Insurance for the Bahamas

[SurfNRG]

Wondering what people are using to insure their boats in the Bahamas? We're sailing over to the Abacos next month and noticed that my insurance company, Progressive, only covers me up to 125 miles off the U.S. coastline which isn't enough to cover me in areas like Green Turtle, Treasure Cay, Guana Cay, Elbow Cay, etc.. Any suggestions or recommendations?

[jzk]

You can't get a rider for the Bahamas from your current company?

[SurfNRG]

Yeah, but it only takes me 125 miles off the U.S. Coast with Progressive.

[TabbyCat]

SuftNRG is correct. I gave a seminar on Marine Insurance while we were in Georgetown, Exumas a last month, and I was surprised to find a few boats that thought they were covered, but in actaul fact were not, since they had exceeded their offshore mileage limitations. That's common with policies written by Progressive and other companies that focus more on the automobile market. If you'd like a quote with one of the companies that specializes in Marine insurance, just send me an e-mail. There are lots to choose from, especially if you have have 3 or more years of experience; Unfortunately, a Florida mooring or mailing address reduces the number of choices dramatically.

[deepseadiver]

Tab

What would you recommend for future sailor with only ASA classes. We
wanted to get out teaxas go to BVI and learn there.

[TabbyCat]

I'd recommend seeing if you could sign on as crew on a delivery for someone else's boat first. You'd learn from the captain & you'd have that additional experience to add to your sailing resume. Plus you'd get to find out if you really enjoyed the experience before taking the leap.

We write Marine Insurance with about 30 reputable insurance companies.
Only 4 of them write full time coverage in the Caribbean.
1 of them requires 3 years experience with a similar boat.
1 of them won't insure a boat that's valued at under $500,000.
1 of them won't insure Americans in US or Caribbean waters.
So you see that only leaves you with a small number of reputable companies (1 or 2?) to choose from.

If you're willing to be a snowbird - dip into the Caribbean during the winter and then sail north of the hurricane box in the summer - there are more companies to choose from. You'd have to get north of Savannah, Cape Hatteras or similar location during hurricane season (approximately June 1 to Nov 1).

[SurfNRG]

I actually have a friend who's also sailing over to the Abaco's with us and all along he thought he was covered throughout the Bahamas. In reality he was covered 125 NM (140 approx miles) from Palm Beach. Think this brings you to Treasure Cay area. Go further south and it's all you. He was quite surprised. I like Progressive and that fact that my deductible is 0 since I haven't filed a claim and they deduct 20% per year if you don't. I have a feeling that these other insurance companies (like the others I recently checked into) are gonna be pricey. But I'll e-mail you to find out.

[Therapy]

Originally Posted by TabbyCat

I'd recommend seeing if you could sign on as crew on a delivery for someone else's boat first. You'd learn from the captain & you'd have that additional experience to add to your sailing resume. Plus you'd get to find out if you really enjoyed the experience before taking the leap.

We write Marine Insurance with about 30 reputable insurance companies.
Only 4 of them write full time coverage in the Caribbean.
1 of them requires 3 years experience with a similar boat.
1 of them won't insure a boat that's valued at under $500,000.
1 of them won't insure Americans in US or Caribbean waters.
So you see that only leaves you with a small number of reputable companies (1 or 2?) to choose from.

If you're willing to be a snowbird - dip into the Caribbean during the winter and then sail north of the hurricane box in the summer - there are more companies to choose from. You'd have to get north of Savannah, Cape Hatteras or similar location during hurricane season (approximately June 1 to Nov 1).

To intrude;

That means that my limited experience on a large cat and most of my monohull experience and classes yeeaarssss ago I will not be able to get insurance living here in FL? Way wacko expensive?

[captjohn360]

offshore risk management in florida....jt

[TabbyCat]

Therapy,
You can definitely get insurance, it's just that your options are more limited than someone who lives north of Georgia and has owned (or operated) a similar vessel previously. More options = lower cost.

Everything's a compromise- you have a longer boating season & are closer to the islands, while your fellow sailors from New England have to travel many ICW miles to reach paradise but pay lower insurance rates.

[camaraderie]

IMIS has treated me VERY well. Suggest you give them a call if you are still looking. It is not only coverage and price...it is what happens when you have a claim.

[gtmopat1]

camaraderie is correct IMIS has done well by me in the past as well. My boat sank in the Bahamas in 2002 and they were prompt and efficient and absolutely on the ball with respect to recovery and payment.

[GordMay]

WELCOME aboard, gtmopat1.
That’s quite a dramatic entry to the forum. Was it “Marguerite'” that sank, or a previous boat?

[iiii]

I can second Off Shore Risk Management.

[SurfNRG]

I haven't had a claim yet with Progressive (knock on wood) but will keep you posted on the status if I ever have to. The diminishing deductible is at 20% per year so after 5 years I'm at a zero deductible. Curious as to who insured the boat that got hit by lightning and burned to the water in Marsh Harbour last month? That was pretty heavy.