Yacht Insurance

[Cakeslovesbakin]

Hi, can anyone please recommend any good insurance brokers or bad ones to stay away from.

Thanks

[skipmac]

Depends on where you are. Cruisers Forum is international so would need to know what country you're in. Also would help to mention your cruising plans as some insurance companies only cover local, some are global.

[Cakeslovesbakin]

Thank you. We are in the UK at the moment but will be sailing worldwide.

[simonmd]

Give http://www.pantaenius.co.uk/en/home.html a try. I've been with them for a year and they are very friendly and efficient and are UK based. I was reccomended them from another forum member who hasd used them for years with no problems.

[Cakeslovesbakin]

Originally Posted by simonmd

Give http://www.pantaenius.co.uk/en/home.html a try. I've been with them for a year and they are very friendly and efficient and are UK based. I was reccomended them from another forum member who hasd used them for years with no problems.

Thank you, I will give them a call. )

[skipmac]

Hi, found your other posts that mentioned UK. Since I'm over hear in the colonies can't help much but plenty of EU cruisers on the forum to chime in.

I can offer a couple of general comments. Full coverage insurance will not be cheap. A lot of cruisers sail without although you might want to consider at the minimum liability insurance. Some countries and many marinas require it, just in case you happen to bump the $5 million mega yacht docked next door.

For a rough reference, I carry full insurance but currently only covered for coastal US and Bahamas. For a boat valued under USD$100,000 I'm paying around $1000/year. Initially was quoted almost $2000/year but was able to negotiate a lower rate based on 30 years experience and owning a number of boats during that time. Also have to stay out of FL during hurricane season.

I am guessing global coverage would be at least double or triple that.

[chuckr]

we have good success with 2 companies -- one is a broker in ft lauderdale by the name of bill hodgens at yachtinsure.com who kept moving us from company to company to keep our rates down and to adopt to our current crusing area

we are now with imis and their jackline policy as we wanted to cross the atlantic this year as a 2 person crew but could not get out of panama in time due to weather issues -- so we will stay with imis and hope to cross the pond next year

just our thoughts
chuck patty and svsoulmates
in tinindad for hurricane season

[davefromoregon]

I am in exploration phase of buying my first boat. I live in the Pacific Northwest (US) and would primarily sail on the Columbia river. I recently sent off a request for a quote for an older 35' Hunter. The first company told me they would not insure me since I had not owned a boat before.

Does anyone else have experiences on insuring their first boat? My sense is that plenty of people buy decent sized boats for their first one. I have chartered, done a lot of day sailing on smaller boats, and taken a few ASA courses.

[skipmac]

My brother-in-law-in-law (my brother-in-law's brother??) had the same problem. First boat as well as very little boating experience. He got insurance but the company required he pay a licensed captain to accompany him for some time period (3 or 6 months I think) until he had sufficient experience in their opinion to qualify for insurance on his own.

After the first time or two out my b-i-l-i-l pretty much did everything while the captain watched and offered suggestions and pointers. After a while the captain reported to the insurance company that the new owner was ready and the requirement was dropped.

[chuckr]

davefromoregon - like you we had never owned a boat before and took some asa courses and did a charter or 2 and then went out and bought a brand new 40 jeanneau and we lived in miami
we got a lot of turndowns but our broker found bill hodgens of yachtinsuredotcom and he was simply great -- maybe he can help you
tell him we told you to call - if nothing more than get advise - and no we get nothing out of it - bill just did a great job for us

just our opinion
chuck patty and svsoulmates
in trinidad for hurricane season

[davefromoregon]

Originally Posted by chuckr

davefromoregon - like you we had never owned a boat before and took some asa courses and did a charter or 2 and then went out and bought a brand new 40 jeanneau and we lived in miami
we got a lot of turndowns but our broker found bill hodgens of yachtinsuredotcom and he was simply great -- maybe he can help you
tell him we told you to call - if nothing more than get advise - and no we get nothing out of it - bill just did a great job for us

just our opinion
chuck patty and svsoulmates
in trinidad for hurricane season

Thanks. Appreciate the pointer.

[Cakeslovesbakin]

I have been in contact with Plantanius and found them very helpful and very reasonably priced and will quote per destination pro rata.

[bstreep]

We are with Nationwide, believe it or not, and they are very reasonable. We are in a hurricane area, and pay about 1% of the insured value. We have had a claim (tornado hit the boat, about $25k) and had 2 friends with large claims (one a marina fire, the other lost a boat in Ike) and had a GREAT experience with Nationwide.

[belizesailor]

I've used ORM (Offshore Risk Management) for a few seasons now. Their price is competitive and their sales service is good (fortunately I have no experience with claims).

I just received my renewal quote from them and it comes up to about 1.6% of insured value per year (for cruising coverage up to 250nm out). Still a total number I don't like, but a quite competitive rate.

[clankyjeffers]

Hi All,
I too need boat insurance and would welcome any suggestions
I have a Catalac 900 which is presently situated in Portugal and hope to take across to Madeira, Canaries and across the pond.
My present company will only insure me for up to 24hrs at sea as I am single handed
Inexpensive 3rd party cover would preferable - many thanks