Insurance for International Cruising

[balutsky]

Planning on buying a sailboat next year and wondering how much it will cost to insure it. My plan is to register the boat in Florida (I'm a FL resident and use my sister's address). However, I will use the boat to sail the seven seas, at least that is the plan. How much do you think it will cost to insure it?

[donradcliffe]

Suggest you use the google custom search (under the small 'search' button, which is on the line below the big 'search' button, and you will be able to see past discussions on this topic.

Frankly, I don't know why the site doesn't fix the search function--the other searches are pretty useless and its been the same way for over 10 years.

[kas_1611]

How much will it cost to insure? That's the $64,000 question!

All depends on where you plan to sail it, how much cover you want, if you want all risks or just 3rd party liability (essential!), if you want personal items included and the list goes on and on and on.

Sit down with a pencil and piece of paper and figure out the level of cover you'd ideally want then start speaking to some of the marine specialist insurance companies and get prices.

I'd suggest a minimum of $5 million liability insurance at least as that is what I have as part of my comprehensive cover with Bishop Skinner (well the GB £ equivalent).

Don't forget to include things like outboards, dinghies, accessories, navigation equipment and be honest with insurers as they love to cancel insurance just when you need it because you didn't tell them something.

[GrahamO]

I'm dealing with just that issue right now. Trying to get insurance for a Pacific crossing so here are some sample numbers:

Situation:
38' monohull sloop
Survey value $125k
Lots of upgrades for blue water / offshore sailing
Decades of sailing experience
Three years of coastal / Caribbean sailing
Lots of courses (most useless....)

Caribbean to Australia best (only) quote = $3,700 with ridiculous restrictions:

Them: "you must have three people aboard with prior blue-water experience"
Me: "How do you define blue water experience"
Them: "Crossing the Atlantic or Pacific"

Get out of that one......

For blue-water sailing insurance there is considerable focus on your sailing experience, previous boat ownership, courses attended etc. Then the focus is on the equipment level of the boat.

I have managed to get liability-only insurance which is less fussy for around $1k. This makes no sense to me as their exposure for liability far exceeds the insured value of the boat. Whatever you do make sure you get at least liability insurance. you won't get into a lot of marinas without it and sinking on someone's reef would be a financial catastrophe.

Interestingly a number of brokers have turned me down because my boat is worth less than $200k.... So- Insurance is going to be a pig. Thats the world we live in.

You do not say how much sailing experience you have and this hobby can REALLY HURT / Kill. So, if you don't have a lot of experience, take baby steps and learn the ropes. Coastal USA, then the Bahamas, then the Caribbean - a number of years of this will get you in shape.

I thought I knew enough to go ocean crossing but despite sailing and cruising for years, I am finding myself profoundly ignorant in key areas.

Enough gloom. It is hard but DO IT - you will not regret it.

[Wckoek]

I heard that boat can be included in the house insurance in the states, I don't know how or what criteria goes into play.

[John_Trusty]

Originally Posted by donradcliffe

Suggest you use the google custom search (under the small 'search' button, which is on the line below the big 'search' button, and you will be able to see past discussions on this topic.

Reminds me of ... "The target area is only two meters wide. It's a small thermal exhaust port, right below the main port. The shaft leads directly to the reactor system. A precise hit will start a chain reaction which should destroy the station. Only a precise hit will set off a chain reaction. The shaft is ray-shielded, so you'll have to use proton torpedoes."

[mbuckely]

Originally Posted by Wckoek

I heard that boat can be included in the house insurance in the states, I don't know how or what criteria goes into play.

The coverage that you can get through your homeowners policy is extremely limited regards to the size of the boat they will write, HP of engines and cruising area. Certainly not worldwide

You need to actually read the policy forms so you understand the coverage, exclusions and limitations

[balutsky]

Originally Posted by GrahamO

I'm dealing with just that issue right now. Trying to get insurance for a Pacific crossing so here are some sample numbers:

Situation:
38' monohull sloop
Survey value $125k
Lots of upgrades for blue water / offshore sailing
Decades of sailing experience
Three years of coastal / Caribbean sailing
Lots of courses (most useless....)

Caribbean to Australia best (only) quote = $3,700 with ridiculous restrictions:

Them: "you must have three people aboard with prior blue-water experience"
Me: "How do you define blue water experience"
Them: "Crossing the Atlantic or Pacific"

Get out of that one......

For blue-water sailing insurance there is considerable focus on your sailing experience, previous boat ownership, courses attended etc. Then the focus is on the equipment level of the boat.

I have managed to get liability-only insurance which is less fussy for around $1k. This makes no sense to me as their exposure for liability far exceeds the insured value of the boat. Whatever you do make sure you get at least liability insurance. you won't get into a lot of marinas without it and sinking on someone's reef would be a financial catastrophe.

Interestingly a number of brokers have turned me down because my boat is worth less than $200k.... So- Insurance is going to be a pig. Thats the world we live in.

