HELP - Insurance

[roland stockham]

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?

[Pete7]

Have you seen this thread?

http://www.cruisersforum.com/forums/...ml#post1367065

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

[roland stockham]

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

[Boatguy30]

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.

[roland stockham]

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?

[Gerrycooper56]

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

[roland stockham]

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

[Gerrycooper56]

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

[Stumble]

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.

[Gerrycooper56]

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.

[goboatingnow]

(possibly because they keep suing each other?)

or maybe they just cant sail

dave

[roland stockham]

Originally Posted by goboatingnow

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!)