Insurance issues when trading up ???

I have never heard of anything like that. Where are you trying to insure the boat? It would seem like if you can pay the premium, you can get anything insured. There are plenty of fools out there in big boats with insurance. I can give you the name of a insurance rep. if you would like via P.M.

Yes. What you are saying is very similar to what we ran into in 2007. Firstly, we moved from a 36 to a 48. Our interview started with what was the size of the previous vessel. We were immediately denied by numerous insurance companies.

We finally found several that would consider us. The interview started with:

1. How many homes do you own. If greater than one...denied.
2. Will the vessel be moved north of Cumberland, GA June through November...denied.

We finally got insurance with huge deductibles through Lloyds of London.

Good luck.

PM me if you want to call our broker.

Ken

I went from 0 to 40'. Got three quotes at 1% deductible and one at 2%. Didn't have any problem getting coverage, just had to search to get a good rate with an acceptable deductible. I went with NBOA.

A lot depends on experience. A comprehensive resume detailing time on the water and any formal courses that you have taken goes a long way with insurance companies.

This has become common and makes sense. In recent years a lot of people got the idea that, since they were rich, a 40' or 60' would make a great 1st boat. You can guess the results. Ask the insurance company if taking lessons from or using a licensed captain for a period of time will help. I think you'll find acceptance and lower premiums.

I have two friends that were required by their insurance companies to have a licensed captain operate the vessel for at least the first year. One vessel was 65' and the other was 53'. When I got my current boat the size of any previous boats was one of the questions. At the time I had operated my fathers boat for years but was not listed as the owner. However I had the same broker with Allstate that he had and the insurance went through. I wonder if it would be wise to get a USCG captain's license before moving up now.

The USCG requires that you have documented time aboard. If you are the owner, you can sign off on your own time. If not, a Captain or the owner has to sign off. The minimal licenses requires 360 days since 15 years old, 90 days within the last 3 years plus passing a comprehensive exam. There are several companies on line that teach the class which is worth while even if you do not have the required time. Not sure this would count much in the eyes of an insurance but information you need to be a competent boat owner. Hats off to those how take it upon themselves to become more knowledgable. There a lot of Captains out there who do this for a living that support some type of mandatory basic licenses before you ever step aboard, especially the size vessels we are discussing. Good luck, it took me 30 years to accumulate enough time to qualify for a ticket.

You have to verify your experience to get a license as well, so I doubt that would be worth the trouble or expense. If he qualified for the appropriate license he probably wouldn't be having the problems getting insurance.

To get a six pack license / 50 ton license you self-certify your hours. This after taking a course that is taught specifically to the test you will be taking. The schools administer the test themselves. I have two friends (not the ones with the big boats) who just got their licenses and are quite disappointed in the process. Before they started being as USCG captain meant a little more to them than it does now. I'm guessing most insurance companies won't know how to match up the license to the boat tonnage. Or that you can get a 50 ton license from basically running a 30' boat for a few years. They'll just assume USCG Captain = experience.

You can self certify the hours only if you own the boat you are certifing on.

This is increasingly a problem for the professionally licensed Captains these days. I have known many friends who's boss moved up considerably in size and were told that they could not move up with him do to their experience, even though they had the right license for that size vessel.
I suggest haveing a seatime resume put together that describes the boats you have run, the areas you have been to and any and all courses that you have taken. Do not leave anything out, even if you were just along for the ride on a delivery, it all helps.
Right now the insurance co. are really running the show when it comes to who you can hire, and who can drive what boat. With all the 90 wonders coming out of the MCA schools they have taken a proactive approach and are really watching the bottom line.
Do you homework, and shop around and you should be able to find a good quote, also working with a good broker who has strong ties to the Marine insurance industry is a must.

All good advice. For too long people felt that, if they could afford it, they could drive it. 60' or 80' for a first boat, no problem. Then the insurance companies got tired of paying the claims. Also, too many people think that a captain is a captain is a captain. It's important to ask more than just "Are you licensed?". A good captain won't mind showing what he brings.
If a captain cultivates a good relationship with the owner, my experience has been that the owner will seldom outgrow the captain unless he hits a lottery or the captain was already reaching a bit far for his license. Security is not part of the job description however.

I've even heard of a marine finance company denying a loan to an otherwise qualified buyer because they lacked sufficient experience to operate the vessel. In this case, a 50' sportfisher, first time boat buyer.

And who ever said you had to be smart to be rich? Clueless!!

Experience is very important to underwriters, if you have been boating for many years you might not have as much of a problem with increasing in size, but with limited experience you are more likey to be denied.

Check on the BoatUS website for boating safety courses in your area from the US Power Squadron or the US Coast Guard Auxililary. Having completed one of these courses will help you to get approved, and might even get you a discount.

In your boating resume include time thatyou have spent on friends larger boats besides your own. If you are a licensed aircraft pilot let the insurance company know also.

A few years ago I sold a 53' motor yacht to a client who had smaller boats and the first company he applied to rejected him. It was then that I told him to make sure that he added after his name "Captain USN, retired" as he had been in the naval reserves for many years. I also told him not mention his sea time was on submarines because insurance companies want your experience on top of the water!! The next insurance company approved him right away after moving up from 27 to 53 feet.

That's pretty good experience.