|
Insurance coverage , Is this normal?
Reading thru my policy there is a lot of exclusions , this particular one jumped out at me.
Engine Warranty We agree to provide coverage on your insured vessel only if the engine(s), drive train and propulsion gear are, and remain, the original unmodified equipment provided by the vessel's manufacturer. Any modification or alteration of the engine(s), drive train or propulsion gear, without our prior written agreement, will automatically void all coverage under this policy. This does not apply to normal maintenance of the equipment.. "Engine warrant" sounds like it would pertain to engines only but the wording "coverage on your vessel" makes it seem like the whole boat . What 20 year old powerboat still has the same drive train? If this is indeed true this insurance is useless because they can invoke that clause for every claim.. |
I spoke to a catamaran owner who is selling his boat. I asked him what he pays for insurance annually. His response was zero. It’s not required by law to carry it on boats in most US states. I didn’t know that. Some of the insurance premiums I’ve been quoted on older cats are ridiculous. You throw in verbiage on the policy like you quoted and not really sure it’s worth having.
|
Yup probably normal. Better odds winning the lottery than an insurance company standing behind what they sell.
|
Originally Posted by SecondWind
(Post 4915935)
I spoke to a catamaran owner who is selling his boat. I asked him what he pays for insurance annually. His response was zero. It’s not required by law to carry it on boats in most US states. I didn’t know that. Some of the insurance premiums I’ve been quoted on older cats are ridiculous. You throw in verbiage on the policy like you quoted and not really sure it’s worth having.
|
Originally Posted by Helmwurst
(Post 4915950)
Yep, Missouri and LOTO are one of those states. Think of all the multi million $$$ boats running around here and you have an incident with one of them and no insurance ! I don't want to be that guy.
|
Originally Posted by ICDEDPPL
(Post 4915933)
Reading thru my policy there is a lot of exclusions , this particular one jumped out at me.
"Engine warrant" sounds like it would pertain to engines only but the wording "coverage on your vessel" makes it seem like the whole boat . What 20 year old powerboat still has the same drive train? If this is indeed true this insurance is useless because they can invoke that clause for every claim.. |
That is a Total Dollar, I haven`t heard back so I figured Id ask here.
They have the survey, they know the engines aren`t original, they know the horsepower, builder, price to build etc etc .. I spoke to a catamaran owner who is selling his boat. I asked him what he pays for insurance annually. His response was zero. It’s not required by law to carry it on boats in most US states. I didn’t know that. Some of the insurance premiums I’ve been quoted on older cats are ridiculous. You throw in verbiage on the policy like you quoted and not really sure it’s worth having. Cat insurance isn`t much more than the cig ($1400 more) which they would only insure for $65k but again I had it more for others than me. |
I have Total Dollar also, I know there is an added clause that my engines are modified from stock when I added the blowers.
|
Originally Posted by ICDEDPPL
(Post 4915966)
That is a Total Dollar, I haven`t heard back so I figured Id ask here.
They have the survey, they know the engines aren`t original, they know the horsepower, builder, price to build etc etc .. I agree with you 100% and I would do the same except for the fact that if I hurt someone they`ll sue me till I have nothing . That`s what scares me. Car insurance isn`t much more than the cig ($1400 more) which they would only insure for $65k but again I had it more for others than me. |
"Mysterious" theft or damage doubles the deductible ($30k)
Mysterious can be defined in many ways and without a description it`s an open ended denial IMOP. Mysterious Disappearance, Vandalism and/or Theft Exclusion The coverage provided under Section III: Hull Coverage and Section IV: Personal Effects Coverage does not insure the mysterious disappearance, vandalism and/or theft of any covered property unless the insured has taken reasonable precautions to prevent such loss as set forth in the warranty above, and: There is visible evidence of forcible entry into the cabin of the insured vessel; There is visible evidence of forcible removal of covered properties from the insured vessel; C. There is a theft of the entire vessel. Mysterious Disappearance, Vandalism and/or Theft - Deductible Modified The deductible amounts shown on the declarations page for Section III: Hull Coverage and Section IV: Personal Effects Coverage will be doubled for mysterious disappearance, vandalism and/or theft. |
| All times are GMT -5. The time now is 05:45 PM. |
Copyright © 2026 MH Sub I, LLC dba Internet Brands. All rights reserved. Use of this site indicates your consent to the Terms of Use.