It works both ways: As a European boat we crossed the Atlantic Ocean
and paid a hefty premium hike and were loaded with a huge excess/deductible for the crossing, which seemed fair enough. However that same high premium/deductible continued even within the Caribbean
and we realised we were paying far more/higher deductible/more restrictions than the US and particularly Canadian boats to be there. It seems North American Insurers perceive the Mediterranean
as 'high risk', whereas European Insurers think the Caribbean
is more dangerous? Given that in either instance, there's a high probability that the boat, skipper
and crew have already made it safely across the Atlantic, then you'd think the Insurers might have a little more faith in their capabilities?
We actually looked into taking out a policy with a North American Insurer, but gave up to the idea on two counts: We couldn't have cover for Cuba
and we were concerned at the third-party indemnity levels; I would reckon that €2-3 million is the least a European policy would include as 'standard', I know ours is £5 million; yet when we looked at the US/Canadian policies offered, they were providing either $1/4 million or $1/2 million as the norm. We're always being told how litigious society is in the USA and thought you could very easily/quickly find yourself facing a claim way over that?