insurance for the Caribbean for a cat

[schoonerdog]

I see the previous post on insurance, but my situation is a bit different. I've owned two catamarans for over 20 years, zero claims, and I've heard via an insurance broker that right now there is only one insurance company writing policies for catamarans in the Caribbean. Only one?? I'm guessing that the quote will come in at around 2-3 percent of valuation. I'm looking through the Gowrie Group and another one here in Annapolis, but would people mind telling me who is insuring their particular boat in the Caribbean? For US waters, Allstate is by far the lowest price, GEICO had doubled their rates with zero claims.

[Nicholson58]

ANJO is exclusively Caribbean. We are starting our third year with them. It is a Massey company.

[Seapig]

We are currently being raped by Concept Specialty Risk. Roughly 4% of declared value. We were told they are the only one writing Caribbean Policies for U.S. based boats. Guardian will write if you are based in Puerto Rico but not otherwise. Gowrie told us they couldn't find an underwriter at this time.

[BillKny]

Schoonerdog,

It matters hugely what you mean by “insurance for the Caribbean.” If you are looking for year-round coverage between 10N and 31N and want it to include named storm coverage… good luck. You’ll not touch that for 2-3% of hull value. I certainly wouldn’t cover you with MY money!

If you are looking for typical cruising coverage where you are not covered for named storms between 30.5N and of 10N from June through November then you’ll have more options. But I suspect you’ll find you will need to raise your budget plans for good coverage.

[Nicholson58]

ANJO as I noted above is our carrier. They allow certain places in storm season. We are currently on the hard in Jolly Harbor, Antigua. There are other places they allow. Many cruisers stay with their boats in hurricane season with the understanding that they move the boat out of the storm track or haul in one of the acceptable marinas. Most islands permit safe harbor for named storms but you may not be allowed off the boat (COVID RULES).

[schoonerdog]

FYI, I completely agree with the BillKny, there is a reason we've had zero claims for 20 years, and want to keep our record perfect. We would be outside the hurricane box before June.

[schoonerdog]

Nicholson58, thank you!! We will check with them.

[jmschmidt]

My PowerCat is insured for the entire Caribbean (except the US embargoed countries) plus the Gulf of Mexico and the near Atlantic. I am covered as operator and she is covered for bare-boat and captained charters subject to the bare-boater's experience. For captained charters coverage is subject to experience and licensing. Less than a grand a month.

Check with Flag Ship Marine Insurance. Its possible that they only deal commercial operators however.