Hi Berber Boy
Insurance companies here in the States vary a lot on what they “accept” for boat valuations and what they actually payout for a total loss. Once a boat gets a decade old it’s sort of a perceived value sort of thing as depreciation tables for vehicles (boats) generally have expired. If you undervalue your boat they don’t care much as it minimizes their payout. If you overvalue your boat then they can come back at you and decide what they’ll pay based on “median valuation of like kind”. That means basically any 26 foot sailboat for sale in the past 12 months low to high and take the proportional arthritic mean of the sale prices. So a lot of unkept dirty crappy boats can dominate the valuation even if you have a sparkling professional quality vessel lovingly cared for since day one.
There are a couple of ways around that for catastrophic loss:
1) Clean and tidy your vessel like the ‘white gloved mother-in-law” is coming over for an inspection. Then take lots of good flattering pictures of your vessel showing off all her good points. Print and keep these in a handy envelope should you ever have a claim.
2) The original bill of sale copy and any repairs and equipment purchases for the vessel including electronics statements/ receipts should also be in the envelope.
3) An accurate ships log (as mentioned previously documenting use is also a good thing.
4) If you can, in a separate envelope keep a running list and documentation (photos, ads, etc.) of boats similar to yours in quality of upkeep. It may span years but it is more representative record of valuation than the proportional mean valuation.
5) There are appraisal companies out that can (for a fee) provide objective valuations and documentation package. This is one of the least contested by the insurance companies should you ever have a catastrophic loss.
The liability’s aspect is more of a requirements of the Marina operator to berth/store/dock your vessel within the facility and how much you feel comfortable with paying out of pocket. Mistakes happen and sometimes that can damage other peoples vessels as Sunshinecoasting mentioned. Generally professional Marina operators like Safe Harbor can provide a valid operational experience basis to determine the minimum coverage you should be considering in that environment.
Theft and damage coverage is generally a threshold or deductible issue. So again it’s a personal comfort level for out-of-pocket losses.
Actually, I’ve realistically generally found that insurance costs are a bargain compared to the alternatives. Here in the States most reputable insurance companies will offer substantial discounts to “bundle” your house(s) & car(s)and boat(s) coverage and have the excess liability coverage apply at no extra charge. Do the Australian insurance companies offer that sort of thing?
) that they select a fair market value for their boat and have the premium adjusted accordingly. If you look at Macs for sale online in Australia there is quite a lot of price variance and understandably so because some of us keep on modifying stuff on our boats.
what to look for + I look forward to tips from others.