The (dreaded) insurance question

[AllanS]

Hi, my wife and I have our boat registered and USCG documented in CT. We plan to cruise south to Florida later this year. We plan to cruise/dock for about 5 months while in FL. Do we need to get a FL insurance policy, or can we get an addition/endorsement on our current policy to cover our time in FL? Thanks in advance!

 

[FootballFan]

I would start by talking to my current insurance company.

 

[Richard Carlisle]

When we insured our boat in MD I asked about leaving the boat on FL till spring. We bought it there and considered bringing it back in the spring. Insurance company said they would not insure it. Our MD policy is $1280/year, 500k liability and 300k hull.

I called a broker in FL and the annual rate was just under &11k. We are bringing the boat back to MD as we speak.

 

[FootballFan]

When we insured our boat in MD I asked about leaving the boat on FL till spring. We bought it there and considered bringing it back in the spring. Insurance company said they would not insure it. Our MD policy is $1280/year, 500k liability and 300k hull.

I called a broker in FL and the annual rate was just under &11k. We are bringing the boat back to MD as we speak.

The kicker is the annual rate.

Seems like the key dates are November and July. If you accept that the boat would are not covered between July and November in FL that might help.

I am paying a lot less than 11K for year around coverage.

 

[Ididntdoit]

The kicker is the annual rate.

Seems like the key dates are November and July. If you accept that the boat would are not covered between July and November in FL that might help.

I am paying a lot less than 11K for year around coverage.

Bingo - as long as your not there during hurricane season, your existing policy will likely "work" - as suggested above, check your policy - most have language that states "Not South of ________________ between _________ and ___________

 

[Richard Carlisle]

I didn’t really shop it around. I wasn’t crazy about leaving the boat unattended in FL being in MD. We are covered for travel in all US waters, but the rate is based on storing in MD and living no more than 60 miles from the boat. You can insure anything anywhere. The rate will reflect their risk exposure.

 

[AllanS]

I would start by talking to my current insurance company.

Good idea, which I have done, but they are not insuring any boats in southern US. I need to find a new carrier, which will be a challenge. The age of my boat and the recent hurricane activity in FL may prohibit me from going south altogether.

 

[Richard Carlisle]

Liability wasn’t a problem. Hull was the issue. We’ve been chatting with other boaters on our way north and we’re pretty surprised by the number of people headed south self insuring the hull. Some of these aren’t cheap boats.

 

[FootballFan]

I have full agreed value. Also absentee out of state owner.

For a while I did the north - south. Last few years I changed coverage and have stayed in FL.

The absentee owner is a big deal depending on the county the boat is staying in, does require some shopping.

 

[AllanS]

Liability wasn’t a problem. Hull was the issue. We’ve been chatting with other boaters on our way north and we’re pretty surprised by the number of people headed south self insuring the hull. Some of these aren’t cheap boats.

Richard, what do you mean regarding ”self-insuring the hull”?

 

[Richard Carlisle]

Liability only. No hull insurance. If the boat sinks or gets damaged it’s on you. If you cause damage to someone else, your liability insurance pays for their damage. All marinas require that you have liability. We’ve been asked a few times by the larger marinas during our trip north for a copy of the policy.

 

[AllanS]

Follow up from the OP, after much trial and denials, I was able to get boat insurance fairly easily and inexpensively through Gallagher Charter Lakes agency, underwriter is Progressive Specialty Insurance. No layups requirements, coastal waters covering all US and Canada.