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Old 31-05-2020, 12:53   #1
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Just dropped by my insurance company in Carribbean.

Assistance Needed: I lost my insurance supposedly because I am cruising in the Caribbean now, and LL doesn't want to cover hurricane areas any more.
Anyone who can direct me to a reasonable and reliable company would be great. Currently on Isla Mujeres, Mexico in their hurricane hole. 50 Ft Beneteau.
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Old 31-05-2020, 12:57   #2
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Re: Just dropped by my insurance company in Carribbean.

I would consider finding a local insurer perhaps? Even if that means re-registering your ship there it might be worth it. Though of course the logistics of that will change from country to country.
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Old 31-05-2020, 12:59   #3
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Re: Just dropped by my insurance company in Carribbean.

Try ORM:

https://www.offshorerisk.com/
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Old 31-05-2020, 15:42   #4
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Re: Just dropped by my insurance company in Carribbean.

Expect it to be pricey if available at all. But there are Mexican insurance companies. Whether they'll insure you for hurricane season is questionable.

Ann
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Old 01-06-2020, 08:24   #5
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Re: Just dropped by my insurance company in Carribbean.

I just signed with Massy United Insurance Ltd. out of Anjo Insurance in Antigua; main office is in Barbados. Premium was much lower than my previous company, Special Risk. They don't have a perfect record, but I couldn't find any negative reports re: yachts.
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Old 01-06-2020, 09:37   #6
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Re: Just dropped by my insurance company in Carribbean.

Many of us that cruise the Caribbean have experienced this. I was able to get coverage with a UK company, but the premium for hull coverage was so high, I opted for a liability-only policy and will self-insure on the hull.
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Old 01-06-2020, 09:45   #7
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Re: Just dropped by my insurance company in Carribbean.

We have been using Massy for couple of years no claims but they are easy to work with and premiums are fair
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Old 01-06-2020, 10:20   #8
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Re: Just dropped by my insurance company in Carribbean.

Quote:
Originally Posted by JPA Cate View Post
But there are Mexican insurance companies. Whether they'll insure you for hurricane season is questionable.

Ann
And remember....They pay off in PESOS.
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Old 01-06-2020, 10:54   #9
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Re: Just dropped by my insurance company in Carribbean.

Quote:
Originally Posted by belizesailor View Post
I received 2 quotes (1 x German C en 1 x Carribean C)

Try also
Y Yacht (UK)
Pantaenius
https://www.gowrie.com/Marine-Insurance/MarineInsuranceOverview.aspx
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Old 01-06-2020, 11:16   #10
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Re: Just dropped by my insurance company in Carribbean.

Quote:
Originally Posted by JackMcD111 View Post
Assistance Needed: I lost my insurance supposedly because I am cruising in the Caribbean now, and LL doesn't want to cover hurricane areas any more.
Anyone who can direct me to a reasonable and reliable company would be great. Currently on Isla Mujeres, Mexico in their hurricane hole. 50 Ft Beneteau.

Jack , please email me to tradingwindscorp@gmail.com
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Old 01-06-2020, 11:23   #11
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Re: Just dropped by my insurance company in Carribbean.

With the increases in insurance rates these days I'm inclined to just say screw it and go with 3rd party only. We always made a point of staying out of hurricane zones in season anyways. If you cruise long enough with rates as high as they are you'll have bought a second boat.
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Old 01-06-2020, 12:20   #12
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Re: Just dropped by my insurance company in Carribbean.

Try:

Blue Water Yacht Insurance, Inc.
P.O. Box 7059
Jupiter, FL 33468-7059
561-743-3442 or 800-866-8906

They just sent me my renewal policy. I'm on St Croix, USVI.
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Old 01-06-2020, 12:22   #13
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Re: Just dropped by my insurance company in Carribbean.

We had this happen to us but our agent found an insurance company in Costa Rica. Right now we are in Belize. Try Miichael@edwardwilliam.com for a quote on your boat. Rene Yapp
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Old 01-06-2020, 13:02   #14
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Re: Just dropped by my insurance company in Carribbean.

Just went through this. Few companies will Insure at all in the zone, but for those that do, expect to pay a premium of 2% of hull value with about a 10% of hull value deductible for hurricane damage. Painful check to write!
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Old 01-06-2020, 16:55   #15
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Re: Just dropped by my insurance company in Carribbean.

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Originally Posted by reneaston View Post
We had this happen to us but our agent found an insurance company in Costa Rica. Right now we are in Belize. Try Miichael@edwardwilliam.com for a quote on your boat. Rene Yapp
I understand that Edward William have folded because their backers, Northern Reef have gone belly up. If not, please let this forum know.

The way I see it is that you need to take out a separate insurance to insure against your primary insurer from folding. To have paid premiums only to discover that it has been an exercise in futility is really not good enough.

When insurance companies fold (and they do, regularly, or suddenly change the rules) then you will be amazed to discover you are up s..t creek.

e.g. I understand that Panatelus (?) has suddenly decided they won't cover plywood hulls. Does that include all those hulls with glass over plywood decks?
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