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Old 03-03-2010, 02:58 PM   #1
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I will be taking my 1995 42' Catalina sailboat out of the US and am looking for blue water insurance. If you have a good experience with a broker or company I would appreciate a PM with the contact information

Thanks
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Old 03-03-2010, 03:06 PM   #2
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We use IMIS, International Marine Insurance Svcs., and have been satisfied with them. We had a large claim last year and it went well for us.

mail@IMIScorp.net

J
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In 1986 we went cruising for a few years. After 20 years and 50+ countries and several oceans, we are STILL "cruising for a few years".

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Old 03-04-2010, 12:16 AM   #3
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I'll second that! Good company, good service, and good products!
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Old 03-05-2010, 05:06 PM   #4
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Quote:
Originally Posted by Boomerang View Post
I'll second that! Good company, good service, and good products!
Could any of you recommend to complete novices - what kind of coverage one should expect - and what typical costs are?
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Old 03-05-2010, 09:53 PM   #5
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I wish that it was easy, but it isn't. Our power catamaran is 7 years old, we are limited to coastal cruising in the US and Bahamas, and last year paid a bit under 1% of insured value. Our 20 y.o. sailboat, blue water coverage, we paid about 2.5% of insured value, and it had to be surveyed every 5 years.

However, I can't say that a boat worth more than ours would have a similar premium ratio. There are just so many variables that only an insurance professional can give you credible information. I've heard many complaints from boat owners that their insurance is twice their neighbor's - that's a meaningless comparison, as you can imagine. Getting competitive quotes is the best approach. A reputable broker will explain the differences in coverage and explain everything to you.

Now I'll tell you a story of a foolish mistake by us that could have been a terrible problem for us.

Back in the 80s we spent four or five months of the year in St. Martin in the Caribbean, and would head for Venezuela for hurricane season. One year a friend of ours introduced us to a friend of his, an insurance agent in the US. The agent convinced us that he could get us cheaper insurance, same coverage. So we gave him a copy of our binder, and he advised us that he had, indeed, found better insurance for us. We emphasized that our coverage had to be the Caribbean down to Venezuela, and he assured us that that was indeed what our coverage was. We sent our payment, but did not receive a binder from him/his insurance company. We asked several times, and didn't hear from his, other than, "it's in the works, don't worry." Well, circumstances kept us in St. Martin into hurricane season, and in September of 1989, Hurricane HUGO came through. For much of the Caribbean, HUGO was a horrible hurricane. St. Martin did not receive a direct hit, though the hurricane stalled offshore so we had more than 24 hours of hurricane force winds. Watermelon came through fine, but a lot of boats didn't. Shortly after that, we finally received the insurance binder. It covered Watermelon to 50 miles offshore OF THE US VIRGIN ISLANDS! NOT St. Martin!

We were furious, and when we called the broker, telling him that the insurance was useless, and what would have happened if our boat had been damaged by the hurricane, his response was "don't worry, the insurance company won't know where St. Martin is, they'll think it's the Virgin Islands." It was an expensive mistake on our part because we had to then scramble to get appropriate insurance.

I have never heard of anyone else having this problem, so it might be an unnecessary warning, but not every insurance agent out there is competent and honorable. Be sure you do your homework and choose a well-rated company and a broker with references, and not from a friend of a friend.
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In 1986 we went cruising for a few years. After 20 years and 50+ countries and several oceans, we are STILL "cruising for a few years".

SY WATERMELON |
MV WATERMELON (New) | Cruiser's Dictionary, free ebook

= Cruiser's Dictionary, North America,
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Old 06-08-2010, 02:09 AM   #6
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Ok I see - so "a" starting point is that you might expect to pay 1% of insured value annually for coastal - and for Blue water - you might expect 2.5% or greater depending on where your destinations are.

If you wanted something for Caribean sailing to include South America on say a $200,000 Boat and had to pay 2.5% that would be something in the neighborhood of $5000 a year for that ship. if it was a $300,000 ship then closer to a ball park of $7500 a year.
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Old 06-08-2010, 03:03 AM   #7
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Harold,

Depending on your boating resume (especially is it shows a lack of boating experience) you may find that you cannot obtain bluewater insurance or even coastal insurance at a good price. You'll really have to look at your own situation and get multiple quotes.

Best to you,
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