Umbrella policy & boat
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Umbrella policy & boat (by Chris [VA]) Nov 22, 2022 5:01 PM
       Umbrella policy & boat (by Robert J [CA]) Nov 22, 2022 6:23 PM
       Umbrella policy & boat (by Richard [MI]) Nov 22, 2022 6:38 PM
       Umbrella policy & boat (by Still Learning [NH]) Nov 22, 2022 7:53 PM
       Umbrella policy & boat (by Richard [MI]) Nov 22, 2022 9:15 PM
       Umbrella policy & boat (by Still Learning [NH]) Nov 22, 2022 10:01 PM
       Umbrella policy & boat (by Pat [VA]) Nov 23, 2022 6:05 AM
       Umbrella policy & boat (by Richard [MI]) Nov 23, 2022 7:12 AM
       Umbrella policy & boat (by plenty [MO]) Nov 23, 2022 8:03 AM
       Umbrella policy & boat (by Oregon Woodsmoke [ID]) Nov 23, 2022 10:41 AM
       Umbrella policy & boat (by Susan [FL]) Nov 23, 2022 12:55 PM
       Umbrella policy & boat (by Susan [FL]) Nov 23, 2022 12:55 PM
       Umbrella policy & boat (by MikeA [TX]) Nov 23, 2022 5:52 PM
       Umbrella policy & boat (by LTD [AZ]) Nov 28, 2022 2:52 PM

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Umbrella policy & boat (by Chris [VA]) Posted on: Nov 22, 2022 5:01 PM
Message:

So we've had an umbrella policy for many years for our rental homes plus our personal stuff. Perhaps our original independent agent (now retired) made a mistake since we never had an individual policy for our boat. Virginia does not require boat insurance but it seems that umbrella policies do. So we just got a notice about this after about 15 years or so with the same policy!

Homeowners' insurance covers a minimal amount for the boat, but our 1986 boat is not very valuable (17' with 90 hp motor). We use it rarely, but it is nice to have when we want to use it. We haven't had a chance to use it since 2019 - day job, rental homes, traveling to kids & grandkids in northern Ohio and elderly mother-in-law in Chicago suburbs. We do have a nice pool in our back yard that we can conveniently enjoy when we do get a break and are too wiped out to do anything else.

It looks like we will have to pay for a liability policy for the boat which seems like a waste since who knows when we will use it again. But we want to keep it and will try to use it more next summer when & if things slow down enough.

I'm looking for brilliant ideas? --71.246.xxx.xxx




Umbrella policy & boat (by Robert J [CA]) Posted on: Nov 22, 2022 6:23 PM
Message:

Crazy as this may sound I have two friends that own a boat together. One who paid for the boat and the other partner who's a mechanic that rebuilt the motor and all of the other stuff.

They two had real estate holdings, but no boat insurance. Like good people they gave keys to friends to use the boat. You got a boat that you seldom use, let your friends enjoy it too.

Well one of the owners friends almost blow up the motor and didn't say anything. They another friend of the same partner took it out the boat and the knocked out. Now a group of people were stuck on a boat in the middle of a river, no motor and the battery dying.

An collision occurred and everyone on both boats were injured. Who do you think have to pay all of the medical costs and property loss? It was my two friends that owned the boat together without any insurance.

They both had umbrella polices but no underline liability policy on the boat! AND, since they were not on the boat or driving it, their homeowners and personal umbrella polices would not pay out.

I understand the medical bill were over half a million total for all 9 occupants of both boats and the other boat was over $200,000. So they lost their boat and paid out $700,000.

An insurance policy with a million coverage would have been under $2,000. Not having insurance and allowing others to use your boat, 1 big costly mistake.

Do you know the two happiest days of all boat owners? 1 - they day they buy the boat. 2- they day they sell the boat. --47.156.xx.xx




Umbrella policy & boat (by Richard [MI]) Posted on: Nov 22, 2022 6:38 PM
Message:

I went through the same no insurance thing. Luckily (very)I had no incidents other than the time a whale almost sank it with 4 of us in it - (imagine a Nantucket sleighride where we were dragged for a while by the anchor line and almost dragged under and then the tail-as high our of the ocean as a 2 story apartment building, wider than the boat was long and about 4 feet thick coming up over us and smashing down, fortunately not right on top of us but swamping us). In the end, I sold it. After I added up all the costs, it would have been cheaper to rent one for the days we used it.

