Cruisers Forum
 


Join CruisersForum Today

Reply
 
Thread Tools Rate Thread Display Modes
Old 18-10-2013, 16:29   #1
Registered User

Join Date: Sep 2013
Location: Alert Bay, Vancouver Island
Boat: 35ft classic ketch/yawl.
Posts: 937
Images: 4
Send a message via Skype™ to roland stockham
Question HELP - Insurance

Need help with insurance. Only ever had insurance in Europe and trying to get something here is proving difficult. Now based in Canadian NW with Canadian registration, boat is in the Caribbean and we are bringing her back next year. As a min' I think i will need third party (liability) cover for the trip through the Panama canal.

So far the only quotes are about $900 for liability or 4-5% of the boat value for full cover. In Europe I was paying about half that and the policy covered absolutely everything including flying all the crew home in case of a claim and was underwritten by Lloyds. Am I asking the wrong people or has ins' really gone up that much in the last couple of years!

Just to complicate matters the boat is a custom built wooden classic form the 1970's

Any ideas anyone?
__________________

__________________
roland stockham is offline   Reply With Quote
Old 18-10-2013, 16:54   #2
Moderator
 
Pete7's Avatar

Cruisers Forum Supporter

Join Date: Aug 2009
Location: Solent, England
Boat: Moody 31
Posts: 8,576
Images: 14
Re: HELP - Insurance

Have you seen this thread?

Insurance Costs

But you won't insure in the US for the same price as Europe, I was quoted double for US compared to Europe so perhaps that's as good as it gets unfortunately.

Pete
__________________

__________________
Moody 31 - April Lass
Pete7 is online now   Reply With Quote
Old 18-10-2013, 17:30   #3
Registered User

Join Date: Sep 2013
Location: Alert Bay, Vancouver Island
Boat: 35ft classic ketch/yawl.
Posts: 937
Images: 4
Send a message via Skype™ to roland stockham
Re: HELP - Insurance

Yes have read through that thread but it's all based in the southern USA. Half the people they talk about don't even offer cover in Canada and as you say USA insurance is exorbitant (possibly because they keep suing each other?) Cover that cost me $1500 in Europe seams to be $5000+ here
__________________
roland stockham is offline   Reply With Quote
Old 18-10-2013, 17:46   #4
Marine Service Provider

Join Date: Dec 2009
Location: St Augustine, FL
Boat: Woods Vardo 34 Cat
Posts: 2,837
Re: HELP - Insurance

I hope insurance is not required for the canal now? I am starting a new thread about harbors in Southern Argentina as I have nearly written off going thru the canal again on my own boat. Them requiring un obtainable, unaffordable insurance would be the last straw.
__________________
Check out my MoJo: Facebook.com/mojomarine1
Boatguy30 is offline   Reply With Quote
Old 18-10-2013, 18:38   #5
Registered User

Join Date: Sep 2013
Location: Alert Bay, Vancouver Island
Boat: 35ft classic ketch/yawl.
Posts: 937
Images: 4
Send a message via Skype™ to roland stockham
Re: HELP - Insurance

Interesting point I was assuming insurence was required but having just looked through the PDF for handling transits it only says you have to sign an indemnity waiver. Anyone been through recently? Did you get asked for insurance documents?
__________________
roland stockham is offline   Reply With Quote
Old 20-10-2013, 12:48   #6
Registered User
 
Gerrycooper56's Avatar

Join Date: Oct 2011
Boat: Tayana 52
Posts: 232
In 2007 we transited the canal and our insurance on a 43 footer for the entire year including canal was around $2500. Try jim@imis.pro
__________________
Gerrycooper56 is offline   Reply With Quote
Old 21-10-2013, 21:04   #7
Registered User

Join Date: Sep 2013
Location: Alert Bay, Vancouver Island
Boat: 35ft classic ketch/yawl.
Posts: 937
Images: 4
Send a message via Skype™ to roland stockham
Re: HELP - Insurance

