T&T: Self insured vs uninsured

[Bob Austin]

Bob has pointed out the dangers of "self insurance"--call it what you want.
The biggest risk is liability.  If you don't have anything--then there is
nothing to collect.
But if you have assets, and by some misfortune you or your boat causes
harm--or even death/property damage to another, you are set up for a law
suit--and thus I feel that it is very dangerous--if you have assets--to go
"uninsured".

Also many more marinas want to see a copy of your insurance before renting a
slip--even on occasion overnight.  I have had a marina ask for my policy
number for a simple overnight stay.  I don't know if that is legal or not--but
the marina has the right to refuse you dockage.

The other issue--is if your boat causes damage to others property--and this
has happened in the hurricanes, where boats have damaged other boats and
houses--there have been law suits--and on occasions boats abandoned and all
trace of ownership removed.

So...I have insurance when I am around people--However crossing oceans, I went
without insurance--feeling that my risks were small, and I could afford the
loss of the boat.  But I carried a general liability policy.

Bob Austin