ALMOST ready to go........insurance question

[Sbroddle]

I know....I know. Everyone is sick of talking about insurance. Hubs and I are ready to go in about 16 months. We have owned a Cat 30 for a couple years, lots of lake sailing. Embarking on the dream of sailing the islands. Now....a harsh slap in the face that possibly we won't be insured! Now what do we do? So my questions are: 1) for those with insurance - where do you sail during hurricane season (if at all) 2) for those in our position - how did you get insurance?? We have a couple that will help us sail for a week and certifiy us - but is that enough? Trying to remain calm .....oooooooosah!

[Dogscout]

Why are you being denied insurance? Is it because of hurricane season or experience/credentials? Have you been insured thus far?

If its because of hurricane then leave the box during hurricane season.

[Sbroddle]

We haven't applied yet - but after hearing brokers talk at the boat show">Annapolis boat show - we're very nervous about our experience.

[davil]

Have you tried BoatUS?
Find them to be quite accommodating.
Once off the US hull insurance is a major expense and may consider accepting the risk, the only insurance I consider is LIABILITY, that could be a serious risk for me.

[davil]

on the hurricane season I stay out of the risk area, incredible risk averse and very "allergic" to hurricanes, survived one at sea and really did not like it at all

[dougweibel]

Are you planning to move up from the Cat 30?

If not I cannot imagine you not being able to secure coverage for at least a coverage area including the Bahamas during the winter. More likely you can get coverage for wherever you want to go, with premiums highly dependent on where you want coverage during hurricane season. We've seen premiums around double if you want to stay in Florida or the Caribbean (excluding the far south) versus if you move north for summer.

If you are planning to jump from the Cat 30 to a much larger boat then that could be an issue if you have no experience with larger boats. Work with a good broker. Don't talk to insurers about what you may want to do in future years, just ask for the coverage you need for the next 12 months. If you are moving up to a much larger boat try to get some experience you can present on comperable boats. The insurance market is tight but most people can still find the coverage they need.

[ksuderman]

How much larger are you moving? If going 8'-10' larger and you previously insured your Cat-30 you "shouldn't" have a problem. Having a USCG licensed captain that will certify you may help (and it may not).

I am looking to buy my first largish (38') boat and I am having a bear of a time due to lack of experience on boats of similar size. I finally asked the seller's broker if he could recommend anyone and he put me in touch with an insurance broker that at least sounded a little bit hopeful that he could find me a policy.

The only good thing is I read all the horror stories of people that bought and paid for an old boat before shopping for insurance!

[zstine]

we had trouble getting insurance and what we did get quoted was ridiculous. our boat is old 1975, so that nixed some. I only had a half dozen overnight passages no more than 200 miles each, which eliminated some more. the quotes we got were $3-4k per year for liability.. sorry, no way is that worth it. we had a decent savings (6 figs) since we planned to cruise for 2 years without income. if we hit another boat, we could cover the cost. never had to.
there we A LOT of cruisers without insurance. particularly foreigners, who I would say less than 50% had insurance (French mostly). I also heard about a few knocks at anchor. insurance was never involved. you just suck it up and fix your own boat. sh!t happens... if you aren't in a mega yacht or something brand new, you don't really need insurance out of the USA

[sail sfbay]

Originally Posted by Sbroddle

...........1) for those with insurance - where do you sail during hurricane season (if at all) 2) for those in our position - how did you get insurance?? We have a couple that will help us sail for a week and certifiy us - but is that enough? ..............

1. Anywhere not exposed to hurricane like California.
2. Check with your insurance company on what their requirements are to get "certified, including how many hours and where. A couple of new 46-48 ft sailboat owners in my marina required 40 hours of a captain as a condition of insurance coverage by their carrier.

[cdcorl]

Where are you going? If the USA and Bahamas, Boat US is easy and affordable. If you are heading for the Caribbean, they are worthless. The folks on the phone will tell you what you want to hear, but the insurance is not what the sales people say, and you won’t qualify in the Caribbean. If you are heading to the Caribbean, you may have difficulty with the US brokers, but there are agents in the Caribbean that will insure you in the Islands. They don’t insure the US or Bahamas, but they insure the Caribbean. Expect to pay 1K less than the US brokers. Expect to get a new survey with anyone other than Boat US.

[Cool Hand Luke]

16 months is actually a very long time. Start getting all the available licenses and credentials... they'll go a long way.

ASA 101, 103, 104, 105, 106, etc., etc,. etc.
https://asa.com/

RYA Skipper and other courses
https://www.rya.org.uk/training

Get sea time and LOG, LOG, LOG... log EVERY SINGLE HOUR. Log distances, etc.

With that, you shouldn't have trouble getting insurance... it may be very, very expensive initially - but you should be able to get it, should you choose to get it.

If you need help, I'll send you to my broker. He's great and will work with anyone.

[jmschmidt]

You can get hurricane coverage for most everywhere from a zero-premium increase to a few percentage points. Your experience level sounds questionable even for basic hull coverage and liability. One-week certification ride probable won't cover it.

In any event, since hurricanes are fairly predictable and are constantly tracked by the weather services if you venture out in a known storm which is in progress, or one predicted in a matter of hours or a day or two you can kiss your coverage goodby. Check your policy for details. They have a million ways to cancel coverage for the foolhardy.

[Frank999]

I'll probably be laughed at, but this is true. My homeowners' insurance policy covers sailboats up to 32 feet for liability, with no additional premium, and I have quite high liability limit, so my Catalina 32 is on that policy. The policy also covers it for damage on an agreed value basis. There are no geographic limits. The downside is that there are none of the special coverages that you may get with marine policy.

[BuoyCall]

Been planning moving aboard for a couple years now and still have a couple more to go...have to kick the kids out first. Retiring law enforcement so I started doing insurance a year ago with the plan on focusing on Yacht insurance as i move aboard and work from the boat. Been hearing alot of horror stories about insurance and since we will be needing it when we move aboard i decided to learn that niche.

Two biggest issues I have been running accross is lack of a survey and lack of larger boat experience. 1) get a survey and 2) you can hire a captain to get you signed off for insurance req. Yes both cost money but just because the insurance company req you to be "signed" off by a capatain is not the end of the world. It will make you a better and safer boatsman. Insurance is all about mitigating their risk which results in lower premiums for you.

If you have any questions on the matter of insurance feel free to direct message any time.....have fun!!!!

[Bobby Lex]

Choosing to be "self-insured" (i.e. uninsured) is not really an option if you plan to spend any time at a marina in the U.S. I believe that most marinas in the U.S. require proof of insurance -- often $1mil. in liability coverage.

We were fortunate enough to find insurance through Progressive. A bit pricey, but nice to deal with an established U.S. company, not someone overseas. Just like we budget for maintenance costs (haul-outs, bottom jobs, etc.) we also budget for the cost of insurance as part of the overall cost of boat ownership.

Bob