Insurance

G

Grumpy

Active member
How many fellow Brats carry insurance against Oil/Fuel spillage?

If so, for how much and at what premium?

Just noticed a vast discrepancy between various carriers with equally vast differences in cost and wondered if anyone had first hand experience of just what one may be liable for. (Assume Gas powered)

Merv
 
most policies extend coverage for loss caused by fuel and/or oil discharge whether collision or maintenance born, to the extent of the liability purchased. having said that, when property damage or environmental damage occurs as a direct cause of discharge the uscg can and normally will fine the owner causing such loss. cost of fines are typically excluded from coverage under the yacht policy.
hope this helps.
my recommendation is purchase the maximin amount of liability offered by your insurance carrier.
best regards
pat
 
Pat,
Therein lies the dilemma.
Our current policy has huge coverage for "other" liabilities but still wants a big extra for about 100K of "oil spill" coverage. In addition we have the boat under our homeowners "umbrella".

In seeking coverage for an additional boat we found offers for very reasonable coverage of $10K "oil spillage" but it seems that would probably not be enough.

How do you put a price/risk on what 120 Gallons of gas can do and how do you estimate (as a separate topic) what the USCG might fine you in it's infinite wisdom? Is there some published scale??

Merv
 
I don't know how you put a price/risk on the spillage of the gas and oil. However, the insurance companies do and that (with some extra for profit) is there rate. So, shop around. Like Thataway Bob, we also have our boat (and our cars) insured with Progressive. Good coverage, good rates.
 
My Safeco policy lists the following in coverages
"Liability:Bodily injury and property damage including fuel spill and wreckage removal, limit $300,000, annual premium $13. "
 
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