Capsized the big T last Sunday and trashed the main. Working with US Sailing's One Design insurance guys since and today they closed out the claim, check to be sent next week. Everything went extremely smoothly and even though they could have nit-picked on a few details, they choose not to.

Very satisfied customer...

Mike.

Please tell us what happens to your rate when your next bill comes.

A friend of mine told me that insurance does not cover sail damage? Maybe you just have an upgraded policy from what my friend has? I was thinking about getting it but when I heard it didn't cover sails I stayed with my current company.

This raises a good question, namely, who are the good marine/sailboat insurance co's?

Thats what they told me, does not cover sail damage.

Guys:

I have State Farm and they cover the sails while racing. Less than $1000 year for both boats.

Dooug Snell
Hobie 17 "Stress Free" #007
Mystere 4.3 #149

I have State Farm for both my Nacra 20's. Less than $450 a year for both boats, racing and sails are covered in my policy. But I also have several certifications that they like, and thus my rates are a little lower.

What kind of certifications????

Thanks, Ryan

US Sailing Level 1
Red Cross Lifeguard
First Aid
Power Squadron Boater's Safety

I have never thought about insuring my boat. I think I am in the minority in that regard. Probably if I raced with any frequency I would consider the possibility of boat damage to be greater. Or if I left it on the beach as opposed to trailering it back and forth, as I do, I would think damage or theft more likely.

Do most of you insure your boats?

The snowmobile forum I participate in as well ran a poll and it turned out 79% insured their machines. I am insuring my snowmobiles for liability only and in the name of consistency, perhaps I should do that as well for my boat(s). Truthfully, I always figured if I damaged the boat, I'd fix it or buy a new one. Same theory holds true with anything else I drive. I figured out the other day that I register 13 things with the DMV. If I insured all of them I'd be even poorer. I have never had an accident in my 30 years of legal driving (except for the deer I hit this past month!) so maybe that affects my thinking.

Are sailboat claims all that common?

Greg

you REALLY should insure your boat - at least liability and ESPECIALLY if you race it (even once a year). It's cheap (my 2004 Nacra F18 costs $181 / year for FULL coverage including sails and the trailer).

I was involved in an incident a couple of years ago that totalled a Hobie 18 and my Nacra 6.0NA...I certainly don't want to run the risk of paying for that out of pocket (just imagine if anyone gets hurt!).

You always want to make sure that you at least have liability coverage on your boat. What if while beaching some snorkeler pops up and you hit him and cause permanent brain damage. You would be sued for all you are worth and all you would ever be worth. Admittedly that seems unlikely but it almost happened to me one day. There are 1000's of other not so likely senarios that make liability insurance worth it's weight in gold.

I also cover my boats with full coverage and have got my money worth out of that over the years due to my avid racing habit.

I know a freind who pulled off the highway and was eating at a Hardee's when a storm rolled through and flipped his Hobie 20 while it was on the trailer outside the Hardees. That full coverage certainly paid off for him and he wasn't even near the water.

Mike Hill
Tiger #1520

Agree 100%

Do you really want to be open to an unlimited (well almost) life / personal accident claim.

In the "good ole days", sailboats and other non-powered watercraft under 16' were included under your Homeowner's liability (typically $300,000 limit). That's changed quite a bit in recent years, and I wouldn't rely on that if you clobber another boater/fisher-person.

Liability is the big unknown (you don't know who will sue you for how much), so at the minimum, I'd buy as much liability protection as I could afford (that goes for auto liability, too!).

You know how much it would cost to fix/replace the boat, so you could sketch out a "cost/benefit" analysis on whether to insure the boat damage or not.

Here is the thing though.......... I have been in the insurance world for years and years. I have had to take more actuarial courses than I care to remember. If the cost/premium is relatively low then the insurance company's actuaries have looked at years and years of statistics and determined that the risk is relatively low as well. I look at insurance this way...... I could insure against EVERY loss if I wanted to but it is too expensive to do that. Therefore, I choose those risks I feel are VERY Unlikely and/or easier to recover from and self-insure those. You COULD buy shark insurance if you want. Everyone has heard of someone getting bitten by a shark but no one (I shouldn't say no one because I know someone who did buy it!) buys it. It's cheap too.
Pet burial insurance is one of the fastest growing types of coverage. You tell me the sense of that!

Having said all that, I guess I will look into the liability coverage. Probably stupid to not have something that could protect all my possessions. (Really it's not protecting my possessions though,right? It's just providing the dollars from another source.

That's right, someone else is paying on behalf of you. So you keep your stuff.

And the actuaries figure the frequency is low, but potential severity is high, and price liability coverage accordingly.

Would someone like to PM me with some reputable companies which don't charge an arm and both legs.

I've had American Family for several years and they treated me fairly when my H20 was destroyed in a storm. At $120 per year, it doesn't make sense to go without on a $12,000 boat. The one and only claim I had covered the boat and the motor homes it crashed into as it tumbled down the beach in a big storm, breaking into pieces. I was just lucky it didn't hit anyone. Whether your boat costs $500 or $500,000, going without insurance is a mistake. Replacing the boat is one thing, but paying medical bills if someone is hurt while sailing or just standing around on the beach could be devastating for everyone involved.

Got the check lastnight.

Now i just need to decide what sail maker to go with...Glaser, Ullman, Landenberger etc.?

Mike.

P.S. though I don't know by excatly how much, the company said premium would only change very slightly for this claim (my first ever).