Boat Insurance

Now that I’ve had my last official day of work on 30 June 2017, we continue to narrow down our potential boats, but the more pressing matter of how to pay (more on that later) and which insurance company to use are now looming large.

To prepare for our pending insurance discussions, we did the typical thing with online searches, looked in forums, and read what other folks have written on their own websites.

Although far from comprehensive, some of the more concise and useful information we came across in one location were from the following:

BoatUS – Five Questions to Ask Your Boat’s Insurance Agent

All Things Boat – Boat Insurance Review 2017

Royal Yachting Association (RYA) – What to look for when buying boating insurance

MoBox – 10 Important Things to Know About Boat Insurance

Where The Coconuts Grow – What Marine Insurance Companies Don’t Want You To Know

That last one is by far the most comprehensive and was the most useful to start with for us. It comes from Jody and Peter of wherethecoconutsgrow.com fame, and since it was published in Sept 2015, it’s still recent so you can trust the information, or more to the point the $$$. Obviously everyone’s situation is different, so do your own homework, but they will definitely get you headed in the right direction and save a lot of long frustrating hours of random searches online.

So far this is the list of questions/topics we will go over with any potential insurance company. It will surely be modified over time, but this is where we are at the moment in no order of priority:

  1. Personal liability amount
  2. Depreciated vs actual vs agreed value
  3. Inspection vs survey and how old
  4. Hurricane areas and what dates
  5. Other no-go areas
  6. Who pays for salvage costs
  7. Is company hands-on during claim
  8. Consequential coverage
  9. Anything excluded
  10. Loyalty and claims-free discount
  11. Lift/launch coverage
  12. Frost/freeze coverage
  13. Personal effects & guest effects
  14. Uninsured boater
  15. Liveaboard
  16. Deductibles
  17. Underwriters
  18. Tender coverage
  19. Medical coverage
  20. Pollution/Reef/Environmental
  21. Personal boating experience
  22. Country of registration
  23. Crew size for passage
  24. Grounding or other mistakes
  25. Routine maintenance vs professional work
  26. Breakdown coverage/clause
  27. Geographic region impact
  28. Ballpark figure for premium
  29. Time required to start coverage

We decided that we will start by talking to these insurance companies, and will gauge their potential suitability over the following week(s):

Dolphin Insurance Services

International Marine Insurance Services

The Pegasus Group

Offshore Risk Management

Cowan Insurance Group

McMichael-Davis Marine Insurance

Emails and voice-mails are out, so hopefully we’ll have some preliminary information over the next few days.

Once we hear from each one, we’ll populate the list for each company to help our own decision, and we’ll publish them here for everyone’s benefit.

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