You are using an out of date browser. It may not display this or other websites correctly.
You should upgrade or use an alternative browser.
You should upgrade or use an alternative browser.
Understanding Your Insurance
- Thread starter Doryman
- Start date
This was originally posted on the Rosborough list, but I am copying it over here to provide another perspective on yacht vs. boat policies.
Warren
Warren
Hi Reed,
I wish I could quote on your insurance but I'm not licensed in NC so I'm not able to. I'm happy to answer any questions you have though.
There are some interesting issues about the differences as Lanny pointed out. One very interesting one that he didn't mention though is that Travelers has a Boat policy and a Yacht policy. The Boat policy is for boats up to 26' & the Yacht policy is for boats 26' & over. How long is your RF-246? Depends on how you measure it & what you include. With the RF-246, I think you can go either way depending on which suits your purposes more.
Both provide coverage for accidental fuel spill. The automatic limit is higher on the Yacht policy but you can increase the limit on the boat policy. It's at least $800,000 on the Yacht policy but equal to & part of your Liability limit on the Boat policy. The Yacht policy automaticly covers a tender & it's motor (up to 25hp) as equipment where you have to add it to the Boat policy as a 2nd boat to have it covered. Most of the other differences are pretty minor except for the 2 reasons I called mine a 24'6" boat to get it in the boat program instead of the Yacht program (it's over 27' with the Armstrong bracket & bow anchor roller)- I think you could safely argue it either way.
First: The Yacht program includes a lay-up period when the boat is laid up & out of commission. In New England, it's usually 12/1 - 4/1.
Second: The Yacht program has navigational limits - there are many options but our local one is New England (NJ to ME).
So, if you want to extend your boating period or territory, you have to get the policy endorsed & depending on hurricane season, the company might not agree to it.
With the Boat policy, there is no lay up period (you could take it South for the winter) and my Navigational Territory is: Inland & coastal waters of the 48 contiguous states of the US & Canada. I could take Sooner to Canada, Florida, the West Coast, Lake Powell & be OK. If I opted for Alaska, I'd
need an endorsement. I hope everyone cruising in Canada waters confirms that they are covered. When I bought Sooner in 2003, I had intended to cruise her home from Nova Scotia. An engine problem kept us from making that trip but my insurance policy would have covered me if I had.
As you can see, it's not just a question of what company but also in some cases, which policy within the company. I believe the size of the RF-246 lets you go either way. I'm sure if you ask the company underwriter, they'll tell you it has to be one way or the other so it's important to make up your mind before asking for a quote & then, when they ask how long the boat is, just say 24'6" or 27' whichever serves you best.
I believe that I wrote this all up some years ago & posted it but with the current interest in the topic, it might be worth posting again. As you are undoubtable better at that than I, please feel free to move this into a current post for the group.
As much as I'd love to write the policies, I've never bothered to get licensed outside of MA. I am happy to answer any questions, however, to the best of my ability.
Sincerely,
Pete "Sooner"
Peter Platt
E.C. Fowler/Prudente Insurance
1207 Commercial St
East Weymouth, Ma 02189
781-335-2085 ph
781-340-1299 fax
Here is another comment, also from the Rosborough list:
A couple of other points. The typical "Boat" policy has rates based on the stuff normally found on a recreational boat - fishing equipment, water sports stuff - skis, wake boards etc. The typical "Yacht" policy has rates based on berths, galleys, and the stuff that normally goes with that kind of equipment. Secondly, in southern waters yacht policies are not typically written with a layup period though such can be added by endorsement. I cannot speak for Travelers but most writers of marine "Yacht" policies tend to go with how the vessel is equiped rather than it's length. Specifically, a vessel with sleeping and cooking facilities versus one that does not have such accommodations. Bottom line, a yacht policy is, in my opinion, the better choice for a vessel that has the facilities found on a 246.
Lanny Oakes
eLLaBe