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Random Quote: Writing at the same time as Shakespeare was Miguel Cervantes. He Wrote Donkey Hote.
So, how much liabilty coverage do folks here carry? We have our coverage through BoatUS, and have $300,000 worth of liability coverage per incident. Just looking ahead to next year, I called to ask how much it would be to add more, and they said that's the maximum that they offer, and that it was adequate.
Our homeowners' policy gives us an additional $300k of coverage, as long as we've declared ownership of our boat, so we've got a total of $600k.
Just wondering how this compares to other people. For what it's worth, we've got seven or eight years of experience with no incidents (knocking on teak) and consider ourselves very careful....but of course, one never knows.
Thanks for whatever comments anyone would care to share!
At most marinas you havr to have 300k. some its 500k I have 500k now . boat us use to offer more then 300k but that was a few years ago when boat us was afordable I got a qoute that was over 3 times what it was 2 years ago glad I switched From them . if your south of MD. shop around
You may want to consider an "umbrella policy" It covers excess damages over your other policies and even covers additional types of liability beyond the standard personal injury / negligence. It's not all that expensive either. You'd be surprised.
I have the standard 300K on each boat with BoatUS and like BW23 have an 5mil umbrella on the house that extends to the boats, I hope that covers the attorney fees......
You may want to consider an "umbrella policy" It covers excess damages over your other policies and even covers additional types of liability beyond the standard personal injury / negligence. It's not all that expensive either. You'd be surprised.
That's what I have. Consider your circumstances and what you have to loose. A judgment in excess of your insurance coverage could wipe out your savings, take your home, vehicles, and boat, and leave you in debt for years to come. And it's not just personal liability or property damage, if you pollute a waterway, the EPA can hold you liable for the cleanup. That can be pretty expensive.
You may want to consider an "umbrella policy" It covers excess damages over your other policies and even covers additional types of liability beyond the standard personal injury / negligence. It's not all that expensive either. You'd be surprised.
That's what I have. Consider your circumstances and what you have to loose. A judgment in excess of your insurance coverage could wipe out your savings, take your home, vehicles, and boat, and leave you in debt for years to come. And it's not just personal liability or property damage, if you pollute a waterway, the EPA can hold you liable for the cleanup. That can be pretty expensive.
I have my umbrella policy, $2m, covering the boat as well. DON'T ASSUME the umbrella covers your boat without speaking to your agent.....it cost me something like $25 to have that policy amended to cover the boat.
Tireless - 11/20/2006 7:22 AM
I have my umbrella policy, $2m, covering the boat as well. DON'T ASSUME the umbrella covers your boat without speaking to your agent.....it cost me something like $25 to have that policy amended to cover the boat.
My company (Nationwide) requires that home, vehicle, and boat be insured with them before they will issue an umbrella policy. Also, there's a minimum coverage amount on each. There's a multi policy discount, though.
There are a number of companies that will write umbrellas without the underlying being from them; RLI being one, and they're quite reasonable.
The standard advice is to buy enough underlying liability to comply with the umbrella requirements, and then buy the umbrella, because the latter is very cheap insurance ($5m is typically $500 a year or so) and is "all liability risks except those explicitly excluded."
Make sure your water craft exposure is covered tho. Most umbrellas will NOT cover Jetskis and some will not cover boats over a certain length (e.g. 50 to 60' is typical)
I think you could find some co. willing to do one without having to do all assets. I'm convinced you can insure anything....bought a rain insurance policy once. Yes, RAIN insurance. Surprisingly, it rained and THEY PAID!!! (but it wasn't cheap.)
Re the amount of coverage, I think it should depend mainly on what you would have at stake should someone find you liable and, less importantly, what the marina requires. And watch the exclusions. You may need to get additional riders if you go far off shore.
So, how much liabilty coverage do folks here carry? We have our coverage through BoatUS, and have $300,000 worth of liability coverage per incident. Just looking ahead to next year, I called to ask how much it would be to add more, and they said that's the maximum that they offer, and that it was adequate.
Our homeowners' policy gives us an additional $300k of coverage, as long as we've declared ownership of our boat, so we've got a total of $600k.
Just wondering how this compares to other people. For what it's worth, we've got seven or eight years of experience with no incidents (knocking on teak) and consider ourselves very careful....but of course, one never knows.
Thanks for whatever comments anyone would care to share!
You may want to double check with your homeowners ins. agent to make sure that their coverage will stack on top of you boat coverage. Most that I've seen do not and is only back up coverage up to 300,000. What I mean is if you max out your boat liab. that matches what they would pay up to so there is no additional coverage. Now, for example you had 200,000 on the boat policy and that was maxed out the homeowners would pay up to another 100,000 (200,000 + 100,000 =300,000. While you have them on the phone ask what page in the policy you can find that information. You may be fine and they may stack but I would check so there are no surprises if you have a liab. loss.
I have the standard 300K on each boat with BoatUS and like BW23 have an 5mil umbrella on the house that extends to the boats, I hope that covers the attorney fees......
Actually, with most personal liability policies (personal, auto, boat, umbrella) defense costs are covered outside of your limits. See, we're not always a$$holes.
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umbrella is the way to go though it can be a pain to get set up. I have the boat with BoatU.S. and house + vehicles with USAA. They would not write an umbrella policy unless they insured the boat. The did get me through a 3rd party at about $250 a year for a million in liability. I did tell them about the boat up front and they required the 300K through and state that they only insure a boat libility issue if boat's max speed is less then 60 MPH.
Alot of good advice above. In today's litigious (sp?) society you may want to reconsider how much coverage you carry and think about not publicly stating the amount. It could make you a potential target. At least so I'm told.
You may want to consider an "umbrella policy" It covers excess damages over your other policies and even covers additional types of liability beyond the standard personal injury / negligence. It's not all that expensive either. You'd be surprised.
It gets better with insurance companys.With State Farm,if you pull your boat on a trailer,your car/truck insurance doesn't cover your boat unless,you get a rider for that.Now,if you can put your boat/trailer into the back of your truck,its covered.Dam,one needs just to hire a attorneys,CPA just so one can get the right amount of insurance to be cover.
At one time I had put Bankers,Attorneys in a place were I had found out they always had there hands in my back pocket from time to time.Now,in the last two years I found out a insurance salesman has had there hands deeper in my back pocket for no reason.Fired his no good low life @ss!That goes for State Farm too!
How much liability coverage? 
(but it wasn't cheap.)
