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Old 18-09-2018, 16:08   #1
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Cruising insurance premium doubled

Has anyone else recently seen their cruising insurance premium renewal rates practically double?

I am being quoted an 80% hike for this year's Llyod's Cruising Insurance premium.

For the last 5 years my all-seasons 37' sailboat premium in Western Mexican waters and the Sea of Cortez was $1500 now they want $2700.

Anybody know any insurers with a good track record of paying claims that I could go to?

Thanks!
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Old 18-09-2018, 16:51   #2
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Re: Cruising insurance premium doubled

We are with Pantaneaus USA. While we havenít filed a claim, everyone I know who has was treated very fairly. That is not true of some people we know with cheaper coverage.

Unlike so many insurance policies, the policy document is easy and straightforward to read. I do not worry a surprise is hidden in legal jargon.
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Old 18-09-2018, 18:03   #3
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Re: Cruising insurance premium doubled

Pantaneaus and Markel, both from IMIS and other good maritime brokers, are the best Iíve experienced
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Old 18-09-2018, 19:15   #4
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Re: Cruising insurance premium doubled

Pantaenius Europe have hiked the prices for coverage in the Caribbean with 50-60% as a result of the losses they made in 2017.
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Old 18-09-2018, 19:22   #5
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Re: Cruising insurance premium doubled

Here in Oz the policies went up considerably thanks to percieved cyclone/hurricane risks. Some policies not only went up in price but the excess of being damaged in a cyclone rose considerably as well IF you could get coverage. Some excess were as high as 50 per cent the value of the boat.


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Old 18-09-2018, 19:30   #6
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Re: Cruising insurance premium doubled

Donít know about the paying claims part, but Geico has a great Mexico policy, itís included with their California policy. All of Mexico, and reasonable.
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Old 18-09-2018, 20:15   #7
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Re: Cruising insurance premium doubled

Quote:
Originally Posted by Journeyman View Post
Has anyone else recently seen their cruising insurance premium renewal rates practically double?

I am being quoted an 80% hike for this year's Llyod's Cruising Insurance premium.

For the last 5 years my all-seasons 37' sailboat premium in Western Mexican waters and the Sea of Cortez was $1500 now they want $2700.

Anybody know any insurers with a good track record of paying claims that I could go to?

Thanks!
Yes, our Lloyd’s was canceled for eastern Caribbean. They lost big last year I heard. Our plan required us to be out of the hurricane zone so we summering in Trinidad. Even so, canceled. We work through an independent agent. Now Geico. We are still required to be out of the zone.
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Old 18-09-2018, 20:49   #8
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Re: Cruising insurance premium doubled

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Originally Posted by billknny View Post
We are with Pantaneaus USA. While we havenít filed a claim, everyone I know who has was treated very fairly. That is not true of some people we know with cheaper coverage.

Unlike so many insurance policies, the policy document is easy and straightforward to read. I do not worry a surprise is hidden in legal jargon.
This is interesting. My surveyor has a poor opinion of Pantaneaus with regard to payouts. But that's just his anecdotes versus others I suppose. But it still leaves me wondering what the hell to think.

Does anyone know of any kind of consumer protection site that might rate recreational marine insurance companies on claim performance, so we don't have to rely on word of mouth anecdotes?

I am of the opinion that most automotive insurance claims performance among the majors will be about the same, but the marine insurance industry for something obscure like long distance voyaging is probably still the wild wild west?
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Old 18-09-2018, 21:09   #9
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Re: Cruising insurance premium doubled

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Originally Posted by Journeyman View Post
This is interesting. My surveyor has a poor opinion of Pantaneaus with regard to payouts. But that's just his anecdotes versus others I suppose. But it still leaves me wondering what the hell to think.



Does anyone know of any kind of consumer protection site that might rate recreational marine insurance companies on claim performance, so we don't have to rely on word of mouth anecdotes?



I am of the opinion that most automotive insurance claims performance among the majors will be about the same, but the marine insurance industry for something obscure like long distance voyaging is probably still the wild wild west?


Across the board, insurers raised rates in the Carribean as a result of irmaria, by as much as 75% to double. Something about accelerated actuarials.
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Old 19-09-2018, 08:57   #10
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Re: Cruising insurance premium doubled

I've had good service with Novamar' (Geico). Even with a claim I only got a roughly 10% increase. I was very satisfied with the claim process as well.
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Old 19-09-2018, 09:13   #11
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Re: Cruising insurance premium doubled

We also use Novamar, with our policy underwritten by Geico (formerly Seaworthy).

Our premium went up by 30% in January.



I spoke recently with Novamar HQ, and they say that a bunch of underwriters are dropping the yacht market altogether, so we may be in a new world of higher premiums, generally.



I've only ever had one claim, and that was with Markel/IMIS. I thought they were great. The Jackline policy is really good for a cruising couple. We would still be with them, but Markel won't insure carbon fiber boats, so we had to look elsewhere.
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Old 19-09-2018, 09:26   #12
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Re: Cruising insurance premium doubled

We had been with Pantaenius for 20 years without a single claim when they refused to cover us as we crossed the Indian Ocean. We switched to Topsail, where the policy was 50% less than Pantaenius'. However, now Topsail wants to increase our premium by 30% (we have never filed a claim with them, either) and they require the boat be laid up for 3 months out of the one year period.

On the plus side, I have first-hand accounts of claims being handled by both companies with satisfactory results according to the policy holders.
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Old 19-09-2018, 10:05   #13
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Re: Cruising insurance premium doubled

Following.... Our policy expires in Nov. So far. I've written to our broker twice, asking about renewal and likely premiums for next year-----not even an acknowledgement!!!!!
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Old 19-09-2018, 10:20   #14
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Re: Cruising insurance premium doubled

Quote:
Originally Posted by Journeyman View Post
This is interesting. My surveyor has a poor opinion of Pantaneaus with regard to payouts. But that's just his anecdotes versus others I suppose. But it still leaves me wondering what the hell to think.



Does anyone know of any kind of consumer protection site that might rate recreational marine insurance companies on claim performance, so we don't have to rely on word of mouth anecdotes?



I am of the opinion that most automotive insurance claims performance among the majors will be about the same, but the marine insurance industry for something obscure like long distance voyaging is probably still the wild wild west?


Well I have only heard positive stories when it comes to Pantaenius payouts. Has to add that is Pantaenius Europe. Understand that Pantaenius USA are independant and uses other underwriters.
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Old 19-09-2018, 10:47   #15
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Re: Cruising insurance premium doubled

Our premiums with Boat/US-Geico have gone up 52% over the past 2 years. When questioned, Geico said it was because of all the hurricane losses they sustained recently. That said, will probably see another increase after the damage from Hurricane Florence is totaled up! Thinking seriously about going to liability only!
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