Insurance Costs for Caribbean

[robert sailor]

We are sailing from the Med this year to the Caribbean and I have been in touch with our insurance company Pantaenius for a quote. The quote I got back was more than double the rate I have currently in the Med which is around 1% for hull and $400 for liability.
The reason I got was that the Caribbean is the most expensive place to have problems with yachts.
I was quoted an additional $1000 for the Atlantic crossing. I'm now thinking of just putting on 3rd party liability and calling it a day. Any of you out there have any recommendations as to companies? Have any of you had your rate doubled by moving from the Med to the Caribbean or cut in half going the other way??

[colemj]

We have Panteanius in the Caribe and pay 1.5% and $400 liability.

Mark

[robert sailor]

Thanks Mark
Do you have any special restrictions during hurricane season or otherwise?

Any others out there with Panteanius Insurance in the Caribbean??

[poiu]

Originally Posted by robert sailor

Thanks Mark
Do you have any special restrictions during hurricane season or otherwise?

Any others out there with Panteanius Insurance in the Caribbean??

I'm on .95% all in, with a good no-claims history. Others are cheaper, but the devil is in the detail. Try 'y' or Topsail or Towergate. Caribbean is dearer as you say. For hurricane season I must accept 20% deductible if in a marina or haul out with a welded stand or go to sea for full cover.

To save IPT get invoiced at a marina there.

[colemj]

Originally Posted by robert sailor

Thanks Mark
Do you have any special restrictions during hurricane season or otherwise?

Any others out there with Panteanius Insurance in the Caribbean??

There are no restrictions, but damage from a named tropical storm increases the deductible to 10% of agreed value. I think that might be different if we secured the boat by putting it ashore, strapping it down and stripping it.

It is fruitless to compare prices as a percent of hull value without knowing what deductible is chosen. For ours, the deductible is 1.8%. A higher deductible would lower the premium, of course.

Poiu: 0.95% is a great price - what percent deductible do you have? Is this with Panteaneus? What is IPT?

We got a pretty much equal quote from Topsail (RSA underwritten), but Panteaneus had slightly better terms for a few things that mattered to us.

Mark

[poiu]

Originally Posted by colemj

There are no restrictions, but damage from a named tropical storm increases the deductible to 10% of agreed value. I think that might be different if we secured the boat by putting it ashore, strapping it down and stripping it.

It is fruitless to compare prices as a percent of hull value without knowing what deductible is chosen. For ours, the deductible is 1.8%. A higher deductible would lower the premium, of course.

Poiu: 0.95% is a great price - what percent deductible do you have? Is this with Panteaneus? What is IPT?

We got a pretty much equal quote from Topsail (RSA underwritten), but Panteaneus had slightly better terms for a few things that mattered to us.

Mark

Same insurer. It doesn't look like we are comparing apples and apples as my policy has a 20% deductible for named storms unless at sea or on the hard. Also, I am a part-timer. It's still a big cost though.

My cash deductible is 0.5%.

IPT = 5% Insurance Premium Tax - A UK tax (one of many).

I got quotes from the US and found insurers more expensive and pretty uncomfortable to deal with a non-US resident. Insurance in UK waters is about half what I am paying. I expect many claims in the Caribbean are from US insured boats and I suspect I may be suffering from the high cost of the US legal system and its high insurance costs having a knock on effect on premiums.

For what it is worth my house insurance is about 0.05%. If only I could get that for my boat...

[robert sailor]

Our deductible is double yours Mark.

[gts1544]

You might try Caribbean Insurers Marine in Road Town, Tortola as they are on the British legal system. Contact Jera Cameron at jera.cameron@caribbins.com . We have been with them for over 10 years and are currently insured for $45K hull / $500K liability / $1.5 K deduct. normal X 2 during a named storm. Premium $1700 George

[colemj]

Actually George, that isn't a very good rate at all. That premium is 3.8% of hull value, compared to Robert's 2%, our 1.5% and poiu's 0.95%.

Mark

[Gerrycooper56]

As a number of the underwriters are UK based its difficult to understand why the price of insurance obtained in the UK would be cheaper than the US


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[monte]

we have pantaenius as well. the rate does approx double from the med to the Caribbean.
Also hurricane zones can differ along with times and deductables etc.
We will stick with panteanius and perhaps change to Topsail when our policy ends in May.
I think Grenada is outside Topsails Hurricane zone so no special requirements or deductables if you spend hurricane season there.


topsail
340k euro
4262 no excess
below 12 degrees 7 minutes North during the period 1st June to 30th November

pantaenius

6 months at 2480/anum (1200)
6 months at 6500/anum (3300)

total $4500 AUD

July 1st and November 15th, inclusive, in the area East of 98°W and West of 60°W, and between
the Latitudes 10°N and 30.5°N.

[neilsty]

we are on pantaenius as well. Pay about 1.5% of hull price to keep in caribbean on the hard in a cradle during hurricane season with a 5% deductible. Has to be out of the water in a named storm. If I stay north of the florida-georgia line in hurricane season the cost would drop to about 1% of insured hull value.

[SVNeko]

I am surprised by the variable treatment of named storm damage by Pantaenius. Ours raises the deductible to 12% as long as we comply with our storm plan, which is being in a specific marina and tied up well. No difference if we are hauled and certainly no discount if we go to sea - that really surprises me. I wonder how they determine when these different policies should apply.

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[neilsty]

I submitted a storm plan which complied with their requirement that the boat be in a cradle with canvass tie down straps. I identified where the boat was being stored, and what would be removed to reduce possible damage They originally set me at a 10% deductible, but when I forwarded a photo of the boat properly secured in a cradle with bimini, sails, etc removed they reduced my deductible down to 5%. I have never asked for a quote leaving it in the water or at sea in a named storm.

[colemj]

Our storm plan submitted to them simply states that we will be below 13* latitude. There is no provision for hauling the boat and tying it down, nor keeping it in a marina. We do state we will seek out the most sheltered bay possible and anchor well. Our named storm deductible is 10% (although I don't expect any named storms down here).

Mark