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We provide comprehensive Marine coverage for yachts and pleasure craft in a plain-English format to cover a range of circumstances. Coverage includes windstorm on a full-year basis, without the requirement that vessels move to southerly latitude during the hurricane season.

There are a range of insurance policies for the protection and security of private recreational boat owners and commercial operators.

There is no such thing as a standard policy, so discuss appropriate coverage for your watercraft with your local Caribbean Alliance representative .

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Serving the Needs of Boat Owners, the Charter Fishing Industry, and Cargo Companies

Boats are part of everyday life in the Caribbean. Regardless of whether your boat is used solely for recreation or it’s part of your trade, it’s essential to protect your investment from common risks. Not only can boats be damaged or destroyed in hurricanes, tropical storms, and other extreme weather events, but they may unexpectedly strike underwater objects. Unfortunately, boats can also be subject to criminal mischief such as theft and vandalism.

At Caribbean Risk Group, we assist private and commercial boat owners in safeguarding their vessels with tailored insurance policies that meet their specific needs.

Comprehensive Coverage for Boats

There are many considerations when it comes to tailoring a boat insurance policy, including the age and condition of the boat, the value of the watercraft, and where it will be operating. Specifically, these types of policies are generally divided into two parts — physical damage and liability. While physical damage coverage applies to accidental loss or damage, liability pays for damage that your boat might cause to others.

A boat insurance policy typically covers the following:

• Damage to the boat, anchors, and equipment
• Destruction caused by collision,
• Damage caused by fire, lightning, and windstorms
• Theft or vandalism
• Property damage liability
• Bodily injury liability
• Guest passenger liability
• Medical expenses

Although taking out an “all risk” policy offers a significant amount of protection, it’s critical to understand that not every type of loss is covered. In certain situations, it may be a good idea to secure additional coverage for the boat’s trailer and any accessories. Other add-ons to your policy can include salvage, towing, cruising, and consequential damage costs.

The insurance team at Caribbean Risk Group understands that your boat isn’t just a piece of property to you — your boat helps you create memories with friends and family and gives you the opportunity to explore new places. We take the time to evaluate your needs and will customize a policy that provides you with peace of mind knowing that the value of the vessel you worked hard to acquire is safeguarded.

Protecting Your Livelihood with Charter Boat Insurance

Charter boats have very specific insurance requirements that are vastly different from recreational boats. Whether you operate a charter fishing or sightseeing business, it’s crucial to have insurance coverage in place that protects your vessel — and your livelihood. Importantly, carrying passengers comes with a significant amount of responsibility and it’s vital to shield yourself from liability arising from unforeseen accidents or injuries.

Insurance coverage for charter boats can include the following:

• Protection and indemnity
• Passenger medical expenses
• Pollution liability
• Towing and emergency assistance
• Dockside liability
• Replacement vessel liability
• Shoreside liability
• Personal property and fishing tackle coverage
• Liability coverage for the employment of the captain and crew

Making sure you have adequate and affordable coverage for your charter operation should be a top priority. The coverage you need can vary, based on how many passengers your boat will be carrying, how often you will be chartering, and the type of charter operation. The experienced team at Caribbean Risk Group can help you navigate the complexities of charter boat insurance and help you select coverage that fits the needs of your business.

Safeguarding Your Goods and Cargo with Ocean and Inland Marine Insurance

Manufacturers and commodity traders have unique insurance needs — weather events, fires, and theft are just a few of the many risks associated with shipping and logistics that can threaten your business. Having the protection of a solid marine insurance policy is imperative to safeguard your investment from these exposures. While ocean marine insurance covers cargo and merchandise as it is transported over water, inland marine insurance shields you from losses in connection with transportation on land.

Marine insurance is highly specialized, and each policy must be tailored to meet the needs of your industry. At Caribbean Risk Group, we understand that there are multiple levels of risk involved when it comes to transporting goods. We skillfully assess your company’s insurance requirements and will create a comprehensive plan to ensure your assets and bottom line are protected from loss.

