More and more marinas are requiring Proof of Insurance, even from transient boaters.
There is a law in Washington state, RCW 88.26.030, in regards to insurance requirements for private moorage (marinas.)
All vessels, with the exception of transients, must provide the following:
(a) Provide coverage at liability limits of at least three hundred thousand dollars per occurrence; and
(b) Include, at a minimum, general, legal, and pollution liability coverage.
But is $300,000 enough? Not for most marinas in B.C and the U.S, some are requiring Proof of Insurance as high as $2,000,000 dollars. While $300,000 seems to be the default when you buy a new Boat or Yacht Insurance policy, you can request $500,000 or even $1,000,000 from most carriers for not much more in premium. Expect to pay around $40 more per year for $500,000 and perhaps $75-$100 more per year to go all the way up to $1,000,000. Liability limits above $1,000,000 directly on your Yacht policy are typically only available for yachts above 65 feet and/or $750,000 in value. It’s a relatively small price to pay for piece of mind and to meet today’s demands.
This Washington State law says “private moorage” and “all vessels with the exception of transients” but the reality is more and more marinas, even public, are requiring Proof of Insurance from “all” boaters, including transients.
Your Homeowners Insurance policy will NOT cover your boat/yacht and does not provide Proof of Insurance. It is best to separate your boat policy from your homeowner policy.
To meet these requirements you can increase the liability on the yacht policy up to $1,000,000. And, for those marinas requiring amounts in excess of $1,000,000, you can provide Proof of Insurance with an Umbrella Policy. Make sure your Personal Umbrella Policy includes your yacht.
Are you insured enough? Talk with an agent who specializes in Marine Insurance. They can help you determine what you are comfortable with, what your budget allows, and what you need in coverage while out cruising.
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Sponsored by Anacortes Marine Insurance/Scott Richards Insurance
Anacortes Marine Insurance has contractual access to some of the best insurance carriers in the marine insurance industry; Chubb, ACE Private Risk Management, Falvey, Pantaenius, Red Shield, Travelers and Safeco, whose specialties are yachting insurance and insurance for marine industry business. This allows Anacortes Marine Insurance the ability to provide the best coverage and rates to their marine industry clients and to yacht owners who need the right insurance.
Scott Richards Insurance, Inc., is a Trusted Choice Independent insurance agency, since 1951.