You do not say how much sailing experience you have and this hobby can REALLY HURT / Kill. So, if you don't have a lot of experience, take baby steps and learn the ropes. Coastal USA, then the Bahamas, then the Caribbean - a number of years of this will get you in shape.

I thought I knew enough to go ocean crossing but despite sailing and cruising for years, I am finding myself profoundly ignorant in key areas.

Enough gloom. It is hard but DO IT - you will not regret it.

Thanks for the input. My sailing experience is nil. Just wanted to know the cost to insure cruising the seven seas. Looks like it is out of the questions. I guess no insurance once I acquired a vessel and have to settle for liability insurance. Your response also makes me decide to not put a lot of money on a boat that I will purchase. I did inquire to a couple of insurance company and both of them declined to even give me a quote as they do not insure outside of the US. Whatever the case maybe, I will definitely do it. Life is too short not to do itand we only live once!

[Paul L]

Even while cruising the seven seas, you do not insurance for all seven��. You generally insure for a year at a time. For most cruisers this means an area to cruise during the season and an area to be out of the hurricane/cyclone/Typhon season. The more remote the area with higher risk navigation and much higher salvage and repair cost, the higher the premium. While you may not have the experience to get circumnav insurance now, you can build it one season and area at a time. Also, as you get experienced insurance restrictions are easier to get reduced.
As a ball park for costs for trans-ocean insurance figure on 1.5 to 2.5% of the boats value. The percentage tends to be higher on lower valued boats. Liability only is sometimes just as hard to acquire. If an insurer loses a boat insured for $100k they are out a 100k. If they insure for a million dollars liability then they can be out 10 times as much as the boat value.

[Cherod]

Pantanious is the big one here

[GrahamO]

Originally Posted by balutsky

Thanks for the input. My sailing experience is nil. Just wanted to know the cost to insure cruising the seven seas. Looks like it is out of the questions. I guess no insurance once I acquired a vessel and have to settle for liability insurance. Your response also makes me decide to not put a lot of money on a boat that I will purchase. I did inquire to a couple of insurance company and both of them declined to even give me a quote as they do not insure outside of the US. Whatever the case maybe, I will definitely do it. Life is too short not to do itand we only live once!

With no experience at all I would not put a lot of money in your first boat because it will almost certainly not be the one you sail internationally with. If it was me I would get something like a 28', small enough to manage but (just) big enough to live on, join a locale yacht club, sail with others, and learn to sail then to cruise (a very different thing). As others have said, you buy insurance for your planned sailing area for that year and I really hope you do not plan to go international in your first year. You have a LOT to learn.

Good luck and good sailing.

[balutsky]

Originally Posted by Paul L

Even while cruising the seven seas, you do not insurance for all seven��. You generally insure for a year at a time. For most cruisers this means an area to cruise during the season and an area to be out of the hurricane/cyclone/Typhon season. The more remote the area with higher risk navigation and much higher salvage and repair cost, the higher the premium. While you may not have the experience to get circumnav insurance now, you can build it one season and area at a time. Also, as you get experienced insurance restrictions are easier to get reduced.
As a ball park for costs for trans-ocean insurance figure on 1.5 to 2.5% of the boats value. The percentage tends to be higher on lower valued boats. Liability only is sometimes just as hard to acquire. If an insurer loses a boat insured for $100k they are out a 100k. If they insure for a million dollars liability then they can be out 10 times as much as the boat value.

That is very informative. Thanks a lot Paul.

[balutsky]

Originally Posted by GrahamO

With no experience at all I would not put a lot of money in your first boat because it will almost certainly not be the one you sail internationally with. If it was me I would get something like a 28', small enough to manage but (just) big enough to live on, join a locale yacht club, sail with others, and learn to sail then to cruise (a very different thing). As others have said, you buy insurance for your planned sailing area for that year and I really hope you do not plan to go international in your first year. You have a LOT to learn.

Good luck and good sailing.

Totally agree to not put a lot of money on my first boat. My plan is to go to the Caribbean and take the ASA 101-104 class in January next year. Maybe with LTD sailing in St George, Grenada. Look for a boat while I'm there and hopefully find a good deal and practice what I learned from the ASA classes. Heard that the Caribbean is the best place to sail for a novice like me. I'm thinking of acquiring a 36-40 footer. I think a 28 footer is gonna be too small for myself and my wife.

[demacsea]

I use Pantaenius who covered me for a two-handed Atlantic crossing and has continued to serve me very well for cruising around the Caribbean - including being severely beaten-up by a cat 5 hurricane.

I suggest you take a look at Is Yacht Insurance Really Necessary?

[TheThunderbird]

Pantaenius has special surveyors of their own who can check your boat and give you a preliminary assessment (rigging, hull, oceanic gear,...)

sure, the larger the boat, the easier it is. Your size/value could be a limitation to them