Insurance?

Yikes are you chartering? We are a fraction of that with overseas insurance for 62 sportfish. Now they were 4 times more expensive on our 33 center console so we went with charter lakes insurance for that one.

I guess that drives it up a ton. We are under $5k for $500k value.

Seems like a great price considering I pay $8,600 for a boat valued at around $300k.

Underwriters check your FICA and C.L.U.E. reports. FICA for a look at your finances and C.L.U.E. for a look at ANY insurance claims (not just boat related) for about seven years back.

That should read FICO. Sorry!

That's high. I just purchased a 62' sportfish, about same value as yours, paying 7k per year. I do not have a charter policy though. I use charter lakes.

Comparing prices of insurance policies without knowing all the details of coverage tells one absolutely nothing. Coverage is more than just an amount for the boat value or even that and a liability limit. It includes all the details. For instance is it agreed value or market value at the time of damage, does it provide new replacement for old parts and equipment, what are the deductibles for various types of accidents, environmental coverage, salvage coverage, whether all risks or any underlying warranty of seaworthiness, areas and times of navigation covered, latent defects coverage, incidental damage, chartering, and more.

Well said, OB ! One of the things that makes picking an underwriter difficult is many of the factors to consider are moving targets. Has an underwriter moved away from the broad form he may have been offering? Is there an underwriter that is buying his way into a market? Etc, etc.

My experience is that Bob Peck, from Triton Insurance, in Newport, RI is a very good agent. He has always found me the best pricing for insuring large and small vessels.
He is a friend, but I have no interest other than putting a good word out for him.

I'm paying 10k thru Loyds of London for 1.1 ml in agreed upon value with 10k deductible and a 10% named storm deductible.Includes 10k tender coverage,40k fishing equipment,salvage,towing,environmental, owner operator coverage,its a very comprehensive policy.The boat is a 04' 65 Viking.I get my agent to shop the policy annually and by doing so have been able to get a slight reduction in premium every year.If your interested in getting my agent info send me a PM.Good Luck!!

We're insured through Lloyd's as well. I also know that the broker Ken mentioned sells many companies including Lloyd's.

Interesting how all the quoted costs shared in this thread turn out to be between .008 and .0092%

They are between .8% and .92%. (.008 = .8%, .0092 = .92%)

You will see as boats get smaller and less expensive that number tends to rise to 1.2% and even up to 1.6%. On older boats it's even more as the boat value becomes such a small factor. As you get to larger boats the numbers drop below the .8%. If you had a single $25 million new boat it would probably run around $85k.

Ours is substantially less than .8% but it's multiple boats plus discount for other insurance.

Thanks. My math was a bit off. It's interesting to learn that the rate scales down. One. Ore reason to buy a bigger boat

Yes, very logical, buy a $25 million boat so you can pay $85k for insurance instead of a $1.1 million paying $10k. That's a real money saver. lol