Quote:
Originally Posted by Capt. Frank
Marine insurance has a few more items as mentioned above.
The homeowner's umbrella policy DO NOT. Items like recovery, disposal costs, oil spill costs are NOT SEPARATE COVERAGE and CHECKS and they simply pay boat value and walk away. Besides losing your boat you have a great BIG bill they do NOT cover after boat is paid.
If the boat sinks you have NO IDEA how under covered you are with a home owners' umbrella coverage added.
LESSON LEARNED
That umbrella coverage pays you value of boat ONLY for a total loss like a sinking. That's it.
All the other stuff recovery/salvage , fines, disposal costs YOU PAY FOR. Which in many cases will be close to value to the older boat. In the end your $13,000 umbrella coverage leaves you close to $0 or writing a check if there's a salvage. Be VERY AWARE of this lack of coverage.
MORAL OF THE STORY
Home owners coverage is NOWHERE NEAR a true marine insurer's coverage. Bad time to learn is after your sink. That your cheap policy is cheaper for a very good reason YOU will be paying for now
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Frank, you are wrong and should not be teaching people about insurance (I say this respectfully) the umbrella policy pays YOU NOTHING. The umbrella pays the people that sue you as well as your defense costs in court if you kill or injure someone. Umbrella coverage has NOTHING to do with what YOU collect on a loss to your vessel. There is no question that a boat owner should have a separate marine policy but that policy may only have 500,000 in liability. The umbrella policy SITS OVER the underlying liability policy. Your understanding of an unbrella policy is incorrect and any homeowner should make sure there is enough liability coverage so you don't loose your home should someone sue you. A lawsuit over a death is gonna cost you more then loosing your boat!
