The TRUTH About SAILBOAT Insurance: Everything You Need to Know!

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THE TRUTH ABOUT SAILBOAT INSURANCE | Everything You Need to Know!

There’s a ton of confusion out there about sailboat insurance—especially when it comes to older sailboats or wooden boats. Some say you can’t get coverage. Others claim the process is a nightmare. So we went straight to the source.

In this episode, Canadian Ken and I sit down with Paul Miner, owner of Compass Insurance Group, whose main business is—you guessed it—insuring boats. From classic wooden sailboats to fiberglass cruisers, lobster boats to bluewater passagemakers, Paul’s seen it all.

You’ll hear:
- Why older and even wooden boats can be insured
- What underwriters really look for in a boat survey
- The most common mistakes boat owners make when applying for insurance
- What impacts your premium (and what doesn’t!)
- The truth about liveaboard status, hurricane zones, and more

Bottom line? If you’ve ever dreamed of buying an older boat but were scared off by the word "insurance," this episode is for you. Let’s bust the myths and get you back on course.

FOR COMPLETE TRANSPARENCY, WE ARE NOT INSURED THROUGH PAUL'S COMPANY AND HAVE NO FINANCIAL AGREEMENTS WITH HIM. THIS EPISODE IS FOR EDUCATIONAL PURPOSES.

IF YOU WANT TO TALK TO PAUL MINER AND COMPASS INSURANCE GROUP,
PLEASE CALL: 207-837-9703 (CELL), OR EMAIL: pauljminer@gmail.com

Table of Contents:

00:00 Intro - We found an old Cape Dory 28 being offered for FREE. Can it be insured?
00:47 Meet Paul Miner, owner of The Compass Insurance Group
01:12 Paul tells us about his insurance company
01:40 Paul tells us about the policy he was able to get for the FREE 1978 Cape Dory. Wow.
02:30 No survey required on a 47 year old boat?
02:45 An explanation of different insurance carriers
03:41 Is a survey required for sailboat insurance?
04:14 The out of water Condition & Value Survey explained
04:45 Get the right TYPE of surveyor!
06:06 Agreed Value vs Cash Value
07:00 Are there exclusions or limitations on older boats?
07:55 What about wooden sailboats?
08:42 What about age limits on sailboats? Is there such a thing as too old?
08:52 Experience matters
09:45 Using an insurance agent vs going directly to insurance company
10:00 Does location matter? New England vs Florida, for example
11:20 Seasonal use?
12:05 Your auto driving record MATTERS! Who knew?
12:50 Honesty is the BEST policy - no pun intended
13:00 Wrapping up key points
14:04 Canadian Ken and I wrap up and mention next week's episode!

See ya' next time!
- BoatFools Sailing