$4000 adder for Mediterranean cruising / Atlantic Crossing?

[jgw50]

I'm a US citizen and closing on a 2011 Leopard 44 sail cat (in Greece) next week and am finalizing insurance quotes. The plan is to start cruising the Med starting in May and cross the Atlantic and cruise the Caribbean / Bahamas until May 2020 when I have to go back to work.

So far I have only received a quote from Pantaeneus. For $300k of coverage and $1M in liability I was quoted $6500 which I thought was fair and expected.

They also wanted an additional $4000 to insure the part while cruising the Med and crossing the Atlantic.

I'm getting insurance no matter what, and still waiting on quotes from a few other places (IMIS Jackline and Lloyds being the top two) but was curious if this is what I should expect and if anyone had any advice.

Is this typical?

[Paul L]

Offshore insurance for cruisers has changed a lot in the last few years. Less underwriters offering coverage, those that do are pickier in selecting customers and much more expensive. So your best estimate of the costs are current quotes, not anything that people tell you on CF about what they paid 3 years ago.
You didn't mention which Pantenius you got quoted by, I'm guessing it was Pantenius US. Those numbers sound about right for them. You can probably get a lower price if you get Euro underwriter quotes. The policy terms will likely be less attractive than the Pantenius policy.
Different terms and different payout histories makes it difficult to compare quotes.

[UFO]

$10,500 for Med and US Coverage for a year seems pretty steep to me - I'd definitely shop around. Maybe ask them how much the Atlantic crossing is adding on to the bill - Not sure what your experience is, but maybe hiring a professional skipper for that leg may bring the cost down?


On another note as you are insuring the boat for $300K, I take it that was roughly what you paid for it or are you under insuring it?

[ReneJK]

Ask these guys , former Pantaenius director

Y Yacht Insurance | Insurance quote | Yacht Insurance quotes | Cheap Yacht Insurance quote

I switched to them as i was tired off the Pantaenius ‘added costs’ for everything

[boatman61]

Try Pantaenius UK for the Med coverage and maybe the crossing.. should get a better price for the 1st year then switch to a US provider when it expires.

[Rumpi]

What you were offered for liability is not enough. Minimum third party coverage for Italy is 6 070 000 EUR for damages to persons (non-material damages) and 1 220 000 EUR for damages to objects (material damages). The insurance must also cover the dinghy since it is compulsive for any boat having a motor (serial numbers for dinghy and outboard required). Proof of valid insurance in national language is required and must be on board all the time as long as the boat is in national waters.
Insurers will provide this document along with documentation in the national language of the other Med nations having compulsory third party insurance laws (Greece, Croatia, Spain, etc.).

To say it bluntly, any insurance broker offering "Med third party" under those limits is incompetent.