What types of things are people doing to take the liability of these types of boats off owners... is there ways to protect yourself and your assets... prevention is the best insuracne, safety and awareness, but accidents do happen. Ive heard about LLC's or having the boat in company name etc...... just god forbid your out with your friends and an unforscene wave or scenerio comes about and some gets badly hurt or even killed, you never know what the injured, or the family of the killed might do, no matter how good of friend; or who or what, (nature) was at fault
Last edited by Boomer35; 04-24-2010 at 06:45 PM.
I think it is called "Piercing the Corporte Veil" when the judicial system will not allow a person to stand behind the protection of a corporate entity solely set up to limit liability exposure.
I think the best thing to do is boat smart, max out your boat liability and carry an umbrella policy.
i have an umbrella policy as well, i had a wake up call with old my mechanic a couple years ago. now I closely watch if one of my guests is drinking too much. on return trips across the bay i have made them put on jackets and stay seated and i try to boat safe
to put the boat under a corporation and transfer limited
shares to anyone who will be running the rig w/you.
From what I understand this falls into "you can't sue yourself".
Most likely this is for limited scopes use, plus as stated, carry
all the insurance you possible can and have a safe summer.
Also a release of liability may help too, you should check
Last edited by wot; 04-25-2010 at 08:49 AM.
Umbrella policy, if your insurer will cover you depending on the boat you own. Just make sure it kicks in where your boat liability ends.
The standard liability coverage in my area with boat ownership is 2,000,000.00.
Because of incidents that have happened to me and because I participate in poker runs and other group efforts I was advised to increase my PERSONAL liability coverage, not the coverage specifically on any boat.
I have for a while carried 10,000,000.00 worth of personal liability coverage. Its cheap.
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