Boat Insurance (Caribbean)

[taildragerdrive]

I purchased my boat a few months ago and have been looking for affordable insurance. I started out with a concept of possibly getting full coverage for cruising in the Caribbean initially and eventually the Mediterranean and beyond and now considering liability only.

To date I have found full coverage to be a minimum of $2,500 to $3,500 per year which is beyond what I can afford. I have only been able to find IMIS to quote liability only, at around $1000 or more per year.

Does anybody know of some other place that would quote liability only? Are these the kind of costs people would expect for a $50,000 boat and $500,000 liability with $2,500 deductible?

I'm just not finding anything out there. I may be looking in the wrong place.

Thanks

Taildraggerdriver

[jean1146]

I am in the process of having to find another insurance coverage because Progressive will not cover me in the eastern Bahamas. So far Seaworthy looks good but it is another $1000 over what I was paying.Cannot afford not to have full coverage.
JC.

[lannen]

Try Markel / Offshore Risk Management

My boat is worth way over the 80k they will cover. (surveys over $125k) Nobody wants to cover my boat for what it is worth for under $4,500 a year. I live in Florida and it's a 1985 boat.

So, this year I'm changing my policy. I'm only able to get 80k worth of insurance, high deductible, (which is just a way of giving you less then what you are paying for) and no windstorm coverage, for $1,400 a year.

I've never had a claim and have owned this boat for 10 years.

In 2002 I was paying $400 a year for full coverage, Fl and Carib, hurricanes covered. Insurance companies are apparently not making enough of a profit...

I've had to add an insurance agent voodoo doll to my collection alongside the lawyer, evangelist preacher, and used car dealer dolls...

[taildragerdrive]

Thanks to all. I'll follow up on this lead.