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Insurance while restoring?

Posted: Thu Jul 21, 2011 10:15 am
by wnoll
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.

Posted: Thu Jul 21, 2011 10:33 am
by mfine
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.

Insurance While Restoring

Posted: Fri Jul 22, 2011 9:18 am
by hagerty
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!

Posted: Fri Jul 22, 2011 11:09 am
by Don Ayers
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.

Posted: Sat Jul 23, 2011 8:09 am
by Don Vogt
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.