Q & A with Yacht Insurance Broker: EVERYTHING YOU NEED TO KNOW ABOUT BOAT INSURANCE [Ep.18]
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- Опубликовано: 26 июл 2024
- You’ll want to be armed with this info because it WILL make a massive difference in the broker you work with, the policy you decide on and the amount of $$$ you’ll pay!
Picking out your boat is exciting and fun! You can hardly wait to get out on the water but there’s one really important part left (other than paying for the boat!)………..boat insurance! There’s so much inaccurate and bad information out there it’s really hard to tell what’s true! What policy do we need? What coverages are best for our boat? Our family? Is it ok to live on the boat? What if this is my first boat? The questions are seemingly endless, which is why after receiving so many e-mails, we decided to put together a video with our awesome broker Hugo Hanham (Hanham Insurance Agency), to help pull back the curtain on the cloud of boat insurance and share real, honest information!
Yes, this episode is a bit long, but it’s filled with crucial info and great tips so bust out a note pad and pen and let’s get going! You’re going to have a little homework to do after this one and so will the broker you choose to do business with!
Main topics covered in this video and much more:
1. Three main factors that will determine your premiums
2. What is a boat resume?
3. Find a good broker who will represent you well!
4. Liveaboard or part-time cruising?
5. What's good insurance policy?
6. Policy coverage limits?
7. Will our premium go up if we put in a claim?
8. Do hurricane zones affect our premium?
9. What happens with our policy if our plans change?
10. What is a named storm deductible?
11. Will my premium go down if I don't have any claims?
12. What makes a good broker?
13. What happens with our premium if we decide to sail to Europe and Australia?
14. And the overview
15. Do I need a hurricane plan?
Two Links from our Boat Insurance Broker:
1. The first page is a good guide on things to consider when making a hurricane plan. I find that most first time boat owners think "We will just outrun the storm", so this page I wrote, explains how to correctly think about preparing for a hurricane. It is good content for sure.
www.hanhaminsurance.com/hurri...
2. The second page is a simple page to download an example resume that is easy to edit and make your own. I find that with a resume, the less "Fluff" that is on there the better. Just the basics, and this will help boaters....especially first time boat owners or people making a jump in size.
www.hanhaminsurance.com/boati...
Live With Passion 💕
~ Your Crew: Andy, Maki, Oliver & Lukas
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About Us: We are a family of four from Southern California, (San Clemente) about to set sail in April of 2020. Join us as we document our travel experiences, adventures and uncertainties that come along.
3 years ago we sat down as a family and shared a dream that we all wanted to see come true. A dream that we take a window of time in our lives to do something truly special together, an extended sailing trip, an adventure that would stay with us for the rest of our lives.
![Planning Our Route - CROSSING THE GULF STREAM, Heading To The BAHAMAS [Ep.23]](http://i.ytimg.com/vi/u4MIwuwSI6s/mqdefault.jpg)
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After viewing you guy’s channel, I’m so impressed with the uncompromisingly professional approach employed throughout the boat acquisition process. On top of that, the video quality, content, editing, sound, and overall production is exceptional. I look forward to keeping up with your journey. Safe travels.
Hi Brien! Thank you very much for the kind comment and for taking the time to watch the videos! We put a lot into them, especially Maki with all the editing etc but our drive is simply to help pass on information that hopefully helps others interested in boating or just learning more about cruising. Amazingly there's a lot that goes into it. Anyway thank you for joining our adventure and stay tuned.....more videos are coming!
Andy, you are a really good interviewer and the editing was also very tight! yacht insurance is such an important topic for liveaboards. Please consider doing more of these interviews in the future. Also Hugo is a very good yacht insurance broker. I had the pleasure to talk to Hugo twice, and he was extremely helpful both times.
Hi Jack, glad you found the video helpful. This is the goal of our entire channel.....to share practical real world experiences, thoughts and lessons learned so others can make solid decisions for their themselves. We'll be doing more of these type of videos from time to time. Thank you for the kind comments.....really appreciate it. All the best, happy holidays!
Just came across your channel. I have to say, this is one of the best videos covering boat insurance I have seen. Very good and practical questions asked.
