Boat Buzz

So.... my insurance carrier Chubb, has decided not to renew my "port" yacht policy unless I provide them with a recent survey on my 1965 43' Connie. One was done when I purchased it 9 years ago and before I started restoration. The boat was valued at $25k at the time when the market for wooden cruisers was just beginning to implode. Subsequently, I doubt the boat is worth more than that at this point even with all the restoration. The boat is stored in a steel shed at the marina, has no running gear, engines, fuel tanks or even batteries. If not at the boat in person working on it, there is no power source hooked up to her. A giant piece of furniture at this point.

I see no value and I don't know what value the insurance company would see, in doing a survey at a point where I am still 3 years away from splash down. That $800 for the survey would go a long way toward materials needed to keep thing moving and I know darn well they'll want another one before actual launch.

I'd be interested in know what others do to insure their boats while they are being restored. Long term, can insurance be purchased for a boat like this? I am reading in blogs that given it's age and hull material, the options are few and far between and probably disproportionate in cost as well. ~ Randman

Try Hagerty, They have agreed hull value. I think they have provisions for a restoration in progress. I've been w/ them for years, but I've never had to make a claim. Knock on wood. Pun intended. They may require a survey also.

I second trying Hagerty. I use them for two boats; one in-water use and one which is under restoration. The agreed upon value is easy to amend as progress (and dollars) are added on the boat restoration. They write the policy for the restoration as non-water use. They never required a survey even for the 25 foot Lyman that I use in the water.

Randman,

I urge you to contact Hagerty Insurance at 800-762-2628 and speak with one of our knowledgeable agents to discuss the survey requirement that Chubb is requiring for your classic Chris Craft. Our hours are 8:30am-6:00pm. We welcome the opportunity to assist you with the insurance needs for your classic.

Hagerty must have a length or some such that makes them require a survey....I wanted to get coverage on my high quality reproduction cruiser...Fairchild Scout 30....1980 (it was NOT the age that tipped to the survey). I just wanted "walking away and start again money" not market value....just stipulated amount...less than half market.....they still required a survey...and then premium to amount made being self insured the better option. Just sayin.

John in Va.

I believe it's anything 26' and longer they require a survey.

Our survey guidelines have somewhat loosened up, especially with the 26-29' boats without a full head/galley. If you have spoken with someone from our marine division in the past, please give us another opportunity. 800-762-2628. Thank you for your interest in Hagerty!

Hi Carla,

Boat is 43' and has both full galley and heads. Thank for the update.

Why carry insurance on it at all? If it’s in a structure on land it’s covered by your homeowners policy. Get back to insurance when she’s ready to go back into the water. My two cents.