Originally Posted by TabbyCat
GEICO has made a big change to thier underiting guidelines this year, going into effect March 15, 2020.
This only affects boats moored or travellling to the Caribbean
GMIC is no longer approving:
1. Full time moorings in the Caribbean
during the hurricane
2. Any trips to the Caribbean that are longer than 4 months in duration
GMIC cusotmers who have already received their renewal will not be affected for this policy term, but will be affected at their next renewal.
Thank you for sharing that awareness.
Might you share the definition of the zone that GEICO Marine
Insurance Company states as "the Caribbean" and also what is meant by "full time moorings."
season is generally defined as 1 June to 30 November which higher risk period has long been both an underwriter's geographical & date specific constraint. The four month duration limit that you noted seems like a new wrinkle which would seem to further constrain GMIC's exposure to just one third of the year, down from six months cruising window, December 1 to May 31. Albeit with climate changing the "hurricane season" and the zone may become redefined in coming years.
How does the four month limit work
in practice. Is that four months limitation run as a continuous count calculated from date of entry of the vessel before date of exit of the "Caribbean zone"? Or is that period limit calculated as four months cumulative stay wherein a vessel may enter and exit the "Caribbean zone" numerous times during a policy year, but needs to keep a log of the total days in the "Caribbean zone", say, comparing it to something like the Schengen countries short term visa constraint of a cumulative of 90 days in any 180 day period, with the 180 day period being ANY rolling period. Is the four month limit count based on the policy year, or a calendar year, or perhaps a weather
year, e.g. the typical weather
year for measuring precipitation is October 1 to October 1 the next year?
Can you provide the specific policy language as to the Caribbean zone constraints both as as to geography and dates and length of time in the Caribbean zone. And could you please provide an example, or examples of how such limits are determined.
Interesting limitations. As always the devil is in the details of an underwriter's policy and as a policy holder one has to be an expert in fully understanding the nuances of such language and how to comply. Misunderstanding by a policy holder can be rather onerous, particularly as to establishing sojourn plans.
Well at least they haven't YET provide additional policy constraints regarding the Bermuda
Again thanks for the guidance.