Cruisers Forum
 


Join CruisersForum Today

Reply
 
Thread Tools Search this Thread Rate Thread Display Modes
Old 28-09-2018, 06:46   #31
Registered User

Join Date: Jan 2011
Posts: 10
Re: Cruising insurance premium doubled

I have used several carriers over the years and GEICO / Boat US and Pantaneous America seem to be better. A lot of carriers go to the Lloyds of London for the writing of insurance policies. Lloyds reportedly has suffered losses in their Marine division and have informed Insurance companies that due to huge losses, which were due to weather this year and the fact that this division has lost money over the years that an increase will be forth coming. This may be the reason for the 80% increase.
__________________

tfrankum is offline   Reply With Quote
Old 28-09-2018, 07:08   #32
Registered User
 
Tortuga's Lie's Avatar

Join Date: Oct 2007
Location: Virginia
Boat: Tartan 4100
Posts: 412
Re: Cruising insurance premium doubled

I bought my Tartan 3 years ago when she was 17 years old, I went through IMIS which sold me a Seaworthy/Geico policy for $650 +/- with decent coverage for the Chesapeake/Delaware/Pamilco areas including limited offshore to do a DelMarVa circumnavigation. This policy is now $1130 for the same coverage.............no claims.
In order to change companies, I would need to shell out for a survey which could run several hundred plus the haul out costs.........
Maybe a liability only policy is starting to make sense!
Tom
__________________

Tortuga's Lie is offline   Reply With Quote
Old 28-09-2018, 07:10   #33
Registered User
 
Tortuga's Lie's Avatar

Join Date: Oct 2007
Location: Virginia
Boat: Tartan 4100
Posts: 412
Re: Cruising insurance premium doubled

On another note about insurance, my house which has a value of over 5 times that of my boat costs about $200/year less to insure than my boat.............go figure.
Tortuga's Lie is offline   Reply With Quote
Old 28-09-2018, 07:30   #34
Registered User

Join Date: Mar 2015
Posts: 114
Re: Cruising insurance premium doubled

Quote:
Originally Posted by Tortuga's Lie View Post
On another note about insurance, my house which has a value of over 5 times that of my boat costs about $200/year less to insure than my boat.............go figure.
When your house can run on a reef or be struck by another house or drag anchor or run over someone and injure or kill them or....any of hundreds of potential loss and liability scenarios that boats can and do face every year and houses don't... you would expect it to have similar insurance cost to your boat!
14murs14 is offline   Reply With Quote
Old 28-09-2018, 07:47   #35
Registered User
 
Tortuga's Lie's Avatar

Join Date: Oct 2007
Location: Virginia
Boat: Tartan 4100
Posts: 412
Re: Cruising insurance premium doubled

Quote:
Originally Posted by 14murs14 View Post
When your house can run on a reef or be struck by another house or drag anchor or run over someone and injure or kill them or....any of hundreds of potential loss and liability scenarios that boats can and do face every year and houses don't... you would expect it to have similar insurance cost to your boat!
This is true, but the house can also be subjected to hurricanes, tornadoes, fires, trees, flooding, lightening, termites, vandalism.........etc. I also have a dock and a center console fishing boat covered in my homeowners policy.
Tortuga's Lie is offline   Reply With Quote
Old 28-09-2018, 08:30   #36
Registered User

Join Date: Mar 2015
Posts: 114
Re: Cruising insurance premium doubled

Quote:
Originally Posted by Tortuga's Lie View Post
This is true, but the house can also be subjected to hurricanes, tornadoes, fires, trees, flooding, lightening, termites, vandalism.........etc. I also have a dock and a center console fishing boat covered in my homeowners policy.
Curious who you have your policy with, I may want to switch to them. Every homeowners quote we've gotten "covers" the dock against fire, and I think maybe a couple of other highly improbable to damage it things like hail, but excludes any damage from water/floods/tides/storms and pretty much anything else that actually damages docks. Until we recently replaced the pier it was a running joke in the house about ways we could potentially get it to catch and remain on fire such that it would suffer enough damage to actually make a claim.
Also curious who you got to cover termite damage, that's another one that I wasn't able to find an insurance company to cover.
14murs14 is offline   Reply With Quote
Old 28-09-2018, 09:06   #37
Registered User

Join Date: Jan 2011
Posts: 176
Cruising insurance premium doubled

Quote:
Originally Posted by tfrankum View Post
I have used several carriers over the years and GEICO / Boat US and Pantaneous America seem to be better. A lot of carriers go to the Lloyds of London for the writing of insurance policies. Lloyds reportedly has suffered losses in their Marine division and have informed Insurance companies that due to huge losses, which were due to weather this year and the fact that this division has lost money over the years that an increase will be forth coming. This may be the reason for the 80% increase.


