I have checked with the marina and it's okay with them. Liability coverage includes $997000 spill and wreck removal along with uninsured boaters coverage. Also $25000 medical payments. Thanks for your help.
I have liability only. Bringing the boat up to standards where it would pass an insurance survey is simply not worth it. eg - propane tank is located in unvented area under flybridge brow. It's a safe installation and I see no need to change it. I can handle the financial loss so I have no real need for hull insurance. I am not aware of any pitfalls.
Sorry to derail, but pretty sure propane tank has to be in a drop-in installation. Vented doors are not acceptable by ABYC. I know, it's ridiculous, but a recent thread has thr citations. Steve D'antonio posted an excellent article on the subject.Pretty easy to get satisfactory venting for that tank location. Try louvred doors.
My last survey the surveyor noted that the flybridge brow location was "vented to atmosphere". I would describe the location as "behind louvred doors".
.................... What are the pitfalls of liability only. Yes, I can absorb the loss of the boat if it happened.
+1 for this. Haha same for meAnd this is my last boat. If it goes, I'll probably be going with it.
I'm really looking for answers that are problems with liability only. As I said losing the boat I can handle money wise.
It amazes me in a land as lawyer happy as the US that your liability coverage limits are so low.
Here in Oz we need $10 million in liability and wreck removal and I have heard noise of one very popular marina/boatyard requiring $20 million.
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I was once denied umbrella coverage for the amount often recommended by a very reputable company because "I wasn't worth enough" and the insurance would be a ripe target.
Just goes full circle to the system being broken...in all areas.