Can you insure a race boat?
#14
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Race Insurance-Please read!!!!
Gentlemen:
Race Storage/Transit policies cover all your scheduled equipment, anywhere, in or out of the boat, with one exception: IN THE WATER! It's a Race boat and like Nascar, Indy, SCCA, etc. we never cover physical damage (your property) while Racing, Testing on Track or while in water.
Race Owners/Sponsors Liability is different....We cover Testing, Static Display for Sponsor deals, & Racing both in water & out of water. Liability is third party (when your sued and have to defend)...Example-While testing In Govt. Cut, you flip the boat, cause a jet skier, and your throttleman is seriously hurt....The throttleman family & Jet skier family could present a lawsuit against the boat owner....Your not at the race site! Race Owners Liability will defend the lawsuit and pay if they prove negligence....But no coverage for the physical damage to boat. Fixing the boat while expensive, is still less than two lawsuits- win or lose! Most race teams have this liability policy!
Pleasure boats are covered both ways, but make sure your using it for pleasure only, and it's not a Race Boat....Yes, I know Markel makes some exceptions, but be careful!
I never sold a policy yet for Race Boat, and covered physical damage in water....including Predator! My illustrations are very clear! I use the following wording under the Storage/Transit Proposal:"This policy does not cover any physical damage loss when boat is in the water, under power or not. This is a Race Boat."
Any questions, just call me please 516-466-9760
Advice is Free! Plus, I'm x racer High Risk #171
Rick Felsen 516-449-1134 cell Hawk Race Consultant, Ltd.
Race Storage/Transit policies cover all your scheduled equipment, anywhere, in or out of the boat, with one exception: IN THE WATER! It's a Race boat and like Nascar, Indy, SCCA, etc. we never cover physical damage (your property) while Racing, Testing on Track or while in water.
Race Owners/Sponsors Liability is different....We cover Testing, Static Display for Sponsor deals, & Racing both in water & out of water. Liability is third party (when your sued and have to defend)...Example-While testing In Govt. Cut, you flip the boat, cause a jet skier, and your throttleman is seriously hurt....The throttleman family & Jet skier family could present a lawsuit against the boat owner....Your not at the race site! Race Owners Liability will defend the lawsuit and pay if they prove negligence....But no coverage for the physical damage to boat. Fixing the boat while expensive, is still less than two lawsuits- win or lose! Most race teams have this liability policy!
Pleasure boats are covered both ways, but make sure your using it for pleasure only, and it's not a Race Boat....Yes, I know Markel makes some exceptions, but be careful!
I never sold a policy yet for Race Boat, and covered physical damage in water....including Predator! My illustrations are very clear! I use the following wording under the Storage/Transit Proposal:"This policy does not cover any physical damage loss when boat is in the water, under power or not. This is a Race Boat."
Any questions, just call me please 516-466-9760
Advice is Free! Plus, I'm x racer High Risk #171
Rick Felsen 516-449-1134 cell Hawk Race Consultant, Ltd.
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Hypothetically, say I own a 28 canopied skater w/triple outboards. I would intend to use it for both racing and pleasure. My concerns
would be:
1) Storage and transport accident/fire theft:
Thanks very much I think you covered this, as I understand it's fully covered as long as it's on the trailer right?
2)Liability:
So this covers all third party regardless of race -or- pleasure (throttle man, running over a jet ski, during a race, etc...)? Is this an umbrella type policy or are there stipulations?
3)Cost:
Can you give a ball park idea of cost for something like this? Thanks!
Thanks very much, you have been very informative.
Best regards
JRadical
would be:
1) Storage and transport accident/fire theft:
Thanks very much I think you covered this, as I understand it's fully covered as long as it's on the trailer right?
2)Liability:
So this covers all third party regardless of race -or- pleasure (throttle man, running over a jet ski, during a race, etc...)? Is this an umbrella type policy or are there stipulations?
3)Cost:
Can you give a ball park idea of cost for something like this? Thanks!
Thanks very much, you have been very informative.
Best regards
JRadical
Last edited by wot; 01-02-2008 at 09:13 AM.
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