Insurance

Must have survey for real quotes. Have been looking at renewal options now on our 2002 boat and rates have increased 30% on a new cash value policy with a depreciation schedule. The depreciation per item is 20% minimum or more plus 10% deductible which is 30% or more off the value, depending on the age determined on each item. If you have a cash value policy you need paperwork on all replaced equipment and required items to keep the depreciation based on age to a minimum. We had a quote for both types, the agreed value without depreciation premium was almost double the cash value with depreciation. Really don't like the cash value policy, depreciates most items including the **** paint. Re-thinking just having liability.

You bring up an interesting question. Are underwriters interested in offering liability only? If so, do they load there offerings to offset the lost physical damage part?

What others are paying really is largely irrelevant right now if you're new to coverage. Many marine carriers have recently left the market. Also, just quoting doesn't give you an indication of the coverage of the policy as there's a wide variation in coverages. You need to find a marine insurance broker you can trust and let them assist you.

Great advice and the make, model and year of the vessel is a small amount of info gathered and used by the underwriters.

Since you have a purchase order, contact a few marine insurance underwriters and ask them for a quote. There are many factors including your boating history.

On our other policy's liability is cheap compared to the other coverage, especially when talking hurricane coverage of properties. I will get a quote for liability only tomorrow. In the past we would move the boat if necessary even when insured, but the insurer would never compensate for saving their bacon. Like ob says, many insurers don't want to write hurricane coverage. I don't like paying more while our use has been restricted, most marina's don't want transient boats right now.

Always like the Hat 55c, you will enjoy that boat. Had a 2002 Hat 50c same engines few years ago and was paying less than half that 12k quote. Sounds high but in Florida.

Inquired this morning, our insurer does not do liability only. One other tidbit is the depreciation schedule is for partial losses only, a total loss is agreed value less deductible.

A friend here in BC, received his update and renewal with the following notes , " Insurers are really shying away from vessels older than 30 yrs and starting to delete coverage for engine losses." A major step up here as our market has been very steady for years.

What don't you ask him/her to get you actual quotes and take the guess work out of your question? That should take less than 24 hours and then you'll know for certain. You should not need a purchase order or anything like that if you have a reputable broker who does boats. Your auto guy will be flying blind. We are all throwing chafe in the air if you're looking for solid numbers.

I've had no issues getting excellent insurance coverage and competitive quotes on a 20 year old Post.

Thats High. I have 35 years of experience in the Insurance business and I am a 100 Ton Captain owner .

Difficult to say whether premium is high or low as $ is very dependent on your purchase price, the condition of your Hatteras, where you moor your vessel in FL etc. Many insurance companies also run algorithms based on credit and other factors that can credit or debit premium calculations such that 2 individuals buying identical yachts, moored in same location and with same intentions may have fairly significant premium differences.