There are boat clubs that exist (just google boat club) where you can rent boats. If any are nearby, it might be an alternative. --75.7.xx.xx




Umbrella policy & boat (by Still Learning [NH]) Posted on: Nov 22, 2022 7:53 PM
Message:

Chris, I think we pay about $900 and have a 36í sailboat. We are with an independent group but I think there are companies like boat US that you might try. Richard, did the whale just happen to be swimming under the boat and snag your anchor line? We were sailing over stellwagon bank in a 30í sailboat when the kids were young and a whale surfaced about 20í from the boat. We could see its eye and hear it breathe. It was about the same size as our boat. Unlike your scary experience, it was one of the coolest experiences Iíve ever had. --75.67.xxx.xxx




Umbrella policy & boat (by Richard [MI]) Posted on: Nov 22, 2022 9:15 PM
Message:

Still Learning,

Yes, we were anchored offshore of Santa Barbara a little fishing for halibut. The gray whales migrate from Baja up to the north for the summer and one went under the boat and it's front flipper caught on the anchor line. It was larger than a semi truck and it dragged us through the water like nothing as the boat was only 16 feet long. As we were about to get dragged under, the anchor line rolled off it's flipper and we bobbed back up. That must have irritated it because it decided to dive at that time. It's back humped over and the tail came up right next to the boat and it was about the height of a 2 story apartment building.The tail was wider than the boat was long and looked about 4 feet thick. Bigger than the entire boat and 20-25 feet high )or so it looked to me). Than it smacked the surface about 10 feet from the boat and the wave it made went over the boat and filled it about up to the top of the sides. Then, thankfully, it was on it's way. We bailed the water out and I remember saying to my wife and friends "well, I think we should call it a day, how about you?" They agreed and we returned to the harbor. We were lucky. --75.7.xx.xx




Umbrella policy & boat (by Still Learning [NH]) Posted on: Nov 22, 2022 10:01 PM
Message:

Richard, Iím glad you were all ok --75.67.xxx.xxx




Umbrella policy & boat (by Pat [VA]) Posted on: Nov 23, 2022 6:05 AM
Message:

Richard, that is the coolest story I've ever heard! Not many people get to experience an event like that. Glad you all survived and lived to tell the tale. Which reminds me, one of our favorite restaurants at the OBX is called "Tail of the Whale"! --216.126.xx.xxx




Umbrella policy & boat (by Richard [MI]) Posted on: Nov 23, 2022 7:12 AM
Message:

Still learning,

Thanks

PS It's always the big ones that get away! :) --75.7.xx.xx




Umbrella policy & boat (by plenty [MO]) Posted on: Nov 23, 2022 8:03 AM
Message:

Sell the boat and rent whatever kind of boat you need or want that day, when needed and wanted on whatever type of water you desire that day. You'll be money ahead. --172.56.xx.xxx




Umbrella policy & boat (by Oregon Woodsmoke [ID]) Posted on: Nov 23, 2022 10:41 AM
Message:

My son's boat is insured on his homeowner's policy. The boat is specifically listed as a covered item. So for my insurance company, at least, they will write a boat policy under the homeowner's policy.

No one is allowed to borrow the boat. Friends might be taken out fishing, but the boat owner is the one running the boat.

It seems to me that the boat insurance is a bit expensive, but then, it was an expensive boat so it wouldn't cost nearly as much to cover a cheap boat. --76.178.xxx.xxx




Umbrella policy & boat (by Susan [FL]) Posted on: Nov 23, 2022 12:55 PM
Message:

What I have learned is NOT ALL UMBRELLA are equal.

Some are great other's minimalist.

In Fl I learned that RLS UMBRELLA is good and will cover everything I own even a second home. Hope this helps. --142.196.xxx.xx




Umbrella policy & boat (by Susan [FL]) Posted on: Nov 23, 2022 12:55 PM
Message:

What I have learned is NOT ALL UMBRELLA are equal.

Some are great other's minimalist.

In Fl I learned that RLS UMBRELLA is good and will cover everything I own even a second home. Hope this helps. --142.196.xxx.xx




Umbrella policy & boat (by MikeA [TX]) Posted on: Nov 23, 2022 5:52 PM
Message:

Pretty sure 4 years of holding costs on that boat would allow you to rent a really nice boat for a week and have enough left over to rent the lake property as well. Sometimes the best approach is to let it go and just rent one when you want to. Besides, after sitting 4 years I'm betting a trip to the mechanic will be required for the engine not to mention a pretty significant effort in cleaning it up. --209.205.xxx.xx




Umbrella policy & boat (by LTD [AZ]) Posted on: Nov 28, 2022 2:52 PM
Message:

this is a test --47.216.xxx.xxx



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