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| Ok, renewed the boat's liability insurance policy today and the new sales person informed me that perhaps I ought to increase my 100k limit to 250k - 300k..
He informed me that with the increasing cost of medical care and "making the person whole again" (whatever that means), my 100k limit could be used up in a hurry and any judgements above this limit would be picked up by my pocket-book...
Wondering what limits you all carry as far as boaters liability insurance??
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| Mo-Muskies-I have 250,000 total liability on boat/equipment & theft/medical,bbut on my small business bonding/liability is 3milloin max out!(plumbing&electrical though)!
P.S-not a guide and the boat policy is about $300 a year!
You can never be OVER INSURED! Jeff |
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| What if someone was to die? Will 100k cover it? I dought it so that's why we have a one million minimum here. I have full business insurance for my boat and clients and it cost me $1100 a year Canadian so thats $700 for you guys. [:sun:] |
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| $500K liability- American Family-> $144.00 Yr.
It's your choice to catch'em & Let'em Go!
...>..... |
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| I am looking for at my quote sheets now for boat insurance. I work for American Family Insurance and sell non-commercial boat policies. For us it is very minimal to increase your liability from $300,000 to $1,000,000. The increase depends on the type of boat but it is only around $10 to $15 a year more to increase your liability. I recommend doing this and also I also suggesst umbrella liability policies to all my clients when they start adding "toys". Thanks Troy |
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| Troy is right, it is relatively inexpensive to increase your libility limit. If you have assets that you want to protect consider the highest liability limit that your insurance company offers usually 500k some will go to $1M. If your assets are in excess of 100K definately consider an Umbrella policy, the umbrella will provide coverage above your home, auto and "toy" liability insurance. For most people a $1-5 million umbrella policy will be between $125 and $500 a year.
I don''t sell insurance anymore, but I do work in the industry for one of the largest insurers and would be happy to answer any questions that you might have.
CPR - Will
[email protected] |
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| My grandfather was a claims attorney for many years and later VP of claims for a very large insurance company, he would tell you there is no such thing as too much coverage. |
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| I have 1.5 million Liability per person and 1.0 million Medical per person and 1.5 million Under Insured Coverage(kicks in when another boat is at fault that has no Insurance or very little,if they are at fault and have nothing and you do not have Under Insured Coverage,your Insurance may not pay and you will have to go after the other persons estate,if He has nothing you get nothing).I also have insurance for the Trailor and all the electronics,fishing gear etc.
The cost is $759 per year. Capt. Larry |
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