Boat Insurance

[Flyfisha]

I am having trouble obtaining affordable boat insurance. We have a family camp on island that has been in my wife's family for nearly 50 years. With the passing of the parents, everything now belongs to my wife and her brother so the boats are now registered to my wife and her brother as well. We are only looking for liability types of insurance as the boats are far from new (the newest being 1996).

Working through an agent, Progressive would not quote us because of the co-ownership of the boats. Foremost would quote us with co ownership but extremely high because of multiple drivers (nine of us drive one boat or the SeaDoo at some point). Has anyone else experienced the issue of not being about to insure a boat that was co-owned (other than husband and wife)? Also, I am sure there are other family cottages that have multiple drivers as well.

While on the topic, we are thinking of entering into a Trust situation for all of the cottage related properties. If you have done this, have you then had any problem getting insurance on the trust? Thanks in advance.

[codeman671]

Originally Posted by Flyfisha

I am having trouble obtaining affordable boat insurance. We have a family camp on island that has been in my wife's family for nearly 50 years. With the passing of the parents, everything now belongs to my wife and her brother so the boats are now registered to my wife and her brother as well. We are only looking for liability types of insurance as the boats are far from new (the newest being 1996).

Working through an agent, Progressive would not quote us because of the co-ownership of the boats. Foremost would quote us with co ownership but extremely high because of multiple drivers (nine of us drive one boat or the SeaDoo at some point). Has anyone else experienced the issue of not being about to insure a boat that was co-owned (other than husband and wife)? Also, I am sure there are other family cottages that have multiple drivers as well.

While on the topic, we are thinking of entering into a Trust situation for all of the cottage related properties. If you have done this, have you then had any problem getting insurance on the trust? Thanks in advance.

With Boat/US you can list additional owners and drivers. They really dont need to know that it is multiple owners although they give you the option to name them, as long as you list the possible drivers that need to be covered. I am not sure how many they allow, but the quote form gives you space for at least 4 I think. I have never had to use that portion so I am not sure of the particulars.

[SIKSUKR]

Originally Posted by Flyfisha

While on the topic, we are thinking of entering into a Trust situation for all of the cottage related properties. If you have done this, have you then had any problem getting insurance on the trust? Thanks in advance.

I have all my assets except my boat in a revokable trust in my name.Never had an issue insuring my house.I don't have the trust per say insured.