Thank you Thomas! Appreciate the kind comments and really glad you found it informative! All the best!
Like this Ep. 18, all of your videos have been very informative. I am doing my homework on my own possible Leopard 45 purchase, and am very appreciative for all of the time and effort your family has put into these videos. If fact, I just spoke with Hugo this morning and - like your family - he was very generous with his time and advice. Thanks again.
Hi David! So glad to hear the videos are of help.....that's all we've wanted is to be able to provide through our experience some useful information that others can use in their decision making process when making their boat purchase or cruising dreams a reality! We're no pro's but if there's a specific question we can answer, feel free to reach out. Hugo by the way is simply wonderful to work with. All the best to you and your family.....we look forward to seeing you out on the water! ~Andy and the crew :-)
Fantastic channel. So well produced and shot. The information y’all provide is invaluable. Thank you.
Thanks for taking the time to join our journey and so glad you find the information useful. I know we need to release videos more often.....they're coming! Stay safe and make it a great day!
Very informative video! Thanks for putting this together and for recommending Hugo. Today, we had a good long chat about insurance for our new boat.
Excellent! Glad the video helped! Hugo is fantastic and will take care of you! Thanks for joining the adventure. We’ll see you out on the water! 👍
Great video guys, truly informative. Thank you.
Glad it was helpful Andy! All the best to you all!
I love your videos! Thanks for posting.
Glad you like them Catherine! Wishing you and your family happy holidays!
Great information. Thank you for doing this video and for sharing the links
Our pleasure! Glad you found it helpful. Hugo was kind enough to put the links and information together on his site so anyone can make use of them. Great guy and excellent service!
Probably the best video on boat insurance of all time! Thanks !!
Wow Bill thank you very much for the kind comment! Hope it helps in some way 😁
Very Interesting and informative Thank You for Posting this talk.
Glad you enjoyed it!
Great info, perfect timing thanks.
Glad it was helpful Kevin! Happy Holidays!
Very informative. Thanks for making this video.
Glad it was helpful Jim! Stay tuned there's more to come! Stay safe and thanks for spending a part of your day with us :-)
Thank you, your videos have been very helpful.
Glad to hear that! Thank you for spending a little time with us and coming along on the journey! All the best!
G. Very informative and certainly important knowing all the variables associated with yacht coverages and their cost estimates. Thanks
Glad you found it helpful George!
As your previous videos, excellent production, using your insurance broker was great. He had all the answers and they were well explained. Thanks for all the great information. Learned a lot & I have brought a boat insurance over the years but not for sailboats the size of yours.
Thank you for the kind comments Angus and so happy to hear you found the video helpful. Hugo is fantastic so if you have any questions feel free to reach out to him. He's happy to help out!
A perfect ending to an awesome video!😁
Glad you enjoyed it :-)
Love your stuff but the Mm Hmms were painful.
Very helpful. Thank you.
Glad it was helpful! Thanks for taking the time to watch!
Love the scooter, ideal for the boat.
We agree! It has really worked out well!
Good info guys!
Glad it was helpful! Happy Holidays!
Great info, thanks for sharing, insurance is the one area I had not researched, I did not hear anything about "contents" insurance? also is the dinghy covered under the hull? Thanks again.
Glad to hear the video helped shed some light on insurance. The dinghy is covered under our policy and I’d have check on “contents coverage”…..I think we added a rider on our policy for that.
Great video as usual. Not sure if you have addressed this but I’m curious why you chose a Leopard over the other production cats(FP, Lagoon, etc). We are starting our search and would love some insight into your decision process.
Hi Barry, thank you for your kind comment and question. Sailing in California (our home state) we only had the opportunities to sail FP and Lagoons. My CAT classes were all on FP's. As Maki and I (and the boys) spent years attending boat shows, we seemed to always find ourselves on the Leopard Catamarans for a few reasons. One we LOVE the forward cockpit and the ability to walk up front without having to walk the side decks, especially for our children. We also really found the Leopard's to have a very solid, tight build quality to them. They sail very well and have lots and lots of storage space. I guess for us it just checked off all the boxes we were really after. Our suggestion to everyone really is to be honest with yourself as to what kind of sailing you are going to be doing. That will drive what you need the boat to be. Fast, super spacious etc etc. There are lots of beautiful CAT brands out there......you just need to pick the one that speaks to you. Sorry, I know this was a long winded answer......I hope it helped. Feel free to reach out to me on FB with a private IM message.......happy to help however I can. Thanks for joining our adventure and all the best to you and your family....stay safe! ~Andy
SV Sophisticated Lady recently got hit by 2 CAT-45's in San Andres, a Columbian island off Nicaragua. They survived at anchor with good kit and the right plan, find them on RUclips and follow along.
