Active Active   Unanswered Unanswered

Insurance while restoring?

Have an insurance-related question? Our Chris-Craft Antique Boat Club Silver Sponsor, Hagerty Classic Marine Insurance Agency, LLC, is eager to help navigate the waters.

Moderators: Al Benton, Don Ayers

User avatar
Posts: 29
Joined: Tue Aug 03, 2010 10:10 pm
Location: Camdenton, MO

Insurance while restoring?

Post by wnoll » Thu Jul 21, 2011 10:15 am

What is the best approach for insurance protection of my 1964 SeaSkiff Corinthian 35' while I'm restoring her? It will be a minimum of two years to restore. It will be accomplished at a location that I am renting to perform the work.

User avatar
Posts: 1405
Joined: Sun Jun 06, 2010 8:16 pm
Location: Pittsford and Penn Yan NY

Post by mfine » Thu Jul 21, 2011 10:33 am

Given what you are about to spend, I would not try to cheap out on insurance to cover it.

With a declared value policy, you can pick a coverage level above what your boat is currently worth and pay a little extra in premium, but be covered as you get work done and increase its value. You can also drop some of the side coverages like water towing since you won't need them, which will help keep the cost reasonable.

As you progress you can update the insurer with new pics and you can also increase the declared value as appropriate.

Posts: 15
Joined: Thu Jan 21, 2010 2:46 pm
Location: Traverse City, Mi.

Insurance While Restoring

Post by hagerty » Fri Jul 22, 2011 9:18 am

mfine is correct. Hagerty as well as other carriers can offer an Out of Water Port Risk Policy. This allows you to have an Agreed Value on the vessel and increase the value as the restoration progresses. Final adjustment can be made prior to the boat going back into the water. Navigation coverage would be added at that time prior to launch. Depending on your situation, Liability coverage can be included, sometimes if at a Yard, they may require you to carry some Liability coverage, it is an option. Please feel free to contact us with specific questions!

User avatar
Don Ayers
Club Executive Team
Posts: 1681
Joined: Tue Oct 25, 2005 3:05 pm
Location: Oklahoma

Post by Don Ayers » Fri Jul 22, 2011 11:09 am

I currently have an out of the water or "port risk" policy. I have been adding to the coverage as my boat becomes more complete. This is the best way to cover yourself during resto.
Don Ayers
1959 Riva Ariston

User avatar
Don Vogt
Club Executive Team
Posts: 919
Joined: Mon Jan 01, 2007 4:51 pm
Location: seattle, wa

Post by Don Vogt » Sat Jul 23, 2011 8:09 am

A must have if you are doing a significant restoration. With hagerty it is very easy. Every time I wrote a big check to my restorer, I just called hagerty and they increased the coverage accordingly. Do post some pix as you restore. Good luck.
1938 Chris Craft 17' Deluxe Runabout "Jennifer II"

Post Reply

Who is online

Users browsing this forum: No registered users and 2 guests