Boat Insurance for the Caribbean?

[belizesailor]

Originally Posted by Caribsailors

But they have your money.

Unless you are financed on the purchase of your vessel and it is required, and if your not in the liable lie'er world, I have a hard time with insurance, . ...

I don't like insurance either, especially not at the rates charged for "yachts". However, I have operated all the mid-sized boats I have owned commercially. Not only does that create legal/contractual obligations to carry insurance, but it also provides revenue to cover the cost (thankfully, because it is much higher).

I've also never had claim, so it has worked out quite well for the insurance companies.

I've never financed a boat so don't have that constraint. Why make a bad financial decision worse by paying interest on it? If I can't pay cash for it then I don't need it.

For cruising use only, I think a strong case can be made to self-insure.