# Insurance Woes



## Zingaro (Apr 1, 2010)

Hello

I am a US citizen residing in Palau. I am in the process of purchasing my first boat, a '77 Kelly Peterson 44, and having difficulty finding insurance for it. "At this time I do not have a market for you due to the navigational territory and ownership experience."

I need to hire a delivery crew to help me get my boat from New Zealand to Palau. A reputable delivery captain requires insurance on the boat.

What do you salts do for insurance while cruising? How does a first time boat owner go about obtaining insurance?

Thanks


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## eryka (Mar 16, 2006)

Have you tried IMIS? IMIS Home Page


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## sailingdog (Mar 19, 2006)

Have you tried Lloyds of London, since you're out of the USA, most of the better companies for you to deal with will be based in Europe. Chubb might also be a good choice.


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## Zingaro (Apr 1, 2010)

I have a quote request in right now with IMIS and haven't heard back yet. I have been trying to find Lloyds but a google search brought up several small companies underwritten by Lloyds. Can you tell me how to get a policy directly through lloyds?

Thanks for the feedback


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## Zingaro (Apr 1, 2010)

What insurance do you salts use when Cruising outside the Carib?


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## eryka (Mar 16, 2006)

Markel's "Jackline" - a lot of cruisers use this, its good worldwide and with shorthanded crew like a couple. I don't know how your stated inexperience would play into this, if they'd charge you a higher rate to account for it. Wasn't an issue with us, so we can't tell you what to anticipate, or even if they'd accept you at all. We got our policy through IMIS.


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## carl762 (Jan 11, 2010)

BoatUS used the "inexperienced" angle on me just yesterday relative to the pollution liability coverage I need for the marina I'm going to drop the boat in at. Frustrating. Then, they sent me to another in-house underwriter who would only insure me for $300,000, when $500,000 is required. I hung up on the guy. Guess he didn't think of charging more $$$$. I hate insurance companies. Waiting to hear from another underwriter. 

IMIS next. 

Good Luck.


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## carl762 (Jan 11, 2010)

Other company wrote me a $500,000 policy no problem, with comp, medical, etc., $260ish a year. I don't understand what the problem was with BoatUS. 

Guess they figured inexperienced had to start out somewhere.


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## BlueLagoon (Mar 24, 2010)

*Yep me to*

I am also a new boat owner and had difficulty getting insurance, I used the same insure as the previous boat owner and was able to get it but it's expensive. My broke said in three years they can can submitt the policy to a wider audience to see of the rate can come down.

I can give you my broker name if you are still having difficulty getting insurace.


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## carl762 (Jan 11, 2010)

3 years is a long time. Well, for now, at least got the insurance policy I need for the marina. Definitely want to be claims free for years, hopefully forever.


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## joethecobbler (Apr 10, 2007)

Try progressive insurance, Ibit higher premium bu no equirement for a survey offset's higher cost. they offer $500,000 and you can evendo it online ! they quoted me 3-500 for an annual policy and I'm restistered in florida w/ a antique boat !


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## Zingaro (Apr 1, 2010)

Thanks for all the input. Been busy the past week. Travelled to New Zealand and Purchased my "new" sweetheart. She is a Kelly Peterson 44. Will be sailing up to Palau next month and have to get this insurance figured out.

@Blue Lagoon. Yes please the name of your broker would be great.

@Carl762 What was the other company? You keeping it a secret? 

IMIS never even bothered to contact me after I submitted my application. Losers. If their customer service is that Bad when I am trying to give them money, I would hate to see what happens when you try to get it out of them.

Anyone else know of a good company or broker for global coverage.


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## hellosailor (Apr 11, 2006)

Actually IMIS has a sterling reputation. I'd guess you are either in an area they are not licensed to do business with, or there was a simple problem in the contact process or information.

Big boat, big waters, no formal training or prior experience? Very few companies will be willing to underwrite you. If there is a "US power squadrons" group in Palau, try taking a safe boating course with them and joining--I think that's good for an automatic discount from most insurers, and they might well have a referral for you.


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## carl762 (Jan 11, 2010)

> Carl762 What was the other company? You keeping it a secret?


The underwriter is SAFECO Insurance. They wrote a very reasonably priced policy for me, a newbie, when BoatUS balked and wouldn't provide the coverage my marina required.


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