Insurance advice

[rancher44]

I purchased a 40ft cat from moorings in the BVI. I am bringing it back to Florida at the end of July. The problem is I will be traveling to florida and the insurance quotes are around 4500. If it is in Florida the price is around 2200. That is 2300 for a 10 day trip!

Is there a company that would insure the boat for the trip back to states and then do a policy for the trip and then do a rate for Florida ?
Any Help
Thanks
Michael

[andreas.mehlin]

That is probably the yearly rate you have received. You Will only pay for the time in the specific area

[mark_morwood]

The cost is probably due to the time in the tropics during hurricane season, not the trip per se. How is it insured at the moment while it is in the BVI's?

In any case, I'd recommend contacting Pantaenius for a second quote. They have been very reasonable for us. Ask for annual insurance for Florida, with a rider for the time the boat is in the Caribbean on its way to Florida.

Mark.

[Garrettw]

Like Andreas said, that sounds like a yearly cost. When you change or cancel your policy before the actual annual expiration, it is common to be refunded a pro rated amount. Check your specific policy terms on this though. Sometimes there is a small fee that is withheld for policy cancellations.


Sent from my iPad using Cruisers Sailing Forum

[rancher44]

Thanks that does help

[BandB]

They may well do a policy with a rider to cover this one trip. For many, policies are constantly under change as their habits or usage changes. Just make sure you keep up with all changes.

[John A]

The Insurance Company thinks its a bad idea to sail that route during hurricane season.

[BandB]

In actuality let's look at it this way. You insure for 30 days at the higher rate. That means you pay an additional amount of under $200 to be insured for that trip. Add that on top of the regular cost of insurance of $2200 which is about $60 for the 10 days. So you're paying $260 to be insured for that trip. I sure wouldn't insure anyone for that amount. And if you hold the larger policy less than 30 days it's even less.

[monte]

btw check the policy wording for being inside the hurricane zone at that time of year. You will probably find the deductible rises to 60% of hull value if you are moored or in a marina during the period.

[BandB]

Originally Posted by monte

btw check the policy wording for being inside the hurricane zone at that time of year. You will probably find the deductible rises to 60% of hull value if you are moored or in a marina during the period.

Check every detail of any policy. We have no changes in deductible for any areas or for named storms but others may have huge exclusions or changes in deductible. To say "probably" is a bit too much, just "may". Read every line of every page of the policy. And get a copy of it prior to buying it, not after. This is true for all insurance policies but none have more exclusions or special clauses than boat insurance.