Mobo liveaboard insurance - what's reqd. ?

bbilly

bbilly

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Mobo liveaboard insurance - what\'s reqd. ?

Hi,
I am planning on buying US and reflagging a UK an 11m mobo and then stationing her in a marina in Cuba, going out for occasional fishing trips and maybe a bit of coastal cruising. Can anybody gen me up on boat insurance the boat value around $80,000. I know nothing.

TIA

Billy
 
Re: Mobo liveaboard insurance - what\'s reqd. ?

Click Companies and Products on the top of this site, then Insurance and you will find 114 entries and a search function.

Highly unlikely that anybody on this forum will have direct experience of insuring a boat in such esoteric circumstances, but most of the major brokers such as Bishop Skinner, Pataneius, GJW, Haven Knox Johnston etc insure boats overseas.

You will find them very helpful, but be prepared for rejections!
 
Re: Mobo liveaboard insurance - what\'s reqd. ?

Be wary. Most insurance companies will be happy to take your dollars/pounds/euros/bolivar etc. but when it comes to a claim it may take longer than your life expectancy to settle it.
Check the limitations of the insurance, where you are 'allowed' to be and what you are 'allowed' to be doing. if you have passengers aboard during any claim situation, the insurance company may claim that you were chartering; if you are in the 'hurricane belt' during a hurricane season, regardless of whether or not a hurricane was coming through, you may find that you are not covered.
This explains why many of us cruisers are not covered by insurance, but opt instead to put a portion of money aside up front or each year "just in case".
It's a minefield. good luck.
 
Re: Mobo liveaboard insurance - what\'s reqd. ?

[ QUOTE ]
Be wary........
This explains why many of us cruisers are not covered by insurance, but opt instead to put a portion of money aside up front or each year "just in case".
It's a minefield. good luck.

[/ QUOTE ]

So it's not obligatory in the US or in the Caribbean to have insurance for third-parties?

Excuse my ignorance /forums/images/graemlins/blush.gif
 
Re: Mobo liveaboard insurance - what\'s reqd. ?

[/ QUOTE ]

So it's not obligatory in the US or in the Caribbean to have insurance for third-partes?

[/ QUOTE ]

It may not be legally obligatory but I believe it is morally obligatory. Put yourself in the position of the third party. In any event, no self respecting marina or marine facility will allow you to berth, haul or store without it.

However, you should not have trouble getting this minimum cover. It is the comprehensive stuff where you will encounter the difficulties. The previous owner of my last boat had her insured for £450k worldwide comprehensive. A mere matter of £3,500 per year premium. I could only afford third party.
 
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