Property & Casualty Insurance/Boat Dock Insurance

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Question
I own a piece of vacant land in Florida that has a concrete boat dock and a non-working boat lift over the canal. I am having trouble finding insurance to cover the lift and the dock. Who will insure it?

Answer
Hi Andrea,

Before I get to your question I wanted to point something out that you said.  It's something that us Insurance Nerds talk about all the time. I'll explain why it caused me to pause in just a second.  Above, in your question, you said two things: "...vacant land..." and "...boat dock..."  Those are contradictory from an insurance perspective.  Vacant land is no longer vacant once something is built or placed there.  In your case, having a boat dock and lift now takes that land out of the realm of being vacant as far as insurance policies and the court system is concerned.

The reason why that causes me concern is the liability exposure.  My question to you is how do you have it covered for liability?  Most Homeowner policies automatically extend coverage to vacant land, however, in your case, since the land is not vacant, coverage is not automatic.  In that case, some companies will allow you to extend liability for a small additional premium.

As far as physical coverage on the dock and the lift, I'm not aware of any companies that will write the exposure.   My guess is that the value is fairly low...under $100,000.  You would need to have an agent in the area where the property is or your agent where you live research coverage availability.  You may find it to be cost prohibitive if it's available.

I'm sorry I don't have a better answer for you.  I wish you the best of luck finding what you need.  If you have any additional coverage related questions please don't hesitate to write.

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Jay K. Williams, AAI, AIP, CIC, CRM

Expertise

I can answer questions relating to the following coverages: personal auto; homeowners; commercial auto; commercial liability; commercial property; business income and all other property and casualty coverages.

Experience

I have been in the insurance industry in Florida since 1979. I am currently the president of a Florida domestic insurance company subsidiary. I've taught continuing education classes in Florida and across the country. I am quite familiar with all coverages including Florida Condominium master policies and unit owner policies. I also specialize in agent professional liability. I have been a professional educator since 2001.

Organizations
I am a member of the Florida Associaion of Insurance Agents, the state affiliate of the Independent Insurance Agents and Brokers of America.

Education/Credentials
I currently carry the following professional designations: Accredited Advisor in Insurance (AAI) Associate in Insurance Production (AIP) Certified Insurance Counselor (CIC) Certified Risk Manager (CRM)

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