Insuring with a BVI Flag?

[msponer]

I am thinking of flagging my next boat in the BVI.

Do you folks have experience getting insurance for a vessel flagged in the BVI?

Do insurers who cover British vessels generally extend coverage to a BVI flagged vessel? Would it matter if the owners are US citizens?

Are the rates different because of the flag?

Part of my reason for going with this flag is that I feel I've been excluded from some insurance options because of my current boats US flag. There's only one insurer who will give me third party only coverage for the Caribbean, and none that I've found who will cover the South Pacific. I've talked to British insurers who would happily sell me coverage like that, if I didn't have a US flag.

[FilledeJoie]

When we bought our boat, we formed a BVI holding company, registered the boat there, avoided FL sales taxes, and we use Offshore Risk Management for insurance, I think they have an office in Road Town. The boat has been there for three seasons with no problems.


Sent from my iPad using Cruisers Sailing Forum

[nl2234]

BVI registered vessels benefit from all of the privileges of the British flag, while at the same time having the tax free and confidentiality perks of the BVIs.

This article talks more about insurance, specifically.

Originally Posted by msponer

I am thinking of flagging my next boat in the BVI.

Do you folks have experience getting insurance for a vessel flagged in the BVI?

Do insurers who cover British vessels generally extend coverage to a BVI flagged vessel? Would it matter if the owners are US citizens?

Are the rates different because of the flag?

Part of my reason for going with this flag is that I feel I've been excluded from some insurance options because of my current boats US flag. There's only one insurer who will give me third party only coverage for the Caribbean, and none that I've found who will cover the South Pacific. I've talked to British insurers who would happily sell me coverage like that, if I didn't have a US flag.