Insurance for a custom build????

Discussion in 'Boat Design' started by Cawley, Feb 9, 2013.

  1. Cawley
    Joined: Aug 2011
    Posts: 14
    Likes: 3, Points: 0, Legacy Rep: 26
    Location: Treasure Island

    Cawley Junior Member

    I am about 60-70% finished with a 44ft custom trawler cat that I am building. At this point, I have a lot money invested with no coverage. When the boat is complete, I will be able to insure it with a regular marine policy. However, how can I get coverage while I am building it. I have shopped around with my local agents and had no luck. No one will cover it. How does a small custom boatbuilder get insurance on their build? Any suggestions from all the one off builders here? Please help..... Thanks in advance.
     
  2. BertKu
    Joined: May 2009
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    Location: South Africa Little Brak River

    BertKu Senior Member

    You could contact Lloyd's and find out who your local insurer is.

    Lloyd's is the world's leading insurance market providing specialist insurance services to businesses in over 200 countries and territories. In 2008, 75 syndicates are underwriting insurance at Lloyd's.

    www.lloyds.com/common/social-bookmarks?shareurl=http://www.lloyds.com/the-market/tools-and-resources...
    Bert
     
  3. Ike
    Joined: Apr 2006
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    Location: Washington

    Ike Senior Member

  4. midnitmike
    Joined: Apr 2012
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    Location: Haines and Juneau

    midnitmike Senior Member

    Contact your agent and ask about a Builders Risk policy.

    MM
     
  5. ecflyer
    Joined: Jan 2009
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    Location: Green Bay, Wisconsin

    ecflyer Junior Member

    I did not carry insurance during my build of a 50' sailing yacht. After launching I called BOATUS for insurance of a wood home built. No problem, but they did require me to get a survey by one of their navel architects. He was reasonable in price (less than 500) and very helpful pointing out a few defects that I needed to correct. Good luck!
     
  6. gonzo
    Joined: Aug 2002
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    Location: Milwaukee, WI

    gonzo Senior Member

    BoatUS is notorious for asking you to use one of their approved surveyors, not Naval Architects. They have an illegal arrangement with SAMS and try to keep you from choosing a surveyor of your own. It is not to your advantage but theirs. Most insurance companies will insure a surveyed boat regardless of who built it; most for less than BoatUS and will also pay when you make a claim. You should get a building insurance in case their is a fire, wind damage, vandalism, etc. Are you in Treasure Island, FL?
     

  7. Cawley
    Joined: Aug 2011
    Posts: 14
    Likes: 3, Points: 0, Legacy Rep: 26
    Location: Treasure Island

    Cawley Junior Member

    Yes, I am in TI. I did manage to get a quote the other day that seemed pretty high. Looking for 100k in coverage. Do you know someone to talk to? Maybe a good local surveyor.
    Thanks
     
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