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Old 29-03-2015, 14:46   #1
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Insurance while cruising ...

I realize it's been covered before, but I'd really like to see a fresh discussion of

a) Whether to have insurance while cruising
b) If so, whether it should be full coverage or liability only (on an older fiberglass boat whose loss would be a setback but not a devastating one, financially speaking).
c) What is the relative cost of full vs. liability (in approximate terms)
d) Best insurers for this purpose

Lastly, anyone with a personal story of making a claim from a far-flung locale. Did you get your money? If so, how long did it take and what hoops did you have to jump through?
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Old 29-03-2015, 14:59   #2
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Re: Insurance while cruising ...

I'm insured for third party liability only, through Pantenious (thanks for the tip Boaty, it is a really good deal), this gives me peace of mind should I damage someone else's boat.

I wouldn't take out hull insurance, I have an old boat and it would be prohibitively expensive, besides, I believe in taking responsibility for my actions. To quote Karen Blixen in Out Of Africa, "Insurance is for pessimists".
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Old 29-03-2015, 18:02   #3
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Re: Insurance while cruising ...

a) Whether to have insurance while cruising -
yup


b) If so, whether it should be full coverage or liability only (on an older fiberglass boat whose loss would be a setback but not a devastating one, financially speaking).
Full


c) What is the relative cost of full vs. liability (in approximate terms)

I can't say for liability, but in round figures, depending on where you are sailing, on a new boat in USD, for 340K cover is
2500 in Atlantic Europe and med
4000 in the Caribbean
6000 in the pacific.

Deductable will vary depending on the provider and premium, from zero to 4000
Named Coverage will vary, some will cover named storms, some won't, some will include grenada as out of the box, some the box is below trinidad (panteunius ) panteunius will cover anywhere but in the box the Deductable goes up to 20%, unless hauled out, tied down, or at sea, of the damage cost. Some the hurricane period is 6 months, some 4 months. Some will only cover US citizens or eu citizens. So it depends a lot on your plans and sailing area


d) Best insurers for this purpose



Lastly, anyone with a personal story of making a claim from a far-flung locale. Did you get your money? If so, how long did it take and what hoops did you have to jump through?

I've heard good reports and seen first hand good service from panteunius, so have stuck with them for the last few years. Unfortunately they won't cover our current plans of being in the water in grenada over hurricane season unless we have the 20% Deductable, so we are looking to change providers.


Any suggestions on this appreciated
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Old 29-03-2015, 20:14   #4
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Re: Insurance while cruising ...

I think this relevant, if not sorry. I recently paid off my 1989 Cabo Rico. Virtually all my use is in the Gulf of Mexico. The premium for full coverage was $3800/yr. I said no way could you decrease the hull insurance by 40k. They said sure but I would need another survey

I can see a new survey if I wanted to INCREASE coverage but for DECREASING coverage that seems insane.

I dropped everything except liability, uninsured boater, and medical. My new premium is $800/yr.

I'll try not to sink or such. I've never had a claim in 20 yrs; I'll take my chances.

Rich


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Old 29-03-2015, 20:36   #5
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Re: Insurance while cruising ...

Suggest you take a look at Topsail. I haven't made a claim with them, but I was pleasantly surprised by their price for Aus & PNG coverage and I haven't seen any bad reports about them.

Home - Topsail Insurance - Marine, Yacht and Motorboat Insurance providers
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Old 30-03-2015, 10:06   #6
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Re: Insurance while cruising ...

the rule of thumb i use for cars and boats is when the boat/car depreciates to the point where the annual premium equals or exceeds ten percent of the boat's value is to cancel the hull coverage. for instance, i pay a little over five hundred bucks for full coverage so i'll cancel the hull insurance when the boat is worth five grand.
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Old 30-03-2015, 13:40   #7
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Re: Insurance while cruising ...

You have to ask yourself a few questions:
Can I afford the premiums?
If I can't, will the loss of the boat devastate me financially?
Is is worth it to me to take a chance on losing the boat in order to experience a cruising lifestyle?
The answers to those questions should dictate whether you should have insurance or not.

Buy the smallest boat you can tolerate living aboard by the way.
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Old 30-03-2015, 17:37   #8
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Re: Insurance while cruising ...

Great responses!! We go back and forth. We are now liability only.
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Old 30-03-2015, 18:18   #9
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Re: Insurance while cruising ...

One thing we are missing with the quotes is the agreed value. I have insurance on both the boat and dinghy, 100K for the boat and 5k for the dinghy, 500 ded for 1,400 a yr.
Named storm coverage, but the deductible jumps to 5K, Dinghy is not covered in the Bahamas. I don't have to do anything during Hurricane season, just the jump in the deductible. Oddly adding the dink reduced the premium, got a multi boat rate I guess?
Progressive, luckily I have no idea how good or bad they are in paying a claim.
Marinas I've stayed in require 500K insurance for fuel spills etc. so if your going to stay in a marina at times, no insurance may not be an option?
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Old 30-03-2015, 18:19   #10
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Re: Insurance while cruising ...

with all the experience relative to this topic, is there any ports in world that require you to show proof of insurance?
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Old 30-03-2015, 18:29   #11
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Re: Insurance while cruising ...

Quote:
Originally Posted by bsurvey View Post
with all the experience relative to this topic, is there any ports in world that require you to show proof of insurance?
Every slip I've rented required proof of insurance.
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Old 30-03-2015, 19:38   #12
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Re: Insurance while cruising ...

Quote:
Originally Posted by bsurvey View Post
with all the experience relative to this topic, is there any ports in world that require you to show proof of insurance?
Outside the USA, never been asked...most of my cruising has been in the Bahamas, NW Carib, and SW Carib.
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Old 30-03-2015, 20:15   #13
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Re: Insurance while cruising ...

Every marina I am aware of in Australia requires liability insurance. Generally, it used to be $5,000,000 - but a lot of them have now upped it to $10,000,000. (Cost me for a year: $280)
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Old 30-03-2015, 20:39   #14
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Re: Insurance while cruising ...

One thing that might influence your decision on whether to have insurance or not is where you cruise. Our next destination is Chagos and the British Indian Ocean Territory, which issues cruising permits for the area, requires wreck removal insurance and medical evacuation coverage. The fine for arriving there without a permit is US$3,000 and they patrol the area quite well.

We had used Pantaenious for many years without ever filing a claim but they refused to cover us for our Indian Ocean crossing. We switched to Topsail.

We have only heard stories about cruisers filing claims and none of them bad.

Fair winds and calm seas.
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Old 30-03-2015, 20:57   #15
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Re: Insurance while cruising ...

My research turned up Jackline Insurance offers the most complete coverage. They all have the same underwriters, the companies detail the specifics; and Al Golden has the best understanding of what needs to be written down to redeem the policy holder and not make the policy a ticket to attend court to pursue what's covered or not.


I believe in insurance, the smaller the deductible the more it costs and the better it is for you.


I'm going with Jackline for about three thousand dollars and a half a million in liability. Global, 12 months a year.
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