Charter boat insurance

[z-drive]

To the charter guys out there, who do you go through for your insurance? I'm only going to be doing it part time but realize a decent policy is essential. If anyone has an insurance comany or particular agent i'd appreciate the info.

Aditionally any info on what to look for in a policy would be appreciated.

[super-fly]

To the charter guys out there, who do you go through for your insurance? I'm only going to be doing it part time but realize a decent policy is essential. If anyone has an insurance comany or particular agent i'd appreciate the info.

Aditionally any info on what to look for in a policy would be appreciated.

Check out "Charter Lakes" Insurance they seem to be a big player in the industry

[browndog]

I have my policy with Blackadar in Hampton, N.H.

[Ken Catch]

Check out NACO. http://www.nacocharters.org/ This is a good source for insurance, consortium needs and other information regarding operations in the charter industry.

[sgiunach]

Although I own an insurance agency, commercial ocean marine insurance is something I would not tackle myself. The policies tend to be non-standard (which means you actual should read yours from cover to cover) and the market players are unique. You should first look for a broker/agent who specializes in that marketplace. Blackadar Marine is a brokerage firm that may be a start. I've heard mixed things on them. Some good some not so much. Each situation is different and it could have been personality issues. A couple others that I have referred clients to is Burke Insurance in Salem Ma and the Boynton Insurance Agency in Needham. The later 2 firms are full service agencies so they will be able to advise you on your whole insurance portfolio. Look for someone who will educate you and not just sell you a policy. I insure my boat through Boynton as they are a Travelers agent (unfortunately I am not). Travelers Marine programs are fairly strong and well priced.

If you have any questions feel free to pm

[lemaymiami]

Go to Charterlakes.com - they'll be able to set you up. Remember that your current insurance does not cover chartering... In fact one trip for money is grounds to cancel your existing policy and/or deny any claims if they find out your chartering....

Here's something I posted on another site a day or two ago, hope it helps.

"In the 13+ years I've been guiding full time (I don't count years ago when it was part time and I wasn't exactly serious about it) I've had very good results with Charter Lakes, although I haven't had any serious claims, just little ones... They'll encourage you to become a member of NACO which is the charterman's nationwide group to get a discount. Being a member of NACO will get you plugged into an on-going information system that will keep you up to date on the various issues that the charter industry faces as well as new regs...
Although insurance isn't mandatory, two things come to mind... If you want to get a permit to guide in National Park waters (Everglades National Park in my case), you'll be required to prove a certain level of insurance... Addtionally no recreational use policy covers chartering. In fact taking one trip for money is grounds to cancel that recreational coverage (or deny a claim if it's found out...).

Good luck on chartering, I've seen a lot come and go over the years.... "





Remember as well, that you're going to have to re-register your boat as "for hire" and also up-grade all of your safety gear to come into compliance as a charter vessel (not a bad thing).

[Capt.ChrisLembo]

I go through Charter Lakes as do most of the other Capt's here in Key West.

I have a 2006 Contender 27 w/ twin Yam 250 4 strokes-with a value of $140,000 and $1 million liability and the insurance cost is $5,590 annually. You will need $1 million liability if anyone is referring a charter to you or you want to have the proper coverage.

You will also need to:
1) Upgrade your boat registration to commercial/for-hire
2) Upgrade safety equipment to type 1 and EPIRB etc...
3) Federal & State fishing licenses. Starting to cost $$. I have to have 8 different licenses
4) Occupational permit from your county or state (triggers more taxes too!)
5) Random drug testing program
6) TWIC card prior to April 1.
7) Additional accounting
8) Set up an LLC or corporation.
9) Your equipment better be the best quality and always in top condition. It will also then wear out 5 times faster than you expect. No one wants to go on a charter and be handed a Sponge Bob Square Pants rod and reel. You will most likely have something break every 3rd charter-Rod-tip top-guide.
10) Boat maintenance cost increases-Your boat will show much more wear and tear than you think-even part time. I change my oil every 5 weeks. I am always spending time going through fixing little things.
11) Tackle cost increase-You will go through tackle like you would not believe.
12) Line wears out fast when chartering-Braid does not wear as fast but break-offs will cost you line. I spent over $1,000 on PowerPro last year.
13) Advertising will cost time and some money.

