My strong guess is rates are going up since they underpriced the risk of hurricane losses. Dorian cost them billions. Same thing with insurance for homes at risk from fire on the west coast.
Does anyone know of a source for liability only insurance for a 1977 trawler. To use in Alaska and BC?
We have $300,000 on our Geico policy. It's hard to figure out how much to carry really.
Some people say carry enough to pay for the most expensive boat you are likely to damage. My response to that was, we had a really nice (and huge) Sportfish in our marina for a while that the owner had paid $7,000,000 for. Who here has $7,000,000 of liability insurance? Not many, I bet.
That's not counting the four or five boats that had been in our marina at one time or another, that are over $2,000,000 in value (based on interviews with the crew or what they were listed for sale for).
In those kind of situations, you want at least enough liability to protect your assets (your boat, house, money in the bank, etc.). Most boat policies won't go beyond $500k or $1 million, so beyond that you'd need an umbrella policy for additional liability coverage.
We're looking at Camanos for weekend cruising and I got a pre-purchase quote from Geico/BoatUS. It was a lot less than I expected, around $1,200/yr for full coverage, agreed hull value (with survey), 2% deductible. Liability limit seems rather low at 100k and the medical is only 1k but the fuel/oil spill liability is almost a million. We have home and auto with Geico which helps. Are these typical medical and liability limits for coastal cruising?
Bruce, the more insurance you have the greater the lawsuits $ IMO.
So are we with a $2mil supporting your $10mil claims system. Underwriters are global.