Yacht Insurance in Caribbean (post Irma and Maria)

[drapem1]

Looking for CF experiences with Massey United Yacht Insurance..
Background:
Prior to Irma, with our monohull based in the BVI, we had our insurance through a broker in FL and covered by a carrier out of the UK. Our premium was roughly 1.5% of hull value and named storm deductible about 3% of value.
We had a rather substantial damage claim (mostly the rig) after Irma, like many many others, and then (no surprise) most insurers disappeared the following year (not writing policies in Caribbean). We were told by our broker that only a couple options remained and as a result last year our premium more than doubled and many more restrictions, and doubled deductibles. We reluctantly went along and paid the price.

This year (Aug 2019-20) we found a carrier (Massey United) from a highly recommended broker in Antigua, who has been writing yacht policies in Caribbean for decades. The premium quoted was back to the (reasonable) 1.5% of hull value and 3% deductible for any storm related damage.
My broker in FL is telling me to be well aware that Massey in based in Trinidad and they don't follow US laws around fighting any denied claims.
Does anyone in the CF community have experience with Massey United handling and paying claims?
Any other experiences with obtaining quality insurance for a reasonable value (keeping your yacht in the Caribbean - either on the hard or in water during the hurricane season)?
Thank you!

[zippy]

I am Canadian and currently shopping for full time Caribbean insurance.
-BoatsUS will no longer write policies for full time Caribbean boats.
-Pantaenius was 2.8% with a 20% NTS deduction with storage condition you may not be able to achieve.
-Yachtinsure was 2.3% with a 10% NTS deductible.

Still looking and any leads appreciated.

[drapem1]

zippy, I was told that our current insur carrier (Concept Special Risks) out of the UK, along with Pantaenius were/are the only companies left writing policies in the Caribbean. My new policy/renewal quote from Concept (from Aug '19-'20) was even higher (3+% of value) than last year, with more restrictions and higher named storm deductible. I happened upon Massey United while in Antigua and my research on their history has been very positive, along with a A- rating. Would really help to hear from anyone with experience or any previous issues with claims under Massey.

[zippy]

I am surprised that there hasn’t been more interest in Caribbean insurance costs. I will check out Massey United.

[drapem1]

I was thinking the same thing! I thought the question would get many comments, replies..

[daletournier]

How do they do it cheaper than the others?

[zippy]

Just to help anyone searching threads, it’s spelled Massy United Insurance and I am waiting on a quote. Couldn’t find anything negative on the Googler.

[Knotty Dog]

Any update on this? I have just contacted Massey also, for the same reasons you all have quoted. Huge premium increase and deductibles with current insurer. Caribbean Alliance Insurance got back to me advising they only insure residents of the countries they operate in. That doesn't work for us.

[drapem1]

I think 1.5% and 3% are the appropriate going rates. Massy makes good consideration in terms of the premium costs based on keeping your vessel well secured on the hard during the hurricane season. They have been great so far, very responsive. I just hope I don't ever have to use it!

[Knotty Dog]

Thanks so much for your quick response to this, I hope you never have to use it either!!!

[Mark_S.]

I was just told that GEICO would not be renewing my policy despite no claims and keeping the boat on the hard in Trinidad during hurricane season. My agent said GEICO and Pantaneous were pulling out of the Caribbean for boat insurance. I have less than a month before my policy expires. Looking for suggestions.

[lrclough]

I likewise was just told by my broker that GEICO will not renew insurance on boats in the Caribbean.

[callistov42]

I just renewed my Massy policy yesterday. They have an office in Jolly Harbour Antigua and came highly recommended by the brokerage company there that was doing my absentee owner management. A LOT of people in Antigua were using them. We were canceled after Irma by the Lloyds syndicate we had been with. No issues with Massy... but no claims either. I took a good look at their ratings and reviews and they seem strong and come well recommended. Oh... BTW, did I mention that their prices are VERY competitive? Less than $3000 on a $150,000 hull value with all the other standard coverages. No hurricane box requirements, no requirement to haul for the hurricane season (we are anyway) and no need to pull the sticks, etc. Very nice people to deal with too. My agent contact info:
ANJO INSURANCES (Jolly Harbour Office)
Ronda Frederick
for the Company.
TEL: 1-268-480-3098 (8:30am-3:30pm)
FAX: 1-268-480-3099
EMAIL: rfrederick@anjoinsure.ag

[Mark_S.]

I just received a quote from Massy United. It would be great to have some claims experience before paying the premium. Can anyone share their research or comments? There are not many options this year.

[pattig12]

We are in the same situation, coming up on renewal with Concept. The premium has had a big increase this year. The premium is over 5% of hull value on an older sailboat in the Caribbean. We have never filed a claim. We are looking at other options, but not finding much available. Interested in any further thoughts, or experiences with Massy.