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sailboat insurance
http://www.hobie.com/au/en/forums/viewtopic.php?f=9&t=27380		 Page 1 of 2
Author:  heavymover [ Tue Jul 06, 2010 7:11 am ]
Post subject:  sailboat insurance
Can anyone recommend a good insurance company for my Hobie?



Thx
Author:  fastcat [ Tue Jul 06, 2010 12:13 pm ]
Post subject:  Re: sailboat insurance
I used Safeco for 20 years. I don't know if they are the least expensive, but when a windstorm flipped my bare masted boat on land they paid my claim quickly and fully. I was back on the water the day after the parts arrived (new mast, front cross beam and complete standing rigging).
Author:  hobie18rich [ Tue Jul 06, 2010 2:01 pm ]
Post subject:  Re: sailboat insurance
I use the US Sailing one design policy. And it does cover the boat while racing and its an agreed upon amount. So if the boat gets totaled its a set amount not what ever they value at the time.
Author:  Bill 404 [ Tue Jul 06, 2010 3:13 pm ]
Post subject:  Re: sailboat insurance
I was over insured for many years until my agent told me that my home owners insurance already covered my boats.The added policy that I had for 20 years was suppose to give me coverage to an agreed upon value that I felt would cover replacement cost($12,000) but in reality would only paid out their idea of market value which was less than the value of my policy( if that makes any sense). At the advise of my agent, I canceled that premium this year which saved me $350.
What is the value of a very very nice 1989 Hobie 21 SE with a unbelievable trailer?A marine owner in Florida offered me $16,000 two years ago with a condition that he came up with that I could return to Florida and use that boat a couple of weeks each year with my kids on vacation.My kids cried out "no way".
What ever someone is willing to pay is the real value...My kids want to keep sailing "our boat" long after I am gone.I believe they will... :D
Author:  John Lunn [ Wed Jul 07, 2010 7:46 am ]
Post subject:  Re: sailboat insurance
We're insured under our Homeowner's policy, 'at cost' and not at 'replacement cost'.
Much more money that way.....and H18's are out of (regular) production.

We get a 10% discount as I qualified with the Power Squadron on the 'Basic Seamanship' course. If you are White Sail III or Bronze IV or V or Silver under CYA or US Yachting, ask your broker if there is a discount.
Author:  RSPvideo [ Wed Jul 07, 2010 10:20 am ]
Post subject:  Re: sailboat insurance
what about liability insurance? say the wind picks up your boats and slams it into another and that person sues you. is there a liability insurance for something like this?
Author:  hobie18rich [ Wed Jul 07, 2010 11:15 am ]
Post subject:  Re: sailboat insurance
I carry $500,000 liability. Most marinas and yacht clubs require a minimum of $300,000.
Author:  RSPvideo [ Wed Jul 07, 2010 11:28 am ]
Post subject:  Re: sailboat insurance
hmm interesting. i've been pondering getting liability insurance. how much should i expect to pay for a year.
Author:  hobie18rich [ Wed Jul 07, 2010 11:44 am ]
Post subject:  Re: sailboat insurance
mine is less than 300 a year for $500,000 liability, and $16,000 boat replacement coverage. I also have medical coverage for $100,000 for anyone on the boat.
Author:  RSPvideo [ Wed Jul 07, 2010 11:56 am ]
Post subject:  Re: sailboat insurance
cool, thanks for the info
Author:  Tom Machette [ Wed Jul 07, 2010 3:22 pm ]
Post subject:  Re: sailboat insurance
Since I work as an insurance agent, I figured I better chime in on this.

First off if you have your boat on your homeowners policy, you better make sure you have your boat scheduled, and if the company offers it, have a watercraft endorsement. You will only have coverage for named perils, and this changes depending on what form of homeowners policy you have (HO-1, HO-3, HO-5) Your limits for liability (section E) and medical coverage (section F) are the same as what you have on your home. You should also make sure that it covers the boat while being used off the insured property.
If you are a racer, I can garuntee you will not have coverage, as racing is a common exclusion for watercraft.
I personaly cannot reccomend you to cover your boat with only a homeowners policy. Buy a Watercraft Policy!

If you have a watercraft policy, you will have additional coverages such as uninsured/underinsured coverage, and can also include the trailer, personal contents, and generally is an all peril coverage. If you are racing, make sure they will cover you while racing or competing in a tournement/scheduled event.

Generally boat policy are based on Actual cash value or agreed upon value, and not replacement cost, so dont expect them to buy you a new boat when your 1980 h16 sinks.

Read your policy, and/or call your agent and see exactly what coverage you have.
Author:  Tom Machette [ Wed Jul 07, 2010 3:26 pm ]
Post subject:  Re: sailboat insurance
Personally I have had good luck with Allstate, and I would reccomend, the US Sailing One Design Insurance for racers.
Author:  IndyWave [ Thu Jul 08, 2010 8:46 am ]
Post subject:  Re: sailboat insurance
Tom Machette wrote:
If you are a racer, I can garuntee you will not have coverage, as racing is a common exclusion for watercraft.
I personaly cannot reccomend you to cover your boat with only a homeowners policy. Buy a Watercraft Policy!

If you have a watercraft policy, you will have additional coverages such as uninsured/underinsured coverage, and can also include the trailer, personal contents, and generally is an all peril coverage. If you are racing, make sure they will cover you while racing or competing in a tournement/scheduled event.


I also have an Allstate policy on my boat, separate from my home & autos (also through Allstate). I can't tell you what my coverage numbers are, but I felt at the time they were more than adequate: comparable to the auto numbers. I pay about $70 per year. It was about the same on my previous monohull sailboat.

If you read the policy, it specifically says the policy does not cover racing, EXCEPT FOR SAILBOATS. Apparently the underwriters know that an organized race is probably the safest situation for a sailor, considering the likelyhood of Safety Patrols and other boats around.
Author:  rattle 'n hum [ Thu Jul 08, 2010 10:38 am ]
Post subject:  Re: sailboat insurance
Thanks for posting such good info/advice, Tom.

My situation is exactly the same as IndyWave's, except that I'm with State Farm and pay $109 per year for my 1998 Hobie 16. With my older H16 I paid $50 per year for liability only. I went without even liability for a long time which was dumb, considering it's so cheap. I got it on the Monday morning after a regatta where, in one race, I port tacked the whole fleet at the start, including Randy Smythe on a brand new Javelin 18 HT (different fleets, but same start)!

It occurred to me that, if I were going to have to pay for such a boat, I didn't want it to be someone elses.
Author:  Skipshot [ Fri Jul 09, 2010 10:22 pm ]
Post subject:  Re: sailboat insurance
I'm with All State, too. $76 a year covers liability, replacement cost, and racing. My homeowner's insurance, as already stated, is pretty feeble compared to insurance specifically for the boat.
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