement value rather than market value as well.


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## sailingfool (Apr 17, 2000)

seaner97 said:


> Actually found liberty mutual to have the most comprehensive coverage for my policy (Better than boat us) with the only thing left out being towing. Cheaper to get a separate tow policy anyway. When I put them side by side, they were better and cheaper than the dedicated marine ones. Helped that I had other stuff with them and a local agent. Had agreed replacement value rather than market value as well.


I've had auto insurance, home, and liability policies with Liberty Mutual for over 40 years...its interesting to hear they offer yacht insurance. Their liability policy covers of course the home, cars and the boat and they never suggested a yacht policy. I'll give them a call , although I have been very satisfied with Boat US as our policy broker.


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## seaner97 (May 15, 2011)

sailingfool said:


> I've had auto insurance, home, and liability policies with Liberty Mutual for over 40 years...they did not do yacht insurance it the past and I'm a little amazed to hear they offer such now. Their liability policy covers of course the home, cars and the boat and they never suggested a yacht policy. I'll give them a call , although I have been very satisfied with Boat US as our policy broker.


I had to ask, they didn't volunteer and originally said no. My local agent pushed and turned out they did, just not a big player to limit their exposure.


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## fallard (Nov 30, 2009)

seaner97 said:


> Actually found liberty mutual to have the most comprehensive coverage for my policy (Better than boat us) with the only thing left out being towing. Cheaper to get a separate tow policy anyway. When I put them side by side, they were better and cheaper than the dedicated marine ones. Helped that I had other stuff with them and a local agent. Had agreed replacement value rather than market value as well.


Ask if the policy will replace your electronics in the event of a lightning strike or whether they will depreciate your electronics--big difference. I checked and BoatUS did not and neither did my car insurance company. They were $200/yr cheaper, but I stayed with my agreed value yacht policy. I subsequently had a lightning strike that resulted in a $25K bill for electronics replacement alone (substantial electronics suite, including installation). That was $200/yr well-spent.


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## seaner97 (May 15, 2011)

fallard said:


> Ask if the policy will replace your electronics in the event of a lightning strike or whether they will depreciate your electronics--big difference. I checked and BoatUS did not and neither did my car insurance company. They were $200/yr cheaper, but I stayed with my agreed value yacht policy. I subsequently had a lightning strike that resulted in a $25K bill for electronics replacement alone (substantial electronics suite, including installation). That was $200/yr well-spent.


I'll look into that when I've got any significant electronics on board!
Also, not too many lightning strikes in my cruising grounds. If I was in FLA, I'd find that more important.


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## Minnewaska (Feb 21, 2010)

seaner97 said:


> .... turned out they did, just not a big player to limit their exposure.


That's odd, because statistically they need the law of large numbers in their favor to have enough premium to pay the losses.

Nevertheless, it's not much of a secret, it's on their website. It says in the small print at the bottom that you must have a homeowners policy with them to insure a boat.

https://www.libertymutual.com/boat-insurance

There can be a lot of technical language that is hard to lay next to each other, especially when the paragraphs famously reference other paragraphs in the policy. I don't like buying direct, because you have no advocate, if anything goes wrong. Carriers also have very different reputations for paying claims, which vary by type of claim and by geography. Claims experience can't be surveyed on the internet (although folks try to do it all the time). Agents all know who will and will not pay and for what.


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## johnnyquest37 (Feb 16, 2012)

Take an ASA sailing class or two.


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## Minnewaska (Feb 21, 2010)

johnnyquest37 said:


> Take an ASA sailing class or two.


Good suggestion, especially bareboat cert (103 or 104, I think). I'm not sure it would matter, but taking Safety at Sea is a great course all on it's own. Takes two days, can be done off season and just might tell the underwriter that you are safety conscious.


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## seaner97 (May 15, 2011)

Minnewaska said:


> seaner97 said:
> 
> 
> > .... turned out they did, just not a big player to limit their exposure.
> ...


I'm far from an insurance expert. I could also be remembering wrong, but that was what I recall them saying. We had a near sinking two years ago (probably due to a leak on a thruhull I missed on early season inspection and my being away and not checking on the boat for almost a month- unfortunate confluence of events) and I was pretty happy with them on claim.


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## Minnewaska (Feb 21, 2010)

how do you get those embedded quotes to work? That's often helpful in context. When I press quote, I only get what was written by the poster, not what they also quoted. (sorry for the drift)


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## seaner97 (May 15, 2011)

Minnewaska said:


> how do you get those embedded quotes to work? That's often helpful in context. When I press quote, I only get what was written by the poster, not what they also quoted. (sorry for the drift)


Not sure on the full site. It just happens when on the mobile.


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