Terrific episode and information. Basically what I'm taking away is that all your plans should fit with what your broker and insurance company recommends. So BVI in August? Well, they're probably not going to cover you if Hurricane ABCX hits; either be somewhere else, or be prepared to pay a lot more - and risk your boat.
Plan to cross the Atlantic for the first time? I think experienced ferry captains are about $9000 a month. If you could hire Captain Richard that would be money well spent, your insurance carrier would like it, you'd be in better hands, but even better you'd be learning from the best.
Also, I'm surprised Suriname hasn't been advertising itself as Hurricane-Free Paradise.
Exactly........just have to pay attention to where your boat will be and understand the associated insurance costs and risk to the boat is. Yes Capt Richard for the Atlantic Crossing would be great!
Great video. Very helpful and informative. The audio could be better...mic up the interviewer and guest. Thank you for sharing.
Glad you like the video James! Yes it was a bit noisy that day and more than one mic would have helped 👍. We’ve gotten more mics since so hopefully it’s a thing of the past 😊. Thanks for taking the time to join our adventure!
Usually your marina will require proof of insurance
At least in the U.S. non of the marina's ask for proof of insurance when you are a transient boat. However, I'm sure they ask for it if that specific marina is your home base marina. Also proof of insurance is one of the first things the USCG asks for. We were just boarded by the USCG while at sea and they took a photo of our insurance paperwork. Just FYI. All the best and happy holidays! ~Andy
When you insure any car/boat/aircraft insure it for a agreed vale, not average/generic for that vehicle.
Completely agree with you Mark. Our insurance is customized to our boat and how we’re going to use it.
How much is your insurance premiums ? Would be really interesting to know? Is it as much as a house+car? Etc..... state housing taxes?
These figures are going to be different pretty much for everyone as it's based in part on the owners experience, where the boat is located and how it is used. The costs can be easily as much as property taxes but vary greatly. You'd need to connect with a broker like Hugo and start the conversation.
Good video. I just wish, I could hear it.
Hi Eric, Given the pandemic, we didn't want to gather inside the boat so the aft cockpit was the only place we could film this and still be on our boat. Even though we used mic filters the noise is the darn bridge traffic in the near distance. Maki did her best to suppress all the background noise and elevate vocals. Hopefully future videos like this will be just off the white sand beaches of some island in the Bahamas where other than wind noise, it will be silent! Thank you for taking time from your day to watch......hopefully you found it informative and helpful. All the best and happy holidays! ~Andy
What about fuel spillage from an accident, the fines and cleanup is expensive. Is this part of the liability coverage, or is it a separate thing?
Great question! Policies do have coverage for these types of events but you’ll want to make sure your specific policy outlines or has a line item identifying the amount of coverage in your policy. Some carriers have it folded into a liability clause while others will have it called out on its own. Best to ask specific questions like this when reviewing your coverages.
If I am able to actually make my plans happen, I would like to spend a year in a monohull coastal cruising around the US to get practical experience before stepping into doing crossings in a cat, but currently I'm in that "never actually sailed" category, and the need for experience makes me curious how the "boating experience" is measured. Like, do they just want to know "I've owned a boat for 10 years, took it out a couple times every summer", or would "I've been living aboard and coastal cruising for a year, sailing from point to point weekly" ultimately look better. Like, are they counting hours spent on the water like the USCG does?
you usually go by nautical miles sailed.
@@makanimike That makes sense. Thanks!
