insurance while cruising carribean islands

[Oceansailor]

Had a friend that stored his boat on the hard in St.Martin. He had no insurance. His boat fell over as most of the other boats did. His neighbor is claiming him for money as he is saying my friends boat fell on his boat. It is off course a blaming game. But it is easy to understand why a liability insurance might be important.

[barnakiel]

We have liability only. About 1 mio. 60 bucks a year. Obligatory.


We do not have boat insurance because the insurance amt asked by the companies is roughly about the value of the boat.


Cheers,
b.

[sailcrazy]

Both that (Liability) and uninsured boater are important. Just this season alone we were "bumped" into as an un-occupied charter boat swung in the squirrly winds, and a friends boat(we were both at anchor in St Thomas) had their anchor picked up by a single-handed charter capt , dragged about 400yards, and were then T-boned by the charter capt....a real mess! Even if you're right, and doing everything properly, you can be damaged.

[Mike OReilly]

Originally Posted by NPCampbell

As a side note, although the OP is referring to liability insurance, many countries now require proof of medical insurance.

Which countries?

[Oceansailor]

Not many.. I think New Zeeland

[Paul L]

Originally Posted by Mike OReilly

Which countries?

A lot depends on how long you are trying to stay. French Polynesia and Australia have asked for proof of health insurance when applying for extended visas.
Both were very lax on what they accepted.

[NPCampbell]

Originally Posted by Mike OReilly

Which countries?

Worldwide there around 30 countries the last time I checked. In the Caribbean, I think just Cuba and USVI (at the consular office request).

[Argyle38]

Originally Posted by barnakiel

We have liability only. About 1 mio. 60 bucks a year. Obligatory.


We do not have boat insurance because the insurance amt asked by the companies is roughly about the value of the boat.


Cheers,
b.

What company?

[laika]

Originally Posted by NPCampbell

Worldwide there around 30 countries the last time I checked. In the Caribbean, I think just Cuba and USVI (at the consular office request).

Cuba does not ask for medical insurance upon clearing in, but it's likely they will if you choose to extend your visa.

[Mike OReilly]

Originally Posted by NPCampbell

Worldwide there around 30 countries the last time I checked. In the Caribbean, I think just Cuba and USVI (at the consular office request).

Where does one check this? Is there a database or site? Noonsite?

As I understand it, medical care in most of the world is relatively inexpensive. There are countless stories here about people who have simply paid out-of-pocket for medical care when needed as they travel around the world.

[Paul L]

Originally Posted by Christian B

Bit of an odd one, as I can't seem to find that anyone has mentioned it before... But why are we reliant on just one insurer? Their premiums will go up and down as the insurance cycle hardens and softens from them.

The only way to get through this as cost efficiently as possible is to see what else is out there. At every renewal, I use comparison sites like compareyachtinsurance.com and quay2quay.com to get some quotes together for me. All I do then is have a quick look at their policies, make sure they are all the same (which they are all going that way), and then choose the one that means I spend the least amount of money.

Comparison sites are the way forward!

The first site you referenced just looks like a typical insurance broker who shops applicants to different underwriters. The second site is a bad link.

Shopping for yacht policies is difficult because tbe policies are not standardised, so direct comparisons are tough. Plus many companies will require a new survey when changing policy at a cost that eats any savings.

[sailcrazy]

In addition to not being standard, I discovered (this season), when shopping for a policy with named storm coverage, that there are only a few underwriters around for each type boat. And if you go to broker x and make the application, he sends it off to his underwriter for a premium quote. But if you go to broker y, and make application, and "y" sends it to the same underwriter......it will come back refused! That underwriter has already issued a quote for your boat, and he will not reissue the quote to another broker!!! Or at least that's what I was told by several brokers I had contacted .... I was even "lectured" by a couple of brokers for "shopping around" without telling them who else I had contacted..So much for shopping between brokers to find the best deal for me. What a scam these brokers and underwriters play....actually, I said something quite a bit more animated that that at the time, but I'm trying to clean up my act a little!

[Paul L]

Originally Posted by sailcrazy

In addition to not being standard, I discovered (this season), when shopping for a policy with named storm coverage, that there are only a few underwriters around for each type boat. And if you go to broker x and make the application, he sends it off to his underwriter for a premium quote. But if you go to broker y, and make application, and "y" sends it to the same underwriter......it will come back refused! That underwriter has already issued a quote for your boat, and he will not reissue the quote to another broker!!! Or at least that's what I was told by several brokers I had contacted .... I was even "lectured" by a couple of brokers for "shopping around" without telling them who else I had contacted..So much for shopping between brokers to find the best deal for me. What a scam these brokers and underwriters play....actually, I said something quite a bit more animated that that at the time, but I'm trying to clean up my act a little!

Why should the underwriter issue a second quote on the same boat for the same customer? The amount tgey quote isn't going to change.
For offshore policies there is so few underwriters willing to write any policy that your comparison shopping isn't going to take long. The brokers don't have many places to go.

[Mike OReilly]

Originally Posted by Paul L

Why should the underwriter issue a second quote on the same boat for the same customer? The amount tgey quote isn't going to change.
For offshore policies there is so few underwriters willing to write any policy that your comparison shopping isn't going to take long. The brokers don't have many places to go.

Seems to be increasingly true. But as retail purchasers of insurance, most of us don’t see what goes on beyond the broker curtain. Insurance is a black box to most clients, so all we can really do is go to multiple brokers and hope for different answers.

[sailcrazy]

Paul L....you're correct...the underwriter isn't going to change. But how do you know which underwriter each advertising broker is using? It's like buying a new part for the boat. The manufacturer makes it and puts a wholesale price on it. But what Defender, or West Marine, or Fisheries, or XXX ends up offering it to you at (retail) can be significantly different. But at least there you know the part is the same....not so with the brokers. So you're saying the best way is to go to a (single) broker, complete his application, and accept his price and options as gospel? You must either be a broker, or enjoy a really good relationship with one.