Insurance
Printed From: Laser 28 International Class Association
Category: Laser 28 General
Forum Name: General Forum
Forum Description: All the topics that don't fit elsewhere
URL: http://www.laser28.org/forum/forum_posts.asp?TID=701
Printed Date: 23 November 2024 at 4:22am
Software Version: Web Wiz Forums 11.03 - http://www.webwizforums.com
Topic: Insurance
Posted By: Ron Waterson
Subject: Insurance
Date Posted: 16 April 2015 at 10:39pm
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So what do you guys do for insurance? In Kentucky, we don't have to have any insurance on a boat...which seems a bit ridiculous. I feel self insured as far as damage or loss to my boat goes, but I wonder how you guys handle liability insurance given that we race these boats. My marina requires that I carry 500,000. in liability insurance. I was informed today that my insurer will no longer insure my Laser due to racing. It's kind of a joke. On the river and local lake I see high speed planing boats, fishing boats that must go 60knts to the new greatest fishing spot, party pontoon boats with multiple toddlers in tow on floaty toys or skis, and sailboats "racing" once a week. Typical boat insurance covers all of the above except the 5 knot "racing" sailboat. OK, rant over. How do you guys handle insurance for racing? ------------- Hull 147 - Angel's Share |
Replies:
Posted By: Mike V
Date Posted: 17 April 2015 at 6:26am
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I think you can insure your boat through US Sailing. I think they have a value priced policy for US boats. Here in Lake Ontario the standard is 2,000,000 in liability insurance. Most regattas require this level of coverage. My insurance company will not cover a power boat racing. My company is Preimier Marine. ------------- Sparkplug Hull #182 NYC |
Posted By: Mad Max
Date Posted: 17 April 2015 at 10:57pm
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Hi Ron I rqce in Western NY and insured with Boat US. Have been with them 35 years, can't say enough about them. Dick ------------- Dick #122 |
Posted By: silversailor
Date Posted: 20 April 2015 at 10:00pm
| I use State Farm. They cover racing as long as there is no money paid to the winner. A few years ago there was a collision between 2 local boats during a Club race. One rounded up coming around a mark and struck another right at the stays. It's rig came down and the boat was considered totaled. Neither were insured and because one was an a--hole, sued the other. To make a long story shorter, after paying their lawyers too much money, it settled for $5,000. In short... get insurance. |
Posted By: khardy
Date Posted: 21 April 2015 at 3:10pm
| USAA insures mine. I've also used Progressive and All State for sail boat insurance. |
Posted By: Ron Waterson
Date Posted: 22 April 2015 at 12:04am
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Updating my insurance seeking experience...per suggestion I checked with USSailing to find that Laser 28 is not eligible for their insurance plan. The reason given was that the inboard motor does not fit their criteria. It was a good thought though, and worth a try. I requested about seven quotes from marine insurance companies, with two of the them replying that they would not insure me because I raced. It's possible that under writing a policy for racing in the state of Kentucky was a factor, since our state does not require boaters to have insurance. I don't know how it works, but it occurs to me that insuring boats in a state where there is no legal reason for an owner to insure a recreational vessel is a higher risk to the underwriter. Seems they are basically insuring me against the majority of recreational boaters on the water. At least one company requested a marine survey to complete the process. Mad Max, and fellow Ohio River Laser 28 ("Room For Crew") racer "Bill" both suggested BoatUS, so I think that is where I will land. They seem to have a reasonable policy that recognizes that I occasionally race locally. They have a "self survey" form that alleviates the cost of having a proper survey done. Just add photos at their website. They will provide a couple different options like "Agreed Hull Value" or a more bare bones coverage that gets you what you need to meet marina requirements in my area. Thanks for the help and suggestions. ------------- Hull 147 - Angel's Share |
Posted By: Bill Layton
Date Posted: 22 April 2015 at 9:28am
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It`s bizarre that US Sailing won`t insure a L28. It`s the same as a Farr 30 or Farr 40, they all have diesel saildrive engines. So many cruise boats also have diesel saildrive engines so perhaps speak to someone else because that reason is entirely without merit. |
Posted By: Ron Waterson
Date Posted: 22 April 2015 at 9:48am
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Although I found it odd too, I have moved on. To clarify, I emailed the USSailing link to add Laser 28 to the one design sailing program so that it could be insured in their program. "It has a small inboard engine so it doesn't qualify. I can ask if someone can give you a quote?" was the response. I replied, "yes please ask someone else". To which I received a response from Gowrie Group that they do not underwrite in Kentucky. Both responses came from GowrieGroup email accounts. ------------- Hull 147 - Angel's Share |
Posted By: frfletch
Date Posted: 23 April 2015 at 12:53pm
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This whole conversation boggles the mind. It is usually inboard petrol powered engines that cause insurers to pause. But diesel? It a totally non volatile fuel. Perhaps they never heard of Diesel in Kentucky yet and think it is a mystery substance.
Just finishing the final season of "Justified", so with my new education on Kentucky, I think you should check with insurers that may be domiciled in Harlan County where there seems to be a lot of competition for business with families diversifying all the time. If you can't get some kind of insurance from say Boyd Crowder, then check with Mr. Limehouse who always seems to have a stack of money around with no particular home. Surely he could insure a Laser 28! Honestly, I just can't imagine not being able to find insurance for a diesel powered boat. |
Posted By: Ron Waterson
Date Posted: 23 April 2015 at 3:30pm
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My past insurer, Kentucky Farm Bureau, was happy to insure the Laser if I did not race. As mentioned, racing the boat was the problem. The motor issue wasn't really an insurance issue, it was an issue with USSailing designating Laser 28's as a One Design for entry to their insurance program. If you are basing your education of Kentucky on a fictional tv show, you might want to consider another source. ------------- Hull 147 - Angel's Share |
Posted By: frfletch
Date Posted: 23 April 2015 at 4:14pm
Surely I was not being serious but was thoroughly thoroughly entertained by the highly fictional series which I'm sure has no basis in reality associated with the state of Kentucky. If it did, there wouldn't be anyone left alive in Kentucky 
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Posted By: WJRyan
Date Posted: 26 April 2015 at 6:54am
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I just renewed my US Sailing membership and when my packet arrived at the house it included an ad for the Gowrie Group Insurance. "For all types of boats - cruising, racing, powerboats, and more." In addition they have one-design insurance for 30' an under and offer US Sailing member 10% discount on the one-design insurance. You can request a quote at www.gowrie.com/yachtquote (code USS) or request a insurance review at 800 262-8911.
I haven't used them but this might be another alternative. - bill ------------- Bill Ryan, Room4Crew, #155 |