Insurance

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fallguy1000
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Re: Insurance

Post by fallguy1000 »

Heritage is writing a build policy for me. I applied today. But she told me I will need to insure thru Lloyds or something like it.

Hagerty has a length limit.
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Jeff
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Re: Insurance

Post by Jeff »

All, I have been doing research with the insurance companies to determine if they are continuing to insure our (home built) boats. I spoke with Progressive & Geico representatives here in Florida both of which confirmed they would provide liability insurance for our boats but neither would confirm that they would insure any further than liability coverage without a completed application. I also spoke with Hagerty who confirmed they are providing full coverage insurance for all boats but a completed application must ne completed with a copy of the Design Plans submitted with the application. I can also now confirm that Hagerty will NOT insure any vessel over 26 feet in length. (One of our Forum members went through the complete process only to find that they stopped insuring vessels at a maximum of 26 feet). I have spoken with a senior insurance representative from a large insurance organization who specializes in insuring marinas and boat yards. He advised that nothing had changed in his industry and that there were no new rules required of marinas or boat yards. He did advise that the marine industry was at its capacity to build and deliver boats here in the US and insurance agencies have their choice of what to insure or not too. I will continue talking with representatives from the insurance companies and update you in the near future. Should you be advised of anything new regarding the marine insurance industry, please post here. Jeff

wwsmith
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Re: Insurance

Post by wwsmith »

Thank you, Jeff!

alex2293
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Re: Insurance

Post by alex2293 »

I'm planning to start a build in the next few months and the insurance issue might be a major road block for me.

I live in Quebec and so far I contacted without success:
Hagerty, seems to be affiliated with MD Marine in canada.
Heritage Marine, who told me they have had a lot of inquiries about homebuilt boats recently and they don't even know where to refer me.
Skippers Plan, their underwrite won't insure homebuilt boats.
Elco, I spoke with a guy who built a Glen-L mini tug and was only able to insure it through his home insurance for liability only. This is usually limited to 25hp.

I'm not sure I can afford to build and use a boat like the NV23 without insurance.

I'll follow this thread closely.

Thanks
Alex

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Jeff
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Re: Insurance

Post by Jeff »

All, As promised, we have continued our research regarding the insurance companies that will insure our boats. Please review the companies listed on the website recreationalwatercraft.com:

Link: http://recreationalwatercraft.com/boat_ ... panies.htm

Also, I apologize that I have not brought this company to everyone's attention as they insure all boats: BoatUs.com

Our research continues!! Jeff

alex2293
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Re: Insurance

Post by alex2293 »

Good news! It looks like Safe Harbour can underwrite Pacific Marine in Quebec.

They told me that they insure custom built boats, but they need a copy of a marine survey done by a certified marine inspector.

I told them that I was planning to build a boat frome Boat Builder Central plans. I specified that is a fiberglass/epoxy/marine plywood hull.

They can't confirm they will insure without having a look at the marine survey. I guess I have to take a leap of faith.

I think I'll ask Safe Harbour for a marine inspector reference in my region. I'd like to know what to look for during the build.

Thanks
Alex

Thanks.

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VT_Jeff
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Re: Insurance

Post by VT_Jeff »

I got my policy with Hagerty into effect today, same details as I posted above, and the engine is covered.
There are only two seasons in Vermont: boating season, and boat-building season.

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Jeff
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Re: Insurance

Post by Jeff »

Guys, Sorry, it appears my link to BoatUS did not work. Please have a look at their insurance program as well.

The list at recreationalwatercraft is long and should be reviewed for insurance carriers as well!!! Jeff

fallguy1000
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Re: Insurance

Post by fallguy1000 »

Rumor has Markel is covering one offs. I gotta call them.
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gstanfield
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Re: Insurance

Post by gstanfield »

Markel is who I use for all my boats and motorcycles and I’ve been very pleased
Previous builds: FL14, NC16, and others...

Current build: FL14 (+10%)

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