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Old 10-18-2006, 01:17 PM
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Default Need Boat Insurance without Required Survey??

I've got a 32 ft Carver docked at a lake in Dallas Texas and am looking for an insurrance company that will not require a costly survey. U.S. Boats requires a survey and the estimates I've received range from $550 to $750 which nearly doubles the cost of the insurrance. Any ideas?
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Old 10-18-2006, 01:23 PM
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Default Re: Need Boat Insurance without Required Survey??

Is this a used boat and what year is it?
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Old 10-18-2006, 01:31 PM
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Default Re: Need Boat Insurance without Required Survey??

1988 Carver 3227 Convertible. Low time engines (~350 hrs) and it sits in a covered slip and is always hooked to shore power. Ideas?
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Old 10-18-2006, 01:36 PM
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Default Re: Need Boat Insurance without Required Survey??

I think it will be tough getting anyone to insure a boat that age without a survey. Some surveyors will give you an 'insurance' survey which is less thorough than you'd typically have done when buying the boat, but goes over the major things and will give you the writeup the insurance company needs. A few years back I had one of these done and it was only $250 for a 32' boat.
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Old 10-18-2006, 01:46 PM
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Default Re: Need Boat Insurance without Required Survey??

If you are trying to insure for a stated amount I don't think you can get around having a survey done. Try calling around and just ask up front if they require a marine survey for a boat of your size, year and value. These are the three main factors that most Ins. Co. look at to determine if a survey is needed. As an example a person with a 20' CC could find ins. pretty easy without a survey because of size and value. I know there are other Ins. agents that frequent this site so maybe someone can help you out.
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Old 10-18-2006, 01:59 PM
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Default RE: Need Boat Insurance without Required Survey??

If you find an insurance company that is willing to insure that boat without a survey, then watch out........
Every agent I have approached says no reputable company will underwrite a policy without the survey on a boat that old. I am not sure what the limitations on age are, but on every boat over 30' that's older than a '97 that I have gotten a quote on, they required a survey that was done within the past two years.
You need to consider this one of the costs of ownership, and have the survey done. That way you can shop around with many underwriters and not just the one you had it insured with.
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Old 10-18-2006, 02:13 PM
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Default Re: Need Boat Insurance without Required Survey??

Think of the survey as "piece of mind" to identify its seaworthiness or anything that needs repair that you are not aware of.
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Old 10-18-2006, 03:01 PM
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Default Re: Need Boat Insurance without Required Survey??

i do not believe any underwriter would touch a boat of that size and age and if they did you would probably be self insuring a large part of it and you would have a very limited policy. insurance surveys are normaly less expensive than a valuation survey. i would get the survey then shop around but not over 30 days as they would want a current inspection. i have done this work in a past career. most carriers are very touchy after the recent bad storms and many boats were salvage before the storm so the carriers bought a lot junk that shoukd not have had coverage.
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Old 10-18-2006, 03:08 PM
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Default RE: Need Boat Insurance without Required Survey??

Quote:
Wolakrab - 10/18/2006 1:59 PM

If you find an insurance company that is willing to insure that boat without a survey, then watch out........
Every agent I have approached says no reputable company will underwrite a policy without the survey on a boat that old. I am not sure what the limitations on age are, but on every boat over 30' that's older than a '97 that I have gotten a quote on, they required a survey that was done within the past two years.
You need to consider this one of the costs of ownership, and have the survey done. That way you can shop around with many underwriters and not just the one you had it insured with.
I agree with everything he said but I think if your just shopping for rates you be able to do so without a marine survey. Then if you find a Co. worth going with then order the survey.
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Old 10-18-2006, 06:46 PM
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Default Re: Need Boat Insurance without Required Survey??

I just went through this. The primary problem was that there are no surveyors in the part of Northern California where I live away from the Delta, Bay Area, and salt water, and they wanted a $200 or more premium for the trip, plus $14 per foot for the survey.

I already have insurance with Progressive, and my insurance agennt and her husband, who is a retired yacht broker, said I absolutely had to have the survey., so I called the company directly.

