Help finding insurance

[svspirited]

Hi, I'm in the process of purchasing my first cruising boat with the intent of cruising the Bahamas, Caribbean, and New England coast for the next few years and I am looking for recommendations for good insurance companies, or at least ones you have had experience with and felt claims were handled well. I have used BoatU.S. in the past and for coastal boating they were great but once you start talking about offshore anything with them the price goes through the roof. I have received quotes from JackLine, BlueWater, and I'm waiting on a quote from Pantaenius. So far Jackline, United Marine, and Bluewater are within a couple of hundred dollars between them in terms of pricing with BoatU.S. being nearly 50% more for the exact same coverage.

[boatpoker]

Originally Posted by svspirited

Hi, I'm in the process of purchasing my first cruising boat with the intent of cruising the Bahamas, Caribbean, and New England coast for the next few years and I am looking for recommendations for good insurance companies, or at least ones you have had experience with and felt claims were handled well. I have used BoatU.S. in the past and for coastal boating they were great but once you start talking about offshore anything with them the price goes through the roof. I have received quotes from JackLine, BlueWater, and I'm waiting on a quote from Pantaenius. So far Jackline, United Marine, and Bluewater are within a couple of hundred dollars between them in terms of pricing with BoatU.S. being nearly 50% more for the exact same coverage.

Rising numbers of hurricanes has changed the equation.

[svspirited]

Just bumping this up as I can't imagine there are no opinions on this out there and I am really hoping to settle on a policy provider in the next few days.

[Palarran]

It really depends on where you want to store the boat for the off season. I had Falvey for 8 years and they dumped me because they wouldn't cover my Atlantic crossing and no longer provided out of the water coverage in the hurricane zone. IMIS/Jackline did both, but it's about 100% more than I was paying before. If you want to stay inside the Hurricane zone during the season, I think your options are limited.

But I wouldn't recommend Falvey.

[sailjumanji]

Have you tried Chubb/Ace? Their policy was similar to Boat US but cheaper. Also understand they are good to deal with regarding claims, according to my surveyor friend.

I use Foremost - a division of Farmers - and they are inexpensive compared to others. But Bahamas limit to 30 days and there is no rider available for longer.

[svspirited]

Thanks for the responses, I hadn't tried Chubb so I will get a quote there as well. We are going to be live-aboard cruisers in the very near future with no winter layup and we will always be out of the box during the season. So far Jackline has the most sensible policy at a reasonable cost covering the rather large expanse I will be sailing for the next couple of years. Anyone have experience with their willingness to pay on claims?

[kenbo]

Falvey is no longer writing yacht policies. To me price is important but the policy/coverage trumps everything. Make absolutely sure your policy covers consequential damages.

[kenbo]

Isn't Jackline underwritten by Markel? If so, Markel is top shelf for claims.

[Jammer]

I have insurance through State Farm with geographic coverage within 50 miles of the U.S. and Canada coastline plus the Bahamas. Premiums are reasonable. I have found State Farm's claim service to be reasonable and professional in other lines but can't speak to boat insurance particularly.

In this day and age, there are problems with all the major insurance companies trying to find loopholes to avoid paying claims particularly where large losses are involved. I would not depend upon insurance for financial security.