Date: 9/20/2007
Name: Ivar Weierholt
email: ivarweierholt@hotmail.com
subject:re: Advice: Valuation for insurance
A couple of very good questions and points have been brought up. As a SJ21 owner and an insurance agent in Washington State, let me offer a few comments.Valuation of the boat is one thing; your boat insurance agent can help you value it along with proper documentation including serial numbers, photos, etc for the company. Liability of the boat is different. Remember, for trailer sailors, usually the car's liability insurance only attaches to the towing car while it is in motion (down the road), if the boat comes off the trailer and crunches someone, the car's liability comes into play; if the boat is on the water, the car is not attached and neither is the car's liability. Many people think their Home Owner's policy will cover the boat. Not true. If the boat is in the garage and someone steals the motor, there may be a low limit of coverage (often only $500.00). If the boat is in the driveway or on the street there may be no coverage at all. Your Home Owner's policy will not cover the boat at all on the water.
We all should have a separate boat policy covering loss the boat, motor, trailer (if you have one) and liability that comes with operating a boat on the water, including damage to other boats, marinas, people, etc. I keep my boat in a marina in Bremerton, WA where they require each owner to have current insurance on the boat and sizeable liability coverage.
Questions? E-mail me and I'll get more info to you.
[Return to Harbor Messages | Create New/Followup Message]