Pete McCrary

My Boat US agent just talked the underwriter into insuring my PocketShip for "Agreed Value" of $10,000 and trailer at $2,000 for just $2 or so above what they offered for liability of $300,000, etc. All they want is my certification of its condition, photo, Hull ID, etc. So, I was wrong. I should've been more persistent. Thanks to this topic for getting me off my butt.

Update re loss insurance for "home-built" boats. Just learned the reason the underwriters wouldn't provide "Agreed Value" for my CLC PocketShip: Because it had never had insurance coverage since built in 2010. It's like other insurance -- gaps in coverage is somewhat suspect. So, it's best to have it insured right from the start.

It's always hard to get "Agreed Value" insurance for damage or loss of "home-built" boats. They just don't have a "market value" that is easily established. I made a Chesapeake Light Craft "PocketShip" in 2010 and recently tried to sell it for about $12,000. I based that price on what "Dave" managed to sell his for about a year ago (Canadian $$). I had no nibbles while listed for almost a year. So, I'm going to keep it while I build a cs20.3. I called Boat US for insurance -- got a quote for $300k liability for about $175 per year. But they wouldn't consider any amount for loss of the boat. On the other hand I just sold a Hutchins ComPac Eclipse for the asking price of $16,900 ("blue-book" value $16,495). I had loss insurance at an "Agreed Value" of $17,000 for $275 which included $300k liability. When I bought the Eclipse I hadn't even heard of "Agreed Value" for losses. If the boat is lost, they just pay $17,000, no hassle -- no depreciation adjustment like car insurance. But from the insurance company's point of view, there isn't a viable market for "home-builts" as a value reference.