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Caribbean Risk Group is committed to assisting boat owners, charter companies, and cargo shipping businesses with a wide variety of insurance needs. Located in St. Thomas, our team will discuss your options and help you implement cost-effective solutions for your charter, boat, and marine insurance needs. Contact us for a free quote today by calling (340) 774-2323.

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How to Navigate Marine Insurance in 2021

• By Jennifer Brett
• Updated: June 30, 2021

If you’ve been on the hunt for a marine insurance policy over the past year or so, you likely already know that it’s a challenging market. Sailing and cruising groups on social media and web forums are filled with frequent posts about people struggling to find coverage, keep coverage, or just afford it. It’s a problem that seems to be affecting beginning cruisers and circumnavigators, with old boats or new. So what gives? How did the situation get to this point, and what can sailors do to protect their dream?

“I’ve been doing this for 30 years, and I’ve never seen a market this hard,” said Morgan Wells, a yacht-insurance specialist with Jack Martin and Associates. “There’s been a great reduction in the number of insurance companies writing boat and yacht insurance, and the international-cruiser segment of the market has been more adversely affected, particularly for boats anywhere on the US East Coast, and even more so for people looking for new policies for Florida, the Bahamas and the Caribbean.”

Indeed, cruisers across the spectrum of locations and sea time are feeling the pinch. When looking to renew their current insurance policy last year, circumnavigators Behan and Jamie Gifford, who live aboard their 1982 Stevens 47, were met with a surprise. “When it came time to renew, we were quoted more than double our cost for insurance the year we planned to cross the Indian Ocean, 2015—an arguably very risky navigational area—and we now had the added requirement of a third adult for passages,” Behan said. “In the end, we didn’t renew at all, and currently have liability-only insurance. I’m not pleased about that and hope to get back to full hull insurance when the market comes around.”

Owners of newer boats don’t seem to be having an easier time either. “We bought a 2015 Jeanneau 64 in October 2020,” Dan Stotesbery said. “I have a lot of experience sailing, but none of it was logged, so I don’t have any credentials like a Yachtmaster or anything like that. My wife has even less experience. When we heard it was tough getting insurance, we were definitely worried about getting covered. Complicating the situation was that the boat was in Turkey, and I needed to sail it across the Atlantic to get to my wife and family. We reached out to the company that insured our house to see if they could find us a company that would insure the boat and especially the crossing. We received two quotes back and ended up getting insured with Concept Special Risk. They did put in a lot of stipulations, like we needed to have a captain for the crossing and at least two other people with bluewater experience, a list of countries we aren’t allowed to go in, and a 250-miles-from-land limit once the crossing was complete. It was extremely expensive, and there was an additional cost for the crossing.”

Changing Marketplace

So how did it get to this point? “We need to put it into context of a market that was very soft for many years—underwriters were looking for business,” Wells said. “There was a bit of a hiccup in the mid-2000s with some fairly significant storms, but generally it didn’t cause much change, and underwriters were still looking for ways to say yes. But then in 2017 came hurricanes Irma and Maria, then Dorian in 2019—these were extremely large losses to very large fleets of boats. Since 2017 we have seen the market flip from a soft to a hard market, and in fact, a very hard market by early 2021. We really have a big change now with fewer insurance companies and greater demand for insurance. And the pricing is much higher than it was a year ago. Irma and Maria showed the vulnerability in the market.”

Laura Lindstrom-Croop from Legacy Underwriters, noted that “many insurance companies left the Caribbean market in 2019-20. Pantaenius America was the first to leave,” she said. “The agency that I work with had YachtInsure, which lost its underwriter, Aspen Insurance, last summer. They have recently secured a new carrier, Clear Blue Specialty, that is writing new business but has new guidelines. Our second underwriter, Concept Special Risk, lost its company, Great Lakes Insurance, on January 1, 2021, but now it has a new company, Clear Springs Property and Casualty, that is writing new business with new guidelines.”