The bottom line was they would insure the boat for comprehensive coverage without a survey for $20,000 or less providing it was 15 or more years old. Liability insurance does not require a survey, period.

The limits stated won't cover everyone, certainly, but suited my needs with a 1988 Sea Ray 265 that I bought for $15,000.

Liability (100k/$300k) was $68 for 9 months (remaining in my policy period), and comprehensive $232 for the same period with $500 deductable.

I declined the comprehensive, as it equaled $310 per year, and with a $500 deductable, you have no coverage unless of a major loss, and the boat has survived 18 years in the slip without a problem yet!

Joe.
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Old 10-18-2006, 06:49 PM
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Default Re: Need Boat Insurance without Required Survey??

Also, you only need the survey to secure the insurance. It is not an annual requirement so it would not "double the cost of the insurance " unless you only insure with that carrier for 1 yr. Besides, the survey may induce you to recognize and correct some things that may greatly enhance your safety & that of friends/relatives onboard.
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Old 10-18-2006, 07:03 PM
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Default Re: Need Boat Insurance without Required Survey??

You cannot even find over night transient moorage up here unless you carry a minimum of one million....nicer more upscale Marina's require 2 million in Liability.

Surveyors up here ...400-500 bucks for a 31 footer and your insurance guys will want you to comply with their recommendations...which is annoying as hell.Right now Im wrestling with them over a CO2 detector...I'm saying Im not insuring myself for life ....just liability and replacement...BTW a co2 detctor is a great idea anyway but if die because of not having one .....they aint paying up anyway.....so wtf....the other issue is replacement value.So many Di*kheads have scuttled their own vessels for money that companies don't want to cover older antique vessels that often have really high replacement values because of their condition or collectability
When you do find a carrier that will cover those values the ins. cost a fortune in relative terms


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Old 10-18-2006, 07:23 PM
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Default RE: Need Boat Insurance without Required Survey??

I think you'll have to get the survey. Not only was one requried for my 1989 Cape Dory but they insisted on seeing every single receipt for work that was recommended by the surveyor. They actually cancelled the policy mid season cause I had not forwarded a final work order from the yard for work that had been completed just before launch-I had'nt received the invoice yet.
I ended up having to write several letters to the insurance co., and provide duplicates of every receipt including ones for the belts, filters etc....
It was a real PITA but after it was over I knew that the boat was in tip top shape and I had no worries all season....
Bite the bullet and you'll soon see that the cost pales in comparison to everything else boat related.
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Old 10-19-2006, 07:16 AM
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Default Re: Need Boat Insurance without Required Survey??

Any boat over 10 years of age and over 30' will have to be surveyed to get insurance.Shop around for coverage and then ask what survey they will need.Some companies only need a agreed value.That can get sticky if you have a bunch on money tied into a older boat.There is no way around it!
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Old 10-19-2006, 01:37 PM
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Default RE: Need Boat Insurance without Required Survey??

Quote:
fishingfun - 10/18/2006 3:08 PM

Quote:
Wolakrab - 10/18/2006 1:59 PM

If you find an insurance company that is willing to insure that boat without a survey, then watch out........
Every agent I have approached says no reputable company will underwrite a policy without the survey on a boat that old. I am not sure what the limitations on age are, but on every boat over 30' that's older than a '97 that I have gotten a quote on, they required a survey that was done within the past two years.
You need to consider this one of the costs of ownership, and have the survey done. That way you can shop around with many underwriters and not just the one you had it insured with.
I agree with everything he said but I think if your just shopping for rates you be able to do so without a marine survey. Then if you find a Co. worth going with then order the survey.
The underwriter needs the survey to determine IF they're even interested in insuring the boat. I just went through this; the deficiencies noted in the surveyor's report were sent back to me by Boat US requesting a letter detailing how and when I would deal with the items they selected. If the survey were to disclose a defect that would mean the boat were uninsurable (damage) or not seaworthy (like corroded thru hulls) they might decline coverage entirely. You wouldn't expect them to insure a boat with a bunch of problems that could cause a claim, would you?
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