Mediterranean Insurance - Cost and Recommendations

[ccannan]

Originally Posted by slug

Greeks are allergic to tax

No vat on Wilmington Delaware flags

I’ve never heard of FATCA being an issue

For years I’ve not been able to secure crew insurance for Americans ... too much liability

FATCA forces financial entities to comply with reporting requirements set out by the US government. They have to do so when dealing with US citizens. Imagine, ABCDEU insurance company has 10001 clients, and only 1 is a US citizen. Covering that single client requires disclosing mammoth amounts of paperwork at specified intervals, in specified formats. Many companies, rightly so, want no part of it. I know first hand about FATCA and the onerous requirements and have to comply with it annually. "Land of the free...." don't get me started.

The only poster on this thread that has referred to crew insurance is you. This thread is about boat and third party liability insurance.

[condo]

[QUOTE=Jenneau Owner;2953433]Last year I paid £620:00 for a 45ft Jenneau, UK registered, sum assured £120,000. Cruising no further than 30degE longtitude. (Inc a few xtras, dinghy, liferaft etc)

Hi sorry I know this is an old post ,but it wasn’t clear which company you use ,are/were you using PANTAENIUS .I’m awaiting a quote from them but everyone else is quoting £1000-1100 on an Oceanis 41 £130000 to 35 East?

[jamescurrier]

Greg K,
Thanks for your comment about getting liability insurance for Spain.

I have a Tartan 30 I'm sailing to Spain this summer. I will self-insure it, but seem to need proof of liability insurance to land in Spain. You mentioned you have that.

Is there a broker or a Website I can use? Can you direct me one more step. I've looked online and found nothing...

Thanks!
James

[ccannan]

Proof of liability insurance in Spain is only checked when staying at a marina or a boatyard.

Who will sell you insurance depends on many factors, but include the owner's nationality, the boat's flag, etc... There isn't a comprehensive website that I am aware of.

[jamescurrier]

Greg
Who can I call, or what website can I go to, in order to get just liability insurance for Spain? We're comfortable with self insuring but I understand to land in Spain, we need proof of liability insurance. I've got a 1976 Tartan 30 and we're sailing there from Boston in June. We'll be under a US flag.

I've called 8 different brokers and done 10's of internet searches, but have only turned up your comment here on this forum. Help me Obi-Wan! You're my only hope.

James

Originally Posted by Greg K

Pantaenious refused to renew my insurance in 2019 stating that they no longer insure either Canadian or US flagged boats in the Med ( ours is Canadian flagged).

I now have local third party liability ( compulsory ) Spanish insurance at the annual cost of about 63 Euros. For all practical purposes, basically self insured. The boat is a 1983 Shannon 28, and neither Pantaenious nor my current Spanish insurer would provide hull coverage on the basis that the boat is too old.

If, like me, you are comfortable with only third party liability, compulsory coverage in the Med is quite inexpensive.

Greg

[Greg K]

Originally Posted by jamescurrier

Greg
Who can I call, or what website can I go to, in order to get just liability insurance for Spain? We're comfortable with self insuring but I understand to land in Spain, we need proof of liability insurance. I've got a 1976 Tartan 30 and we're sailing there from Boston in June. We'll be under a US flag.

I've called 8 different brokers and done 10's of internet searches, but have only turned up your comment here on this forum. Help me Obi-Wan! You're my only hope.

James

Don't think it will work in your situation, James. From my experience, to get Spanish coverage your boat will either have to be Spanish registered or you'll need to provide proof of Spanish residency.
In my case, I am a Spanish resident.

Maybe some other EU insurers may offer coverage if you can provide proof that the boat is permanently based in the Med... ie, VAT paid and annual moorage contract. Maybe... certainly worth looking into once you're here.

When I sailed across in May 2002, my coverage was for the US and Caribbean, and the insurance was already expired on 04.10.2002 or something like that. Of course, the officials in Horta read it as October 4, 2002. Who am I to dispute their understanding...LOL. By September, I found cheap UK liability only coverage for the Med and was all good.

