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post #1 of 7 Old 02-17-2004 Thread Starter
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Cruising Insurance

We are trying to put some numbers together for cruising insurance. would like to hear what carriers people seem to be using, and how much in the way of premiums we might expect (ballpark) 130,000 in coverage. cruising east coast,keys and bahamas. our boat is currently on the Great Lakes.

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Bill
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post #2 of 7 Old 02-17-2004
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Cruising Insurance

Boat/US will cover your cruising area from the Great Lakes as far as the Bahamas. I''ve found them reasonable.
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post #3 of 7 Old 02-18-2004
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Cruising Insurance

Snce we have our home and auto policies with Allstate, I inquired about boat insurance for our up-coming purchase. You must stay within 100 miles of the USA (continental 48, I assume), but there was a rider to allow the whole of the Bahamas for a small additional fee.

Anyway, the estimated premium for agreed value coverage at $100K was less than $500 per year (that is discounted a little due to my Coast Guard Auxiliary membership and training resume). I believe it was for $1,000 deductible, but can''t recall.

Boat/US and Marine Underwrites both wanted well over $1,000 per year. I will investigate any differences further before making my decision, and so should you.

Good luck.

Duane
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post #4 of 7 Old 02-18-2004 Thread Starter
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Cruising Insurance

Wow, $500. sounds very reasonable. we are currently paying $873. for use on the Great lakes not below the Tanzanee bridge on the Hudson. We attended a cruising seminar last winter and it seems the speaker mentioned a European insurance company that specialized in cruising insurance that was very affordable. maybe we will come across that, and as you suggested Duane we will investgate before we sign.

Bill
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post #5 of 7 Old 03-19-2004
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Cruising Insurance

We''re also looking for cruising insurance but for beyond the Bahamas. We''re going all the way to Panama--which insurers provide such coverage? Our current insurance is with Lloyd''s but the agent says they don''t offer coverage beyond the Bahamas and Turks.
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Marcus
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post #6 of 7 Old 03-19-2004
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Cruising Insurance

Marcus, your agent''s statement about Lloyds coverage probably suggests you would benefit by changing brokers...or at least comparing what you hear from several different ones. (We were recently covered for an Atlantic crossing by Lloyds, and subsequent cruising in N Europe).

You might visit www.ssca.org and review the more recent postings on their Cruising Discussions BB; there are several insurance threads there which will be helpful. Also, I (surprisingly) found the article in the recent CW magazine on the current state of boat insurance to be accurate and well done; you might want to read it.

You''ll often find we cruising sailors offering firm recommendations on a given broker but knowing little about the different carriers/underwriters (which is afterall where your protection lies). You''ll also find most of us have little or no claims history (the only time one learns for sure how ''good'' one''s coverage and service is), and that our policies can vary widely in coverage (starting with whether it''s an ''all risk''s policy'' or not) so it''s difficult to fair a reliable curve on what''s a fair premium or a good carrier based on anecdotal reports.

Much like the discussions we''ve had here on using a broker when shopping for a boat, using a ''good'' insurance broker can be a huge help, due to the circumstances outlined above and others (such as the need for helpful service once you''re out cruising and remote from easy/cheap communications). However, the devil''s in the details of finding that ''good broker''.

FWIW one recommendation I''d make is to contact IMIS (800 541-4647), a family brokerage of former cruising sailors who have made quite a name for themselves (and happen to be favorably mentioned in that CW article). We''ve been covered thru them on two offshore voyages in the last 5 years, have received exceptional service when remotely in need of it (fortunately, not for claims service), and they have now created their own policy (with Markel as the underwriter) intended specifically for short-handed, offshore sailors (known as their ''Jackline Policy''). You might want to give them a call. (It''s also worth noting that they recently had to report to some customers that they had discovered a UK broker thru whom they placed UK-based coverage who had pocketed the premiums. This goes to show that even experienced brokers can suffer surprises, most especially in the foreign marketplace where there is far less regulatory oversight than in the U.S. with U.S.-based carriers).

Good luck on the upcoming passage!

Jack
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post #7 of 7 Old 03-20-2004
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Cruising Insurance

Jack--
Thanks for the information. I think a new broker seems to be in order in our situation.

Cheers,
Marcus
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