Marina requires $500,000 liability insurance?

Hi all,

I just received my annual slip renewal package from my marina. In addition to raising the rate (yet again; $3,000 for a 29 foot slip), for the first time this year the marina is requiring all boat owners to have a minimum of $500,000 liability insurance on their boats, with $1,000,000 the preferred amount, according to the marina. I'm all for maintaining insurance on my boat, but can the marina actually tell me how much to carry? Is this typical of other marinas in the Baltimore area? I guess there's not much I can do, but I am curious about how common this practice is.

Thanks,

Bob

Our marina raises slip fees every year, whether we need it or not and also requires that we have insurance for our boat. I am not sure what the details are (that's the captain's job), but I'm pretty sure they have minimums as well. We're located in Herring Bay. Our marina is one of the biggest in the area.

Insurance

Our marina requires proof of insurance. They have required it for as long as I can remember (which in this case is about 15 years, in other cases could be more like yesterday). Our marina had been pretty good about raising prices, but was recently bought by a new group and we have seen price increases each of the last couple of years.

Mindscape said:

Our marina requires proof of insurance. They have required it for as long as I can remember (which in this case is about 15 years, in other cases could be more like yesterday). Our marina had been pretty good about raising prices, but was recently bought by a new group and we have seen price increases each of the last couple of years.

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Yes, my marina has always insisted on proof of insurance; we have to include a copy with our slip rental agreement each year. But, this is the first instance where the marina is mandating a minimum coverage of liability (at $0.5 million). If this were a State mandate, like minima on car insurance, I could understand the request. This appears to be different. As I said, however, I don't really have much leverage other than leave a marina that I like. So, I no doubt end up paying whatever...

Community Marina

We live in Annapolis and our community has a marina where we keep our boat. The Homeowners Association requires insurance coverage with a minimum of $300,000 liability. This was decided on the advice of the insurance company that handles all of our jointly held community property.

I'm in a marina in Dana Point, CA. The insurance requirement there is $300K. Plus the policy is also supposed to list the marina as a "co-insured".

I've heard the live aboards had to have $1 milliion insurance.

I don't know of any marina that doesn't require liability insurance in our area. Our marina doesn't require 500K, we have 300K and 800K for fuel spills. I suspect there is not much difference in cost between 300K and 500K.

Shadowfax said:

I don't know of any marina that doesn't require liability insurance in our area. Our marina doesn't require 500K, we have 300K and 800K for fuel spills. I suspect there is not much difference in cost between 300K and 500K.

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Hi you guys,

Thanks for the information. I guess I shouldn't feel so bad when I see the owner of our marina driving a new bmw M3 while I drive my rusting '94 ford. Cest la vie,

Fair winds,

Yeah but....

BobB said:

Hi you guys,

Thanks for the information. I guess I shouldn't feel so bad when I see the owner of our marina driving a new bmw M3 while I drive my rusting '94 ford. Cest la vie,

Fair winds,

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But he probably doesn't own an Ericson

Mindscape said:

But he probably doesn't own an Ericson

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Nope, one of those big, noisy cigarette boats