Boat Insurance

[HALLETT BOY]

After watching the DCB flip , I was wondering about insurance ...are they self insured ? if not , what would reasonable
coverage be for a 2700 HP , 180 MPH Cat be ? Can you even get it ?

 

[chaser]

From what I hear.
It is one of those, if you have to ask ........... :eek

 

[throttle]

Yes, they can be insured. $$$

 

[millhouse961]

As an insurance broker I can tell you ANYTHING can be insured if you are willing to pay the premiums. Best case I saw was a hip hop artist with 2 felonies that needed liability coverage for his armed security team while on a European tour. We got it done...they certainly paid for it, but done nonetheless.

 

[HALLETT BOY]

Just looking for a guesstimate per year

 

[throttle]

Just looking for a guesstimate per year

how does $15-$20K per year sound? and I seriously think I have under estimated that!

 

[Paul65k]

So I got some preliminary info from my neighbor who was in the PR in his Sunsation with twin 1075's (Red one not the one that cut off McRib) and owns a performance car/boat company in town that the owner of the boat was letting someone from OCM run it in the PR and it was up in the air as to whether their insurance was going to cover or if OCM might have to cover it directly or out of their general coverage......could be tied up in court for a while for the sound of it.....they definitely won't be getting the full asking price for it at this point :rolleyes

 

[TPC]

I pay a cool thou a year for a basic family cabin cruiser so I can't imagine what the hypo boats pay.

 

[dancudmore]

After watching the DCB flip , I was wondering about insurance ...are they self insured ? if not , what would reasonable
coverage be for a 2700 HP , 180 MPH Cat be ? Can you even get it ?

I believe James (Safa1) said back when he bought the 40, 10K/month

 

[Nord]

I was told Wozencraft insured the event.

 

[Wozencraft]

I was told Wozencraft insured the event.

Yes we did. However, the master policy does not cover physical damage to each owners boat. It is the individual boat owners policies that would cover their losses. Liability losses to others (third-party), meaning if you caused a loss to another party, then your liability coverage would cover the other party for there physical damages and/or Bodily Injuries.

Cameron's (Throttle) post above with possible insurance premiums for this type of boat are pretty close. Boat's with value's around $700k and up, and with that type of speed capability.

 

[Outdrive1]

Yes we did. However, the master policy does not cover physical damage to each owners boat. It is the individual boat owners policies that would cover their losses. Liability losses to others (third-party), meaning if you caused a loss to another party, then your liability coverage would cover the other party for there physical damages and/or Bodily Injuries.

Cameron's (Throttle) post above with possible insurance premiums for this type of boat are pretty close. Boat's with value's around $700k and up, and with that type of speed capability.

What exactly are you guys insuring and or protecting? Just the poker run itself from being sued? BLM for issuing the permit? What would be a situation that you would "cover?" If any?

 

[hallett21]

Do normal boat insurance policies cover poker runs or do you need an added part to your policy

 

[Outdrive1]

Do normal boat insurance policies cover poker runs or do you need an added part to your policy

Lets just call a spade a spade, if its not on your policy specifically they will find a way out of it.

 

[hallett21]

Lets just call a spade a spade, if its not on your policy specifically they will find a way out of it.

I ask because on the big boy boats they are really pushing it during a poker run. It's obviously going to happen, so I could see an insurance company not covering you in a poker run. But to someone with let's say a pontoon. Are they really going to go any faster than what's safe? I mean 45mph during desert storm and 45mph during Fourth of July can't be any more dangerous. I guess where does the line get drawn?

 

[Outdrive1]

I ask because on the big boy boats they are really pushing it during a poker run. It's obviously going to happen, so I could see an insurance company not covering you in a poker run. But to someone with let's say a pontoon. Are they really going to go any faster than what's safe? I mean 45mph during desert storm and 45mph during Fourth of July can't be any more dangerous. I guess where does the line get drawn?

Those are all good questions if you have one of those boats in the first group.

 

[hallett21]

Those are all good questions if you have one of those boats in the first group.

Don't have that problem yet lol

 

[Stainless]

Plus they likely have an umbrella behind the boat to protect how they are able to live that lifestyle.

 

[1BAHD]

My old 33 Daytona with twin Teague 1100s put me back about 10k a year. But this was a few years ago.

 

[hallett21]

My old 33 Daytona with twin Teague 1100s put me back about 10k a year. But this was a few years ago.

Was that with year round insurance?

 

[Wozencraft]

What exactly are you guys insuring and or protecting? Just the poker run itself from being sued? BLM for issuing the permit? What would be a situation that you would "cover?" If any?

Without going into the specifics of the policy wording, and to keep it simple for a public forum, the event insurance covers losses in a 2nd position to others for Bodily Injury & Property Damage. Not for the participants, but the spectators. Those that line up along the way to watch on water or land. It also covers in and around event areas which would include on land & water, ie. event headquarters, Card Stops, etc. The policy also covers the event producer directly in 1st position. Like any policy there are covered losses and exclusions. Again, this is an answer to your questions in layman's terms and does not constitute any specific wording of event insurance policies. If you have any further questions feel free to contact me by email: [email protected] or PM me here on RDP.

Do normal boat insurance policies cover poker runs or do you need an added part to your policy

Most boat insurance policies automatically cover Poker Run events because they are NOT a race. There is no advantage to getting from one point to another. Shoot-Outs, however are typically NOT covered on most boat insurance policies. These are considered more of a race or time-trial where there IS an advantage to getting from one point to another.

It is VERY important to read your policy! If anything, at a minimum, read the "Exclusions" portion. For instance, this is not directly related to your question, but I have 2 boat insurance carriers that will not pay out on theft claims if the boat owner doesn't apply one of these 3 security measures; 1. boat must be inside a locked structure (ie. garage/inside storage, 2. behind a locked fence/gate, or 3. padlocked to a stationary object (ie. pole, car, etc). This is something that can be overlooked if the policyholder does not read there policy. YES, the insurance agent should point these out, which I feel my licensed staff and I @ Wozencraft provide our clients. However, it is ultimately the responsibility of the policyholder to read & understand there policies. I recommend everyone reading this to pull out there last policy sent to them and read it. I know it may be long and tedious, but I always tell my clients, "Finding out how you're covered AFTER a loss, is not the best way."