Originally Posted by mico
Not sure if it clarifys things but most Australian coastal insurance policies now come with a 10 million public liability insurance. I've just looked at ours and yes - its there under coverage. You need this to stay in a marina here and I think that is the main issue - damage to other expensive yachts by inexperienced yachties. Mind you - are total policy costs us $1100 a year but this is for agreed value. Never really thought about yachts entering the country. If I sailed Mico to the US - what would we be charged?
Nothing. Yachts in the USA are not required to have liability insurance--amazingly. However, to stay in a private marina or yacht club for even a short day or two, you'll usually have to show evidence of liability insurance of some sort to stay there. According to my liability insurer, most US marinas require between $200K and $300K of liability. However, in Southern California, there are several marinas which require $500K of insurance. So, here, one could get by with about $500K insurance. The "rate" you would be charged for your liability insurance depends upon the size of your boat and its capacity for doing damage to other boats. The liability part of our little 5 ton boat's coverage was only $100/year however that same liability for our 29 ton boat is about $500/year. The hull insurance is a different thing and that is not what I'm talking about.