Mediterranean Insurance - Cost and Recommendations

[HurricaneWally]

Hi everyone

I'm after recommendations for insurance companies or brokers to use to insure our 45ft Hanse in the Mediterranean next season. I'm sure this has probably been asked before but there are so many providers out there I don't know where to begin! Also interested in any advice on what I should expect to be charged?

Thanks in advance!

[Anders]

Everyone I talked to that has had a claim with Pantaenius has been happy. They may not want to do business with you if you are American.

[Dtm67]

We have a US flagged boat in the Med and have coverage with Pantaenius USA. Approx 1 percent hull value for cost.

We use IMIS (now gowrie) as our broker.

[Jenneau Owner]

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)

Hope this gives you a idea.

[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

[ccannan]

Originally Posted by HurricaneWally

Hi everyone

I'm after recommendations for insurance companies or brokers to use to insure our 45ft Hanse in the Mediterranean next season. I'm sure this has probably been asked before but there are so many providers out there I don't know where to begin! Also interested in any advice on what I should expect to be charged?

Thanks in advance!

What kind of insurance do you want? If liability only try Bavaria.

[Dogscout]

I have Elmo insurance out of Malta on my Hanse 430 620.00 euro annual. US flagged but based in Malta

[Dtm67]

Update...I just got a notice of non renewal from Pantaenius. The letter said they were no longer insuring US flagged boats. I’m now searching for a replacement.

[ccannan]

Originally Posted by Dtm67

Update...I just got a notice of non renewal from Pantaenius. The letter said they were no longer insuring US flagged boats. I’m now searching for a replacement.

https://bavaria-ag.de/en/yachtversicherung/

[Jenneau Owner]

Originally Posted by Dtm67

Update...I just got a notice of non renewal from Pantaenius. The letter said they were no longer insuring US flagged boats. I’m now searching for a replacement.

Ironicly I have noticed a lot of Greek boats in Greece flying the Stars and Stripes. When I enquired about this the answer seemed to be it was locals avoiding Greek taxes.(suprised,suprise&#128578.

Are these insurance companies worried about the political situation and possible reprisals from the Mid East?

[ccannan]

Originally Posted by Jenneau Owner

Ironicly I have noticed a lot of Greek boats in Greece flying the Stars and Stripes. When I enquired about this the answer seemed to be it was locals avoiding Greek taxes.(suprised,suprise).

Are these insurance companies worried about the political situation and possible reprisals from the Mid East?

???

How do you identify a "Greek" boat if it is flying "the stars and stripes"?

What "political situation" are you referring to?

"Mid East" reprisals? By which country for what?

Most insurance companies don't cover damage caused by acts of war or terrorism.

The reason why most non-US financial entities (like EU based insurance companies) are no longer doing business with US citizens is because of FATCA compliance.

[Doubleplay]

Originally Posted by ccannan

???

How do you identify a "Greek" boat if it is flying "the stars and stripes"?

What "political situation" are you referring to?

"Mid East" reprisals? By which country for what?

Most insurance companies don't cover damage caused by acts of war or terrorism.

The reason why most non-US financial entities (like EU based insurance companies) are no longer doing business with US citizens is because of FATCA compliance.

Well said.

[mikedefieslife]

For me Pantaenius were twice the price of some others. My boat is old, so many insurers will not touch it.

My most favourable quote with good policy protection was with Y Yacht. It was around €450 a year in the Med for full hull insurance. This included all of the Med and Portugal, but not Atlantic Islands. some of the African countries were also excluded, but could be added if you make a case for it.

[slug]

Originally Posted by Anders

Everyone I talked to that has had a claim with Pantaenius has been happy. They may not want to do business with you if you are American.

Yup

I’ve used them for many years

Competitive quote and no ********

[slug]

Originally Posted by ccannan

???

How do you identify a "Greek" boat if it is flying "the stars and stripes"?

What "political situation" are you referring to?

"Mid East" reprisals? By which country for what?

Most insurance companies don't cover damage caused by acts of war or terrorism.

The reason why most non-US financial entities (like EU based insurance companies) are no longer doing business with US citizens is because of FATCA compliance.

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