I did check two different Lloyds syndicates. They did not offer any protection north of Grenada or south of Cape Hatteras in 2017. That means they did not suffer any losses. (On Grenada and Trinidad you are covered as they consider it much lower risk than the rest of Caribbean)

Pantaenius covers the entire Caribbean (incl. Florida) under their hurricane clause.
No difference if you lay up in Trinidad or in the middle of Caribbean.
Consequently they suffered big losses 2017. This is the reason for the
50-70% increase 2018.
Oceansailor is offline   Reply With Quote
Old 28-09-2018, 13:57   #38
Registered User
 
Polux's Avatar

Join Date: Nov 2011
Location: Portugal/Med
Boat: Comet 41s
Posts: 6,133
Re: Cruising insurance premium doubled

Quote:
Originally Posted by john61ct View Post
Companies should have as large a pool as possible, but then vary the premiums drastically based on proven risk factors.

If that means it becomes unaffordable to be in the Hzone anywhere near the season, then so be it, exactly how it's supposed to be.
I could not agree more. Unfortunately that is not what Pantaenius is doing. I believe that has to do with a expansion policy in America...at the cost at an increase in prices to their European clients. Their position is well consolidated in Europe.
Polux is offline   Reply With Quote
Old 28-09-2018, 17:10   #39
Registered User

Join Date: Jan 2017
Posts: 10,082
Re: Cruising insurance premium doubled

Well the biggest value-factor in choosing coverage is their customer-handling when payouts are called for.

It's not worth saving any amount of money on premiums if they perform poorly on that aspect.
john61ct is offline   Reply With Quote
Old 28-09-2018, 17:46   #40
Registered User
 
gsuescum's Avatar

Join Date: Feb 2018
Location: Long Island Sound
Boat: Maine Cat 33
Posts: 24
Re: Cruising insurance premium doubled

Yes. Ours doubled too....
__________________
- Guillermo
gsuescum is offline   Reply With Quote
Old 22-12-2018, 05:15   #41
Registered User

Join Date: Apr 2012
Location: Charleston South Carolina
Boat: Catalina 27
Posts: 15
Re: Cruising insurance premium doubled

Answer yes, our policy for the last two years was written by TopSail UK. No claims and very easy to work with personnel. I got my renewal notice(renewal January 2019) and sent in the usual no changes response. A couple of weeks later the agent called back and said their underwriters (Lloyds) was no longer writing for non UK vessels in the Caribbean. I contacted several agent/brokers who all had a similar story Lloyds is not covering boats in the Carib. I am now considering a policy with Novamar that has a 55% increase in the premium for almost identical coverage. With TopSail there was a hurricane coverage exclusion but I could still be in the zone. New policy says I need to be out of the zone.

Some of the quotes I got were simply stupid and the"zone" is different for each company. We were staying in the southern Carib Martinique through Grenada....one policy said there was no southern limit to the zone and we had to be north of St Augustine. Isn't that were all the storms wind up and at full strength?

John
SV Annie
Amel Super Maramu
Carriacou
biohead is offline   Reply With Quote
Old 23-12-2018, 11:13   #42
Registered User

Join Date: Jan 2008
Posts: 164
Re: Cruising insurance premium doubled

As the guy who started this post I should report I went with Llyod’s again for my all-Western Mexico, all-Sea of Cortez, all-seasons, & all -weather policy.

Nobody else was even closely competitive. Pantaenius was particularly disappointing. Despite all their advertising to the contrary.
Journeyman is offline   Reply With Quote
Old 29-03-2019, 00:59   #43
Registered User

Join Date: Jul 2013
Location: Melbourne
Boat: Designer 46ft Cat
Posts: 19
Re: Cruising insurance premium doubled

