Insurance Coverage

[Capt. Debbie]

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

Originally Posted by shrimpman steve

Quick lesson most may know some maynot:



Two types of insurance.

1. Liability. I reccomend this for ANY boat owner as this protects you from lawsuits if anyone gets hurt on your boat as well as if you hurt anyone with the vessel. It's a must. You don't want to loose your house due to an unfortunate accident.

2. Propert coverage. This covers your personal property (boat, motor, personal property). This coverage is more of an option (unless you have a loan on the vessel, if that's the case the lender may require you carry this coverage).

If you have an umbrella policy you want to make sure you carry enough liability to satisfy any underlying limit requirements. Once again, God forbid there is an accident, you WILL be sued. Don't loose your home over it!!!!!