Insurance - Caribbean

[andreavanduyn]

What is the best company to insure a sailing yacht these days in the Caribbean ?

We understand that it is more than 2x the price as in Europe but on top many restrictions on payment conditions in hurricane season.........what is worth its money??/

NO insurance at all these days .........

[Hud3]

Eric,

That's a difficult question for a boatowner to answer. I recommended my insurance carrier in a thread recently. They've insured me here, within "The Box" for the last several years. I got an email from my agent asking me to retract the post because they were not writing new policies on private yachts in the Caribbean any longer.

I think the best you can do is compile a list of "possibles" and contact the brokers directly to get a quote. Anecdotal information doesn't seem to be worth much in a volatile insurance environment. CF member TabbyCat is an agent with a very highly regarded brokerage firm. You could start by contacting her. There's a lot in our archives. Try a search on "caribbean insurance" using the Google search in the small "Search" pull-down menu in the nav bar just below your username, up top.

As one point of reference, my premium has been about US$1.75 per $100 Hull Value, with a 2% deductible, 4% for named storms. I'm required to lay the boat up ashore or in a protected location afloat during the period 1st July through 31st October.

[andreavanduyn]

Hud, thanks for the info

As a result of these high prices and restrictions are there not a lot of uninsured yachts around?

[osirissail]

Originally Posted by ericvanduyn

Hud, thanks for the info

As a result of these high prices and restrictions are there not a lot of uninsured yachts around?

\
???? Did you mean "insured yachts" or "uninsured yachts'? There are not a lot on "insured yachts" around in the "box" in the Caribbean during the summer season. Probably the same with "uninsured yachts" as the owners do not want to stick their unprotected butts out asking for Mother Nature to give them a hard beating.
- - Insurance for remaining in the "box" is available, especially from European agencies, but is costly and you would need to see if they will actually pay for a loss.
- - If your boat is under a bank loan, then you are required to have insurance, otherwise, it is totally up to your discretion. Lliability-only insurance is a good deal halfway in between to cover your butt if you damage or injure somebody else.