Boat Building Insurance??!

Discussion in 'Boatbuilding' started by CatBuilder, Apr 28, 2010.

  1. CatBuilder

    CatBuilder Previous Member

    Ok,

    Most of the places I've found to build have been asking me to take out these huge liability policies naming them as the insured parties.

    Is this normal??

    What do you guys use for reasonably priced insurance?:confused:
     
  2. Stumble
    Joined: Oct 2008
    Posts: 1,913
    Likes: 71, Points: 48, Legacy Rep: 739
    Location: New Orleans

    Stumble Senior Member

    Cat,

    What exacally are you trying to rent? Just a shed or are you trying to get full access to facilities, how much space, what type of build, ect... Also what is your definition of a huge policy?

    It is not unusual for commercial renters to provide liability insurance for their activities, and often the size of the policy has less to do with the value of the renters activity than with the value of the rented. Either way Insurance gets exponentially less expensive as the amount insured goes up typically so the cost may not be as high as you are concerned it would be.
     
  3. CatBuilder

    CatBuilder Previous Member

    Any building or even space on land at a marina has been asking that I take out liability policies. By huge, I think they were million dollar policies.

    I'm not even sure how to go about finding this type of insurance for building a boat.
     

  4. Stumble
    Joined: Oct 2008
    Posts: 1,913
    Likes: 71, Points: 48, Legacy Rep: 739
    Location: New Orleans

    Stumble Senior Member

    It sounds to me like they are asking for a general indemnity against loss... Which would cover the building, associated equipment, and any damage caused to others. This is a pretty standard request for any commercial enterprise, and a million dollars to be honest sounds pretty light to me. That being said, almost all the large insurance carriers have commercial divisions that can help you. Just get in touch with an agent from them and ask for quotes.

    Just remember that while a million dollars sounds expensive for a personal policy for commercial uses it really is pretty low coverage.
     
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