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Yachts Experience Difficulty Finding Insurance

By doina — last modified Dec 06, 2005 12:28 PM

Published: 2005-12-06 12:28:27
Topics: Insurance

We are Canadians on a Canadian documented vessel planning to leave Thailand for the Red Sea and Mediterranean in January. I have been requesting insurance companies and even individual marinas in the Med to let me know what the requirements are and where I can get this insurance. Pantaenius came back and said they did not insure Canadian or American yachts any longer. A lot of U.K. companies responded that they handle only U.K. yachts. I must have tried 25-20 insurance companies, in Europe, Canada and the U.S. all to no avail. They either don't insure Canadian or American yachts or only want to offer third party liability with full hull coverage. Unfortunately our boat was built in 1979 and thus would not qualify. There are 3 other boat that are also looking and following my progress. They also have older yachts. There was one of us in Abu Tig Marina in Egypt that had an offer from stm insurance for 225 pounds British which we all thought was rather expensive but may be our only option. I also noticed in the SSCA website someone had initiated a discussion on this but their information was outdated, Pantaenius no longer insures Canadian nor American yachts.

Sandra Johnston

Noonsite has received many similar queries from yachts having trouble obtaining insurance. If anyone has an positive suggestions, please do get in touch. info@noonsite.com

Some of the responses received:

We are Americans on a 1979 Shannon 38. We have insurance with Int Marine Insurance Services, out of Maryland. Al Golden is the owner of the Insurance Company, great guy, both he and his son are easy to deal with, as they are sailors. They offer "The Jackline Policy", which is underwritten by Markel American Insurance Company out of Virginia.

Al's contact info is tel: 410-827-3757, email: mail@IMIScorp.net

We had the boat surveyed in the Bahamas, just before we crossed over 2 years ago (now in Italy for the winter). The policy is not cheap, but with insurance, and actuarial numbers, you only get what you pay for.

Don Davis, s/v Chautauqua

I am also having problems obtaining insurance for my yacht. I am an American vessel and have found that few companies will insure American or Canadian vessels. In addition I was told that my carrier will issue me a policy covering me for 2005, but will not cover me in the Red Sea and the countries at the southern and northern end of that Sea. Further they want an extra US$300 for the trip in the Red Sea where I will not have any coverage.

Richard Cross, Yacht Evie in Thailand

Unfortunately, all the other companies I have contacted only do full coverage. It seems there are quite a few cruisers like ourselves that are only interested in liability but none of us can find coverage for US boats.

Roger Weiss, SV/Tigger II

Like many other Canadian and American owned vessels we have been unsuccessful in aquiring 3rd party insurance only coverage. We were basically forced into paying 3200 US dollars for a one year full hull policy coverage for the Med waters, which excluded the eastern section East of 32 East and carries a very high hull deductable. Seems all the european underwritters will not insure our vessel, for which they do not provide any reasoning. Ifanyone can direct us to a company willing to offer more reasonable policies and 3rd party only policy we would greatly appreciate it.

Wayne and Sue Antifaoff, svtala@eikmail.com

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