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How much does it cost if boat sinks

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  • How much does it cost if boat sinks

    Was going over my boat insurance and I currently have fuel and oil spill clean up as a add on for my policy. When i asked my insurance agent about it he said it would cover any fines i would receive from the epa if my boat sunk. Made me wonder if the worst case scenario happened and my boat sunk, how much would it cost to salvage it? I would guess it is not allowed to just leave a boat under the water.
    2017 Starcraft 20ex
    1996 Stingray 729zp aka 240cs(sold)
    1988 Wellcraft classic (sold)

  • #2
    Fortunately I've never had to find out. But I'm certain that w/in US controlled waters a sunk boat must be removed. I don't know about off shore, or how far. And I'm guessing the salvage value will barely cover the cost of the recovery outfit.

    But your post and others have me digging out my policy to see what calamities are covered. I know I'm good for liability and comprehensive damages, but there are other hazards.
    '96 Larson 174 SEI BR. 4.3LX 4 bbl Weber s/n 0F786604. Alpha One Gen II s/n 0F709315

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    • #3
      It used to be $1800 per day. however that was 15 years ago.

      same fine if your vehicle goes thru the ice while ice fishing

      I believe there is a cap at $45,268 per event.
      Cheesehead boating the Gulf Coast of FLA 27.51° N, 82.53° W

      1988 Cruisers Rogue 2420 -VP 290 DP now powered by custom 468 - https://forums.iboats.com/forum/owner...988-rogue-2420

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      • #4
        Originally posted by Toyelectroman View Post
        Made me wonder if the worst case scenario happened and my boat sunk, how much would it cost to salvage it? I would guess it is not allowed to just leave a boat under the water.
        l think there's more than a few boats still sitting on the bottom everywhere...

        too difficult/ costly to salvage if there is no insurance...

        one near here ( few hundred yds ) old wooden hull converted cray boat owned by an interstate resident, only came down in summer type of thing,

        sank on a mooring, no- one local knew who owned it,
        was under water for a couple of months before the local boat rego mob put out a navigation hazard warning out,

        they had some difficulty finding the current owner as it wasn't registered in his name,

        was under water for months after that as the owner wasn't all that keen on paying for it to be refloated ( was worth buggerall prior to sinking )

        eventually he paid 5k au for it to be raised and gave it away to the bloke across the road from me,

        he put it in the local men's shed where it was repaired by old retired fishermen over time,

        it's back in the water, still floats and is waiting for a suitable diesel donk,

        still looks like a sunken vessel though

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        • #5
          Originally posted by Toyelectroman View Post
          Was going over my boat insurance and I currently have fuel and oil spill clean up as a add on for my policy. When i asked my insurance agent about it he said it would cover any fines i would receive from the epa if my boat sunk. Made me wonder if the worst case scenario happened and my boat sunk, how much would it cost to salvage it? I would guess it is not allowed to just leave a boat under the water.
          It would cost a whole lot more than the insurance coverage. Keep it, if that is what you are asking, and make sure your limits are reasonable.
          Best regards, Ted . . . . Cape Cod, MA

          Current Boats: Formula 330 Sun Sport, O'Day Mariner Sail #3224, Sunfish
          Past Boats: Catalina 22 Sail #10531, Formula 242 Sun Sport
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          My Boating Web Pages: http://www.tpenfield.com

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          • #6
            Salvage cost for the vessel would be the least of your worries.

            Fuel spill containment and it’s consequential damages to environment could cost you a pretty penny.

            I have $75k in spill coverage
            ....

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            • #7
              If you could SCUBA dive, you could remove any and all references to you and don't tell anybody about it. Cost....nothing but some SCUBA equipment and time...

              I guess the real cost would be more about how big the boat is/was, where it sunk and how much it is worth to you. Off shore, who knows...
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              • #8
                You know about rules / regulations / environmental guide lines.-------Walmart can pour oil waste over acres of good land and call it a parking lot.----You spill a few quarts from your bilge and they stomp on you.

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                • #9
                  All my current marine policies are written with a rider for "Fuel and other spill liability" for $939,800. My old policy with a different company and a different boat carried the same amount.