Thanks Gerry, have quote from them which looks good but will cost more than the entire trip! Premium is more than 4% of sum assured.
I did get a good quote from Northern Reef, sounded good... until I saw the warning from the Canadian and UK governments about insurance scams. If you have insurance with them read this;FDIC: Inactive FIL-47-2001: Financial Institution Letters
__________________
roland stockham is offline   Reply With Quote
Old 22-10-2013, 02:00   #8
Registered User
 
Gerrycooper56's Avatar

Join Date: Oct 2011
Boat: Tayana 52
Posts: 232
Re: HELP - Insurance

Roland, they have just quoted me a premium of a bit over 2% of the insured value. This was for cruising from Florida thru the Bahamas and into the Caribbean, excluding Cuba, Venezuela and Panama. Could part of the cost be related to your deductible?

Regards
__________________
Gerrycooper56 is offline   Reply With Quote
Old 22-10-2013, 02:14   #9
Marine Service Provider

Join Date: May 2012
Location: New Orleans
Boat: We have a problem... A serious addiction issue.
Posts: 3,940
Re: HELP - Insurance

How many boats were lost over the last 10 years due to hurricanes in England vs in the US?

There are a lot more claims here, it has little to do with the propensity to sue.
__________________
Greg

- If animals weren't meant to be eaten then they wouldn't be made of food.
Stumble is offline   Reply With Quote
Old 22-10-2013, 10:49   #10
Registered User
 
Gerrycooper56's Avatar

Join Date: Oct 2011
Boat: Tayana 52
Posts: 232
Interesting when watching tv footage of a cyclone or high winds hitting a marina the number of sailboats with full biminis, dodgers and sails still fitted. Same mentality with health insurance - if I'm insured I don't have to do anything. No wonder premiums are high.
__________________
Gerrycooper56 is offline   Reply With Quote
Old 22-10-2013, 11:14   #11
Nearly an old salt
 
goboatingnow's Avatar

Cruisers Forum Supporter

Join Date: Jun 2009
Posts: 13,649
Images: 3
Re: HELP - Insurance

Quote:
(possibly because they keep suing each other?)
or maybe they just cant sail

dave
__________________
Check out my new blog on smart boat technology, networking and gadgets for the connected sailor! - http://smartboats.tumblr.com
goboatingnow is offline   Reply With Quote
Old 22-10-2013, 17:45   #12
Registered User

Join Date: Sep 2013
Location: Alert Bay, Vancouver Island
Boat: 35ft classic ketch/yawl.
Posts: 937
Images: 4
Send a message via Skype™ to roland stockham
Re: HELP - Insurance

Quote:
Originally Posted by goboatingnow View Post
or maybe they just cant sail

dave
That's mean

It's not huricain cover because they charge extra for that! The rest of the time it has nothing on the coast of Bittany, Irish sea or Biscay even if you only sail in summer!

Crime is possibly a bigger factor but I think the main thing is she is a 50yr old custom classic so classed as a 'special risk' lots of companies won't even look at her. I think the other thing is that the market seems to have next to know regulation so lots of problems with 'small print', dodgy practice or downright con's so the few reputable companies can charge what they like. Make you realise how lucky we where to have the FSA (if it hasent been dismantled yet!)
__________________

__________________
roland stockham is offline   Reply With Quote
Reply

Tags
insurance

Thread Tools
Display Modes Rate This Thread
Rate This Thread:

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off




Copyright 2002- Social Knowledge, LLC All Rights Reserved.

All times are GMT -7. The time now is 13:28.


Google+
Powered by vBulletin® Version 3.8.8 Beta 1
Copyright ©2000 - 2017, vBulletin Solutions, Inc.
Social Knowledge Networks
Powered by vBulletin® Version 3.8.8 Beta 1
Copyright ©2000 - 2017, vBulletin Solutions, Inc.

ShowCase vBulletin Plugins by Drive Thru Online, Inc.