How much does it cost if boat sinks

[DouglasW]

Keep in mind that most inboard boat fuel spills will evaporate, including common Diesel. The real potential damage is done by the engine oil and gear lube, which is a much smaller amount.

[Old Ironmaker]

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.

At 1st glance I said to myself 500K liability isn't enough in this litigious society we live in, now including Canada. But I remembered what my Lawyer said to me when I was thinking about doubling our homeowners policy to 2 mil. Someone can sue for 20 million but they will only get whatever your liability coverage is and the Lawyers know it. They will string an injured party along promising them the World until their billing rate balloons. The courts here won't throw a family out on the street because they have to sell their home because of a judgement. Here in Ontario the courts can not garnish any pensions of an individual be it a defined plan or our Gov. pensions. I should lower liability not raise it. But like it was pointed out most of the $$ in a homeowners policy is for total loss. Ours is double in cost here then the home I rented out in the city because we have loss due to flood or water damage. We live on the lakeshore of Erie. There have been storms where Zebra mussels have been on the vehicles in the driveway, about 200 feet from the shoreline. I once found our patio table 15 feet up a Spruce tree 50 feet from where it was, the big ? was how did it get there as the tree is around the corner of the deck? It had to fly over the roof and into that tree, wowza. It was Friday the 13th. I know that because a local fishing village Port Dover On. has a bike rally every Fri the 13th and a number of accidents occurred with bikers riding in that wind, crazy kids. When winds hit around 60 MPH last week I thought we were going to Oz. But I've seen worse winds here. Waterspouts are a common occurrence especially in Oct. and Nov. the windiest months.

For all you big boat guys, big boat, big budgets. Many of the big boats at our local marina will only sink at their slips. Some never leave the dock all season. They use them as lake homes. I know one local that lives close to us has a nice 40 some odd footer, it doesn't have an engine!! This isn't a shoddy marina either. They have put a few million in or more I'm told the last few years. I would bet not many there are insured at all. We are very lax when it comes to Marine insurance here in Canada. All other vehicles from snow machines, 50 CC bikes or big rigs all must have liability insurance as a minimum coverage or you wont get your plate stickers, 60 foot boats, nada insurance required.

[Old Ironmaker]

Keep in mind that most inboard boat fuel spills will evaporate, including common Diesel. The real potential damage is done by the engine oil and gear lube, which is a much smaller amount.

That I have never heard about gasoline and diesel fuel.

[Toyelectroman]

Guess I should be good, i forgot that i also have my umbrella policy that kicks in after the boat insurance. Hope i never need to use it

[drunkenWaterRat]

That I have never heard about gasoline and diesel fuel.

Yeah thought the same, at least from the time I spilled diesel in my driveway after refueling the tractor. That hung around A LONG time! Apparently standard automotive spreads out and evaporates much like gasoline. 'Marine diesel' is heavier and will stick around.

https://response.restoration.noaa.go...el-spills.html

[DouglasW]

"Marine diesel" is not what most boaters use. That is used by large ships because it is cheaper. What you find at a marina is automotive diesel or "boat" diesel.