Caribbean Insurance

[sailorboy1]

What are people cruising in the caribbean paying for insurance?

Who are are insured with?

What restrictions do you have on your coverage?

Did they make you jump through hoops in order to get the policy and allow you to go?

Last time I checked with my insurance company it was about a 300% increase for coverage for me to go to the caribbean. Yet they are fine with me being in the Bahamas/T&C/ the Gulf during hurricane season. On top of that they wanted a new survey including a rigging survey. I basically just think they didn't have experience writing a policy for the caribbean and made it hard and expensive.

[AA3JY]

Only a 100 dollars more on our Boat US/ Geico policy premium ..limited down to Turks and Caicos

[sailorboy1]

Originally Posted by AA3JY

Only a 100 dollars more on our Boat US/ Geico policy premium ..limited down to Turks and Caicos

Thanks, but that's not the caribbean. It was around $100 years ago when I added the Bahamas and Turks and Caicos. But $2k to go further south from there.

[Paul L]

Offshore insurance has really gone up a lot in the last few years and gotten harder to obtain with less companies to choose from. You are probably looking at 2.5% to 3% of the hull value. As far the hoops you jump through and restrictions, its going to be a policy by policy and boat by boat thing. Older boats will require more recent surveys. Rigging surveys seem to be particular to a few insurers. Find a good broker and get a few quotes. In comparing the devil is in the clause details, not just the price.

[Joli]

We had a very difficult time getting insurance to sail to the Caribbean. Survey, new rigging, keel off, new chain plates... the list is fairly endless. The cost was 2.7% of agreed upon value plus ~ 10% of the boat value for the deductible, named storms are double that. Not only that we had to provide crew sheets for the passage. It took about 6 weeks for all of this to happen, most of the time we were without coverage.
Good luck, it's not fun but with the devastation in the Bahamas the Caribbean will probably see increased traffic from cruisers.

[a64pilot]

You are experiencing exactly what I ran into last year, and why we aren’t in Grenada now.
However to go along with the 300% increase in price, there was also a huge increase in deductibles, and we pretty much wouldn’t be covered in named storms, but they also added numbered disturbances, so I guess we wouldn’t be covered in an invest 99 etc.

I decided against it, I need Insurence myself, let us know what you come up with.

[Nicholson58]

Geico in the Caribbean. Sailing Trinidad to Puerto Rico and Bonaire. We were canceled by Lloyd’s after their big losses two years ago. Our independent agent found Geico for less. We have always had to be out of the hurricane zone in season. June through November we are on the hard in Trinidad at Power Boats. If you stay aboard and are willing to run south for named storms you can sail up the windwards and Leewards. Most of the coast of S America from Panama south is out of the zone.

[sailorboy1]

Maybe the answer is simple; no insurance.

And people question why I don't count the boat as an asset.

[Joli]

Originally Posted by sailorboy1

Maybe the answer is simple; no insurance.

And people question why I don't count the boat as an asset.

No liability insurance?

[callistov42]

Our boat is now at Jolly Harbour, Antigua. I asked around there and a LOT of people were using a company out of Barbados named Massey (https://www.massyunitedinsurance.com...pleasure-craft). I did some rudimentary (Google) research and they came up with good industry ratings and good reviews. Plus their cost was very reasonable. I am paying about $3000 for $150000 Hull value. No claims yet but so far very professional and we are pleased. The broker I used was Anjo Insurance (https://anjoinsure.com/products/yach...aft-insurance/).
Our Lloyd’s underwritten policy paid off GREAT after Erma. They couldn’t have been better... then they quit insuring yachts.

[sailorboy1]

I'm bumping this as there has to be more people on CF spending time in the Caribbean

[Nicholson58]

We just got notice Geico is no longer insuring boats away from the US coast. Canceled again after two years. Our independent agent is looking. It will require another survey. We are presently at Power Boat in Chaguaramos, Trinidad.

[kev_rm]

Originally Posted by Joli

No liability insurance?

I think it's a little easier to get liability only, no?

[RickG]

We are with Concept Special Risks through Hanham Insurance in Charleston, SC. We wanted to stay in the hurricane zone are in hurricane storage in Puerto Rico at Puerto del Rey. We could have wet stored the boat, or spent the summer inside the box if we wished, but had boat work to get done. We will be south of the hurricane zone next season and will shop for additional insurance. I am hearing 3%-3.5% of agreed value for that case.

Our cost is 4% of agreed value with 4% deductible, 8% deductible with named storm.

Cheers, RickG

[laika]

I've used IMIS who found me a plan with Concept Special Risks. Liability-only and substantially more expensive than the insurance I had with BoatUS back stateside. Then again, INTL small yacht insurance is a tough market.

I dropped it this year as they were requiring yet another survey. We've been cruising the W Caribe for the last few years.

Insurance is required in Mexico, though I've heard you can get temp insurance through MX issue when cruising their waters. Otherwise, insurance is not required in Cuba, BZ, Guate or Honduras.