Boat Insurance Questions

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K2FS18
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Boat Insurance Questions

Post by K2FS18 » Fri May 31, 2019 5:39 pm

I am having a hard time getting insurance for my FS18; the fact that it is homemade. Also, coming up with a the value is pretty tough. I know how much I have in materials and equipment, but the cost to rebuild I have no clue. Any ideas of how to determine a dollar figure for the labor?

I am concerned about getting re-ended while traveling to the coast. I figure the damage would be enough to total the boat.



TomW1
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Re: Boat Insurance Questions

Post by TomW1 » Fri May 31, 2019 6:26 pm

Just pick a reasonable rate for labor. You will never get the full rate for all the love and hours you put into building her. I would say an amount equal to materials and tools x 3 would work. Or if you kept track of your time 10 bucks an hour as an unskilled laborer. :D I would not go over about 16-17 thousand with motor and equipment.

There are lots of guys that have gotten insurance lately and can point you in the right direction. Some will take agreed price.

Tom
Restored Mirror Dinghy, Bought OD18 built by CL, Westlawn School of Yacht Design courses. LT US Navy 1970-1978

fishgitr
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Re: Boat Insurance Questions

Post by fishgitr » Fri May 31, 2019 6:35 pm

This was just brought up on microskiff earlier today!! Here’s my declaration page for my Conchfish I built.
EC3AF1E2-5BC1-4BE4-85E8-0FA77309F45F.jpeg

silentneko
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Re: Boat Insurance Questions

Post by silentneko » Fri May 31, 2019 6:39 pm

I use Hagerty for my boat builds. They only do custom cars and boats, and it's all agreed upon value. I think for my skiff I did 10k on the hull, 3k on the motor, and 1k on the trailer. So 14k of coverage for under $300/yr if I recall. That came with all the typical liability, environmental clean up......stuff.
Built: 15ft Skiff, 16ft Skiff, Modified Cheap Canoe.....FS17 coming soon!

terrulian
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Re: Boat Insurance Questions

Post by terrulian » Fri May 31, 2019 7:56 pm

Don't know how it is where you are but here, if you have an accident on the road it will be covered by your auto insurance, not your marine insurance.
Of course, determining the value of the boat is still relevant.
Tony
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silentneko
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Re: Boat Insurance Questions

Post by silentneko » Sat Jun 01, 2019 6:14 am

terrulian wrote:
Fri May 31, 2019 7:56 pm
Don't know how it is where you are but here, if you have an accident on the road it will be covered by your auto insurance, not your marine insurance.
Of course, determining the value of the boat is still relevant.
I found out in Florida this is not the case, unless you have a specific rider on your insurance. Luckily I was not at fault when my first boat was wrecked from behind, but still had to jump through a ton of hoops to get the other guys insurance to pay out.
Built: 15ft Skiff, 16ft Skiff, Modified Cheap Canoe.....FS17 coming soon!

fallguy1000
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Re: Boat Insurance Questions

Post by fallguy1000 » Sat Jun 01, 2019 8:28 am

Really hard to do. For my boat, falling off a semi or getting in a car wreck.

To commission the whole boat by a boatyard builder would be about 225. Trouble is that number drives rates up.

Balancing act...
My boat build is here -------->

viewtopic.php?f=12&t=62495

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OrangeQuest
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Re: Boat Insurance Questions

Post by OrangeQuest » Sat Jun 01, 2019 8:54 am

Here in Texas on the kayak forum I have been a member for a number of years, some of the guys have been involved in accidents on land and some have been covered by their auto insurance and others not so much. Even a few stories of the kayak being hit from behind and the boat was in the bed of a truck. Some times it boils down to your agent and how well he/she will cover you and your property. Best to find out if you are covered, in writing before you need to find out due to a oops. 8O

Question is does boat insurance cover the boat on and off the water? Like a storm hits a dry storage lot you keep the boat, does it cover damage to the boat from that? I have to have renters insurance to cover my stuff in my apartment that fire, flood or wind damage, that the complex will not cover. I would think marinas and storage lots are the same.
"that it isn't just an ordinary sort of boat. Sometimes it's a Boat, and sometimes it's more of an Accident. It all depends." "Depends on what?" "On whether I'm on the top of it or underneath it."
A. A. Milne

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Re: Boat Insurance Questions

Post by terrulian » Sat Jun 01, 2019 12:26 pm

Looks like it boils down to the company but this is an area where you'd want things spelled out clearly. The examples given of damage in a boatyard are good ones; you might want to check both your insurance and the yard's.
Hopefully, you never need it. And in the case of a boat you've built, there's really not a way to replace that would do justice to your time and effort it so...insure it for $10 million. 8)
Tony
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silentneko
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Re: Boat Insurance Questions

Post by silentneko » Sat Jun 01, 2019 6:24 pm

OrangeQuest wrote:
Sat Jun 01, 2019 8:54 am
Here in Texas on the kayak forum I have been a member for a number of years, some of the guys have been involved in accidents on land and some have been covered by their auto insurance and others not so much. Even a few stories of the kayak being hit from behind and the boat was in the bed of a truck. Some times it boils down to your agent and how well he/she will cover you and your property. Best to find out if you are covered, in writing before you need to find out due to a oops. 8O

Question is does boat insurance cover the boat on and off the water? Like a storm hits a dry storage lot you keep the boat, does it cover damage to the boat from that? I have to have renters insurance to cover my stuff in my apartment that fire, flood or wind damage, that the complex will not cover. I would think marinas and storage lots are the same.
A kayak in the bed, or on top of a car is different, because it's considered personal property. See your policy, but you usually have a 10k person property standard. The issue comes in once you put the boat on a trailer. Since the trailer is registered it is considered a seperate vehicle and not covered by your auto insurance, unless you specifically have a rider for it.

Like I said, call Hagerty. Home builds, vintage, and customs are all they do. Yes I was covered on and off the water. I had environmental clean up as well as towing and salvage coverage too. I had to answer questions on towing distance, fishing areas, storm planning..... all in all it took about 20 minutes.
Built: 15ft Skiff, 16ft Skiff, Modified Cheap Canoe.....FS17 coming soon!

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