Suzanne Redden, mid-Atlantic branch manager for Gowrie Group, has had a similar experience. “Traditionally, when we would have someone coming in with a sailboat who wanted to do extended cruising, we had five, six, seven…at least that many companies who were willing to write that policy,” Redden said. “So there really wasn’t too much of an issue finding coverage for the customer, depending on where they wanted to go and their level of experience, that sort of thing. What we’re really struggling with now—and it’s a struggle—is that so many carriers have basically pulled out that our options are very limited as far as who is willing to write Caribbean navigation and worldwide navigation. Our choices are few. And what happens then is, of course, the prices go up because the company’s philosophy is ‘no one else wants to write here; we’ll write here, but this is what our actuaries tell us it’s going to cost to allow us to do that.’ So that’s why the rates have gone up.”

The cost to insure his Jeanneau 64 was definitely a bit of a surprise to Stotesbery: “The policy had to be paid upfront. That was the biggest surprise to us because we are used to paying car insurance monthly. This is also a hurdle that I think can be hard to overcome for some people. Not a lot of people have that kind of cash on hand to just fork out.”

Read More: How-To

Underwriting Difficulties

Along with higher costs, Redden also pointed out that the underwriting has changed a lot too. “Where before you would have had somebody who maybe had just a year or two experience, or they had just bought a boat, more companies would have been willing to let them take a trip. They look at it much more closely now when a new submission comes in. That’s made it more difficult, I think, for that sort of person to find insurance.”

According to Emma Whittemore, a service manager for BoatU.S./Geico Marine Insurance, underwriting has become much more sophisticated. “With the growth of data, insurance companies can really tell what group is a high-risk group,” she said. “We’re monitoring a lot more to make sure that the right people are behind the helm on these big, 35- to 60-foot boats. We want to make sure it’s not these customers’ first boat, and that they really know what they’re doing. Underwriting is fluid, but in general we always like to look at the ownership experience.”

This has been a particularly vexing problem for potential cruisers. Dana Fairchild and her husband live in Minnesota and have been planning for their cruising dream for the past few years. The couple has taken ASA sailing courses and chartered on Lake Superior but never owned their own sailboat. “Our cruising plans are to buy a boat large enough to live aboard; a 35- to 38-foot Island Packet is what we have in mind,” she said. “Due to the price point of Island Packets, we are looking at models from the 1990s. We plan to keep it on the East Coast of the US—somewhere above the hurricane zone during hurricane season, and probably down to Florida in the winter—for the first six months to a year while getting comfortable with the boat and used to the liveaboard lifestyle. After that we want to head to the Bahamas for a while, and eventually work our way down to the rest of the Caribbean and stay there.”

While the couple hasn’t purchased a boat yet, they’d heard the news that insurance might be difficult to find, so they reached out to a few companies to explain their plans and intended boat. “The short answer to what we’ve been hearing from insurance agencies is no. The reason for this is predominantly that we have not owned our own boat that is of comparable size, or at least within 10 feet. They don’t take into consideration that we have sailed and chartered boats of the same size, but really only want to see that a boat of comparable size was titled to us for at least two years”

Looking Ahead

So when faced with a denial, a notice of nonrenewal or a steep increase in premiums, what can a cruiser do? Is there coverage available? “What I am seeing, you have more choices if you limit your cruising to the US East Coast down to the Turks and Caicos,” Lindstrom-Croop said. “If you go to the Eastern Caribbean, you have fewer carriers, and some are writing coverage that doesn’t include hurricanes.

“I think cruisers are going to have to be patient and flexible. Also, update your sailing resume so when you shop around, you are giving the company a reason to give you the maximum credit available. Lower rates are probably not going to happen for a couple of years, climate change is weighing heavily on insurers, and the large number of storms recently is worrisome.”

