Insurance for western caribbean

[rls339]

We have a 1990 Moody 425 and are planning to cruise the western Caribbean for a couple of years. We are seeking suggestions how cruisers have dealt with liability and propert/casualty insurance. Any suggestions of providers greatly appreciated.
S/v Lucky Bird

[Triumphant]

A lot of people down here are self insured.

You might want to ask the question on one of the Rio Dulce facebook pages or on the forum on riodulcechisme.com - Home

[model 10]

I never met anybody down there that used liability insurance. There must be something available for lightning strike kinds of repairs because they are doing those in RioDulce.

[belizesailor]

Ive been based in the W Carib since 2005, never had any trouble getting insurance (much of that time for commercial use). For several years Ive been using ORM (Offshore Risk Management). Been pleased with their service and they have found me competative prices. Ive never had a claim so dont know how it would go in that case.

Typically my coverage has been for hull value, liability, personal property, dinghy+motor, etc. Now that the boat is 16 years old (wow, that went by fast!), Im thinking of going to liability only.

OP: a more specific question might help get you better responses.

[softdown]

Insurance rates are always based on risk. High rates for the southern Indian Ocean due to conditions and the great distances involved in assistance. I should think the Caribbean would be cheap (~1%) for 6-7 months out of the year. Very high during hurricane season unless you can get within ~10 degrees of the equator.

[belizesailor]

Originally Posted by softdown

Insurance rates are always based on risk. High rates for the southern Indian Ocean due to conditions and the great distances involved in assistance. I should think the Caribbean would be cheap (~1%) for 6-7 months out of the year. Very high during hurricane season unless you can get within ~10 degrees of the equator.

One would think, but here in the W Carib, Ive never noticed much change in my rate based on location. Examples:

The W edge of my "storm box" ends at about the Yucatan Channel. So, even during hurricane season I have full coverage in Mexico, Belize, Guatemala....but not Honduras.

The Rio Dulce (Guatemala) has never had a hurricane find its way in...ever in recorded history, but not all insurers get that and still want hurricane plans etc....some include it in their storm box.

Panama has only had two hurricanes spin up in its waters since NOAA started recording data (mid 1800's). You would think that would drop rates dramatically, but no.

[Sdwcheney]

I had Offshore Risk Management for ten years $2000 per year, then all of my electronics and my dinghy motor was stolen, over $4000. Offshore Risk Management sent me a check for $800, and a month later Offshore Risk Management canceled my insurance. I would never use them.

[belizesailor]

Originally Posted by Sdwcheney

I had Offshore Risk Management for ten years $2000 per year, then all of my electronics and my dinghy motor was stolen, over $4000. Offshore Risk Management sent me a check for $800, and a month later Offshore Risk Management canceled my insurance. I would never use them.

What type of coverage did you have? Many pro rate used equipment.

Unfortunately common in the industry....another reason Im considering liability only.

[softdown]

Does State Farm insure cruisers? Being the biggest, I thought they *might*.

[belizesailor]

Originally Posted by softdown

Does State Farm insure cruisers? Being the biggest, I thought they *might*.

Dont know, but doubt. Most major USA companies only cover in US waters.