Insurance Feedback Please

[bluemetalrabbit]

Hi there, trying to persuade my partner to resume our cruising life having sold boat and living in a house. Looking at the logistics, would any of you give me some feedback regarding costs of cruising insurance for a couple in their 60's in a boat worth say 200,000 $ Australian.How many of you guys have insurance. We are both experienced but at this juncture of our lives could not contemplate such a huge financial loss, whereas years ago we were more gungho and had earning years ahead of us. Any feedback please?
Bluemetalrabbit

[janders]

We pay a bit less than 1% of the insured value each year in premiums. We use Pantaenius for insurance and have been pretty happy with them. No claim yet but they've really flexible with us in terms of navigation limits.

[bluemetalrabbit]

Thank you very much, what country is your company in?
Bluemetalrabbit

[janders]

They are in the U.S.
American Yacht Insurance

[belizesailor]

I switched to ORM (Offshore Risk Management) as broker about two seasons ago. They found a very competitive rate for me. In my case I needed commercial use coverage which is getting increasingly difficult, and expensive, to find for mid-sized sailing vessels these days.

I am not running the boat commercially this year and therefore have considered just dropping insurance all together (not uncommon for cruisers to not have insurance), but for now am still holding on to it.

[hellosailor]

Costs of cruising insurance will vary greatly depending on things including:
Your ownership experience in similar vessels
Your sailing experience & credentials & licensing
Your intended sailing locations
Your coverage (hull, liability, wreck removal, environmental)
Age of the boat
and anything else the insurer can throw at you.

I would suggest calling a few to get a quote, even if the vessel is mythological for now. A good broker will also discuss anything you are missing, and not simply try to lowball you into a policy that omits important coverages.