Update on Yacht Insurance in EU (Latvia)

[Refueler]

Recently I posted that I was refused insurance cover here in Latvia from the German Co that I have used in past .... based on they could not issue for a UK Citizen even though resident here.

Therefore splash 1 !!

I then searched online and a Tallinn (Estonian Broker) was found that was willing to approach insurers and has actually come up with a solution ... same info .. same deal applied for ... with a GERMAN insurer !

The premium is a bit higher than I expected 483 euros full hull, machinery and TPL. No survey required for boats older than 15yrs unless valuation is required to exceed Bill of Sale amount. Geographic limits Baltic - North Sea - English Channel.
Any extension such as Irish Sea to be requested ....

It appears then that it may be discretionary on part of insurers to penalise 'brits' !!

 

[Poignard]

Where is your boat registered, please?

 

[Refueler]

Where is your boat registered, please?

Sweden.

Latvian register is expensive .... compared to the 50 odd euros each 2 years for Swedish .... even though Latvian is a one time for life payment.

Basically :

Boat is Swedish Build : 1986
Registered : Sweden
Home Port : Ventspils Latvia
Owned by my Latvian Company with me named as Principal
LOA 11.4m
Beam 3.0m
Draft 1.85m
Displacement (factory spec) 5mt

I have British Passport
I have Full Permanent Latvian Residency.

The Broker has just thrown an extra in ... if it was Private Person Insured - 12% IPT is applicable. But being Company owned then 20% IPT is applicable. Premium therefore is 580 euros .... not the 483 initially advised to me.

 

[Poignard]

Thank you.

Seems a bit steep but I guess you have limited choice of insurers.

 

[Refueler]

Thank you.

Seems a bit steep but I guess you have limited choice of insurers.

Not exactly a wide market here .....

 

[Refueler]

I decided to ask what I would expect to be a higher cost insurance ... see what they quote ....

One of the biggest problems is that Latvian Market is too small to have dedicated Latvian Insurance. So mainly Polish and German companys licence an agent here to do business.