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Yacht Insurance: Further Comments

By doina — last modified Feb 06, 2006 10:48 PM

Published: 2006-02-06 22:48:42
Topics: Insurance

Noonsite has received a lot of emails concerning the difficulty of obtaining yacht insurance especially for the Red Sea area. Here are the latest comments.

We had Turkish insurance (underwritten by Alliance) for several years on our US-flagged boat. It was a no-hassle policy, but it really did not have much liability coverage. It was fine for Turkish waters and marinas. When we decided to move the boat through Greece, it became evident that we needed more liability. As noted in the other emails, it was difficult to find someone who would sell only liability coverage (we have an older boat also). In the end, we had to go with Pantaenius in the UK with full hull and liability. They did, however, leave it up to us as to the amount of the hull coverage.

Steve Olson, Rabat, Morocco

Dear Friends For two years we have wanted to winter cruise in the Red Sea. Like others we needed insurance. In July of 2005 after cruising for the second time through Greek and Turkish Cyprus, Syria, Lebanon and Egypt we stopped in Herzliya, Israel. There we found Kaddar insurance brokers who arranged comprehensive insurance for our 18 year old 47 ft Jeanneau at competitive prices for the Red Sea through the Menorah Insurance company. Kaddar can be reached at Kaddar@kaddar.com or www.Kaddar.com. They did offer us insurance beyond the Red Sea to India.

We are thoroughly enjoying the Red Sea. It truly is a fabulous area to cruise the winter months. We can't understand why the majority of companies do not offer coverage in this area as there are many cruisers and a growing number of good marina and repair facilities for yachts. For the Christmas and New Year season we are in Abu Tig, an elegant facility, and will cruise from here as the weather permits.

For those coming this way we are being provided at no cost daily Red Sea weather information from Bouyweather (Thank you to Buoyweather from all of us in the Red Sea this winter). We are running a Red Sea cruisers net with daily 6 day forecasts until late April at 06:00utc daily on 8173khz and immediately after on 4030khz. When you get within range listen up and check in.

Bill Cote and Jean Panepinto

s/y SOLEIL SANS FIN, Red Sea Egypt

That Pantaenius are not insuring American and Canadian vessels is strange since they recently opened a New York office!!!!

Petter Barve, S/Y Bluesette

Seems to be a little confusion. Pantaenius DOES insure Canadian and American yachts. However, there are some circumstances where they may not be able to offer the insurance and this varies for different reasons. Perhaps this was the case. Please feel free to visit the website at www.pantaenius.com for further information or get a quote.

Kind regards, Toni-Marie Venturino

Just an update on the post that suggested insuring through Kaddar: We are currently lying in Eilat, Israel in the Gulf of Aqaba and are insured with Kaddar. As we hope to sail south to the Gulf of Suez and then up through the Suez Canal later next year, we contacted Kaddar before renewing our policy some months ago.

We live aboard our Fortune 30 sailboat built in the late 1970's. Kaddar informed us that they were no longer insuring boats for the Red Sea that were under 37 feet. It would seem that Kaddar has concluded that it is unsafe for smaller boats to sail in the Red Sea.

However, some of our neighbouring boats (under 37 feet) in Eilat marina are insured with Kaddar and previously had coverage for the Red Sea. They renewed coverage including the Red Sea with no problems. So perhaps this policy only applies to new customers requesting Red Sea coverage. Kaddar did however agree to insure us for the Mediterranean.

Manny Kremer

SV Yofy, Gulf of Aqaba

We and other cruisers going to areas where Pantaenius is reluctant to insure (eg. Patagonia) have found that GH Insurance have been very helpful. It is a UK firm, but say that they will consider N. American registered vessels. Their underwriters consider each vessel and crew on a case by case basis, but our experience is that they perhaps have more understanding of long-term cruisers' situation than some firms. They give some particular consideration to Ocean Cruising Club (OCC) members. Go to www.ghinsurance.com

Tom & Vicky Jackson, Sunstone, Mar del Plata

From: Michele Scott

I wrote to Pantaenius regarding possible coverage of our vessel (US registered) for the Indian Ocean/Red Sea trip and here was their email response (18 January 2006): "It is with much regret that we inform you that our Underwriters are no longer prepared to offer cover for American or Canadian registered or owned vessels unless they are permanently sailing within European waters. Cover cannot be provided even in European waters if the yacht is used for charter. These restrictions apply to any new applications for Yacht Insurance. This decision has been made because of the potential additional costs under US and Canadian legislation."

From: Frank Balmer USSV Freewind

I have been insured for years with International Marine Insurance Services and dealing with Al Golden. I am presently in Brisbane Australia and an heading for Indonesia, India, the Red Sea, and the Med. I have had no problem having coverage extended to these areas. Of course the price changes relative to the risk. It was only a $200 surcharge over and above my covereage for the South Pacific for Indonesia, Malaysia, Thailand, and onto India. I have what is called the Jackline policy for replacement coverage and a stated value policy on the boat, a 1983 50' Sailmaster. They can be reached at 410-827-3757.

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