Insurance on Ranger Tug R-27

S

SummerA-Jen-da

Member
Joined
May 13, 2023
Messages
10
Fluid Motion Model
C-28
Good day... INSURANCE QUESTIONS

Trying to insure our boat, but not "overdo it"... We keep it in indoor storage over winter and have the marina fully winterize. We bought brand new two years ago.

1. Do we insure hull for purchase value or consider depreciation?
2. What is a MUST regarding coverages?
3. Will personal effects be covered through homeowners?
4. If we trailer, will auto cover anything?

Any information will be certainly helpful and useful!
Thank you to all who take the time to respond!

Jenn & Lee
 
Your questions can be fully answered in detail by a marine insurance broker. Highly recommend you contact either (or both) Global Marine Insurance in Michigan or Anchor Marine in Washington state. A quick google search will give you contact info.
My Masterpiece Boat Select policy with Chubb is for a stated hull value which was the 2017 C-28 purchase price in 2022. We also set the amount for $25,000 of personal property onboard. The trailer and roadside assistance is pretty standard add in option. I haven’t changed my insured amounts since we bought the C-28 three years ago.
 
This is a short summary of what Channel Surfing has. It's not "$2m", but more like $1m here, and another $1m there, which totals $2.
My policy also removes the normal restrictions of "Don't go north past Cape Caution" and replaces those boundaries with "just stay within 75 miles of shore throughout North America".

Canada’s Marinas & the $2M Insurance Wave
 
A good marine insurance agent can advise you fully for your home port area and broader cruising plans. We had been with BoatUS/Geico for years with our prior boats: no complaints. However, we went with Chubb Masterpiece for our 2023 R27 and saved a ton for a better policy. One thing to keep in mind is that you might have to date limits related to when you can launch and when you must be out of the water. A good agent can fully advise for your situation.
 
One thing not mentioned here are Additional Insured coverage. Many Marina's and Yacht Club have limits of Liability (we require $ 500,000.), and also "Fuel and other Spill Liability" (mine is $ 1,076,000.) , and "Uninsured Boaters" ($500,000.) Have a policy with BoatUS, and pay $675. per year.
 
One important note. This has been mentioned in these reply’s but only in passing.
When considering insurance just as important as what is covered is where is it covered?
If you will never venture more than a few miles from your home marina and keep the boat there full year, perhaps not an issue.
Start going deep into BC Canada and/or Alaska, trailer to fresh water lakes and rivers, just trailer to home or a distant launch point and you may not be covered. For example - BoatsUS towing coverage is great if you are in Puget Sound or the San Juans but offers extremely limited to zero coverage once you pass north of Nanaimo, BC. Or coverage in inland lakes. My policy covers towing up to $172,000 anywhere from the Broughtons in the north to northern Mexico in the south plus all USA inland waters.
When comparing policies understand what and where you’re covered and make sure that coverage lines up with your boating plans.
We could spend less on our insurance premium undoubtably but those auto company insurance firms probably wouldn’t cover us for 2/3 of the places we take our C-28. If I’m paying for insurance I want it to cover my all of the places we go!
 
scross said:
One important note. This has been mentioned in these reply’s but only in passing.
When considering insurance just as important as what is covered is where is it covered?
If you will never venture more than a few miles from your home marina and keep the boat there full year, perhaps not an issue.
Start going deep into BC Canada and/or Alaska, trailer to fresh water lakes and rivers, just trailer to home or a distant launch point and you may not be covered. For example - BoatsUS towing coverage is great if you are in Puget Sound or the San Juans but offers extremely limited to zero coverage once you pass north of Nanaimo, BC. Or coverage in inland lakes. My policy covers towing up to $172,000 anywhere from the Broughtons in the north to northern Mexico in the south plus all USA inland waters.
When comparing policies understand what and where you’re covered and make sure that coverage lines up with your boating plans.
We could spend less on our insurance premium undoubtably but those auto company insurance firms probably wouldn’t cover us for 2/3 of the places we take our C-28. If I’m paying for insurance I want it to cover my all of the places we go!
Click to expand...
Thank you!
 
serendipity said:
A good marine insurance agent can advise you fully for your home port area and broader cruising plans. We had been with BoatUS/Geico for years with our prior boats: no complaints. However, we went with Chubb Masterpiece for our 2023 R27 and saved a ton for a better policy. One thing to keep in mind is that you might have to date limits related to when you can launch and when you must be out of the water. A good agent can fully advise for your situation.
Click to expand...
Thank you! I have a few new companies to call and see about! Do you alter the hull insurance as the hull depreciates or do you carry full purchase price?
 
