Commercial Marine Insurance Costs?

[matt_unique]

I'm curious what commercial boat captains (specifically owners) are paying for annual insurance? The cost certainly depends on hull value, liability limit, number of passengers, whether you overnight, distance from shore you are operating, etc., etc. If the question is not too intrusive I would like to get a sense of what people are paying. If you prefer to PM I would appreciate that too.

I'm in the process of acquiring my USCG captain's license for a self enrichment project. I could choose to take the OUPV Inland or 25 GT Inland Master. That decision is a longer story but for now I want to explore insurance costs.

Thanks for the help.

--Matt

 

[akscubainst]

I've been quoted anywhere from $2000 to $7,000. Check with V&B/PADI they seem to be the most willing to talk about dive boats.

Good luck with the testing it's a Beach. I got my 25T last October.

Dave

 

[matt_unique]

I've been quoted anywhere from $2000 to $7,000. Check with V&B/PADI they seem to be the most willing to talk about dive boats.

Good luck with the testing it's a Beach. I got my 25T last October.

Dave

Thanks

I spoke to a rep at V and B and they said $2200 as a ball park figure. I had another quote $446 for a $500K and $795 for a $1M policy. Trying to get more data to determine the reason for the huge difference.

If all goes well (waiting for a few documents in themail) I will be taking the Rules of the Road module next week....

--Matt

 

[Akyla]

Greetings Matt,

On your masters, go for the biggest ticket you are qualified for. The only difference is taking an additional module for the 25t or 50t over the uspv. They are questions on deck safety and operations and if I recall them (it was some time ago) they all had to do with big boat equipment, lifeboats and similar stuff. The bluejacket manual was helpful as well as the study guides. Don't let the test worry you, if you have studied, have sea experience and half a brain you will pass. Just look at some of the boat captains you have know, they made it through so why not you?

The insurance issue is a big problem in the charter boat. Few companies to chose from in the marine field and many will not write commercial policies. I have not have good experience with the dive companies underwriting at a resonable cost and there is no coverage for "off the boat incidents" anyway. I found better deal through Charter Lakes insurance. Joining NACO gives you access to this and other things of interest to the charter operator.

The insurance is a major part of the operatiing costs. It will not be cheap even for a 6 pas vessel - well over double to tripple what you would pay if not chartering. I would like to see it for the money you were quoted, but that just doesn't sound anything like what is out there. Just wait until they start charging us all for the hurricane losses in the marine industry later this year. PM or email me if you wish more info.

 

[matt_unique]

Greetings Matt,

On your masters, go for the biggest ticket you are qualified for. The only difference is taking an additional module for the 25t or 50t over the uspv. They are questions on deck safety and operations and if I recall them (it was some time ago) they all had to do with big boat equipment, lifeboats and similar stuff. The bluejacket manual was helpful as well as the study guides. Don't let the test worry you, if you have studied, have sea experience and half a brain you will pass. Just look at some of the boat captains you have know, they made it through so why not you?

The insurance issue is a big problem in the charter boat. Few companies to chose from in the marine field and many will not write commercial policies. I have not have good experience with the dive companies underwriting at a resonable cost and there is no coverage for "off the boat incidents" anyway. I found better deal through Charter Lakes insurance. Joining NACO gives you access to this and other things of interest to the charter operator.

The insurance is a major part of the operatiing costs. It will not be cheap even for a 6 pas vessel - well over double to tripple what you would pay if not chartering. I would like to see it for the money you were quoted, but that just doesn't sound anything like what is out there. Just wait until they start charging us all for the hurricane losses in the marine industry later this year. PM or email me if you wish more info.

I double checked with the insurance agent in question. As expected from the cost disparity with other companies there was a misunderstanding. Their quote is in-line with others I have checked. This cost is definitely a limiting factor for someone interested in part-time charters. In terms of the in-water portion of liability, that would fall under the auspices of an insured DM or Instructor. If I did this, I would not take divers out unless there was an insured DM/Instructor responsible for all in-water activities. (I am not a DM or Instructor so I would not have this insurance available to me). As you pointed out, once the divers splash into the water the commercial boat policy no longer covers anything. (The PADI policy covers divers as they enter the water from the boat but that was the exception compared to the other places I checked).

I looked into the test differences a bit more as well. The OUPV and 25GT Master (both Inland waters) have 4 modules each. 3 of the 4 are exactly the same. The 25GT Master has a different Deck/Safety module as you pointed out.

Thanks for the response.

--Matt