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Discussion Starter #1
Hi,
I''m currently reading an article on a mans sailing passage to Bermuda from Maine.Being new to sailing and hoping to spend my later years on a boat,I constantly keep reading about "outrageous" insurance rates for these journeys.(i.e. Insurance for a journey out and back,not a year policy,a "rider" policy as one called it)I know a lot of folks go without insurance.But I am curious as to the $$$ these folks are talking about.

Thanks,
JerryO
 

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Discussion Starter #2
i believe boat us charges a surcharge to their policyholders of 50- 100 for a passage not during hurrivcane season. during the season the rates are redidulous
eric
 

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Jerry:

A $ answer to your question requires some perspective, as well. As you would suspect, insurance carriers assess risk when determining premiums, and risk can (overly) simply be put into an equation of insured boat value X risk for the geo. area in which the boat will be covered X experience of the crew. Then a major storm hits an area plentiful in boats (Charleston & Culebra, PR with Hugo, several storms & Simpson Lagoon, St. Martin FWI, S. Miami & Andrew, and the FL Panhandle & Opal all spring to mind) and losses force an upward adjustment for us all, since we''re all part of the same general pool. Or as trends become obvious, carriers will simply exempt coverage for certain areas, which may cut off one otherwise chronic source of losses. Cuba, Columbia, Haiti and Nicaragua (and sometimes Costa Rica) are all areas where most insurance carriers today just don''t offer coverage. And when a carrier does offer coverage in one of those areas (e.g. Hamburg Insurance & Columbia), they exempt piracy, theft and related losses from the policy''s coverage...which is of course some of the reason we buy insurance to begin with.

Here''s one gross estimate: folks in the Caribbean with $100-150K boats and 2% deductible pay in the $2k-$2500/year range. Obviously, everyone''s take on this estimate can vary but I''d suggest you compare it with coverage in the U.S. territorial waters (the premium there should be roughly $1500-2000/year range) and then factor in open ocean passages, far fewer nav aids with less reliability, and almost no man-made protected harbors (tho'' obviously some naturally protected anchorages scattered about). In the U.S. almost all boats'' physical safety is directly tied to the strength of their dock lines; outside the U.S. it has to do with anchor gear & the savvy & care of the crew deploying it...a big difference. Personally, I find the add''l premium cost reasonable given the conditions the insured boat must face.

And Boat/U.S. refuses non-U.S. coverage (with the exception of a rider to the Bahamas), to my knowledge. They simply don''t want to be that vulnerable.

Jack (who isn''t related to anyone in the insurance business...)
 

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I have a 43'' cc sloop...my ins cost for year is 550.00...leaving for Bermuda from Montauk and back, July 1...rider costs 300.00 with a larger deductable.
 

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Discussion Starter #5
Alot of what you pay for insurance has more to do with how hard you work at getting a good deal on the insurance than anything else.

For instance: If you are a Military Veteran above the rank of E-4 (I think) you can insure your boat with USAA, and have ZERO cruising area limitations, and no riders or other BS. My boat is insured with them, and I have ZERO cruising limitations. And the rates are competitive with the other companies that have riders costing $$ and exclusions.
 

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Discussion Starter #6
Mr. Homan, My husband is a retired E7 United States Army. We have never heard of this USAA insurance but are very much interested! We are in the process of moving our 27 Ericson to Florida and have hired a surveyor. We had planned to insure with Boat US but plan to do some long distance off shore cruising and this USAA sounds much more promising. Would you be able to give us a bit more information,ie are they on the Web and what does the acronym USAA stand for. Any help would be much appreciated. Thanks from ED''s Crew
 

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I found the USAA website awhile back. The deal is that even though someone is retired from the service, unless you had USAA insurance before retirement and locked it in within something like 24 months after retirement, you don''t qualify. If your PARENT has it, you can qualify and keep it forever, etc., etc. We didn''t get it, but tried awful hard. I think the website might be www.usaa.org and the insurance is a steal if you can get it.
 

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Discussion Starter #8
The website is www.usaa.com It is a secure site so your browser may pop up the prompt, just say ok and go in.

I originally got my insurance because my father was an officer, but I was also a Senior NCO.... I am not sure what the requirements are to get insurance vis a vis time out of service or what....but I would definitely contact them. The 800 # is on the website.
 
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