Insurance

Wardy549

Member
Nov 12, 2014
109
Daytona Marina & Boat Works
Boat Info
1988 345 Sedan Bridge
Engines
Twin 454's
Hello Everyone!!
First I would like to wish all that read this a Merry Christmas and a wonderful New Year!!!
Spring cant come fast enough!! Lol
Ok, my reach out involves insurance.
I just purchased an 88 345 Sedan Bridge.
She looks as if she is only a year old. New starboard motor 454 and port engine has 650 hours. Shes fully equipped with a westerbeke 6.5 gen, central vac, heat and ac, interior is completely refinished, carpet etc. 7100 series Garmin w/out radar, also garmin depth n fish finder. Basically all the bells n whistles. The nada for the vessel is around $35,000.00 from what I have configured.
So, can someone give me some tips or pointers on what type of insurance I should get? How much coverage, are there any loop hole type of things I should get as far as passengers, sinking, theft, hurricane, (im in florida) lol
Do we cover every possible item, do we cover twice the amount of boat value etc.
I know nothing about it so I would like to make sure I get what I need so to save my butt incase of anything.
Thank you!!!
Brian
 
I suggest contacting Global Marine Insurance. They are a marine broker/agent for many companies. They will be able to answer your questions very well. A boat that old may be more difficult. Get a yacht policy, not a boat policy. Stay away from the typical home insurance companies, State Farm, Allstate etc.

https://www.globalmarineinsurance.com/

MM
 
I suggest contacting Global Marine Insurance. They are a marine broker/agent for many companies. They will be able to answer your questions very well. A boat that old may be more difficult. Get a yacht policy, not a boat policy. Stay away from the typical home insurance companies, State Farm, Allstate etc.

https://www.globalmarineinsurance.com/

MM


I agree with Mike but would also recommend NBOA as broker.
 
An Allstate agent tried to pull a quick one on me when I bought our 310 by trying to insure it like it was a 290 which would have made the policy invalid . Any loop hole in your policy is on you so like the other said your better off with a true marine insurer.
 
Your other problems are:

1. Even finding a company that will bind new coverage on a boat docked in Florida.
2. The age of your boat
3. Your valuation

Expect any carrier to require a current marine survey to provide proof of value.

I would look first at the marine only agencies in Florida like NBOA, but on the heels of a major hurricane like Michael there may be a moritorium on new marine coverage for several months.
 
^What they said.
I’ll just add that the surveyor will put a value on the boat when he does the survey. The “Yacht Policy” will be for an “Agreed Value” and the company will rely heavily on the value the accredited surveyor puts on the boat. It’s unlikely that they will write a policy for “twice the value” or any more than a surveyor values it at.
NADA is not a great price guide for used boats, especially not 30 year old boats, because there typically isn’t enough data for them to be all that accurate.
Honestly, it sounds like you got a really great boat. But that 35k valuation figure may prove to be a bit optimistic. Then again, you never know.
 
^What they said.
I’ll just add that the surveyor will put a value on the boat when he does the survey. The “Yacht Policy” will be for an “Agreed Value” and the company will rely heavily on the value the accredited surveyor puts on the boat. It’s unlikely that they will write a policy for “twice the value” or any more than a surveyor values it at.
NADA is not a great price guide for used boats, especially not 30 year old boats, because there typically isn’t enough data for them to be all that accurate.
Honestly, it sounds like you got a really great boat. But that 35k valuation figure may prove to be a bit optimistic. Then again, you never know.
Yea, From seeing what other boats are selling for or should I say “the asking price” nada value at 35 is way off. Thank you for the input.
 

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