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Old 07-26-2007, 05:38 AM   #15
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So I would assume correctly that solo sailer's on "blue water" would have difficulty getting any insurance (even with a surveyed vessel & RYA tickets)???
Perhaps it depends on the boat size and expected ease of sailing. The folks I'm thinking of have schooners and ketches in the close to 50' range. It shouldn't depend on the boat though, exhaustion is exhaustion, you know?
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Old 07-26-2007, 06:45 AM   #16
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Although I am not 100% sure, I think there may be some confusion here as Lloyds as we know of it in the maritime field is, as David pointed out, a collective of underwriters. However, there is also at least one insurance company called Lloyds which may, or may not, have connections to Lloyds of London (the collective).

I have always found insurance confusing and sometimes wonder if the best solution is to go for third party and theft only. I base this thought upon the fact that I have spent much time and money making NAUSIKAA as seaworthy as possible, I am cautious, experienced and well educated in the maritime field; none of which gives any substantial reduction in premium. I therefore see little reason to subvention poorer risks through my premiums.

I also have an issue with insurance companies who will not insure older boats. I do not understand the logic in this as a well cared for older boat, propperly fitted out and maintained is a good risk.

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Old 07-26-2007, 03:03 PM   #17
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Sounds like an interesting story...can you share more?
As the story is actually quite fascinating but much too long to tell here, I'll point you to his book: Survivor by Reza Fazelli and N.K. Hamilton. My pseudonym may be on the cover, but I don't benefit from the sales, so this plug is merely so you can enjoy a good (written as faction--narrative memoir) tale of rather remarkable escapes. See amazon.com
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Old 07-26-2007, 03:55 PM   #18
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Here is what I have been told by Boat US. Basically, my first policy with them on a refit boat prevented them from giving full surveyed value. I was told that since I have been a good risk now for 5 years, that if I get a new survey I can most likely get full value now.
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Old 07-29-2007, 08:19 PM   #19
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SV Watermelon is a 1981 Jeanneau Sun Fizz. Once the boat was over 10 years old, we had to have her surveyed every XX years (I can't remember if it was 3 or 5), to warrant her seaworthy and valued at what we wanted to insure her for. Insurance was about 2.5% of insured value.

MV Watermelon, which is 4 years old, is insured through IMIS.com. Their Jackline policy. MV Watermelon is not a blue water boat, but we are covered for our Baltic trip as well as US, Bahamas, and Turks and Caicos (I've not asked for other coverage since we don't need it, so I can't say whether we could get coverage. I assume we can, but it's only an assumption). The premium is less than 1% of insured value.

IMIS Corp. has been very easy to deal with, though we haven't had a claim. When we were forced to put the boat on the hard in New Jersey for the winter after Peter's bypass surgery, IMIS took the initiative to send the boatyard proof of our insurance (I was not thinking very straight those weeks so I'm grateful that they did my thinking for me), and I believe that we received a rate reduction because it was out of the water (though again, don't hold me to that fact).

I agree that older boats should be as insurable as newer boats, but remember that insurance companies have a lot of experience in all the ways that unreliable people do not care for their possessions. I've seen some really sad old boats.
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Old 07-31-2007, 04:30 PM   #20
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Heritage Marine Insurance specializes in insuring old / classic boats. Check them out at heritagemarineinsurance.com . They are the agents for my schooner.
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Old 07-31-2007, 06:11 PM   #21
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Heritage Marine Insurance specializes in insuring old / classic boats. Check them out at heritagemarineinsurance.com . They are the agents for my schooner.
This is a great source...thanks, I'll check them out. What are their rates like? % per $100K
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