Boat Liability Insurance

[wolf]

It wont matter as for our guide boats its every 5 years no matter what and my buddy who went to insure his little 16 footer was told he needed a survey done before they would even consider him...I know some marinas now are asking for insurance papers if you are moored at their marinas...

 

[www.victorisland.ca]

I am curious how much people are carrying for liability insurance and thoughts on the subject.

I carry 2 million liability.
My basic policy just went up from $527 to $567 in 2019.
They asked me for a survey (it is a 1988 Starcraft) for the first time since I bought it in 2013.
The broker said just detailed pictures of the inside and outside are fine with boat out of the water, don't have to take it in for inspection.

 

[ab1752]

I just renewed today so I know I am carrying 2M liability on our boat. I was told 2 years ago to have her surveyed for insurance purposes and then we provided a bunch of pics. Each year I ask if they need a survey they say nope all good.

It is a 26 Hourston Island Runner built in 2002, stored primarily in a shed on a trailer. Insurance excluding the trailer is $1115 and hasn't increased this year for which I'm told I should be eternally grateful. Ya whatever.

 

[Relax]

I am new to the forum. I do have some knowledge on this matter as I am an insurance adjuster dealing with marine claims. First off, I am not sure what you are referring to about an"umbrella policy". You can with some insurers cover your home and boats etc., under 1 policy but the boats usually fall under a maximum size and horsepower limit. Anyone who carries less than 2 million for liability coverage or no liability coverage, is playing a big game of Russian Roulette. You have yourself and 2 friends on the boat. You are motoring along in the fog and collide with another boat. Your 2 friends and 2 other people in the other boat are either killed and or seriously hurt. You say you did everything right. Had my running lights on, had a look out, had the radar on. All the courts will have to ask you is one question: Should you have gone out in the fog? You had a better choice to make. You could not have gone out. Liability found on you as the captain of that boat, and also on the captain of the other boat. I had a claim like this. Judgement was 3.5 million. Your boat sinks at the dock, bilge pump failed. Oil and fuel discharged into the bay and affected a fish bearing stream. This is "Absolute Liability" no excuses. Judgement 1.4 million. You take your buddies out for a fun day on the water. You let one of your buddies operate the boat without a boating certificate. He gets up on plain and collides with a kayak. Judgement 2.3 million. These are actual claims. $415 or even $1,100 now sounds like a bargain compared to losing your boat, home, vehicle and paying for the rest of your life.

 

[Rockfish]

I did spend the extra $130 this year to double the Liability on my boat policy from two million to four million.

I also asked about increasing the liability insurance from two million to four million on the Condo. but was told that two million liability was the highest the insurance company offers.

 

[Aces]

Exactly why I’ve always carried $5 million liability

 

[Rockfish]

I am new to the forum. I do have some knowledge on this matter as I am an insurance adjuster dealing with marine claims. First off, I am not sure what you are referring to about an"umbrella policy". You can with some insurers cover your home and boats etc., under 1 policy but the boats usually fall under a maximum size and horsepower limit. Anyone who carries less than 2 million for liability coverage or no liability coverage, is playing a big game of Russian Roulette. You have yourself and 2 friends on the boat. You are motoring along in the fog and collide with another boat. Your 2 friends and 2 other people in the other boat are either killed and or seriously hurt. You say you did everything right. Had my running lights on, had a look out, had the radar on. All the courts will have to ask you is one question: Should you have gone out in the fog? You had a better choice to make. You could not have gone out. Liability found on you as the captain of that boat, and also on the captain of the other boat. I had a claim like this. Judgement was 3.5 million. Your boat sinks at the dock, bilge pump failed. Oil and fuel discharged into the bay and affected a fish bearing stream. This is "Absolute Liability" no excuses. Judgement 1.4 million. You take your buddies out for a fun day on the water. You let one of your buddies operate the boat without a boating certificate. He gets up on plain and collides with a kayak. Judgement 2.3 million. These are actual claims. $415 or even $1,100 now sounds like a bargain compared to losing your boat, home, vehicle and paying for the rest of your life.

I would be interested to know what the actual insurance payouts were for each of those judgments that was covered by insurance. I will admit to a substantial dose of cynicism when it comes to insurance companies. If it is a large claim will they be a standup company about it, make the payouts and cover your butt that you paid them to do, or will they have a small army of lawyers and investigators work very very hard to find some reason, any reason to deny your coverage. Obviously I don't let my cynicism keep me from buying insurance.

 

[Trophy21]

Heard many a story about insurance companies bailing on boat owners.

