Where to MOST LIKELY buy yacht insurance?

[Prairie Virgin Sailor]

I am JUST STARTING the process of buying my next boat (i.e. 36' sailboat/cruiser). Previously I had a 19' West Wight Potter so it was covered under my home insurance (easy peasy Japanesee). Additionally, I only have two years experience sailing, which makes me a newbie in the eyes of the insurance companies. I live on the Canadian prairies so don't have a lot of expert insurance brokers in the area (ha ha).

I will be buying a boat (most likely) on the Canadian west coast. Sail up and down the coast for a while (maybe 6 months) and then slowly head off shore in a southerly direction. I am looking for the most likely insurance company to provide general insurance on the boat and especially liability insurance. Is there one or two obvious companies that I should be reaching out to for coverage?

 

[dlochner]

I have been with BoatUS for 40 years. An easy company to work with and good with claims. Fair premiums.

The older the boat is, the harder it will be to get insurance. In your case, i.e., limited experience I would not ask for a large coverage area, just see what they offer. Once you intend to travel beyond the policy limits talk the company about expanding those limits.

Be aware of the difference between Actual Hull Value and Agreed Hull Value. And older boats are harder to insure.

 

[Prairie Virgin Sailor]

I have been with BoatUS for 40 years. An easy company to work with and good with claims. Fair premiums.

The older the boat is, the harder it will be to get insurance. In your case, i.e., limited experience I would not ask for a large coverage area, just see what they offer. Once you intend to travel beyond the policy limits talk the company about expanding those limits.

Be aware of the difference between Actual Hull Value and Agreed Hull Value. And older boats are harder to insure.

Thanks so much.

 

[Prairie Virgin Sailor]

Thanks so much.

I have been with BoatUS for 40 years. An easy company to work with and good with claims. Fair premiums.

The older the boat is, the harder it will be to get insurance. In your case, i.e., limited experience I would not ask for a large coverage area, just see what they offer. Once you intend to travel beyond the policy limits talk the company about expanding those limits.

Be aware of the difference between Actual Hull Value and Agreed Hull Value. And older boats are harder to insure.

I assume BoatUS is obviously a US based insurer?? Would you think they would insure me as a Canadian?

 

[Project_Mayhem]

Someone had hurricane damage on their boat on this forum. They reported back about their experience with Progressive which turned out to be much better than expected

 

[Prairie Virgin Sailor]

Someone had hurricane damage on their boat on this forum. They reported back about their experience with Progressive which turned out to be much better than expected

I am in the very early stages of buying my next boat. As I start asking around about insurance, it does not appear to be as easy as just simply "buying insurance" ??? Is it "commonly" difficult to get insurance for a cruising yacht, or am I just getting off to a bad start?

 

[dlochner]

I am in the very early stages of buying my next boat. As I start asking around about insurance, it does not appear to be as easy as just simply "buying insurance" ??? Is it "commonly" difficult to get insurance for a cruising yacht, or am I just getting off to a bad start?

It has become more common to have trouble getting insurance. Lots of threads on this, here in SBO and other forums.

 

[Hello Below]

I am in the very early stages of buying my next boat. As I start asking around about insurance, it does not appear to be as easy as just simply "buying insurance" ??? Is it "commonly" difficult to get insurance for a cruising yacht, or am I just getting off to a bad start?

It is very unlikely that you can purchase insurance from an American broker unless you are a resident of the US and vice versa. Nor would you want to. Below is a link for Pacific Yachting Magazine. You will find a number of brokers through out that are specific to Canadian boat owners. I get 3 quotes a year from brokers such as Navis, Hub and Dolphin. I study them, ask questions and choose the one that fits my sailing needs. Ask other boat owners in your area for their recommendation and experience. Be diligent and do your research. For what it’s worth, I use Navis. Definitely not the cheapest and I have no experience with their claims department.
Pacific Yachting Magazine - Apr 2023

 

[Project_Mayhem]

I am in the very early stages of buying my next boat. As I start asking around about insurance, it does not appear to be as easy as just simply "buying insurance" ??? Is it "commonly" difficult to get insurance for a cruising yacht, or am I just getting off to a bad start?

It seems to be a bit of a complicated process that requires some research. I've only insured a couple of 19' and a 25' boat so I haven't had to go through this ordeal

 

[DArcy]

In Canada it seems most of the big companies are not interested in boat insurance. Years ago I was with State Farm but they priced themselves out of the market. I asked around and a lot of people were going with Skippers Plan. I have been with Skippers Plan for many years now but never had a claim.

Home - Gallagher Skippers' Plan

Gallagher Skippers’ Plan Advantage The most comprehensive boat insurance coverage available for all types of boats. Our licensed insurance professionals act as your personal advisor providing expert advice and customized boat insurance coverage for your personal needs. We don’t sell you boat...

skippersplan.com

 

[Hello Below]

I am in the very early stages of buying my next boat. As I start asking around about insurance, it does not appear to be as easy as just simply "buying insurance" ??? Is it "commonly" difficult to get insurance for a cruising yacht, or am I just getting off to a bad start?

It is very unlikely that you can purchase insurance from an American broker unless you are a resident of the US. Nor, in my opinion, would you want to. Below is a link for Pacific Yachting Magazine. You will find a number of brokers throughout the magazine that cater to Canadian boat owners. I get 3 quotes annually when my insurance comes up for renewal. I study them, ask questions and choose the policy that fits my sailing needs. Ask local boat owners for their experiences and recommendations. Be diligent and choose wisely. I happen to use Navis Marine Insurance. Definitely not the cheapest and I have not dealt with their claims department.

