Posted: March 21 2007 at 21:56 | IP Logged

I realize this has been asked and answered a hundred times and I didn't want to put this on the Bird's chat thread. I am very close to plunking down a lot of hard earned money on the purchase of a Hatt but am really concerned about all the insurance horror stories I read on other sites like HOF and other sites. If I put the Yacht in a company name and carry no insurance I am not worried about the liability side. My question is - what is the real likelihood of a Hatt sinking and me losing my capital if I elect to carry no insurance? Maybe a stupid question but I don't think so at the insurance rates I am hearing (I will save the price of my boat in 14 years!).

Bill

Posted: March 21 2007 at 22:25 | IP Logged

Carl:

Have you heard of anyone NOT carrying any insurance. I have no problem with not carrying 3rd party liability unless there is a specific legal requirement (in Ontario Canada) which I do not think there is yet. I won't be financing so I don't see why I should get totally ripped off. I am working on creating a "captive" insurance company that would be "non-profit" but that will take time to attract members in our situation - no claims and tired of paying the rip-off artists. So unless I hear some genuine disaster stories here or on some of the other insurance sites, I am going "naked" as they say.

Bill

Posted: March 22 2007 at 13:16 | IP Logged

 No Insurance well my 2 cents is are you Crazy

I know you been hanging with the Bird but have you been eating his bird seed.

 I would get some and like Carl said maybe for 1/2 and get big deductible that cans save you some $.

 Just remember Ship Happens  And as you said your hard earned cash do you want to gamble with that Investment. How about someone Hits you, Fire, weather or some buddy is visiting and you all have to much fun and they slip and get hurt real bad. Now If it out at sea you can throw them over the side but at a marina someone may see that...

Good Luck with the new Buy

Posted: March 24 2007 at 19:40 | IP Logged

Dan/Paul:

Thanks for your input. I have been watching the insurance threads on HOF and other forums as well and since I am a new boater, the premiums are insane. I agree on the 3rd party liability side but I am going to take the "hull insurance premium" they want and put it into my own form of"self insurance" fund. I am also told that if I take a Captain's course (or up here in Canada a course called the "Power Squadron" course) my premium in Year 2 will decline a lot. Thanks for the advice. I will let you know how it turns out.

Bill