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TWL: Insurance for damaged boats

A
AlGolden@compuserve.com
Thu, Dec 27, 2001 2:12 AM

Joel:

With Ken talking about buying a salvage boat got me to thinking...What
kinds of insurance are there for damaged/project boats? Obviously they
won't pass insurance survey but still need to be insured. Joel Wilkins

Usually those kinds of situations are covered by a Builder's Risk policy.
They typically insure the boat ashore at its actual cash value, from some
beginning point up to some estimated finished value. They can go on to insure
the virtually completed vessel for its launching, commissioning and sea-trial.

They also cover materials and equipment on hand, but not yet installed.

It's very important, both in new construction and in repairing/re-fitting, to
have a surveyor in attendance at several critical points in the process in
order to make the boat readily insurable once the project is complete and the
boat ready for navigation.

Al Golden
International Marine Insurance Services
1-800-541-4647

Joel: >>With Ken talking about buying a salvage boat got me to thinking...What >>kinds of insurance are there for damaged/project boats? Obviously they >>won't pass insurance survey but still need to be insured. Joel Wilkins Usually those kinds of situations are covered by a Builder's Risk policy. They typically insure the boat ashore at its actual cash value, from some beginning point up to some estimated finished value. They can go on to insure the virtually completed vessel for its launching, commissioning and sea-trial. They also cover materials and equipment on hand, but not yet installed. It's very important, both in new construction and in repairing/re-fitting, to have a surveyor in attendance at several critical points in the process in order to make the boat readily insurable once the project is complete and the boat ready for navigation. Al Golden International Marine Insurance Services 1-800-541-4647
E
elnav@uniserve.com
Thu, Dec 27, 2001 3:01 AM

At 09:12 PM 12/26/2001 -0500, AL GOLDEN wrote:

It's very important, both in new construction and in repairing/re-fitting,

to

have a surveyor in attendance at several critical points in the process in
order to make the boat readily insurable once the project is complete and

the

boat ready for navigation.

REPLY
This ties in  nicely with our previous thread about  building standards and
surveys of new builds.

What specifically are these  critical points  in the process of  new
building or  refitting?
I'm sure that  there are several members on this list who are
contemplating such a ventuer in the next year or so.

^From what I have found out so far,  there isn't a lot of material
available  to guide  first time  owners.
Perhaps this list could be the medium  for developing such  a document.

When is it appropriate to detail  particular model numbers in a spec and
when is it better to allow the builder some discretion in selecting
optional equipment.
Given the choice  of installing  a specific model which is unfamiliar to
the yard crew and  installing an equivalent that the yard has long
experience with;  which is better?  And why?
I have seen RFQ  documents so detailed and convoluted that I advised the
company  not to bid on the product as defined  in that spec.  On the other
hand  I have seen RFQ specs  that are so general that  the manufacturer
could supply almost anything and still be  within spec.

Regards

Arild Jensen
The Electronic  Navigator

At 09:12 PM 12/26/2001 -0500, AL GOLDEN wrote: >It's very important, both in new construction and in repairing/re-fitting, to >have a surveyor in attendance at several critical points in the process in >order to make the boat readily insurable once the project is complete and the >boat ready for navigation. REPLY This ties in nicely with our previous thread about building standards and surveys of new builds. What specifically are these critical points in the process of new building or refitting? I'm sure that there are several members on this list who are contemplating such a ventuer in the next year or so. ^From what I have found out so far, there isn't a lot of material available to guide first time owners. Perhaps this list could be the medium for developing such a document. When is it appropriate to detail particular model numbers in a spec and when is it better to allow the builder some discretion in selecting optional equipment. Given the choice of installing a specific model which is unfamiliar to the yard crew and installing an equivalent that the yard has long experience with; which is better? And why? I have seen RFQ documents so detailed and convoluted that I advised the company not to bid on the product as defined in that spec. On the other hand I have seen RFQ specs that are so general that the manufacturer could supply almost anything and still be within spec. Regards Arild Jensen The Electronic Navigator