No they're not counting hours like the USCG nor do they want to know how many nautical miles you've sailed but info like that certainly wouldn't hurt. Click on the link Hugo made for the Boating Resume, which you can edit and make your own. The idea here is to create a Resume that gives a broker like Hugo solid information that he can then talk to insurance companies, basically brag about the life experiences you've had on water.....any body of water (ie lakes, intra coastal, coastal, off shore). It's not about how many boats you've owned but instead a list of times you've been out on the water (ie, cruising with friends, sailing classes, charters, power boating experiences etc.). An insurance company needs to have confidence that you've had enough time and real life experiences on the water that you know what you're doing.....that you're not going to go out on the water and crash your boat into a dock, another boat, shore line rocks etc. They are obviously limiting the risk exposure and the better more competent a boat owner is, the more likely an insurance company will be to write a policy for you. Experience is one of the key drivers of your policy rate. The most important driver is where the boat is located, especially during hurricane season. Feel free to reach out to Hugo with questions. He is super kind and easy to talk to and filled with lots of info! ~Andy
If someone pushes your boat into another boat. Who pays for the 3rd boat? The person that pushed you causing it? Or you pay because you technically hit the 3rd boat?
Depends on the carrier and the policy you have but usually the initial boat that caused the accident will pay. At least that’s what we’ve been told when reviewing policies.
What qualifications do you need to sail a yacht internationally
Hi Deon! If sailing the world on your own boat, the short answer, in general is none. Most “licenses” are required to charter a boat in many places around the world. They obviously want to make sure the person they are chartering the boat to has at the very least basic sailing skills, some operations may require more or limit you in the size of the boat they allow a person to charter. That all said, it’s probably a good idea even for our family to have an ICC ( International Competency Certificate). I believe the EU requires this to sail the Med. If you’re in the States you’ll want to check with the ASA and if in the EU check with RYA out of the UK. Hope this helps! ~Andy
Another excellent video guys! Extremely informative. I mentioned about a UV water purification system for boats a number of episodes ago, and lo' and behold, the Wynns discussed theirs in their latest episode. I'll be installing one of these down the road when we buy a cat for sure. Here's the product - acuvastore.com/products/arrow-5-with-smart-faucet. Anyways, keep these great vids coming!
Hi Robert, we're headed back to Fort Lauderdale to have some additional work done on the boat, one of which will be the UV water purification system. Thanks for sharing the link! All the best and happy holidays!
Poor broker had to drink out of a Vase?? LOL
Is there places you can't go without boat insurances?
Just like a car, if you have an outstanding loan balance on the boat, the bank will require a full coverage policy. If the boat is paid off, you will still need Limited Liability Insurance and if your boat is in the Caribbean during hurricane season there will be different "riders" added to your policy. Also if you are planning to transit the Panama Canal or cross an ocean, you will need a policy rider for those travels as well. In short, you will be required to have liability insurance especially if someone hits your boat and then depending on your travels, rider policies will come into affect. Check out Hugo's site as it's filled with great info and he is also super helpful!
@@sailingsvoliluki6938 Thanks, I just heard about many sailboat owners that have sailed around without insurances for years.
@@BennyTheNerd If the boats completely paid for, I guess you could do that but in my opinion you'd elevating your level of risk. There are so many things that could cause damage to a boat that simply aren't the owners fault (ie another boat hits yours, another boat drags anchor into your boat, another boat at a marina damages your boat, lightening, rocks etc, etc). Yes if someone hits you their at fault and their insurance should cover the damages but that's IF they have insurance.
@@sailingsvoliluki6938 Thanks again. I hear you on all those comments, nice to hear your opinions. Have some good sails out there.
👊👊💥
Thanks Jonni, hope the video helped!
@@sailingsvoliluki6938 yes I’m still watching now lol !!
Mmhmm
"The way an insurance policy is written is really interesting." Its written in such a way to ___ everyone is better verbage.
This has some gawdawful background noise, if you can't get the recording done without it, you could have at least filtered it out . . . . good content otherwise . . . .
He should insure Australians. Apparently your boat must be housed in the US :(
Aaaah sorry Trent. Hugo is fantastic. There must be some way to check the reputation or rating of an insurance broker. ?? Here in the U.S. insurance companies as a whole are rated, A+ being the highest score. I would think there is a similar rating for individual brokers. ??
Buy a cheap boat and go sailing