Insurance Coverage

[PmacOC]

I'm new to this forum and glad to be here. I see we have a sponsor who sells boat insurance and I'll call Vito straight away, but I'd like some help in determining the best comprehensive coverage to get. Last summer a stainless steel plug on the top of the engine of my 2003 SeaRay failed and as a result a constant stream of water shot out of a hole in the plug and into the intake manifold ruining the engine. Both my marina and my Progressive insurance adjuster said they had never seen a stainless steel plug like this fail, but Progressive denied my claim. When I read my policy, the comprehensive section covers almost nothing. My boat was meticulously maintained and this bad part resulted in a catastrophic engine loss. Something like this should have been covered, but it wasn't. Does anyone know of how I should make sure my next policy protects me more fully? Thanks in advance for your help.

[Capt. Debbie]

First off get a REAL marine insurer. Home owner policies are cheap and convenient but don't cover real marine events and boat eventualities. Your boat sinks they write a check to face value for loss and walk away. But who pays for the salvage and the disposal? YOU DO.

Real Marine insurers covers salvage, recovery, oil fuel spills/leaks & Fines if it sinks, and obviously the same liability for personal injury and vessel loss coverage. A friend of mine lost a $15000 boat and was socked with $9000 in recovery costs.... the home owner insurance check was $15000. Disposal costs were another $3000.

But even real Marine insurers do not cover everything and every kind of run of the mill disaster. In my own policy on a real marine insurer in "fine print":

1- Nov 1 thru May 1 there is NO in water coverage it remains suspended unless I get a special "in water" off season rider.
2- My insurance coverage is totally suspended if I enter Florida waters.

Little things, but catastrophically bad if you don't know and do it assuming all is the same.

[PmacOC]

Thanks Capt., will do.

[Gerry Zagorski]

Don't want to burst your bubble but boat policies do not cover damage to an engine or drive unless it's due to a sinking, accident or hitting something... Let's face it, boats break all the time and unless you purchase an extended warranty on the motors or drive, they are not going to cover it.

Think about your car.... You blow a radiator house, engine overheats and you blow a head gasket.... Your car insurance is not going to cover that but it you had an extended drive train warranty the company you paid for that warranty probably would.

If I were you, I would call Vito and see if he deals with any boat insurance companies that provide the type of insurance you are looking for... If the answer is no, if you want to pay some money to get your engine insured, there are after market companies out there where you can purchase extended warranties for engines and drives.

Hope that helps.

[PmacOC]

Thanks Gary and have no fear about busting the bubble. A brand new motor did a complete job of that. It was just disappointing that a plug that should never fail caused such an expensive result. I realize you're correct, no insurance company takes on that kind of risk.

[shrimpman steve]

Maintenance is not insurance. And insurance does not cover wear and tear.

Call Vito.