Not suggesting you should do likewise, of course, but you might have to get creative.

[skipmac]

On the recommendation of a friend I contacted this company. http://www.offshorerisk.com/

They can offer full coverage and liability policies for Europe and my Atlantic crossing. No problem with my 35 year old boat but they do require a recent survey. US resident, US documented boat.

[NorthPacific]

No idea about Spain,but I have been going in circles trying to get my new to me boat insured in Greece and Turkey.

Third party is hard to find.
marina shop in NewZealand can get underwriters to cover you (perhaps depending on you and your boats credentials.

Just had a quote from Topsail in Poole. Have had a couple of others but they have been described as sketchy.

trying to find out is these 2 are ligit before handing over my kids Uni fund.

[NorthPacific]

Should add I am Canadian
boat is UK built
Boat is in Greece
Was Australian flagged.

[NorthPacific]

Got a reasonable quote from Top Sail UK. Good coverage. So went with it. Good to work with.

[svtickles]

Originally Posted by NorthPacific

Got a reasonable quote from Top Sail UK. Good coverage. So went with it. Good to work with.

They refused to quote me because the boat is not flagged in the UK. How did you go around this?

[goboatingnow]

Originally Posted by svtickles

They refused to quote me because the boat is not flagged in the UK. How did you go around this?

Top sail to my knowledge do not insure non uk flagged boats as they do not have financial pass-porting rights.

[NorthPacific]

Originally Posted by goboatingnow

Top sail to my knowledge do not insure non uk flagged boats as they do not have financial pass-porting rights.

No Idea what that means. But I have no reason to lie.

I am Canadian
Bought a Moody 425 in Grease
Australian Flagged
Now Canadian registered.

No idea why, maybe 30+ years no claims, but my mami always said I was special.

Got turned down lots, these guys said no problem. I refused to have the standing rigging replaced between 7 and 11 years old. So we agreed that if the rig comes down its on me. In more than one wayhttps://www.cruisersforum.com/images/icons2/tounge.gif

Never seemed like a problem. Underwriters are called Global yacht. as I said easy to work with no problem. Covered for whole of the med at a good rate for North America premiums anyway.

[goboatingnow]

Originally Posted by NorthPacific

No Idea what that means. But I have no reason to lie.



I am Canadian

Bought a Moody 425 in Grease

Australian Flagged

Now Canadian registered.



No idea why, maybe 30+ years no claims, but my mami always said I was special.



Got turned down lots, these guys said no problem. I refused to have the standing rigging replaced between 7 and 11 years old. So we agreed that if the rig comes down its on me. In more than one wayhttps://www.cruisersforum.com/images/icons2/tounge.gif



Never seemed like a problem. Underwriters are called Global yacht. as I said easy to work with no problem. Covered for whole of the med at a good rate for North America premiums anyway.

Insurance is a regulated market in Europe and the U.K. a company cannot offer an insurance product from one country into another. A flag registered yacht is effectively the “ other country “

Some insurers therefore have financial pass-porting rights where they legally comply with the boat nation rules, for example if my boat was U.K. flag registered ( which it was till recently )Pantenious will charge me more because the U.K. insurance taxes are higher then in Ireland. In other cases they will not offer insurance to certain flags because they cannot comply legally with the national rules. ( many countries require insurance bonds to be placed with a insurance regulator )

For example , Since Brexit no U.K. has any EU financial passporting rights , so these companies much either establish in an eu country or cannot legally offer cover. Etc etc

[NorthPacific]

Ah Then maybe Topsail did a deal with Canada. Panty and others would not offer. The previous owner, an Australian said that he could only find a couple of brokers who would offer him insurance for his boat in Greece. No one in canada wanted to insure because we where, are not intending to bring it back to canada.

having said that the New Zealand company got me a quote as well. Dont understand the system I admit. Seems strange how I got an offer in NZ and one in the UK but couldn't get one in Canada. Stressful and time consuming. Must have filled out 15 applications before I picked the european one. Well UK as its not politically part of Europe anymore.