Caribbean Insurance

[sailorboy1]

Since this is getting closer for me im going to bump it.

So far my current company wouldn't go below the Bahamas. Geico says i have to have extra crew and they need to be more qualified than me, plus need to replace my rigging. I’m not doing any of that.

[Ded reckoner]

We have an agreed value policy with American Modern through the Kevin Severance Insurance Agency of League City, TX. We had to provide in-water and out-of-water surveys. The cost was the same as what we had been paying for TX coastal cruising. There is a requirement we be out of the box for hurricane season.

[sailorboy1]

Not very useful for boats wanting to be “in the box”

[Paul L]

Originally Posted by sailorboy1

Not very useful for boats wanting to be “in the box”

What broker have you tried? Or are you just going direct to insurance companies?

[Ghostrider421]

Skip Smith Smith Merritt Insurance

[sailorboy1]

Originally Posted by Paul L

What broker have you tried? Or are you just going direct to insurance companies?

I'm throwing a wide net. What does it matter to the question?

[Paul L]

Originally Posted by sailorboy1

I'm throwing a wide net. What does it matter to the question?

In todays cruising insurance market for US flagged boats, you are far more likely to find a policy that is at least marginally acceptable if you use one of the typical cruisers brokers, rather trying to hit the companys like Geico etc directly.

[sailorboy1]

Thanks i knew that. Most companies you have to use an agent anyway.

[hpeer]

I love have been using IMIS as my broker. I don’t recall the underwriter.l, but I think it was Markel.

We have aN older steel boat and that’s become a problem because they want an out of water survey with ultra sound every so often. And if you have to change insurance companies.

I just had a note from Imis/Gowrie asking my next season plans and I wrote back asking for a traditional quote along with a liability only quote.

Frankly,’although we love our boat and value it highly, reasonable hull value is probably well under $100,000. And that’s a loss I would not like but could stand and buy another boat. So from a cost perspective it’s just not making sense to me at this moment.

We always do dry storage for hurricane season as we retreat to maritime Canada for that. Last two seasons we have been in Grenada.

One thing I found is that not only do you need to secure a berth at the marina, you need to secure permission with your agency. For us Grenada was out not allowed, EXCEPT they allowed us to buy a low cost rider to add Grenada. EXCEPT they would only insure so many boats in Grenada, we had to commit before that quantity was exceeded.

PITA. I’ll put the extra money into additional safety features. Better spent.

2 days ago talked to a guy with a $3 million boat who was paying $40k/year and he dropped and went to liability only. Must be nice.

[sailorboy1]

Originally Posted by hpeer

I love have been using IMIS as my broker. I don’t recall the underwriter.l, but I think it was Markel.

Here's a "funny" thing. I used to be with IMIS/Markel before switching to my current that is through Gowie. Now IMIS is part of Gowie, but I had to ask my "person" on IMIS and the the Jackline program. This is after messing around with her chasing Geico etc. she just sent me a form for the IMIS people to review.

So I've got a bunch of these RFQs floating around right now waiting to hear back.

And of course it still bugs me that currently I can park my boat right on the coast of the Gulf of Mexico at the most hit spot and be covered with a 10% deductible. Yet somehow it is riskier to be in the caribbean.

[hpeer]

You are seeking logic in an illogical situation. My sense is the underwriters really understand little of our situation. They have some data, no idea how good the data is or if they can interpret it. But it’s all they have so that’s what they use.

GIGO. Garbage In Garbage Out

[sailorboy1]

Finally got a quote for being in the caribbean at all. It was useless as it didn't get us anywhere, at anytime, we wanted to be and cost 2.5x want we already had. I tell them want I want to do, if they can't do it why do they bother sending a quote for something else?

And people asked why I don't count the boat as an asset. It's because I need to plan around being to just lost it!

[sailorboy1]

Originally Posted by Ghostrider421

Skip Smith Smith Merritt Insurance

Doesn't do sailboats

[sailorboy1]

Originally Posted by callistov42

Our boat is now at Jolly Harbour, Antigua. I asked around there and a LOT of people were using a company out of Barbados named Massey (https://www.massyunitedinsurance.com...pleasure-craft). I did some rudimentary (Google) research and they came up with good industry ratings and good reviews. Plus their cost was very reasonable. I am paying about $3000 for $150000 Hull value. No claims yet but so far very professional and we are pleased. The broker I used was Anjo Insurance (https://anjoinsure.com/products/yach...aft-insurance/).
Our Lloyd’s underwritten policy paid off GREAT after Erma. They couldn’t have been better... then they quit insuring yachts.

I got a quote from the above at about $2100 for $100,000 hull insurance. They have been the least expensive so far AND so far the only ones that allowed you to be in "the box" during hurricane season and covered named storms.

But here is a new "funny" doesn't cover in the US, just the Bahamas/Caribbean.

[Ghostrider421]

Originally Posted by sailorboy1

Doesn't do sailboats

Did for us. Seven vessels - two were cats