Insurance

HoratioHB

HoratioHB

Well-Known Member
Joined
2 Oct 2006
Messages
895
Location
Near Plymouth
sowethereyet.blogspot.co.uk
Morning men, starboard ten,

Just been using the interweb to find out what my new pride and joy is going to cost me to insure in the Caribbean. Having received two quotes I seem to have the choice of selling the children or entering a life of crime. Do any of you experienced folks out there have good advice for virgin like me??
 
Try Polestar on 01702 470035 ask for Dave webb he seems very helpful.
 
There are fringe benefits if your decision is to sell the children,- no weddings to pay for, no having to be pleasant to their unpleasant partners, etc.
But to return to your enquiry, we faced a similar scenario when we wanted to take a two year cruise. Faced with the choice of either doing it without insurance, or not doing it , we opted for doing it. We had enough of a stash to pay for mishaps in harbour, and any complete loss of our boat would presumably mean either A- we would not be there to collect the insurance, or B-we would be so happy to survive that we would not mind the loss.
I think our boat was cheaper than most, and if you have just spent serious money on one, then this is not relevant advice.
 
Don't have any rugrats to flog off! shame really, as I could then probably have bought a bigger boat with the proceeds! /forums/images/graemlins/grin.gif

I hear what you are saying, depends though what you call serious money? or rather what is serious money to you?

I am just an ordinary working chap, and 5k is serious money to me! Some of the high flyers on this forum are probably falling about laughing at that, but that's ok, let me put it this way, suffering the total loss of my boat, (which would represent about 7k by the time I have finished fitting her out) for the sake of £150.00 that the insurance costs, is just not a sensible proposition /forums/images/graemlins/smile.gif

There are also other issues connected to this, I think. like salvage claims etc. also, I feel that it is a bit irresponsible for me to be cruising around with no insurance. It's all very well if you have a stash to fall back on the event of an incident, but I don't, and if I did, it would piss me right off to have to use it, for that.
 
I agree about the analysis of value and about getting out there anyway. The only caveat is to look for third party only incsurance (to cover your last point) and because most marinas will insist on seeing your insurance. In Spain and Portugal (far more than the UK) they want to see it evein if you onlly go in for 1 night. And however pure your intentions and limitedthe dosh, there will be times you are in marinas!

Also you could limit your sailing area and season, not insure for the atlantic crossing etc, but presumably you've already thought of all that ...
 
Right I better be honest about this - new boat costing £130k (sold the house - keeping the kids in reserve). I was told to budget about £1k per year and am being quoted £2.5k. Seems pretty steep to me so I was hoping to get some corporate advice from all you lot wot have been here before.
 
Try telling only what yo want them to know. IMO it getting harder to get cover as too many prople are doing this and then actually claiming so the insurance underwriters are not making as much money as they have been used to.

Get insurance for say Brest to Lisbon, then ask how much to change the crusing are to say Lisbon - canaries for a few months then ask about Canaries to carrib etc...

I found this a much cheaper way than getting toal coveraage on one go. After all you are going to be in one crusing area for a few months/week at lease.

Good luck
 
I've been with Admiral for the last 4 years. Premium has gone from under 6k to 9.5k in that time (300k boat, in charter, in hurricane belt in the hurricane season) Sadly I'm no longer with Admiral is it became clear they didn't really want me any more.

I'm now with a bunch of Lloyds syndicates organised through a U.S. broker on behalf of the charter company. Not as good cover I'm sure but pretty much half price.

Being in the Caribbean is now an expensive business!
 
Pantaenius, advised us to insure in sections.
Stay with our current insurers while we are in Europe as they couldn't compete with the quote.
Insure with them for the Atlantic crossing, so far a compatable price. Then insure on a separate policy when in the Carribean, and so and so forth, as we slowly progress around the globe.

This should give us the option to insure with a local company who knows the local cruising areas, so may be able to give a better deal.

Its an expensive business insuring your boat (in my case home), but in real terms its not that much more than insuring your house and contents you work it out.
 
Waiting a quote from Pantaenius now. I also spoke to a broker in the BVI and he indicated that 2-2.5% of the boats value is the norm now. So looks like medical experiments for kids is the way ahead.
Slightly surprised that many do not now insist on taking the boat out of the hurricane belt any more and give no discount if you do.
 
Join Boat US on line, and then insure with them for the Caribean. Last time I checked, they offered by far the best value for money. Also do good towing insurance deals if you end up moving on to the US from the Caribean. Also being prepared to move your boat during hurricane season can considerably reduce costs.
 
[ QUOTE ]
Join Boat US on line, and then insure with them for the Caribean. Last time I checked, they offered by far the best value for money. Also do good towing insurance deals if you end up moving on to the US from the Caribean. Also being prepared to move your boat during hurricane season can considerably reduce costs.

[/ QUOTE ]

Any chance of a link before I waste ages googling??
 
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