Pacific Yachting Magazine - April 2023

 

[Peggie Hall HeadMistress]

You really should go with a real yacht insurance broker for any boat too big to keep on a trailer. There are several good ones...I like this one. Gowrie Group - Boats & Yachts but you can find others if you google "yacht insurance brokers."

--Peggie

 

[Prairie Virgin Sailor]

It is very unlikely that you can purchase insurance from an American broker unless you are a resident of the US and vice versa. Nor would you want to. Below is a link for Pacific Yachting Magazine. You will find a number of brokers through out that are specific to Canadian boat owners. I get 3 quotes a year from brokers such as Navis, Hub and Dolphin. I study them, ask questions and choose the one that fits my sailing needs. Ask other boat owners in your area for their recommendation and experience. Be diligent and do your research. For what it’s worth, I use Navis. Definitely not the cheapest and I have no experience with their claims department.
Pacific Yachting Magazine - Apr 2023

Great feedback, very helpful. Thanks so much.

 

[Prairie Virgin Sailor]

You really should go with a real yacht insurance broker for any boat too big to keep on a trailer. There are several good ones...I like this one. Gowrie Group - Boats & Yachts but you can find others if you google "yacht insurance brokers."

--Peggie

Thanks

 

[PJL]

Suggest you try Offshore Risk Management. They cover boats worldwide and can easily provide large coverage areas. Have been using them for several years. Note below that they also have Canadian phone numbers.

Theresa McNeill theresa@offshorerisk.com
Manager, Renewal Department

Insurance Intermediaries & Services Worldwide
offshorerisk.com/
305 743 7711 USA, Canada & Caribbean | 661 310 3612 Pacific
+44 (0) 203 371 9167 UK | +34 951 191 200 Spain
408 228 8937 Fax | 760 875 9772 Fax alternate

 

[JamesG161]

Someone had hurricane damage on their boat on this forum. They reported back about their experience with Progressive which turned out to be much better than expected

Me!
Full story on my great experience with Progressive Insurance Company or PIC

Repairing boat after Hurricane Zeta

Still working on our Boat.
Jim...

 

[Leeward Rail]

You sailed for 2 years ? Where and what size of boat?
What training and certification do you have ?

That is what they will likely ask.

In the past, our broker never asked us about our experience.
Last year our previous Insurer decided not to insure anything but newish boats.

Our current insurer requires a professional survey every few years, and wanted a full sailing resume... Years sailing... When certified.. what size sailboats.

If you only have 2 summers sailing a West Wright Potter on small lakes in Saskatchewan and no formal training/certification... I suspect they would either charge you more than you would like/afford, or simply refuse to insure your 36ft ish boat. Depending on the age/condition of the boat they may refuse to insure it regardless.

Worst case you get liability and environmental cleanup insurance, and simply pay out of your own pocket if you damage your boat.
(In places, if your boat sinks on a coastline and requires environment cleanup and wreck recovery, it would bankrupt most people. There was a delusional young youtube couple who got a free 30ft ish boat with a plan to "live the dream". It sank in the harbour while they were ashore. They resorted to begging people to help them pay the fines and cleanup costs. Then they stopped posting videos)

 

[Prairie Virgin Sailor]

Suggest you try Offshore Risk Management. They cover boats worldwide and can easily provide large coverage areas. Have been using them for several years. Note below that they also have Canadian phone numbers.

Theresa McNeill theresa@offshorerisk.com
Manager, Renewal Department

Insurance Intermediaries & Services Worldwide
offshorerisk.com/
305 743 7711 USA, Canada & Caribbean | 661 310 3612 Pacific
+44 (0) 203 371 9167 UK | +34 951 191 200 Spain
408 228 8937 Fax | 760 875 9772 Fax alternate

Excellent, Thanks so much.

 

[tfox2069]

Something else to look out for, if it applies to your next boat: Lithium batteries. When I sold my H36 in 2022 with AGMs and bought a boat that came with lithiums my insurer at the time, Markel (who had been great up to that point), refused to insure the boat specifically because it had lithium batteries UNLESS they were certified by the manufacturer to have been made in the US by a US manufacturer (as in not imported and sold by a US manufacturer). They wanted a letter from the manufacturer, or a manufacturer approved battery expert to inspect the installation. They also required the surveyor to certify that they were installed correctly, which the surveyor refused to do for liability reasons. He was happy with their installation, which was done locally and professionally (and for which the PO provided a paid invoice), but the surveyor was in no way going to be held liable for any future claim related to such a guarantee. I do not blame him. I called up BoatUS and they provided coverage over the phone without any such nonsense.

 

[dlochner]

Something else to look out for, if it applies to your next boat: Lithium batteries. When I sold my H36 in 2022 with AGMs and bought a boat that came with lithiums my insurer at the time, Markel (who had been great up to that point), refused to insure the boat specifically because it had lithium batteries UNLESS they were certified by the manufacturer to have been made in the US by a US manufacturer (as in not imported and sold by a US manufacturer). They wanted a letter from the manufacturer, or a manufacturer approved battery expert to inspect the installation. They also required the surveyor to certify that they were installed correctly, which the surveyor refused to do for liability reasons. He was happy with their installation, which was done locally and professionally (and for which the PO provided a paid invoice), but the surveyor was in no way going to be held liable for any future claim related to such a guarantee. I do not blame him. I called up BoatUS and they provided coverage over the phone without any such nonsense.

Last week I spoke with BoatUS insurance they assured me that I can install LFP batteries without any insurance (from them) issues.

Some US insurance companies want a US based manufacturer so they can be sued if the battery causes a claim. In all cases, I would be very cautious of any home-brew DIY LFP battery.