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Hello:
Our plan was to sail the Mediterranean in a sailboat beginning March 2020 and then Covid 19 hit. We are still trying to get to Spain for the purchase. In the mean time, we are looking at insurers for sailboats in the Mediterranean. The biggest one is Pantaenius, does anyone have any experience with using their company? The big drawback for Pantaenius is they will not insure a US Citizen with US flagged vessel in the Mediterranean. Some have said, do NOT sail in Mediterranean as US flagged vessel, thinking maybe we would be a target? ANYway, flagging as BVI and Cayman will add $6,000 to $8,000 to our retirement dream. Anyone with thoughts on that, please post. The other insurers I am looking at are Global Yacht Cover, or Alwen Hough Johnson Insurance, Jackline Insurance, which allows for US Flag and registration, and a local Spanish insurer, Nautia. Any advice is appreciated.
 

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If I had to do over would give serious thought to C.I. Be very inconvenient when back in the states but then would reflag if necessary.
 

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Comparing what we pay for insurance as a US-flagged vessel to what non-US friends pay for their other-flagged vessels, you will make that $6-8k back in a year or two of insurance payments. Plus, you will have greater freedom of travel and likely better coverage terms. It will be a problem if you bring the boat back to the US for any length of time.

Mark
 

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What about flagging in a US territory, rather than the States? (Guam, Marshal Islands, PR, USVI) I know this is done for tax and foreign crew purposes. I’m not sure what impact it has on insurance or the need for a cruising permit, if the vessel comes back to the States.
 

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Hello:
Our plan was to sail the Mediterranean in a sailboat beginning March 2020 and then Covid 19 hit. We are still trying to get to Spain for the purchase. In the mean time, we are looking at insurers for sailboats in the Mediterranean. The biggest one is Pantaenius, does anyone have any experience with using their company? The big drawback for Pantaenius is they will not insure a US Citizen with US flagged vessel in the Mediterranean. Some have said, do NOT sail in Mediterranean as US flagged vessel, thinking maybe we would be a target? ANYway, flagging as BVI and Cayman will add $6,000 to $8,000 to our retirement dream. Anyone with thoughts on that, please post. The other insurers I am looking at are Global Yacht Cover, or Alwen Hough Johnson Insurance, Jackline Insurance, which allows for US Flag and registration, and a local Spanish insurer, Nautia. Any advice is appreciated.
Pantaenius is a great carrier. My cruising boat was insured through them for years while in the Caribbean, Europe and in between. Unfortunately they no longer insure US flagged boats in US waters, as I had to cruise over to the US during the islands lockdown.

I don’t know the other carriers mentioned and you definitely want to shop around. I would guess that as a US boat the premiums will be about 5x in comparison to an European registered boat. If you plan on leaving the boat in the Med and Europe for years, it would make sense to try to register in Europe, but choose a country where you are not forced to pay VAT and other local taxes. I think Malta is one good place as well as Gibraltar and the English Channel Islands.

Best of luck!
 
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