 

[Relax]

So what you are basically saying, is "I am going to buy the insurance and it won't do me any good because they will not cover me". So why buy the insurance?? All these amounts were paid out. These were actual claims. These are just an example of the 100's of different situations I have investigated. I have been in the insurance industry for over 30 years and never ever have I been involved in a claim where the insurers intentionally try to find a way to not pay. In fact they will try and find a way to pay as long as the claim falls under the terms of the contract. Cynicism aside, what would you do in one of the above situations if you were involved in them and you had no insurance? Did you hear the stories from the actual parties involved? Did you actually get the details as to why their claims were not covered? The marine insurance policy is one of the broadest overages you can buy. More so than a homeowner policy.

 

[Trophy21]

Thousand bucks for this insurance another 5 thousand for that insurance o ya 3 more for that other insurance......put it in an investment account....way better odds than Vegas.

 

[seascene]

Wow... I take friends out on excursions all the time. I insure my boat for $100K, 1/5th the cost of replacement. Off hand I forget the liability amount but I do have it. Just wondering if it is wise to have all guests sign a waiver or would that be useless in the event of a serious accident?

.... thanks

 

[wolf]

All I can say is the insurance company really went to bat for me and saved my butt ... YES its expensive but hell better then being sued for everything, would you not insure your house??? and "hope" nothing happens??

 

[pennel]

I am new to the forum. I do have some knowledge on this matter as I am an insurance adjuster dealing with marine claims. First off, I am not sure what you are referring to about an"umbrella policy". You can with some insurers cover your home and boats etc., under 1 policy but the boats usually fall under a maximum size and horsepower limit. Anyone who carries less than 2 million for liability coverage or no liability coverage, is playing a big game of Russian Roulette. You have yourself and 2 friends on the boat. You are motoring along in the fog and collide with another boat. Your 2 friends and 2 other people in the other boat are either killed and or seriously hurt. You say you did everything right. Had my running lights on, had a look out, had the radar on. All the courts will have to ask you is one question: Should you have gone out in the fog? You had a better choice to make. You could not have gone out. Liability found on you as the captain of that boat, and also on the captain of the other boat. I had a claim like this. Judgement was 3.5 million. Your boat sinks at the dock, bilge pump failed. Oil and fuel discharged into the bay and affected a fish bearing stream. This is "Absolute Liability" no excuses. Judgement 1.4 million. You take your buddies out for a fun day on the water. You let one of your buddies operate the boat without a boating certificate. He gets up on plain and collides with a kayak. Judgement 2.3 million. These are actual claims. $415 or even $1,100 now sounds like a bargain compared to losing your boat, home, vehicle and paying for the rest of your life.

Wow! After reading this I think I'll sell my boat and take up knitting.

 

[seascene]

Taking family on board ok as far as risk of being sued but anyone else, even with liability is now giving me pause. The question about waivers or the larger question of even taking the risk with friends even with a waiver (are they worthless?) is for serious thought in these times.

 

[Cookie's Cutter]

I am new to the forum. I do have some knowledge on this matter as I am an insurance adjuster dealing with marine claims. First off, I am not sure what you are referring to about an"umbrella policy". You can with some insurers cover your home and boats etc., under 1 policy but the boats usually fall under a maximum size and horsepower limit. Anyone who carries less than 2 million for liability coverage or no liability coverage, is playing a big game of Russian Roulette. You have yourself and 2 friends on the boat. You are motoring along in the fog and collide with another boat. Your 2 friends and 2 other people in the other boat are either killed and or seriously hurt. You say you did everything right. Had my running lights on, had a look out, had the radar on. All the courts will have to ask you is one question: Should you have gone out in the fog? You had a better choice to make. You could not have gone out. Liability found on you as the captain of that boat, and also on the captain of the other boat. I had a claim like this. Judgement was 3.5 million. Your boat sinks at the dock, bilge pump failed. Oil and fuel discharged into the bay and affected a fish bearing stream. This is "Absolute Liability" no excuses. Judgement 1.4 million. You take your buddies out for a fun day on the water. You let one of your buddies operate the boat without a boating certificate. He gets up on plain and collides with a kayak. Judgement 2.3 million. These are actual claims. $415 or even $1,100 now sounds like a bargain compared to losing your boat, home, vehicle and paying for the rest of your life.

If you spend all your money on your boat and your fishing gear then you don’t have to worry about a 3.5 million dollar claim. You can’t get blood from a stone.

I have heard this many times from insurance salesman. If you were $2.5 million short, you don’t have to pay if you don’t have the money. Most people need not to worry.

When was the last time you heard on the news 4 completely sober fisherman, with all their safety gear, died in a recreational boating accident today?

**One other thing most people don’t know. Insurance companies have to pay all your legal costs, whether the accident was your fault or not