Insurance Question

[MatteaManassah]

Hi,

I live in Europe, am an American. If I buy a boat over here, how do I get insurance on it? I assume American companies insurance for American waters only? I'm new to all this, thanks.

And I am be new at sailing too. Fairly new.

[goboatingnow]

It matters not you’re American. If your resident in Europe then you can use act European insurer.

[MatteaManassah]

I have been calling around for liability insurance and can't find any. How do people sail around the world without insurance?

My boat is too cheap, too old.

What does one do?

[MatteaManassah]

So I have been asking, reading, googling and this is what I've come up with.

If you have a cheaper old boat and want to sail around the world, you can't get liability insurance so you can't do it.

I can't find liability insurance anywhere.

[goboatingnow]

Originally Posted by MatteaManassah

I have been calling around for liability insurance and can't find any. How do people sail around the world without insurance?

My boat is too cheap, too old.

What does one do?

Liability only insurance is harder to find

[JPA Cate]

Hello, as Americans in New Caledonia (French Outre-Mer), a pre-season cyclone was expected. We had family guests, and wanted to go into a marina for the event. Liability insurance was required. We were able to purchase local term liability insurance for a two week period.

I suggest that you investigate locally. The different countries have different rules, so you'd need to learn the requirements for the place where the boat would be, and if they require it for a whole year, or the duration of your stay, will partly depend on the kind of visa you are on. So it will have to be local, and relatively expensive, but may be available for an over 40 yr. old boat, by a specialty kind of insurance.

One of the other moderators here, "Dockhead", has his boat insured with Pantaenius, and has had quite satisfactory service from them. I do not know the age of his vessel.

Ann

[Pitchondesign]

My boat is 32 years old and over $100k in value. I got a policy from Edward Williams in Spain. They took my money and sent me a policy. I'm skeptical about claims, and have no experience, but others have. I read the policy and there are exclusions for almost everthing, but at least I have a policy. I'm not recommending them, just a place to go for a policy.

[JPA Cate]

Yes, the Williams group has a reputation as a fraud. I do not know if it is actually fraudulent, but it they don't pay claims, they could bankrupt you. I've become convinced it is a very big risk if you trust them for insurance coverage.

Ann

[Brioche]

I was able to add coverage for my boat through a general homeowner's policy.
The liability coverage is large, but coverage for boat itself not much. Main thing is that it also ties onto my umbrella policy, so I am well covered from liability end.

[wholybee]

Originally Posted by MatteaManassah

So I have been asking, reading, googling and this is what I've come up with.

If you have a cheaper old boat and want to sail around the world, you can't get liability insurance so you can't do it.

I can't find liability insurance anywhere.

As an owner of an older boat who has sailed it around the world. You don't have insurance when you can't get it, and you get liability locally when you need it. A few places require liability insurance. But in those places, it was easy to find, sometimes with an agent in the marina office (how convenient that is!)

In the US, liability insurance is harder to find, and some marina's do require it. But there are also options for older boats, just with limits on coverage (don't go offshore, etc.) Which is fine, as you are covered while you are in the marina, which is what matters.

If you want insurance to protect your investment, then (IMHO) a boat is a poor investment for you.

[goboatingnow]

Getting liability insurance locally can be very tricky. Typically in many nations there are considerable rules and taxes associated with insurance. The fact that neither the vessel or owner are residents of the nation causes issues over legal jurisdiction of claim etc.

It’s quite difficult to get insurance across national boundaries ie contrary to the vessel flag or owner nationality