Communication is crucial. Each of the insurance professionals I spoke with made it clear that underwriters are looking much more closely than in years past, and detailed sailing resumes and hurricane plans can help your chances. For newer cruisers, scaled-back sailing plans could help as well because finding coverage for a smaller cruising area will likely be much easier than, say, the entire East Coast and Bahamas. And for older vessels, a survey might be required for renewal.

“Some of the companies have gone to where they won’t write a boat over 40 years old,” Redden said. “Gowrie Group offers the Jackline program, which is a cruising program through Markel Insurance, which is really one of the last US companies still doing extended cruising, but they’re very restrictive on what they will write and how they’ll write it. But they will take older boats. Experience is the key.”

“It is harder to insure an older boat, but it can be done,” Lindstrom-Croop said. “There are just fewer markets. An older boat needs to be maintained well and have a current survey, within three years. I like to submit the survey along with the application when marketing so the underwriters can see the boat.”

For the time being, it seems that cruisers, such as Stotesbery, who currently have—albeit expensive—coverage are doing what they can to keep it. “We have had several major repairs to do on the boat, which we probably could have put in a claim for, but we are too worried about getting dropped or not covered next year, so we just paid for the repairs,” he said. “So it’s sort of a Catch-22. Unless we have a catastrophic type of claim, we don’t want to make one, but we still pay the high premium without really being able to take advantage of the protection. We will definitely start shopping again once we get closer to our renewal date. Unfortunately, there just aren’t a lot of insurance choices out there, so it is quite limiting, and they hold all of the cards.”

Others, such as the Giffords, are going without full coverage for now, while potential cruisers, such as the Fairchilds, might need to put their dream on hold. “As for how this is impacting our plans, it has really made us start to second-guess that this is even a possible plan. We have become discouraged, and this has really put a halt to most of the steps we were taking,” Fairchild said.

Wells, Redden and Lindstrom-Croop are optimistic for things improving in the insurance market over the next year or so, but all emphasize having patience. “We’re hoping that things will change for the better,” Redden said. “We’ve got some companies now that pulled out that are coming back, but it’s a very slow process.”

Jennifer Brett is CW’s senior editor.

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Boat Insurance in the Caribbean

If you’re looking for boat insurance coverage in the Caribbean for your yacht or boat, then Admiral Marine have the experience and knowledge to put together a bespoke boat insurance quote  for your exact requirements.

Peace of mind, wherever you are

With over 30 years of experience within the UK boat insurance sector, we can tailor your sailing plans to ensure that you have the best boat insurance coverage for your yacht or boat, whether you’re sailing in the UK, Europe, Caribbean, USA or Worldwide.

We currently insure UK domiciled clients only, with boat insurance coverage to sail anywhere in the world.

As specialists in cruising boat insurance and long standing corporate members of the World Cruising Club, we can also provide exclusive cruising boat insurance for both the ARC and the World ARC sailing rallies.

Change of plans? No problem

With our combined knowledge of sailing experience, ocean crossings and our specialist contacts within the sailing community, we can provide our clients with the best boat insurance coverage that suits their sailing needs at all times.

We very much pride ourselves on our personal boat insurance service and we provide an in-house claims service to ensure that any claims are processed fast, efficiently and stress free for our clients.

Cover for Bluewater Cruising

So, whether you own a  Beneteau ,  Jeanneau ,  Hallberg Rassy ,  Cornish Crabber ,  Oyster Yacht ,  Hanse Yacht ,  Discovery Yacht  or even a  Rustler Yacht  just to name a few, then make sure that you choose Admiral Marine for your boat insurance coverage in the Caribbean.

If you would like to request a boat insurance quote , please complete our online quote request form and our experienced and friendly team will get back to you. Alternatively, if you would like to call or email us please contact Admiral Marine .

Frequently Asked Questions

Our standard policy allows you to take part in any race or regatta, but does not cover for the rig unless it is damaged by collision, stranding, sinking or fire. The hull is covered, but with double excess during racing.

