if i could afford that i would prob be in a poition to be self insured,,,,:D

I have an Umbrella Policy as well. I did a thread on this in Gen Disc. a while back with full details on how this works.

I also have a friend with several boats, that does not carry individual boat insurance, but does have an overall very high Umbrella Policy. Some have chosen to go this route, and that is why you see these huge rewards for stolen boats, as they did not have insurance for theft.

I was talking to Tim from DSM the other day and he was telling me about this Skater, at least I think it is the same one. He said the buyer was a little upset with the 25k quote.:confused:

Something doesn't add up Brian.

The umbrella (covers more than one product such as homeowners, cars and boats) or excess policy (covers one product) picks up where the primary policy leaves off. Generally, primary policies need to be at 250/500 or 500csl. At that point umbrella policies are written to extend coverage to 1 million or beyond.

Do the people you know self insuring their boats to a certain limit? Thats crazy! Who wants to fork over $500,000K before your insurance company steps up to bat?

I can't vote. There's not an option for less than $500 a yr. :D

Buck

I don't completely understand how it is done either Chris.

My Umbrella kicks in whenever I exhaust the maximums of liability of another policy. Now, all my insurance is also under State Farm, including the boat.

Just thinking for a second... having several boats and toys, and a business; it probably is easier and cheaper to self insure for things less than the Umbrella, as long as you have it written that way. Taking individual (liability) policies on every piece would probably me more expensive yearly, or compunding several years, as opposed to just being prepared to fork out an amount necessary to kick in ones' Umbrella Policy. As far as theft, like I mentioned; some folks get hosed; and it makes me sick to think about it.

$3000.00 for a 30 Spectre with a $13,000.00 deductable. This price assumes a long layup since I leve in upstate NY.

Why lie just to save a little. They have the right to refuse coverage if your in an accident and they find out you have a larger engine than you told them. They also may only replace what you have listed and not what you actually have. To me me that's not worth the risk.

2003 33 Outlaw w/ 496 HO's State Farm $1050 per year $1000 dec.

I never heard of an insurance company running dyno tests on an engine of a boat involved in an accident or claim. Do they do that?

I have never heard of that either, but a little work by a PI, and they just found you typed out the truth here in black and white on OSO.