Insurance for a Boat...and other tales of perplexity.

"The best protection any woman can have...is courage." 

~Elizabeth Cady Stanton

With almost a year of boat renovating behind us (about 4 times the amount of time, and 3 times the money I expected to spend), I am very interested in protecting and insuring my investment.  The marina also requires proof of insurance with a minimum of $500,000 in liability.

All very logical, compelling reasons to be certain my boat is insured.  Then one day, while checking on my boat at the marina, I experienced an image that was even more compelling:

This is a submerged boat with a lift apparatus pulling it out of the water.

We stood next to the heartbroken owners of this vessel and watched as the crew pulled it out of the water. 

Once the title was in my name, it was time to search for insurance.

I started asking other boaters, my surveyor, etc. for recommendations.  I had no problem collecting recommendations, advice, names and numbers.

Armed with my list, my questions and all the information about my boat and her engines, I sat down to interview insurance companies and decide which would win my business.

And then there was reality...

Apparently insurance companies aren't standing in line hoping to insure 40+ year old boats with a value of about 3 times the purchase price.  In the fact, most of them won't insure such a boat at all.

I was denied coverage from several insurance companies:

• United Marine Underwriters (they told me that if I have the boat for a year with no claims, they may reconsider),
• Progressive (they said they would cover the boat as long as the value was under $40,000.00, but they would drop me when it went over $40.  I asked if we could just keep the coverage at $40.  But the answer was, "no"),
• Several other denials.  I was really beginning to worry about what I was going to do... 

Then I called Allstate.  While Allstate itself was also not willing to cover me, the agent there, Elliott Poole, took it upon himself to search for a company that would.  He worked with Markel American Insurance Company.  And voila! I am insured!  Since I needed coverage for more than the original price of the boat (it's called complete renovation), this posed an additional challenge.

Here is what helped me get insurance for the value of the boat:

• Elliott Poole with Allstate Insurance (an agent willing to look for solutions in an unusual situation).  If you are anywhere near the Cincinnati area, you can reach him at 513.924.4979.  Very, very helpful in my search!
• I kept every receipt for everything I purchased for the boat.  I used a neat receipt scanner to scan the receipts and save them as pdfs (many receipts will fade and you could be left with a blank white paper in your time of need).  This enabled me to send the insurance company all the receipts to show how much I have invested in updates,
• I keep a spreadsheet showing all costs with descriptions and dates--and a total column.  This makes it easy for anyone to see, at a glance, the total investment and the types of updates that have been made,
• Having my Masters Captains license--taking any boat safety course will help you get (and possibly decrease the cost of) boat insurance,
• Keeping a log of time on boats (how much time, size and type of boat, what waters, etc.)--insurance companies want to know that you have experience on the water.

All of these efforts netted me two things--a policy and a compliment from my new insurance agent.  In his words:  "As of now I believe we have everything we need to get this policy activated.  Thank you for being soo thorough, it is incredibly delightful to work with a client that is organized."  

It is reassuring to know that my vessel, my investment of time, hard work and money, is now protected, both by insurance and the courage to keep moving forward!