Contact us as soon as possible to inform us of any changes. We’re happy to accommodate changes at any time during your year, whether that be changing contact details or an aspect of your policy. Adjustments may result in an additional premium, but we never charge administrative fees for mid-term changes.

On occasion. For instance, for participants of a long distance rally such as World ARC, we prefer a 1st January renewal date allowing for boats to be in St Lucia at the start of the policy and in South Africa when the policy is due for renewal.

We have chosen to remain a specialist insurer and can’t quote for commercial vessels or boats valued over £1million. However we can refer you directly to Hayes Parsons Insurance Brokers, our award-winning parent company, who may be able to help.

Yes. We’re happy to accommodate changes to cruising area or any other aspect of your policy at any time during the year. Adjustments may result in an additional premium, but we never charge administrative fees for mid-term changes.

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Bluewater cruising insurance – what you need to know

• April 13, 2022

Janneke Kuysters looks at bluewater cruising insurance and explains what you need to know and why it's become increasingly difficult to insure your yacht for long distance cruising

There’s no getting around the fact it has become a lot harder to get boat insurance, particularly bluewater cruising insurance. However, there are still ways to secure good coverage – you just need to know what makes insurers tick.

If you want to ruin any cruising sailors’ potluck party on a tropical beach, just drop in a question about boat insurance. Many boat owners have stories to tell. Just about every aspect of the process has become more complicated for bluewater cruising insurance, it takes a bigger chunk out of the cruising budget every year and the rising deductibles make it more and more tempting to go uninsured. So, what is going on in the market and how do you get proper insurance to match your cruising plans?

How bluewater cruising insurance works

First, let’s look at who you are dealing with when you try to get your yacht insured for a trip to the Med, the Caribbean or a circumnavigation.

The insurance company covers your yacht: they write the cheque when there are damages to it or when you’ve caused damage. All this depends on the conditions that you agreed to when taking the policy, but in general, you don’t deal with the insurance company directly when you try to get insurance for a bluewater itinerary. Unlike car insurance, boat insurance is a very specific product and it requires a tailor made approach. Most likely you’ll do business with a broker or an underwriting agent.

Uninsured yacht owners could face enormous salvage, repair and environmental damage costs if the worst should happen. Photo: Ben Welsh Premium/Alamy

The broker considers you, your boat and your plans and presents this ‘package’ to several insurance companies. A single insurance company may want to insure you, but it could also be a syndicate of insurers: each insurer accepting a certain percentage of the risk presented by your package.

There are different kinds of brokers; the difference lies in the amount of work they take off the hands of the insurance companies. If the broker is just helping you to get cover for your beautiful blue water itinerary, you’ll get a policy with the header of the insurance company. If the broker does a lot more work, for instance manning phone lines for 24/7 assistance and handling of claims, you may find their company name at the top of your policy. Brokers that take the most work off the hands of the insurers are called managing general agents (MGAs).

What has changed?

Why has it become more complicated to get yacht insurance for blue water voyages? Mike Wimbridge, managing director of Pantaenius UK, explains: “Yacht insurance for offshore itineraries has always been a tailor made market. And we see that, in recent years, there has been less appetite from the insurance companies when it comes to yacht insurance in general. For coastal cruising in UK waters, things are still fairly easy to insure. But for more bespoke risks like insuring a bluewater cruise, we see that the market is nervous.”

There are several reasons behind this change, Wimbridge says. “Up until 2017 this was a highly competitive market, so prices were as low as possible. It then became untenable for many insurers, especially when a few big windstorms tore through areas where lots of yachts were stored.

“Insurance companies and their reinsurance companies pulled out of the market, leaving a few behind who needed to safeguard their financial situation. So the premiums and deductibles rose. Things are stabilising now, but we still see slight increases annually.”

There are other factors at play. The effects of climate change mean extreme weather events happen more often.

