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Old 20-08-2020, 06:56   #31
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Re: Vessel insurance update- Spring 2020

I just receive a quote from a company out of Costa Rica with an office in Spain. It was 1/2 of any other quote I have for better coverage. Seems too good to be true. I am not sure what to do.

Do I accept the policy?

The company is ION Insurance Group, S.A.

Has anyone ever heard of them?
Any experience with them?
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Old 29-09-2020, 06:28   #32
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Re: Vessel insurance update- Spring 2020

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Originally Posted by SV__Grace View Post
We're happy Boat U.S. members, at $20. per year including towing it's a no-brainer.

We've had our insurance through them for years, underwritten by Geico, and have been happy with their service and cost. Our premium is up for renewal this month and is about the same as last year (@$20 bucks less).
Read your policy very carefully, especially the part about depreciation. Anything that needs to be replaced after an accident is depreciated once the boat is over 20 years old. So in my case for an O'Day 39 1984, after a grounding where the Boat US assigned surveyor said the rudder needed replacing, the insurance would only pay 10% of the cost of a new rudder. Thats $500 out of $5,000. So I had the rudder rebuilt where they paid the labor in full but did depreciate the materials. Think about a broken mast.

So for an old boat, 20 or more years old, watch out for depreciation in the policy.
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Old 12-10-2020, 12:04   #33
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Re: Vessel insurance update- Spring 2020

I was in contact with Susan Waters. Unfortunately she couldnt help me in my situation (1 year owner of a boat on the hard in Turkey) but she mentioned there are a lot of scams going on in marine insurance right now, so make sure and ask for a copy of their rating. Here is a copy of the rating example she sent me.
Attached Files
File Type: pdf AM Best Rating.pdf (171.5 KB, 55 views)
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Old 12-10-2020, 12:09   #34
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Re: Vessel insurance update- Spring 2020

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Originally Posted by Nightdiver View Post
I was in contact with Susan Waters. Unfortunately she couldnt help me in my situation (1 year owner of a boat on the hard in Turkey) but she mentioned there are a lot of scams going on in marine insurance right now, so make sure and ask for a copy of their rating. Here is a copy of the rating example she sent me.
Not surprising. American carriers rarely, if at all, insure anything out of the Bahamas. The suggestion to contact Pantaenius (Germany) has been here for more than once. You can contact them directly.
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Old 12-10-2020, 19:37   #35
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Re: Vessel insurance update- Spring 2020

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Originally Posted by GRIT View Post
I just renewed my insurance with Susan Waters. She's a cruiser herself, and I've been quite happy with her service.

International Waters Insurance Services

Cheers.
Paul.
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Originally Posted by GRIT View Post
I'm presently insured through Concept "special risks".
https://www.special-risks.com/

Susan found that was the best deal, for what we're doing.

Cheers.
Paul.
Susan did a great job for us last year with hurricane coverage, charter coverage with crew, and bareboat charter coverage through Concept. They really were the ONLY company that would provide that coverage and she worked pretty hard for the business.

Quote:
Originally Posted by Nightdiver View Post
I was in contact with Susan Waters. Unfortunately she couldnt help me in my situation (1 year owner of a boat on the hard in Turkey) but she mentioned there are a lot of scams going on in marine insurance right now, so make sure and ask for a copy of their rating. Here is a copy of the rating example she sent me.
This year Concept wasn't able to be competitive with my policy but Jackline through Gowrie hit a home run. I'd suggest you call them.

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p: 410.364.7704 | f: 410.827.3758
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Old 20-10-2020, 09:47   #36
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Re: Vessel insurance update- Spring 2020

I just got off the phone with Boat US, they won't insure me on the hard because the engine isn't running (first off, wut?) They told me to look for a company that would sell me "builder's risk insurance" while I fix up my boat in the yard. The only "Builder's Risk" I'm seeing is for professionally yacht builders, not for a shade-tree mechanic like me with a stuck throttle. Anyone have any insight?
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Old 28-10-2020, 09:55   #37
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Re: Vessel insurance update- Spring 2020

Can you buy a short term policy whenever you want a haul out or marina stay in the country you are visiting
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Old 09-11-2020, 12:34   #38
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Re: Vessel insurance update- Spring 2020

Jackline would be good, but they wanted at least 2 years ownership. I will probably go with them next year.
Finally got a policy that covers the med through the broker Topsail Insurance out of the UK. Lewis Parker is the contact. lewis.parker@topsailinsurance.com . The insurance is with Global Yacht Cover.
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Old 09-11-2020, 14:40   #39
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Re: Vessel insurance update- Spring 2020

I discover in the United States Florida Sarasota area that my little Catalina 22 will be insurance by State Farm but it restricts me on coastal cruising, Basel stay in site of land. Not 20 story condos
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Old 14-11-2020, 22:38   #40
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Re: Vessel insurance update- Spring 2020

Wow! This is exactly one of the several topics of insider info I was wanting learn as I plan to fulfill the "crazy" dream in my head. So sorry to learn of the questionable insurance market.
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Old 19-11-2020, 05:27   #41
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Re: Vessel insurance update- Spring 2020

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Originally Posted by AndrewA2 View Post
would like to hear about the status and recommendations of other global (non-US) companies?
I'm in Ontario Canada. I have liability only, 2 mil, on my Grampian 26. Found Skipper's Plan to be the best. Sadly my old girl can't be insured for anything else because her value didn't meet the threshold for more.

Fair winds⛵
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Old 19-11-2020, 06:54   #42
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Re: Vessel insurance update- Spring 2020

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Originally Posted by Nauticus View Post
I'm in Ontario Canada. I have liability only, 2 mil, on my Grampian 26. Found Skipper's Plan to be the best. Sadly my old girl can't be insured for anything else because her value didn't meet the threshold for more.

Fair winds⛵
What is the minimum?

I used to be with Skipper's Plan. Found them good, but recently switched, mainly due to the fact that we're now on the east coast.
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Old 19-11-2020, 11:10   #43
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Re: Vessel insurance update- Spring 2020

I think it's 5k + surveyed value. It will take a refit to get her there.
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