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Old 21-07-2009, 16:33   #1
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Insurance for the Cruising Sailor

I have been trying to get insurance for my boat and the best I can come up with is coverage from Maine to Virginia with a 30 day add on for Florida and the Bahamas.
Does this mean that I have no option but to purchase an additional insurance policy once I reach Florida for the winter? And then have to go without or find another one for Island hopping?

What is going on with insurance companies only insuring for a certain region? Is this a homeland security thing or what? The same companies that are using this region thing are also selling insurance in the regions that the policy you are buying will not cover!

I am about to say screw it with insurance!
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Old 21-07-2009, 16:45   #2
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Most real cruisers cannot afford the rates and do not have any from what I have heard
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Old 21-07-2009, 16:54   #3
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When I was Cruising in Mexico I had Insurance but many do not. What I did have to do was get my boat north of 27 deg North during the hurricane season. The insurance companies are very wary now, since they have paid out so many claims due to hurricanes. Thats the big reason you are having troubles.

By the way my Company is Markel

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Old 21-07-2009, 17:15   #4
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Sounds like another job for TabbyCat (member of this forum, and commercial insurance rep). I hate insurance, but found I got great answers and product that I needed from a cruiser who understands the in/out/and gotchas of various coverage. I now get what I need when I need it. I now don't mind the whole insurance thing at all b/c I have a good resource I can count on to keep me away from the gotchas.

Look her up and PM her.
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Old 21-07-2009, 18:18   #5
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I believe that TabbyCat was the one who found the insurance I stated above. I was hoping to find one coverage at least in the US. Not having insurance in the US is asking for problems. It just seems like insurance companies are out to rape everyone. I can understand them wanting a higher rate if you are south in hurricane season but coastal cruising the eastcoast and only wintering in Florida does not make sense to have two separate insurance policies.
By the way WINTERBOY if I were cruising strickly outside of the US then I would mostly likely take my chances or see if LLoyds would insure for a reasonable rate.
How do all the new boat owners that cruise the islands, etc. get insurance? I know that unless the boat is paid off the bank or lenders require insurance.
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Old 21-07-2009, 18:57   #6
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Try Imiscorp.net...they are brokers...took great care of us AFTER a hurricanre.... they will insure you for whatever cruising areas you want...limited or worldwide. They are based in Annapolis.
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Old 21-07-2009, 19:03   #7
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Try Progressive.
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Old 21-07-2009, 19:05   #8
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Progressive was one of the companies that required me to purchase another policy when I reached Florida.
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Old 21-07-2009, 19:12   #9
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REAL cruisers as opposed to...?

Quote:
Originally Posted by winterbuoy View Post
Most real cruisers cannot afford the rates and do not have any from what I have heard
My experience suggests that this is a somewhat romantic view of what makes a REAL cruiser. Yes, there are numerous people cruising who can't afford insurance. The majority of us, however, can.
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Old 21-07-2009, 20:49   #10
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I think progressive has a limit of 75 miles from U.S. shores which puts most of the Bahamas out of bounds.

I've used Boat U.S. for a couple boats I've owned. They currently have my Hunter approved for U.S. waters with an upgrade possible for all the Bahamas. Although I have yet to purchase a policy through them, the folks at IMIS mentioned by Cam are another good place to look.
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Old 21-07-2009, 21:59   #11
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I live in Fl. I am insured with Boat U.S. have ins for east coast thru Fl. and Bahamas as far south as Turks & Caicos
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Old 22-07-2009, 17:02   #12
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Hey I only said I heard that, I'm no expert on the subject. I have full coverage but many others I know in our club have gone south with none because of the expense. Did I not read in the book Cruising on a small income that they had none? Just stating they would be considered real cruisers.
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Old 22-07-2009, 19:25   #13
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I think that the comments on Imiscorp.net taking care of someone AFTER the event is why I am very pro-them. I've had a house demolished by a hurricane, and an aircraft crashed by a friend -- and have learned via both experiences to (a) read any policy you get with a fine toothed comb prior to the grace period to cancel without penalty, (b) ensure you are going to get replacement vs. cost of depreciated items (if that is what you want), and (c) all the little gotchas that will make your policy worthless or not what you had hoped. FOr instance, when your boat takes an electric shock and blows out all the radios, do you get new radios, or just a check for their depreciated value.........My favorable impression with IMIS was that we had all these discussions and disclosures, and the answer are what I want to pay for. I found $$ amounts for LOTS less, but a closer look revealed a lot of holes in this coverage. So -- don't just shop for bottom line -- know what it is you want, and make sure that what you buy, covers that.
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Old 22-07-2009, 23:37   #14
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Now we have complete insurance with Pantaenius, with what we hope is great coverage. Their prices in Europe and the Caribbean (non- USA) were very good. But I have heard good things about IMIS and we may change as we sail west to the South Pacific.
I think, most important is to work with a company that has a good history of paying claims and not just the lowest price.
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Old 23-07-2009, 02:51   #15
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Never had it, happy that way. But increasingly annoyed with places that make it compulsory.
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