[PUP] Offshore insurance

[Ken Williams]

Scott:

If you speak to more insurance companies, and if it isn't any extra work,
can you ask them about whether your ability to get insurance varies based on
whether or not your vessel is US flagged?

I have been told, but have not verified this, that insurance is much
cheaper, and simpler to find, if your vessel is not US flagged. The reason I
was given is that the US has the most expensive litigation should anything
go wrong (punitive damages, etc)

We will be taking delivery of our new boat in a few months, and I'm on the
fence as to whether or not to US flag it. The majority of our cruising will
be non-US, so it might make sense for us.

As I start my quest for insurance, I'll let you know what I find.

-Ken Williams
Nordhavn68.com


-----Original Message-----
From: passagemaking-under-power-bounces@lists.samurai.com
[mailto:passagemaking-under-power-bounces@lists.samurai.com] On Behalf Of
scottebulger@comcast.net
Sent: Tuesday, January 16, 2007 10:12 AM
To: PUP
Subject: [PUP] Offshore insurance

I just got off the phone with Overseas Insurance, one of the companies
recommended by Nordhavn.  I am currently with Zurich (purchased through
Overseas).  When I advised Overseas I planned a departure this summer for a
2 year Caribbean cruise they said Zurich would not carry the policy, and
that I should submit an itinerary and a boating experience resume for my
wife and I.  They would then submit it to Loyds of London and see if they
would write a policy.  I'm certain my wife and I don't have enough boating
experience to satisfy them.  I am prepared to leave without insurance and
simply "self insure".  

My question is this:  How many of you cruising couples have succeeded in
acquiring insurance?  

Was this an instant process or did you have to "earn your stripes"?

Assuming you do NOT have insurance, have you been refused moorage at any
marinas in the U.S., Central America, Mexico, or the Lesser Antilles?

Would it be possible to get a "Liability Rider" on my personal insurance
that might substitute for Yacht Insurance.  I'm not concerned about insuring
the boat against loss, but am concerned about liability.  One of the
problems with a "Rider" is you have to have something for the policy to
"ride" on.  Having sold the house, cars and other belongings, I'm not sure
what I'd use as a base policy?  Any thoughts on this are welcome and
appreciated!  Thanks, Scott