To answer some of Mary's questions regarding watercraft insurance, here are some general items:

Typical Homeowner's policies DO cover watercraft and trailers (under the "Coverage C" section). Typically, the limit is around $1000 per occurrence for watercraft, their trailers, accessories and equipment.

In addition, there is some liability coverage. Section II part E (Liability) protects from leagal liability for bodily injury or property damage to others. Part F (or Coverage F) pays medical and other related expenses for members of the public injured through personal activities, without regard to your legal liability..

The only part you have to worry about is that it EXCLUDES (does not cover damages arising from) motorized watercraft (outboard or inboard-outboard boats) MORE than 50 hp, sailboats over 26 feet long, or sailboats powered by outboard motors over 25 hp.

Typical limits on this liability are around $100,000 per occurrence (Coverage E) and $1000 per person (coverage F). In Florida, there is a $10,000 cap on statutorily imposed vicarious parental liablity (for you legal eagles out there to explain...)

On to the next topic... Requiring proof of insurance for regattas... This is a pretty valid argument for two reasons: Most people who insure themselves are not the loose cannons out there. Requiring proof of insurance at regattas can help wean out the "yahoos" who might otherwise sour the experience for others. Also, regatta organizers are getting tired of being sued for stupid stuff, and purchasing insurance to cover themselves. To keep premiums down, most underwriters ask regatta organizers to require competitors to have their own insurance. As far as providing proof, your agent would be "happy" to provide you with a certificate of coverage that will indicate to regatta organizers and others that you have proper coverage.

People who don't have or need homeowner's policies (those who rent, or own townhomes, etc) will probably have to cough up some dough (usually less than $200/yr) for a marine policy. As mentioned before, both the marine policy AND the homeowner policy need to include racing for coverage to apply in regattas.

Only one insurer that I know of (they drive white trucks with the company name all over the side) includes racing in sailboat policies. The rest typically offer this endorsement for a nominal fee. If you want to keep the costs down, increase your deductible to $500 or $1000.

Another thing to ask is what type of policy it is. An example might help here. Let's say that a Russian Nuke Sub surfaces right on your I-20, destroying it...

-- If you have an "actual cash value" or ACV policy, the insurance company will reimburse you for the value of the boat (keep in mind that depreciation applies here, so you won't get what you paid). This will typcially NOT include your custom rudders, that cool Tactics compass on your spin pole, or any other add-ons.

-- If you have a "replacement cost" policy, the insurance company will either (a) give you the money to buy you a boat similar to the one you lost, or (b) drop off another boat to you (similar to the one you lost). Depreciation is NOT an issue on this type of policy. My particular policy (this type) will have a new I-20 sitting on the beach by the time I swim back to shore (well, not really, but close). This will also NOT include all the add-ons or mods.

-- If you have a "functional equivalent" policy, the insurance company will send you the money to buy a boat with similar function to the boat you lost. This is not very common for marine policies.

You can add any coverages you want (including bad weather, if you're that insurance crazy) as long as you have the dough... Personal umbrella policies are gaining popularity, as they pretty much fill up any gaps in the insurance program you may have already (well, no one covers intentional acts, illegal activity and gross negligence, but we're all not perfect)

THIS IS NOT LEGAL ADVICE, merely a summary of the vast and (yawn) exciting world of insurance...

Of course, these are GENERAL policy terms, and there may be other fine print in your individual policies, so it does pay to read them (despite the tedium).

PS to you land-lubbers- if you have a souped up, twin turbo Geo Metro with $50,000 in stereo equipment, and you total out the car IT'S NOT COVERED, unless you purchase additional coverage. A friend just found this out the hard way. I had to use the Nitrous just to calm him down...

So endith the lesson...