It’s not any better in Australia... I have a Catin Indonesia... it may as well be on Mars for the way I am being treated... Topsail, Pantaenius and several others are not in slightest bit interested... and more the case... have between little and absolutely no understanding when it comes to what is really happening in our play ground.
I was using a company in Germany... they were really good... 1 claim... lightening strike... about AUD$5,000 worth... no issue... that was about 6 years ago... did not get my renewal on time for 2019... so I called... they apologise and sent it out... no change... about AUD$4,400 fully comp... in Indo... what I was expecting till the next day when I got the “oh dear... we sent you the wrong invoice” email... price went up to AUD$7,000... and boat value insured went down AUD$100,000 and items like lightening strikes, motors, masts, sails, Tender, tender motor and others were no longer insured... so what’s the point of paying AUD$7000 if I get nothing and a lesser insured value???
Now I am trying to get 3rd party... and struggling to get anyone to even look at it!!!!
It seems as if the Insurance industry are no longer interested except for your vessel is on the hard... cotton balled... in a vacuum.... surrounded by armed guards.... and you can only peek under the covers once a year!!!...
It’s a very dissapointing attitude... but at least the GM’s and CEO’s will go home with a big fat bonus!!!
So... does anybody know of any insurer that will do 3rd party on a yacht in Indo
KD on Tropic is offline   Reply With Quote
Old 29-03-2019, 01:11   #44
Senior Cruiser

Cruisers Forum Supporter

Join Date: Jul 2005
Location: Bellingham
Boat: Outbound 44
Posts: 6,883
Re: Cruising insurance premium doubled

Quote:
Originally Posted by KD on Tropic View Post
It’s not any better in Australia... I have a Catin Indonesia... it may as well be on Mars for the way I am being treated... Topsail, Pantaenius and several others are not in slightest bit interested... and more the case... have between little and absolutely no understanding when it comes to what is really happening in our play ground.
I was using a company in Germany... they were really good... 1 claim... lightening strike... about AUD$5,000 worth... no issue... that was about 6 years ago... did not get my renewal on time for 2019... so I called... they apologise and sent it out... no change... about AUD$4,400 fully comp... in Indo... what I was expecting till the next day when I got the “oh dear... we sent you the wrong invoice” email... price went up to AUD$7,000... and boat value insured went down AUD$100,000 and items like lightening strikes, motors, masts, sails, Tender, tender motor and others were no longer insured... so what’s the point of paying AUD$7000 if I get nothing and a lesser insured value???
Now I am trying to get 3rd party... and struggling to get anyone to even look at it!!!!
It seems as if the Insurance industry are no longer interested except for your vessel is on the hard... cotton balled... in a vacuum.... surrounded by armed guards.... and you can only peek under the covers once a year!!!...
It’s a very dissapointing attitude... but at least the GM’s and CEO’s will go home with a big fat bonus!!!
So... does anybody know of any insurer that will do 3rd party on a yacht in Indo
Did you try the Marine Shop in Opua, NZ?
https://www.marine-insurance.co.nz
They were pretty quick to get me a quote for cruising through Indonesia. Its not the best coverage, but at least they say they can write it.
Paul L is offline   Reply With Quote
Old 29-03-2019, 01:27   #45
Registered User
 
Simi 60's Avatar

Join Date: Jun 2016
Location: Australia
Boat: Milkraft 60 ex trawler
Posts: 1,530
Re: Cruising insurance premium doubled

Quote:
Originally Posted by Paul L View Post
Did you try the Marine Shop in Opua, NZ?
https://www.marine-insurance.co.nz
They were pretty quick to get me a quote for cruising through Indonesia. Its not the best coverage, but at least they say they can write it.
Thanks for that.
Who is the underwriter and company they are selling for?

Some info here.
https://www.marine-insurance.co.nz/About-Us
No mention of NR or EW so that's a big plus.
__________________

Simi 60 is offline   Reply With Quote
Reply

Tags
cruising, insurance

Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes Rate This Thread
Rate This Thread:

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
Insurance premium increase - what is acceptable? benzy Dollars & Cents 22 07-03-2018 14:01
Insurance premium jumped 18% from last year Wainui General Sailing Forum 5 30-09-2017 14:28
Premium membership / benefits? lannen Forum Tech Support & Site Help 15 12-12-2008 12:37



Copyright 2002- Social Knowledge, LLC All Rights Reserved.

All times are GMT -7. The time now is 03:29.


Google+
Powered by vBulletin® Version 3.8.8 Beta 1
Copyright ©2000 - 2019, vBulletin Solutions, Inc.
Social Knowledge Networks
Powered by vBulletin® Version 3.8.8 Beta 1
Copyright ©2000 - 2019, vBulletin Solutions, Inc.

ShowCase vBulletin Plugins by Drive Thru Online, Inc.