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Old 21-04-2016, 20:28   #31
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Re: Insurer excludes Colombia-Why?

Insurance cost is a matter of statistics. Therefore, insurance companies do a lot of research in order to compute the fare they charge to cover administration costs and claims; any area that is more expensive than another one means that in general insurers get more claims from there. It it's just a balance between what they charge and what they pay. But a 25% premium tells me that Colombia is relatively more risky than Miami (25%), but it does not show me that things are as owfull as Cards26 sees them. I do belive insurers more than I believe someone that observes but do not keep formal statistic data as our Cards26 forum member.

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Old 21-04-2016, 20:43   #32
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Re: Insurer excludes Colombia-Why?

I have to say that it is wrong to state here that in Colombia is illegal to have a boat registered overseas. It is done legally. In fact most people own a foreign flagged boat because of the high import duty they have to pay to import a boat to the country, money that will most probably be lost 3 or 4 years down the road when the owner decides to sell the boat because the purchaser will most probably be overseas and will not recognise a penny from the duty payed in Colombia. I kept my yacht under Delaware flag for 4 years until I decided to import it (get a Colombian flag) because at that time I was sure that I will keep her for a long time. It is not illegal to own a foreign flagged boat as it is not illegal to own stocks at Wall Street


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Old 21-04-2016, 21:20   #33
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Re: Insurer excludes Colombia-Why?

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Originally Posted by Navarca View Post
Insurance cost is a matter of statistics.
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As a former property and casualty underwriter, I can assure you that after the statistics are gathered, the actuaries also look for the potential of a large claim in calculating the premium. The political instability/police corruption here adds to the cost of everything, not just marine insurance.

The Cartagena waterfront is safe because of the heavy presence of the DEA filming the area 24/7.
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Old 21-04-2016, 21:24   #34
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Re: Insurer excludes Colombia-Why?

Only 6 of the 40 lifeguards in Cartagena can swim. I'm surprised it's even that much.

Cartagena lifeguards can't swim, says fire chief
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Old 21-04-2016, 21:38   #35
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Re: Insurer excludes Colombia-Why?

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Originally Posted by Navarca View Post
I have to say that it is wrong to state here that in Colombia is illegal to have a boat registered overseas. It is done legally. In fact most people own a foreign flagged boat because of the high import duty they have to pay to import a boat to the country, money that will most probably be lost 3 or 4 years down the road when the owner decides to sell the boat because the purchaser will most probably be overseas and will not recognise a penny from the duty payed in Colombia. I kept my yacht under Delaware flag for 4 years until I decided to import it (get a Colombian flag) because at that time I was sure that I will keep her for a long time. It is not illegal to own a foreign flagged boat as it is not illegal to own stocks at Wall Street


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It's helpful if you would include the quote in your comment of the issue you're referring to.

You may be referring to the fact that Colombia has income tax as well as patrimony. So you pay income tax like everyone in the world, and in Colombia you pay a tax on your owned assets called patrimony.

Many boat owners don't register there boat at all, just pay the bribes which is cheaper than paying the tax.

There may be Colombians that do register outside of Colombia to avoid paying patrimony, and that may be what you're referring to, and of course, that's illegal.
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Old 21-04-2016, 22:15   #36
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Re: Insurer excludes Colombia-Why?

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Insurers tend to follow their home countries politic's... hence if the US became friendly with Iran.. it would no longer be excluded.
Columbia's stability may well not a welcome thing to the powers that be..
Its to the USA's advantage to have an unstable southern continent if they cannot cash in and control..
History proves that.. and before the forum erupts with cries of 'Anti-Americanism' I'm not.. the Brits, the French have all played the same game..
Its what white folks do..

So your an anti Western black then. :-)
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