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Old 07-01-2012, 13:29   #1
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Insurance

What is a fair estimate for the cost of insurance for a fairly new 45ish foot sailboat monohull ($175k) to sail in U.S. waters and the Virgin Islands? I would want full coverage. Also, if I want to go to outside the US (south pacific, Europe, etc), is insurance available at reasonable rates? I'm just trying to make up a budget and this is one area that I am in the dark about. Thanks.
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Old 07-01-2012, 19:24   #2
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Re: Insurance

Probably in the 2 to 4% of the hull value, as a rough estimate.
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Old 07-01-2012, 19:29   #3
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Would that include liability Insurance as well as casualty?
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Old 07-01-2012, 19:53   #4
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Re: Insurance

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Would that include liability Insurance as well as casualty?
Yes. You will need an out of water survey. To get insurance that goes beyond coastal, the carrier may require specific experience onboard. They also have restrictions based on hurricane season or named storms.
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Old 07-01-2012, 20:30   #5
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Re: Insurance

I paid $1400-00 AUD for agreed value on $150-000-00 S/V insurance, Boat 2003, Gemini Cat.

Inside 200 Nm off the Australian coast, But I could get Blue water for another $200-00 extra,
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Old 08-01-2012, 11:39   #6
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Re: Insurance

I just paid 2% of the hull value to insure a similar boat for a year in the Caribbean.

For my last boat, it was 4-5% of hull value to insure her in the years we were crossing oceans.
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Old 10-01-2012, 22:19   #7
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Re: Insurance

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I paid $1400-00 AUD for agreed value on $150-000-00 S/V insurance, Boat 2003, Gemini Cat.

Inside 200 Nm off the Australian coast, But I could get Blue water for another $200-00 extra,
Mr B

Can you please give me the details of your insurance company or broker. I want give them a call. I have a new boat to insure. You can PM me if you don't want to go public. Thank You.
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Old 11-01-2012, 00:22   #8
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Re: Insurance

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Mr B

Can you please give me the details of your insurance company or broker. I want give them a call. I have a new boat to insure. You can PM me if you don't want to go public. Thank You.
PSC Coast Wide Insurance Brokers,
Boondall in Brisbane,

Trident Marine Insurance.
Mt Hawthorn, in Perth,

They were extremely helpfull when I crashed my boat and getting it Salvaged.

Still waiting whether they are going to fix it or write it off, Still waiting Quotes from Repairers,
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Old 11-01-2012, 11:28   #9
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Re: Insurance

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PSC Coast Wide Insurance Brokers,
Boondall in Brisbane,

Trident Marine Insurance.
Mt Hawthorn, in Perth,

They were extremely helpfull when I crashed my boat and getting it Salvaged.

Still waiting whether they are going to fix it or write it off, Still waiting Quotes from Repairers,
Thanks for the contact details. I will certainly call them. I am sorry about your claim and I hope it all works out well.
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Old 08-06-2012, 22:47   #10
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Re: Insurance

Mr B
How did you get on with your insurance claim with Trident? We are needing to renew our insurance this month and are considering Trident but would like to know their track record. PM if you like.
Thanks
DMGF
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Old 11-06-2012, 08:10   #11
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Re: Insurance

I had no trouble with Trident what soever,,
They paid me out in full,
They also paid the hard stand in full till I picked it up from the Marina where it was stored, They paid all salvage costs,
The salvage man go the engine going again immediately after it sank and made sure there was no water in it,
new starter motor, and battery to run the diesel,

They rang me to make sure I was allright and every thing was going good and if I had any problems,

I cant recommend Trident more Highly, Excellent company to deal with.

I put in a bid to buy back my boat, Which they accepted.with out a query.

They appointed an insurance assesor who did all the work, So I actually did nothing,
They paid for him as well,

Its not the way I wanted it, But I ended up with a very cheap boat, Thanks to Trident Insurance company,

GST, when I brought it into the country, Trucking to Melbourne from Port Stephens, The cost of buying back from Trident when they wrote it off, and the repairs to the Hulls and electrics that got drowned,

I dont know what it cost them, But it would have been a lot of money, which I did not pay for,

The repairs will be to current Australian offshore Survey,

Cheers,
Brian,
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Old 12-06-2012, 04:38   #12
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Re: Insurance

Thanks for that Brian- it's good to know some insurance companies do what you pay them for! Glad you had a reasonably good end to your ordeal - insurance wise. We just need to check out Trident as to their coverage while in the Whitsunday area on anchor as there is nothing in their PDS about that. During cyclone season will be marina bound though.
Cheers
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Old 31-07-2012, 11:02   #13
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Re: Insurance

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Originally Posted by msponer View Post
I just paid 2% of the hull value to insure a similar boat for a year in the Caribbean.

For my last boat, it was 4-5% of hull value to insure her in the years we were crossing oceans.
Was this a US registered boat/insurance co?
What are the restrictions (named storms, crew size, etc)?
Who is your broker/insurance co?

you can PM me if you want...
TIA
Tom
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