William Sanborn said:
One thing not mentioned here are Additional Insured coverage. Many Marina's and Yacht Club have limits of Liability (we require $ 500,000.), and also "Fuel and other Spill Liability" (mine is $ 1,076,000.) , and "Uninsured Boaters" ($500,000.) Have a policy with BoatUS, and pay $675. per year.
Click to expand...
I have this same policy on our 2015 R25SC and pay about the same.
The Marina we're in REQUIRES to be added as also insured and requires the oil/fuel spill coverage.

Ralph
Semper Fortis
 
Not a RT, but I had a recent claim with constructive total loss of the boat. I had "Agreed Value" which is what I purchased the boat for in 2007. Progressive paid that full amount, and I bought the boat back for $1500. Salvage title is the only disadvantage. After complete restoration, I wil get a survey, and the boat will be insurable again.
 
Another question for your broker is whether you are covered for subsequent damage. An example from our provider about our RT25SC: Suppose you suck a plastic bag into your water intake and cut off cooling water. A starved impeller will soon shred and then you can anticipate a high temperature alarm. If you shut down the engine your insurance will pay to remove the blockage and replace the impeller. Then think what happens if you cannot shut down without risking greater loss or safety. To get out of trouble to overheat and suffer major engine damage. Ask whether your insurance will pay to fix or replace the engine or if that would be considered subsequent damage. When I read our old policy I found I was not covered and I changed provider.
 
Chimo said:
Another question for your broker is whether you are covered for subsequent damage. An example from our provider about our RT25SC: Suppose you suck a plastic bag into your water intake and cut off cooling water. A starved impeller will soon shred and then you can anticipate a high temperature alarm. If you shut down the engine your insurance will pay to remove the blockage and replace the impeller. Then think what happens if you cannot shut down without risking greater loss or safety. To get out of trouble to overheat and suffer major engine damage. Ask whether your insurance will pay to fix or replace the engine or if that would be considered subsequent damage. When I read our old policy I found I was not covered and I changed provider.
Click to expand...
Interesting and something I wouldn't have thought about! THANK YOU! onto the phone calling!
 
Submariner said:
This is a short summary of what Channel Surfing has. It's not "$2m", but more like $1m here, and another $1m there, which totals $2.
My policy also removes the normal restrictions of "Don't go north past Cape Caution" and replaces those boundaries with "just stay within 75 miles of shore throughout North America".

Canada’s Marinas & the $2M Insurance Wave
Click to expand...
Thank you!
 
scross said:
Your questions can be fully answered in detail by a marine insurance broker. Highly recommend you contact either (or both) Global Marine Insurance in Michigan or Anchor Marine in Washington state. A quick google search will give you contact info.
My Masterpiece Boat Select policy with Chubb is for a stated hull value which was the 2017 C-28 purchase price in 2022. We also set the amount for $25,000 of personal property onboard. The trailer and roadside assistance is pretty standard add in option. I haven’t changed my insured amounts since we bought the C-28 three years ago.
Click to expand...
Thank you!
 
scross said:
One important note. This has been mentioned in these reply’s but only in passing.
When considering insurance just as important as what is covered is where is it covered?
If you will never venture more than a few miles from your home marina and keep the boat there full year, perhaps not an issue.
Start going deep into BC Canada and/or Alaska, trailer to fresh water lakes and rivers, just trailer to home or a distant launch point and you may not be covered. For example - BoatsUS towing coverage is great if you are in Puget Sound or the San Juans but offers extremely limited to zero coverage once you pass north of Nanaimo, BC. Or coverage in inland lakes. My policy covers towing up to $172,000 anywhere from the Broughtons in the north to northern Mexico in the south plus all USA inland waters.
When comparing policies understand what and where you’re covered and make sure that coverage lines up with your boating plans.
We could spend less on our insurance premium undoubtably but those auto company insurance firms probably wouldn’t cover us for 2/3 of the places we take our C-28. If I’m paying for insurance I want it to cover my all of the places we go!
Click to expand...
Thank you!
 
serendipity said:
A good marine insurance agent can advise you fully for your home port area and broader cruising plans. We had been with BoatUS/Geico for years with our prior boats: no complaints. However, we went with Chubb Masterpiece for our 2023 R27 and saved a ton for a better policy. One thing to keep in mind is that you might have to date limits related to when you can launch and when you must be out of the water. A good agent can fully advise for your situation.
Click to expand...
Thank you!!
 
Chimo said:
Another question for your broker is whether you are covered for subsequent damage. An example from our provider about our RT25SC: Suppose you suck a plastic bag into your water intake and cut off cooling water. A starved impeller will soon shred and then you can anticipate a high temperature alarm. If you shut down the engine your insurance will pay to remove the blockage and replace the impeller. Then think what happens if you cannot shut down without risking greater loss or safety. To get out of trouble to overheat and suffer major engine damage. Ask whether your insurance will pay to fix or replace the engine or if that would be considered subsequent damage. When I read our old policy I found I was not covered and I changed provider.
Click to expand...
Thank you!!
 
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