Insuring the Sebastian Marie

The vessel is undergoing sea (river) trials. So far, all systems function well. I would like to find liability insurance available. My insurance guy said they don't insure "home built" boats over 40'.

You guys have any ideas?

Ryland

 

Maybe Heritage Marine Insurance will take it . . ?

 

Put the premiums you'd pay in the bank as your insurance fund and don't screw up.

 

That sounds like a good plan We currently pay $4300 a year for liability . Thats 1M in coverage. Full coverage is over 14K

 

Register yourself as a boatbuilder with the USCG and generate a manufacturer HIN

 

Good idea. I will look into that. Thanks.
Ryland

 

You had mentioned elsewhere that you have invested approx US$400,000 in the vessel so far - would you be looking to insure her for a similar sum?

What does 'full coverage for over $14k' include?

 

I have invested =/- 400K not including my time for seven years. The survey said the replacement cost is around 960K . It would be reasonable to insure her for 1M , in view of those numbers. 14K did include full coverage for 1M
Ryland

 

I am confused - did you used to have fully comprehensive cover ($ 1 million) for a premium of $14,000?
And if so, what happened, that you can now no longer get this insurance? If you can get a policy for $1 million in cover, with a premium of $14,000, then that is 'only' 1.4%, which is very reasonable really.

 

No, I have only had liability insurance. The 14K for comprehensive coverage is out of reach for me. I had hoped to get a better price once the vessel has some experience.
Ryland

 

I think that it would be very difficult to find a better price than $14k.
How about just insuring the vessel for the amount invested, excluding your time and labour?

 

We are rarely around other vessels or other piers. Never in rough seas. No rocky shoals in our normal travel areas. Our hazards are few. I’m thinking we just maintain liability coverage.