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Old 09-09-2017, 01:58   #1
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I want to buy an insurance

I need help to buy a third party insurace for my boat

but a lot of insurance broker said no to me

because I am Chinese,my boat ‘s flag Malaysia,Langkawi。

and my sailing schedule in next 12 month is

SEP,OCT, in Mediterranean sea and Agean sea
end of Oct, arrive in canary islands
November ,departure from canary ,
December, arrive in Matinique,and spend time in Caribbean sea
Jan, across Panama to Pacific
Feb,spend time in Pacific islands
March, spend time in south Asia
April,MAY,JUNE,JULY Agust, moor in HK,maybe put it on land
SEP,Oct, India sea,spend time in islands

do you know some insurance company could offer world wide insurance for me?

I have tried several company, all of them said no or price is unbelievable high。

hope to get some addvise。
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Old 09-09-2017, 04:32   #2
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Re: I want to buy an insurance

Possibly a bad time to talk to any insurance company at the moment?

Have you tried these guys:https://www.navandgen.zurich.co.uk/e...er/third-party

or

Insurance for Yacht Owners by Pantaenius

Cheers Steve
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Old 09-09-2017, 04:44   #3
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Re: I want to buy an insurance

Lloyds of London is the ultimate insurer for many companies and brokers that offer yacht insurance. You might try contacting them directly.
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Old 09-09-2017, 04:54   #4
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Re: I want to buy an insurance

They are probably wondering how you are going to get from the Med, to the Indian ocean the long way around in just a year, and not be totally exhausted, rushed, or taking risks.

Lloyds of London is the right call. You might be able to find a broker who has contacts there and can call on your behalf. Most decent ones should.
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Old 09-09-2017, 05:05   #5
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Re: I want to buy an insurance

I conducted a survey on insurance usage here on CF and SN a few months ago. Hope it is helpful:

http://helplink.com/CLAFC/wp-content...nce-report.pdf

and here is the aspect specific to liability-only:

http://helplink.com/CLAFC/wp-content...ility-only.pdf

People generally report it is hard to find an insurance company, or even a broker, who will deal with liability-only products. Since 3rd-party liability is such a standard feature of most comprehensive policies, and it is usually quite small in price, I am curious why it seems so hard to get.

My uninformed guess is that most insurers/brokers don’t bother with it alone b/c it nets them so little profit. Too much bother for too little benefit (to them). Makes sense...
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Old 09-09-2017, 06:21   #6
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Re: I want to buy an insurance

Have you tried Pantaenius? They do worldwide.

https://www.pantaenius.com
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Old 09-09-2017, 08:16   #7
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Re: I want to buy an insurance

+1 Mike,

The commission on a $350 liability policy isn't very interesting business to a broker - anywhere in the world.

Insurance companies don't particularly like liability insurance since they have higher exposure. With a comprehensive policy, they know their costs aren't more than the cost of the depreciated boat (and maybe some pollution clean-up).

While the US has a well deserved reputation for crazy litigation, this isn't a real problem with privately owned boats. In 50 years of sailing I've never been sued over anything to do with my boat (or anything else), nor has my sailing adult son, nor any of my sailing friends that I can think of.

Since it hardly ever happens, liability insurance in the US is cheap. $300-$800 or so for $1 million. It seems about the same in the rest of the world. And it's very good liability insurance in the US. It doesn't matter if I'm at fault, drunk, or an idiot. I don't have to hire a lawyer (the insurance company insists on defending it). In virtually all cases my insurance company would settle with the other guy's insurance company long before it gets to court.

The US even has a thing called "umbrella lability insurance" where i can buy extra liability insurance that kicks in if I somehow reached the limits on any of my individual policy. It's also about $300 per million of coverage and covers anything that happens with my cars, house, boats, or anywhere else. I once asked my broker whether the umbrella policies ever have a claim. He said the only one he'd seen was when there was an accident firing a privately owned antique canon during a re-enactment of the of a US revolutionary war battle between the British and the American colonists at Concord.

As elsewhere in the world, it's the comprehensive insurance that's expensive and the source of most complaints against insurance companies for not covering something. While the other guy will usually be covered by your insurance company, good luck collecting anything for yourself and your boat if you were negligent. And good luck getting new insurance if you have a bad history of "at fault" claims. My US comprehensive insurance also costs about the same as my French friends - presumably because boats and boatyards are relatively similar costs in the two places.
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Old 09-09-2017, 09:48   #8
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Re: I want to buy an insurance

I just contacted Pantaenius 2 days ago after a recommendation on another thread, and I got turned down flat. The boat 'doesn't meet their underwriting guidelines' was the only explanation they gave.

This was for 3rd party liability only for a US flagged boat moored in Panama, and not even going anywhere other than the Bay of Panama.

