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Old 24-02-2020, 04:34   #1
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Question Insurance Costs...

Hi all,

I hope you can help...

After years of planning I an almost at the point of living the dream...
I am looking at buying a lagoon 440 in the region of 250k British Pounds, (roughly 330k US Dollars) in the Caribbean. I'm from the UK and so if I go ahead I will probably stay in this area for a few years before heading over to the med.
In my head I was budgeting for around 1% to 1.5% of the value of the value so about 3,750.00 pounds... The quotes I'm getting are twice this... Is this normal?

This would be a chunk of my monthly budget gone on insurance... I have gone back and asked that if I moved the boat south out of the hurricane area during the season, would this help...

Can I ask roughly what you would expect to pay on this type and value of boat and who is a good insurance broker.

Thank you in advance... I did do a search thinking that this must have been asked but couldn't see a link, so I apologize if this has been asked a 100 times ...

Kind regards
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Old 24-02-2020, 04:55   #2
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Re: Insurance Costs...

Quote:
Originally Posted by Easybeat View Post
Hi all,

I hope you can help...

After years of planning I an almost at the point of living the dream...
I am looking at buying a lagoon 440 in the region of 250k British Pounds, (roughly 330k US Dollars) in the Caribbean. I'm from the UK and so if I go ahead I will probably stay in this area for a few years before heading over to the med.
In my head I was budgeting for around 1% to 1.5% of the value of the value so about 3,750.00 pounds... The quotes I'm getting are twice this... Is this normal?

This would be a chunk of my monthly budget gone on insurance... I have gone back and asked that if I moved the boat south out of the hurricane area during the season, would this help...

Can I ask roughly what you would expect to pay on this type and value of boat and who is a good insurance broker.

Thank you in advance... I did do a search thinking that this must have been asked but couldn't see a link, so I apologize if this has been asked a 100 times ...

Kind regards
No way

Much more that if you can even secure cover

Call pantaenius for a quote
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Old 24-02-2020, 05:22   #3
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Re: Insurance Costs...

Thank you, I have contacted Pantaenius for a quote...
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Old 24-02-2020, 05:30   #4
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Re: Insurance Costs...

Offshore insurance is tough to get now. There are a lot less companies to choose from, and those that offer coverage have upped their rates, 1.5% to 3+% of hull value is now common.
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Old 24-02-2020, 05:33   #5
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Re: Insurance Costs...

Honestly sounds about right, insurance rates especially in the Caribbean are through the roof.
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Old 24-02-2020, 05:46   #6
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Re: Insurance Costs...

With insurance an important detail is what port ,marina , the boat is kept when it is not underway
This is why carribean live aboards present an unacceptable insurance risk
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Old 24-02-2020, 08:20   #7
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Re: Insurance Costs...

In my experience insuring large cats owned since 2006, rates are based on a variety of factors. Whether you can be out of the hurricane zone during the season is one. Some insurers require the boat to be on the hard then. As we live in Texas and dont have haul out and storage capacity nearby, insurers have been interested in our hurricane prep plan. But aside from those, insurance rates are also dependent on credit rating, boat ownership experience, whether you are a homeowner, paid insurance in full, loyalty with same company, and ultra preferred rates for high net worth. We have full replacement coverage and pay slightly less than 1% premium, and had another quote only slightly higher. Funny thing is that BoatUS was 3%, which leads me to believe they dont take individual situations into account.

Get a good broker, fill out the paperwork so he or she can shop for you, and your situation. We got quotes from insurance companies that others told us were no longer writing cat policies. The situation is different for everyone. Oh, and our premium with the same company last year was 0.6% on stated value $450k, 2% deduct, 5% named storm. So we had an 80% increase in premium this year (to the 1% in 2020). I think that is consistent with what others are seeing. But i think people need to get away from thinking that companies only base premium on the boat and location, because in our experience it is based on the owner as well.
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Old 24-02-2020, 08:23   #8
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Re: Insurance Costs...

Insurance prefers professionally manned yachts that are kept in survey and operated in season
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Old 24-02-2020, 10:12   #9
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Re: Insurance Costs...

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Insurance prefers professionally manned yachts that are kept in survey and operated in season
Ours is none of those.
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Old 24-02-2020, 10:35   #10
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Re: Insurance Costs...

I have a boat insured at 170k + 10k dink (hull value) with a home port listed in North Carolina USA. Cruising grounds include entire US east coast, Bahamas and Turks with optional riders to roam further.

I pay 5100 dollars per year.
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Old 24-02-2020, 13:42   #11
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Re: Insurance Costs...

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Originally Posted by Easybeat View Post
Thank you, I have contacted Pantaenius for a quote...
1% is dreaming.

Expect to pay 2.5% up to 5% of agreed hull value for good coverage for a boat that is cruising--outside of hurricane zones.

There are a lot of crap policies out there; some cheap, some as expensive as good ones.

Inside hurricane zones? Good luck getting anybody to write a policy these days!
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Old 24-02-2020, 17:36   #12
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Re: Insurance Costs...

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1% is dreaming.



Expect to pay 2.5% up to 5% of agreed hull value for good coverage for a boat that is cruising--outside of hurricane zones.



There are a lot of crap policies out there; some cheap, some as expensive as good ones.



Inside hurricane zones? Good luck getting anybody to write a policy these days!
I'll agree there are crap policies out there. Pay close attention to depreciation of equipment and electronics. Big issue for us was the deductible for named storm - had quoted policies ranging from 5% to 20%. Also, whether you are declared or market value.

That said, we are in the hurricane zone, 2% deductible, 5% storm, declared value, and premium $4200 on $450k declared value, with a Bahamas rider. Second place quote was $5200 but named storm 10%. BoatUS quote was over $8000. If they will cover you, look into Chubb and American Modern. Both have very strong policies, and experience with surveyors i contacted very good with claims. BoatUS had best experience with claims, but premium sky high. Foremost paid out some local (hurricane) losses very well, but then jacked up the deductibles in next year, as well as premiums. Plus with Foremost, they limit coverage to $500k value, but OTOH declined to quote on $450k. Plus their Bahamas coverage is limited to 30 days and they dont offer a rider.

The policies exist. Wrote previously about what it takes to qualify for such.
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Old 24-02-2020, 17:45   #13
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Re: Insurance Costs...

Pantaneous had competitive quote, but required the boat to be hauled if name storm in Gulf, or for boat to be out of hurricane zone. If i remember correctly, their 2018 quoted premium was similar to Chubb.
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Old 24-02-2020, 17:54   #14
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Re: Insurance Costs...

I don't mean to hijack this thread, but what do full time/world cruisers do for insurance? Are a lot of people sailing around uninsured?
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Old 24-02-2020, 17:56   #15
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Re: Insurance Costs...

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I don't mean to hijack this thread, but what do full time/world cruisers do for insurance? Are a lot of people sailing around uninsured?
Yah...many , perhaps most
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