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mtbradley
Link to this postPosted: Fri Jun 28, 2013 4:37 pm    Post subject: Note Bareboat Insurance

As I said in another topic, I'm looking for ways to reduce our costs on charter. I've always paid for the optional insurance (Moorings), but it's not clear to me that it's really necessary. Any opinions on this out there?

I've had a few minor things that have come up - broken hatch, lost dinghy gas tank - and I always have to pay for it despite being insured (it's either not covered or deductible isn't met). I'm not trying to get covered for those little things. The insurance I get is about $800 for the week and I assume is only going to kick in with a major grounding or if I sink the boat. And if that's the case, I'm probably not paying for it anymore.

Would love to get some wisdom from the board.

Thanks!
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NCSailor
Link to this postPosted: Sun Jun 30, 2013 6:03 am    

I believe the deductible with the Moorings is $600. If your dinghy is lost or stolen you are looking at about $6500. If you ground or sink the boat you on the hook for $200k plus. For me the insurance is a no brainer.
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kegoangoango
Link to this postPosted: Mon Jul 01, 2013 6:19 am    

Is this insurance different than what the charter companies (Conch is our case) require us to purchase?

I was under the impression that the charter company insurance covers pretty much everything except the deductible ($1,500 in our case).

I want to make sure we're properly covered.

Thanks,
Larry
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mtbradley
Link to this postPosted: Mon Jul 01, 2013 12:54 pm    

So I called The Moorings to discuss this some more.

I'm actually paying $413 for insurance on the boat. I payed $700 for "Charter Care Protection Plan" which is just a sort of trip insurance.

I'll be paying the boat insurance in the future, no question.

The Charter Care Protection though will be an easy savings.

And for the record, the deductible I'm responsible for with the insurance is $750. If I waive the insurance, I pay the full $6500 deductible.
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kentth
Link to this postPosted: Mon Jul 01, 2013 10:31 pm    

Depending on the charter company we use, we either have them swipe the card for the boat deductible, or buy the boat insurance, depends on our mood at the time and the company.

Have found you can normally by trip insurance for a whole lot less from the companies that specialize in it. A lot less money and better coverage.

Kent
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sail2wind
Link to this postPosted: Wed Jul 03, 2013 10:04 am    

Matt, insuremytrip.com is much cheaper then the additional Charter Care. We always buy some medical evac on our trips. Most second tier charter companies require insurance. We chartered our boat ONCE privately to a TTOL member and took a $2000 deposit. He had 3 damages we deducted from his deposit, with receipts. For some reason we was upset he had to pay for damages.
1. tore the clew off the man with an electric winch on a furling main, we warned him if it gets stuck, stop wind in and wind out again. I guess he thought the winch would fix his problem. He denied it, said the clew broke on its own
2. he broadsided the dock at Leverick and broke the jib track
3. while mooring in Soper's Hole, he missed the mooring, but did hit a Moorings boat. we filed a report with Moorings and they said it was just some gelcoat damage and not to worry about it. My boat had $200 in gelcoat damage.
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kegoangoango
Link to this postPosted: Wed Jul 03, 2013 11:06 am    

I think we used insuremytrip.com for our trip in Oct. It ultimately is through CSA and is their 51CP plan. With three in our 50s and one in their 60s, the total for the coverage (cost of trip at $1,000 each) was $210. Our trip is inexpensive because we have no flight costs (AA mileage). Our total "fixed" cost is only abut $3,500.
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Twanger
Link to this postPosted: Wed Jul 03, 2013 1:17 pm    

We just payed around $160 for insurance for two on a fixed cost trip coming up of about $3,000.
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Maytrix
Link to this postPosted: Fri Jul 26, 2013 7:28 pm    

To add to the insurance question - the $472 reduces the deductible and covers the dinghy. It's based on a per day charge. If you read the paperwork you get when booking, I believe it lists 3 options. Each one has a different day charge and can impact your deductible. The charge they quote is the lowest deductible and you can pay less and have a larger one.

If you don't buy the insurance, it is not as if the boat is not insured. It is still insured, but you would now have a deductible equal to the actual insurance policy which is 1% of the insured value. Could be as low as $2k or as high as $14000 (on the 5800!). Regardless of the deductible on the boat, the dinghy is not covered and that is $6500.

As owners, we do not get the added insurance - only exception was the week we spent on the 5800. We followed that with a week on the 4800 and did not get the added insurance taking the chance on what must be a close to $8k deductible. Go enough and don't do any damage and it will pay for itself.
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