How to get 'liability only' insurance for the carribean? Does it exist?

[redpointist]

I have liability insurance through progressive (very reasonable, about $20 a month I think), but their coverage only extends to a maximum of 125 miles from the continental US. I think it covers some of the bahamas, but I'm fairly certain that my policy wouldn't cover me once we start working south from there.

Is there anyone that sells worldwide liability only boat policies, or at least covers the entire carribean? We don't stop in marinas often, but like to have the option, and I've heard many ask to see proof of liability insurance.

[redpointist]

Hmm, not looking like its actually possible to get liability-only insurance in the carribean at a reasonable rate...

[laika]

I have liability insurance thru IMIS..$700/yr which is unreasonable relative to what it was before for a hull value of $30k. I'm ditto with you on intended usage of insurance..plus many boatyards and hurricane holes require it when you want to haul out or store the boat periodically.

[redpointist]

Thanks! It's good to know that it's available. Interesting that its about 3x as much as US liability, likely due to being a niche product rather than being any increased risk of liability. Still not too crazy at about $60 a month, and may be worthwhile if it's our only option.

Anyone else know of any other companies that offer liability-only insurance that covers the carribean (or ideally worldwide)?

[Al Golden]

It's interesting that the comments I see regarding liability only are seemingly driven by the thought that you're buying a piece of paper to get you into marinas, countries, etc. Does anyone think about the reality that the insurer is putting their assets on the line to post bond to get your boat released from arrest in a a foreign country, to pay for the injuries to the young man knocked overboard when your dragging boat collided with his, when your guest is fatally crushed between yours and another boat while trying to fend off? All claims that we've seen.

[laika]

I certainly don't wish to smear IMIS or any other insurance company. You guys got me insurance when other carriers wouldn't even offer me a plan at any cost, so thank you! Full stop.

[Mike OReilly]

I conducted a survey of CF (and SN) cruisers a month or so ago. As part of that I compiled the list of insurers offering liability-only to those who took the survey. It can be found here.

I’m not sure if any of these would offer liability-only insurance for the Caribbean, but it might be worth a look:

http://helplink.com/CLAFC/wp-content...ility-only.pdf

[redpointist]

Originally Posted by Al Golden

It's interesting that the comments I see regarding liability only are seemingly driven by the thought that you're buying a piece of paper to get you into marinas, countries, etc. Does anyone think about the reality that the insurer is putting their assets on the line to post bond to get your boat released from arrest in a a foreign country, to pay for the injuries to the young man knocked overboard when your dragging boat collided with his, when your guest is fatally crushed between yours and another boat while trying to fend off? All claims that we've seen.

Liability insurance absolutely does have value beyond just requirements for access, but for those who don't have guests on board, are not cruising in heavily congested areas, dont have tremendous assets at risk to a predatory lawsuit, and are confident in their anchoring/boating skills it can certainly be a driving factor, and may be more often mentioned because it may be a less obvious factor than the coverage itself. I'm interested though, have you seen higher liability risk in the Carribean than in the US? Does liability-only insurance actually cover boat seizure/arrest? Thats an interesting situation which I wouldnt have imagined liability insurance would cover.

[redpointist]

Originally Posted by Mike OReilly

I conducted a survey of CF (and SN) cruisers a month or so ago. As part of that I compiled the list of insurers offering liability-only to those who took the survey. It can be found here.

I’m not sure if any of these would offer liability-only insurance for the Caribbean, but it might be worth a look:

http://helplink.com/CLAFC/wp-content...ility-only.pdf

Well thats a nice relevant list! Theres one listing from Pantaenius for "Caribb, Gulf of Mexico,Venezuela, East Coast USA" at $150 and also one by Canopius Managing Agents Limited (Algarve) for "Great Lakes, Eastern USA, Caribbean, Mediterranean, World" for $156. Both of which look promising. Maybe I can try giving those two a call.

[Mike OReilly]

Originally Posted by redpointist

Well thats a nice relevant list! Theres one listing from Pantaenius for "Caribb, Gulf of Mexico,Venezuela, East Coast USA" at $150 and also one by Canopius Managing Agents Limited (Algarve) for "Great Lakes, Eastern USA, Caribbean, Mediterranean, World" for $156. Both of which look promising. Maybe I can try giving those two a call.

Hope it helps. The full survey results are posted here on CF. I'm on my ipad or I'd post them again. It was interesting to see the range of rates people are paying, as well as their experiences with insurance.

Unsurpisingly, the vast majority of respondents have never made a claim at all. This makes sense given the very small risk most boaters face most of the time (notwithstanding all the scary anecdotes highlighted by insurance industry).

[Larry Florida]

Liability only Geico $80 per year for 1 million

[redpointist]

Originally Posted by Larry Florida

Liability only Geico $80 per year for 1 million

Wow thats pretty cheap! Likely limited to US only though? I dont think BoatUS or Geico offer liability-only outside US waters. (Geico bought BoatUS I think?)

[DreamCatcher37]

Originally Posted by redpointist

Hmm, not looking like its actually possible to get liability-only insurance in the carribean at a reasonable rate...

I second this experience with me and my Bella Sirena, either just NO or super expensive or they want you to buy comprehensive.

[rls8r]

I have liability only through Markel. It runs about $400/year (can't recall the limit, though). I'm covered from Eastport, ME to Turks & Caicos. I can get it for other places (e.g., Bermuda and places farther south) but I have to apply for an extension of coverage. I haven't done that (yet) so I don't know if there are any restrictions or increases in premium. I haven't asked about the Med - but I plan to.