Liability
 

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

Good question. I carry 2M in liability. We take a risk every day we get up and walk out the door. You have to live your life. Just act responsibly, do not take any unnecessary risks ( did I just say that ? LOL ) and enjoy your boat. That is what I do. I do not think that an LLC formed with the sole purpose of limiting ones liability would stand up to a good lawyers scrutiny. I have thousands of hours of offshore boating and no accidents. Enjoy.

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.

Exactly, unless the LLC is legitimately set up as a marine business it won't protect your private assets when you're using your boat for personal use.

I would carry a hefty insurance policy and do your best to not be negligent.

I have a terrible memory - I can't believe I pulled that one out of my ass....

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 :)

I think it depends on who is suing, I believe the concept is
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
w/your attorney.

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.

Two good points here, this goes for life in general too. Putting thought before your actions generally negates need to utilize your insurance policies.

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.

Umbrella Liability Coverage
 

Just make sure that your excess liability coverage extends to your high performance boat.I suggest that you get a letter from your umbrella carrier indicating that they are aware of the type of boat and the speed capabilities of the boat they are covering.

Sy-
I agree: difficult to find one that will offer an umbrella if you own a fast boat.

It turns out I dont have a high performance boat:lolhit:

I agree as well. My 5M umbrella does not cover my performance boats. People need to be aware of their coverages.

I have lots of things besides operating my boat that I'm involved in that I have coverage for.
Sitting on boards and being inviolved in many group efforts where others could get me involved come to mind.

And then there are raffles.:eek:

My umbrella came with good advice and the company carrying it knows what I'm involved in , including current events.

what about boat partnerships? Say my old man and i purchased a boat, put it in my name, insured it in both of our names. Then say he was out and had an accident, i was not involved, or in the boat... i would still be liable right?

OffshoreDrillin got the right idea......
1.Umbrella Policy ---- Big one!
2. Watch out for your guests --- they might cost you bundle!
3.Boat Safe!!!!

Jim

My umbrella covers my HP boat...but most importantly please remember that those high liablility limits apply to a person you injure...it doesn't help if someone causes injury to you.

Please make sure you have commensurat uninsrued or underinsured coverage. I had a buddy who was invlolved in a serious car accidient, he almost lost his foot and has been permanenetly injured. The person who hit him had insurance but only the minimum of $25,000 and no real net worth...if he had not carried increased underinsured limits he would have been SOL. Chances are the person who hits you does not have the ability to carry excess limits.

I've been trying for a couple of years to get and Umbrella policy and because of the type of boat I have I haven't been able to find anyone who would write one.... Who will write an Umbrella policy that has decent limits....my Cat's insured through American Reliable for the type of HP and Speed but would like to have additional coverage...

My insurance company reviews my umbrella policy with me every year. They ask me a large number of questions about my boating habits and then decide. So far I have been lucky that they keep me on.