Insurance challenges - Canada

[Kalinka1]

Hi Mike. We had a problem getting Ins. in Ireland and the UK. No one would touch us because we were foreign! Canadian companies wouldn't touch us because the boat was out of Canada and they couldn't write a Policy. Eventually we found Western Financial Group in BC. They wrote a a Policy covering us. Interestingly the Ins. Co. is Velos a UK company! I would expect though, the way things are going , their may be an awfull lot of boats out there not insured in the near future. Policy not too bad at 1800 +/- for $50,000 hull coverage and 3 mill. liability. Though that is the stored on the hard cost.

[Mike OReilly]

I bet a lot of people outside of North America and Europe are cruising with no insurance. The challenge we in the developed world face is that marinas increasingly demand insurance. Otherwise, I bet a lot of people would go without here as well.

I wish liability insurance was easier to get in the NA market. But I can't complain right now. My comprehensive coverage for $45K agreed value is less than $450, and that includes $2M in liability.

[lestersails]

Originally Posted by pcmm

Update. My current insurer (April) is as of next year requiring a survey for liability only insurance. Which is really a bit crazy!

Maybe they want to make sure that you have not installed any cannons?

[hpeer]

Maybe a “woke” agent missunderstanding the phrase “Shoot the ****” ?

[mimijane]

Hi Mike,
Thanks for putting this all together. It's been helpful in our search for insurance !
Cheers,
Mark

[Mike OReilly]

Originally Posted by mimijane

Hi Mike,
Thanks for putting this all together. It's been helpful in our search for insurance !
Cheers,
Mark

Glad to help Mark .

[mimijane]

I've just been on the insurance search for our custom built 51' traditionally rigged sailboat. I must say it was interesting. We don't need offshore insurance at the moment (Great Lakes for this summer) but this was still a bit more involved than I thought it would be. We did have a new survey completed by a SAMS surveyor that showed no issues and "excellent" condition. I quickly found out many underwriters will not even consider home built boats. It was then a bit of a game to try to figure out which brokers used which underwriters, as we did end up having multiple brokers asking the same underwriter. I did find coverage for this year, as we are a bit rushed before launch (May 30th) and we took out full coverage. I did inquire about liability only but the broker said the underwriters that they deal with will only provide P&I coverage for boats under 45' in length.

I was wondering if anyone else has come up against this length threshold ? Seems arbitrary to me, as the operator / vessel condition should really be the risk consideration and just not a length.

Cheers,
Mark

[Mike OReilly]

I haven't heard of the size limit mimijane. I have heard reference to arbitrary age cutoffs, and some reports talk about underwriters not considering boats under a certain value (presumably, so the premiums are sufficiently high?). Doesn't surprise me though. It seems there are fewer and fewer underwriters even bothering to operate in this market. And the ones that do, seem to have a lot of arbitrary (silly) limits.

Two years ago our broker unceremoniously dropped us after THEY shifted primary underwriters. This new company wouldn't insure our good-old-boat (circa, 1977). I always thought brokers were supposed to work for the consumer, but it's pretty clear in this case the saw the underwriter as their primary customer.

We went to another broker who, after some challenges, actually did their job and found us another underwriter who would sell us coverage.

[deblen]

FYI
My annual insurance expires May 30/2022.
I contacted the broker by email today to see if I can renew effective Jun 1/2022-same coverage as last year.
I have accepted their terms for renewal: Same coverage with $100 increase in prem. $607 last yr $702 renewal.


Boat Ins-2022-2023.PNG Views: 62 Size: 16.0 KB ID: 257085" style="margin: 2px" />

[Mike OReilly]

That's good news, and good info deblen. My renewal offer just came in a couple of days ago. Happily, we're being quoted the same price: $439, on $45,000 value. Our broker is AA Munro Insurance, which has offices all over Atlantic Canada.

[deblen]

Post 114 above:
I received a receipt for payment of the above re-newed policy & this Propane clause was att'd. My boat should be OK,as the only propane appliances aboard,at present,are the original "factory" installed stove,piping,solenoid,etc.,plus a portable SS barbecue that is placed on the aft deck when used and runs from an attd 1lb disposable bottle.
However,if in future....Propane clause.pdf

[pcmm]

Originally Posted by deblen

Post 114 above:
I received a receipt for payment of the above re-newed policy & this Propane clause was att'd. My boat should be OK,as the only propane appliances aboard,at present,are the original "factory" installed stove,piping,solenoid,etc.,plus a portable SS barbecue that is placed on the aft deck when used and runs from an attd 1lb disposable bottle.
However,if in future....Attachment 258482

Interesting, I just switched policy providers this spring. No mention of propane for me (Aviva is my underwriter). I was however required to upgrade my main breaker to an ELCI. Every broker/agent I got a quote from required it.

[deblen]

Consolidation of insurance co.s in Canada.


A few yrs ago I was with Aviva.
Last 2 yrs-RSA.
This yr-Intact.
All of the above changes were not based on price,but on availability(or lack)


Now I see why: https://www.theglobeandmail.com/busi...fter-rsa-deal/

[mdhanlon]

I've got an odd situation that I'm hoping a fellow Canadian can assist with.

I've got a 2018 Lagoon that's coming out of charter in June 2023. It currently has insurance through the charter company but once it comes out I'll need insurance on it. I'd like full insurance, not just liability.

I'm planning to put the boat on the hard in a Caribbean country (country TBD and dependent upon insurance) until end of 2024 when I plan to sail to S. Pacific for 2 years.

I've spoken to Dolphin and they're interested, but said to contact them 90 days before insurance is required. The rest of the companies that I've contacted won't insure offshore, especially in the S. Pacific. Any other possible companies I should be looking at?

Thanks for the help.