I already knew I probably wouldn't be able to get hull insurance for a 23 year old boat, so I didn't even ask for it.

We are building a marina here next year, and without liability insurance, I won't even be able to put my boat in my own marina! :-(
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Old 09-09-2017, 12:56   #9
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Re: I want to buy an insurance

I nearly tried more than 100 company, all of them said no。Pantaenius also said no。
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Old 09-09-2017, 12:59   #10
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Re: I want to buy an insurance

Quote:
Originally Posted by oldjags View Post
I just contacted Pantaenius 2 days ago after a recommendation on another thread, and I got turned down flat. The boat 'doesn't meet their underwriting guidelines' was the only explanation they gave.

This was for 3rd party liability only for a US flagged boat moored in Panama, and not even going anywhere other than the Bay of Panama.

I already knew I probably wouldn't be able to get hull insurance for a 23 year old boat, so I didn't even ask for it.

We are building a marina here next year, and without liability insurance, I won't even be able to put my boat in my own marina! :-(
——————————————————————————————————
I guess us flag should be much more easy then me。

boatus ,you could try。
-------------------------------------------------------------
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Old 09-09-2017, 13:03   #11
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Re: I want to buy an insurance

I need full insurance also,just that is not so hurry up
because no third party,I even can not sailing in other country。
so I have to find a solutions,if I want to Greece for a sailing trips

I always ask to talk about full insurance later,
but all of them said no



---------------------------------------------------

The commission on a $350 liability policy isn't very interesting business to a broker - anywhere in the world.

Insurance companies don't particularly like liability insurance since they have higher exposure. With a comprehensive policy, they know their costs aren't more than the cost of the depreciated boat (and maybe some pollution clean-up).

While the US has a well deserved reputation for crazy litigation, this isn't a real problem with privately owned boats. In 50 years of sailing I've never been sued over anything to do with my boat (or anything else), nor has my sailing adult son, nor any of my sailing friends that I can think of.

Since it hardly ever happens, liability insurance in the US is cheap. $300-$800 or so for $1 million. It seems about the same in the rest of the world. And it's very good liability insurance in the US. It doesn't matter if I'm at fault, drunk, or an idiot. I don't have to hire a lawyer (the insurance company insists on defending it). In virtually all cases my insurance company would settle with the other guy's insurance company long before it gets to court.

The US even has a thing called "umbrella lability insurance" where i can buy extra liability insurance that kicks in if I somehow reached the limits on any of my individual policy. It's also about $300 per million of coverage and covers anything that happens with my cars, house, boats, or anywhere else. I once asked my broker whether the umbrella policies ever have a claim. He said the only one he'd seen was when there was an accident firing a privately owned antique canon during a re-enactment of the of a US revolutionary war battle between the British and the American colonists at Concord.

As elsewhere in the world, it's the comprehensive insurance that's expensive and the source of most complaints against insurance companies for not covering something. While the other guy will usually be covered by your insurance company, good luck collecting anything for yourself and your boat if you were negligent. And good luck getting new insurance if you have a bad history of "at fault" claims. My US comprehensive insurance also costs about the same as my French friends - presumably because boats and boatyards are relatively similar costs in the two places.[/QUOTE]
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Old 09-09-2017, 13:54   #12
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Re: I want to buy an insurance

It seems that they have no problem writing comprehensive insurance for boats crossing oceans and enduring storms and unfamiliar waters, but a liability-only policy for a boat that only day-sails in familiar waters in an area with no tropical storms is too risky.
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Old 09-09-2017, 14:08   #13
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Re: I want to buy an insurance

try these guys


Edward William Marine Insurance for sail and power boats worldwide
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Old 09-09-2017, 14:31   #14
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Re: I want to buy an insurance

JLT asia in Malaysia, I had a Langkawi flagged boat insured with them



Nashwa Mansor (Assistant Manager)
Nashwa_Mansor@jltasia.com
DID: +603 272 33209

Azharizan, Ahmad Ghiti (Assistant Vice President)
Azharizan_Ghiti@jltasia.com
DID: +603 272 33201

Baljit Singh (Vice President)
Baljit_Bhupinder@jltasia.com
DID: +603 272 33203

Id also try Topsail......


LD
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Old 09-09-2017, 14:46   #15
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Re: I want to buy an insurance

Buy a "catastrophic lose" policy with 3rd party liability, as you have noticed they will not sell 3rd party only, and it is what you need for many marinas, I found this to be the least expensive way to get the 3rd party bit. If you can't show good qualifications and experience, expect many conditions on your travel, this sounds to be the case as you said they want alott of money for the policies they offered, it has nothing to do with your nationality it's has to do with you and the vessel....
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