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Subject: [worldcruising] Insurance for Canadian w/ Florida base
From: Brad Geres (bgeres@XXX.XXX)
Date: Tue Dec 05 2000 - 15:14:26 EST
> From: "catherine " <cwcjb@XXX.XXX> wrote:
> I am looking for information on insurance, we are
> not having much
> luck. The boat is registered in Florida so Canadian
> companies will
> not insure us, American companies cannot, and Lloyds
> has a minimum
> boat value of $100,000. Cheers and thanks in
> advance!
Catherine: If it were me, first step would be to take
out a sheet of paper and list the losses I wanted to
be insured against. Is it total loss you fear most?
Sinking? Or is it liability issues that keep you awake
at night? How much of a loss could you handle yourself
if you needed to? Reason I ask is with possible
exception of liability, you might be better off to
"self-insure". In otherwords, set aside an amount
equal to the monthly premium you'd have to pay an
insurance company. If you have a loss, deduct it
against your accrued balance (which is gathering
interest, BTW). For liability coverage you might look
into an "umbrella policy" or an extension of your
homeowner's policy. -- Brad
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