My direct paid out expenses for 2008 were $34,402.98 and I own my boat and have no boat payment. That included fuel, bait, ice, tackle, licenses, insurance, rack storage, tackle, rod repair supplies (I do myself) etc...I am full time but much of that you will still have to pay.

To be honest with you, you will probably not cover all the additional expenses just doing it part time. You will also turn what you call fun and recreation into work. Part time guides come and go on a monthly basis here in Key West and we are fishing all year long. They are not out on the water enough to know what is going on each day to justify the cost of a charter to a customer. If you are looking to start up slow and move to a full time thing it may be worth it.

The cost of chartering is becoming outrageous even before you consider the fuel.

Good luck

[z-drive]

thanks for the info. Our overhead looks alot different so we'll see how it works out. the boat, drug testing, twics are all "free," and tackle/bait and fuel (single inboard) look pretty reasonable on paper considering we get most of that besides the fuel for cost. MA also looks reasonable for regulations, which just looks like a charterboat endorsement on an existing license. i didn't see any requirement for an EPIRB in the cfrs....any idea where it may be, if in fact it is a requirement?

My basis for doing it part time is that i work on the water full-time, which means two weeks on/two weeks off, leaving me two weeks at home to do nothing but fish. usually there is nobody to fish with mon-fri so a trip or two here and there shouldnt be a problem. I'm not in it to make a living (a few extra bucks at the end would be nice) but as something productive to do. i am sure it will make me a better fisherman as well.

[Onshore]

thanks for the info. Our overhead looks alot different so we'll see how it works out. the boat, drug testing, twics are all "free," and tackle/bait and fuel (single inboard) look pretty reasonable on paper considering we get most of that besides the fuel for cost. MA also looks reasonable for regulations, which just looks like a charterboat endorsement on an existing license. i didn't see any requirement for an EPIRB in the cfrs....any idea where it may be, if in fact it is a requirement?

My basis for doing it part time is that i work on the water full-time, which means two weeks on/two weeks off, leaving me two weeks at home to do nothing but fish. usually there is nobody to fish with mon-fri so a trip or two here and there shouldnt be a problem. I'm not in it to make a living (a few extra bucks at the end would be nice) but as something productive to do. i am sure it will make me a better fisherman as well.

An EPIRB, Life Raft, Floatation suits and other safety equipment is required under some of the federal permits and endorsements issued by NOAA especially if you register the boat as commercial/for hire.

I've been there and done that (charter with a part-time guide) and, would never do it again with anyone not fishing the full season in the area I'm going to fish for the species I'm targeting. My reasons are exactly those innumerated above by Capt. Chris. I want a charter Capt. who was there last week, last month and last year and has the best well-maintened boat and up-to-date safety equipment. Nothing personal but, as one who has hired many guides and charters; I wouldn't pay to fish with someone who only goes every other week.

[z-drive]

Surprising how this went from a simple insurance question to a business "lesson." I don't know what kind fo fishing you guys think this is, but finding bottom fish to drop jigs at and chumming up stripers isn't usually that different whether its june or september. Sightcasting the flats or chasing tuna sure, but thats not what i'll be doing.

[z-drive]

For future reference in the archives, i've gone with a policy through Ocean Marine Insurance Agency, Inc. out of RI. they were pretty easy to deal with and worked to get me a policy with an older survey (i won't be getting a new survey until the fall). Very reasonable rates. I dealt with Marie. They're a specialty commercial marine insurance company actually geared more towards the industrial siden of the harbor, that i like.

http://www.omiainc.com/