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Old 01-04-2019, 07:13   #1
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Liability Insurance

Two years ago I bought a 35’ O’Day in the US and sailed her to my home port in Bonaire (southern Caribbean). My marina requires liability insurance of $300k so I checked around and ended up getting a policy with Jackline/IMIS/Gowrie.

The cost for 2017 and 2018 was $500 per year. No claims have been processed at all during the two years. Yesterday I received the renewal notification from Jackline asking for $1,200 for the same policy for 2019! A 1400% increase.

I politely asked why the rates have increased so much from last year to this year after having no claims. Their response was.......

“Hope you are doing well. Rates have gone up industry-wide, even for liability-only. If helpful, you can pay half down & the remainder by May 19th. We accept credit cards as well, at our secure online portal.

1) I am not doing well. 2) Rates “gone up industry wide” would not normally be 1400%. 3) They were at least helpful in providing multiple payment options .

Which companies are the rest of the sailboat community using for small “liability only” insurance policies? Thanks!
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Old 11-04-2019, 10:29   #2
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Re: Liability Insurance

Hurricanes hit the BVI's pretty hard last year. Insurers spread the risk out among all their policyholders, and may be considering climate change in their calculations too. We use National Marine Underwriters, but not just for liability.
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Old 11-04-2019, 10:34   #3
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Re: Liability Insurance

I ran a survey on insurance with CF and SN members. It’s now going on 2 years old, but it might give you some ideas of what people were paying, and who they used.

That seems very high for a liability-only policy, but maybe it’s the new norm for your area.
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File Type: pdf Insurance report.pdf (271.4 KB, 103 views)
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Old 11-04-2019, 10:38   #4
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Re: Liability Insurance

Sounds like an excellent time to shop around for the best deal.
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Old 11-04-2019, 11:12   #5
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Re: Liability Insurance

If it's any consolation, your increase is 240%. The offshore marine insurance market is a mess right now. Lots of companies limiting who they will cover and lots of people getting renewals that are double what they were last year.
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Old 11-04-2019, 12:09   #6
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Re: Liability Insurance

jg-
ALL kinds of insurance have skyrocketed this year. Property, car, boat, you name it. The folks at IMIS are generally competitive, and highly professional. If you're looking for a cheaper policy, ask the what options there are. It just *may* turn out that right now, anything cheaper will have strings attached to it. Or, you may find a better deal. Either way, ask them. They're just the brokers--they don't set the rates.
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Old 11-04-2019, 12:43   #7
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Re: Liability Insurance

Quote:
Originally Posted by Paul L View Post
If it's any consolation, your increase is 240%. The offshore marine insurance market is a mess right now. Lots of companies limiting who they will cover and lots of people getting renewals that are double what they were last year.
Technically, you both have calculation oversights.

Calculate the Percentage of Increase:

((<New_Number> - <Original_Number>)/<Original_Number>) * 100

((1200 - 500)/500)*100 = 140%


https://www.skillsyouneed.com/num/percent-change.html
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Old 11-04-2019, 13:23   #8
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Re: Liability Insurance

I'm paying almost $700 for $35,000 full coverage on our boat. Of course it's not in an area where destrutive hurricanes are common. The last time I carried Liability only $300,000 coverage it was less than $200. I'd be looking around for a cheaper policy.
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Old 11-04-2019, 14:08   #9
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Re: Liability Insurance

Quote:
Originally Posted by Shrew View Post
Technically, you both have calculation oversights.

Calculate the Percentage of Increase:

((<New_Number> - <Original_Number>)/<Original_Number>) * 100

((1200 - 500)/500)*100 = 140%


https://www.skillsyouneed.com/num/percent-change.html
Yea, that's better math. I knew I should have finished that Bachelor of Arithmetic.
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