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Old 07-09-2017, 09:50 PM   #1
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Default Insurance Requirements for New Owner

Hi, I have a general Marine Insurance question. I am considering buying a boat for the first time and although I have been around boats for years, I have never owned a boat nor do I have documented experience. What will the considerations be for someone who is looking to buy a 40 ft cruiser? Are there expectations of certain kinds of experience or training? I have successfully gone through the US Powerboating "Cruising" course and Night ops course; do those have any benefit?

Any insight would be appreciated.

THANKS
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Old 07-10-2017, 05:47 AM   #2
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Originally Posted by Strowbridge View Post
Hi, I have a general Marine Insurance question. I am considering buying a boat for the first time and although I have been around boats for years, I have never owned a boat nor do I have documented experience. What will the considerations be for someone who is looking to buy a 40 ft cruiser? Are there expectations of certain kinds of experience or training? I have successfully gone through the US Powerboating "Cruising" course and Night ops course; do those have any benefit?

Any insight would be appreciated.

THANKS

Hi Strowbridge

Thank you for contacting us regarding obtaining Yacht Insurance as a first time boat owner. If you have never owned a boat before and are jumping into a 40' cruiser, obtaining boat insurance will be difficult but not impossible.

The US Power Squadron Course is good and definitely recommended as a start for training and learning the rules of the road, but most marine insurance specialty carriers require at least 3-5 years prior ownership experience of a vessel of similar size (within 10 feet) to quote a policy on a 40' yacht for you but they do make exceptions for certain owners (such as licensed captains with qualifying experience). Or the insurance company could require you to hire a temporary licensed captain to train you on the operation and maintenance of a vessel of this size to bind coverage and they would add a captain operator warranty. After a set amount of hours training with the approved captain (hours TBD by the insurance company) the captain would sign off on a competency statement that he/she feels you are qualified to operate the vessel solo and the insurance company would then remove the operator warranty. I would still advise against navigating at night until you have a lot of experience though. I have been operating boats all my life and I still don't like operating at night.

Please visit our website at www.charterlakes.com and contact the closest office we have to you so we can obtain all the necessary information about you, your past operating experience, and the vessel info so we can approach our underwriters to quote a yacht insurance policy for you.

Thank you!
Mark VanEpps
Sales Manager
Charter Lakes Marine Insurance
www.charterlakes.com
800-879-2248
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