                  I recall asking my agent a few years ago, why such an odd number, and his reply was that it was the minimum required by law. I didn't ask if it was state or fed law.

                  I don't know if that was bad info or not, but it looks like I'm pretty well covered.....LOL.

                  As an aside, I just read my policy and salvage coverage is ALSO included, up to the agreed value of the boat.
                  Last edited by JimS123; January 31st, 2019, 12:13 PM.
                  2019 SeaRay SPX 190 OB & Mercury 150 4-Stroke & Merc 5.0 Kicker
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                  • #10
                    Are you referring to a boat sinking in fresh or saltwater? I'm guessing and only guessing there would be a difference. I'm on the west coast and only fish salt, there are many sunken boats around. They're deep enough that they don't pose a threat to navigation so they stay on the bottom forever. I'm not sure what happens to the fuel and other contaminates.

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                    • #11
                      My spill coverage is $939,800 also, in Florida.
                      Mariah Shabah Z202 5.7L Mercruiser B3
                      Jensen Marine 1972 Cal 21 cabin sloop
                      Retired EE of 45 years

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                      • #12
                        Heres a very short version of how much$
                        1990 this guy I know purchased a pretty home built wood boat and a month later the transom fell off ok ripped off after hitting an unmarked submerged Gill net about 5 miles above a major power generating damn. One of the largest in the us ok number 7. After the boat sank the sherrif wrote the incident up with a hefty list of people that person had to prove to that he removed any and all aspects of this event including any fuels and oils within a given time period and I think it was 48 hours. Fortunately it was a two stroke the boat didn’t actually sink the fuel tank floated and the outboard and transom was hanging by its controls and steering. The owner of said boat was told by the sherrif that any debris from the event that cause damage to the damn or its its generators etc the costs could be billed to me. Fortunately I had friends with boats we cleaned everything up within a few hours and no problems occurred. I progressed to welded aluminum over the next couple of years. Some marinas require well over a million dollars in insurance for fuel and fire related issues the more fuel your boat can hold the more insurance you have to provide.

                        A boat with 150 to 200 gallons of fuel could be a large enough of a spill that you could be hung with a hefty fee for the cleanup. We had a barge carrying oil hit the local sand bar and within a couple hours they had several emergency response ships on sight in case it reptured or tipped on its side the likes of which were not cheap 30 plus crew members on overtime not to mention the cost of the ships and containment measures. Everything was fine they raised the water level and floated it to safe water. The barge was within proper channels but the river had changed.

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                        • #13
                          It is interesting to know that some Insurance company will cover a fine. Did I read that right? I would think that the costs for recovery would be inline with the location the boat went down, the difficulty of recovery i.e. time spent recovering and the amount of the contamination of water by hydrocarbons. Around here more snow machines sink than do boats by a large margin. The Ministry of the Environment gives a minimum time for recovery for boats and sleds. Putting divers under the ice costs big time. The torrent of the upper as well as lower Niagara River eats boats for lunch. That's going to cost big time compared to a smallish O/B boat that sunk in some calm back bay.
                          Experience is a lifetime of mistakes, wisdom is not making them again.

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                          • #14
                            One of the marinas I service had a 45ft Hatteras sink this summer, $22K in fines and harbor clean up fees.... 18K to raise it. One of the engines was being serviced and caused it to fill and sink.
                            When in doubt,Trim it out!!!
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                            • #15
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                              Looks like we're mostly talking about insurance. So a blanket liability policy can be a buy, and the way to go in my mind. $1M in coverage is only a couple hundred bucks/yr, assuming your primary homeowners ins. has $500K min in liability coverage. Also not too pricey.

                              We got ours 20 yrs ago when my wife's family's lake place was letting anyone who knew someone, or was related to someone use the boat. One way or the other, the lawyers would sniff us out. The second $1M, total of $2M was only another $100/yr. Which we did once we got our own water place. It doesn't take much to find your a*s in the breeze. So it's a good idea to buy enough insurance to cover your "a*s"ets, plus the cost of ridiculous PI settlements.
                              '96 Larson 174 SEI BR. 4.3LX 4 bbl Weber s/n 0F786604. Alpha One Gen II s/n 0F709315

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