Sailing off the beaten track can be challenging to insure. Photo: Janneke Kuysters

The typical consumer profile has also changed. In the past, yacht owners usually set off on passage armed with sextants, paper charts and a wealth of experience. Nowadays it has become a lot easier to get started – thanks to everything from computer-based navigation systems to powered sail handling – so owners can set off on a bluewater cruise with less experience.

At the same time, boats have become larger and potential claims more expensive: a single lightning strike can destroy tens of thousands of pounds worth of electronics, so it’s perhaps understandable insurers can be nervous to write bespoke policies.

However, there are signs that the market is rebalancing. Ric De Cristofano, director of underwriting with Topsail Insurance, says: “The good news is that the insurance market is cyclical: it will bounce back. I think we have the worst time behind us and we’ll see that insurers become more open to write policies for bluewater cruising yachts.”

How to get bluewater cruising insurance

If you are looking for insurance for a bluewater itinerary, Wimbridge says, “Getting a quote is getting harder and harder. You have to ‘pitch’ yourself, your boat and your plans to the insurer. The broker can help you to do this or you can select a carrier that has staff on hand who are experienced in this area. Things like your sailing CV, diplomas and those of your crew, previous long passages that you have successfully undertaken, and technical or managerial skills that will benefit your sailing, are very important to mention.

“When it comes to the boat: the more seaworthy, the better. There is no real threshold when it comes to boat value, but a well found yacht that is suitable for offshore cruising is paramount to get insurance.”

“We have added a maintenance log to our ‘pitch’ to get insurance,” say American cruisers Jason and Nicky Wynn (see gonewiththewynns.com). “This has added to the success of securing insurance for our boat.” Keep receipts and take photographs as proof of upgrades and repairs, and record a log of routine maintenance.

“The third element in your ‘pitch’ is your itinerary,” continues Wimbridge. “The Atlantic and Pacific are well-cruised areas where insurers can assess the risk they are writing. But if you’re heading around Cape Horn or further afield in the Indian Ocean, premiums will rise. So with your choice of itinerary you can influence the height of your premium and insurance conditions.”

Hurricane damaged yacht. Photo: Pantaenius

In general, insurers are not keen to cover your yacht if you sail in areas with a cyclone/hurricane risk. They have predefined areas and dates which are important to adhere to if you want to stay insured. You will also have a very hard time finding insurance to sail in areas with political instability, war or threats of terrorism. War Risk zones are internationally acknowledged areas where even large commercial ships pay breathtaking insurance premiums.

De Cristofano adds: “Start looking for an insurer at least six months before you plan to leave. Have a chat with your broker to see if they will be able to find insurers that will cover your itinerary. Give yourself ample time to put your ‘pitch’ together and to discuss possible alternatives with your insurer that will lead to a policy that fits your budget.

“It pays to negotiate about the deductible: if you are willing to accept a higher deductible, this may make a significant difference in the premium you will be paying, because it signals to the insurer that you have confidence in your yacht and your skills to maintain it properly.”

However, Wimbridge warns: “Price is not all; think of insurance as a partnership with the insurer. The cheapest policy may not do what you need it to do when you are in trouble on the other side of the planet. You need an insurer who has the knowledge and the capacity to get help to you where you are: spare parts, technical assistance or even worst case, salvage. A lot of the cheaper insurance options will require hiring a third party provider locally, which may present all sorts of cultural and language barriers. So look at the quality of the policy.”

Real world solutions

Bill Garlick is a well known name in the cruising community: many boat owners who have sailed to the other side of the world and run into trouble with their insurance get help from Bill at The Marina Shop in Opua, New Zealand.

“The marine insurance market had a monumental dislocation at the end of 2018 when many Lloyds pleasure craft syndicates closed their books,” Garlick explains. “The lost capacity created a worldwide shortage of marine insurance for pleasure craft. Cover was difficult to find and premiums started rising. Around 95% of our clients were insured with Lloyds at the end of 2018 and those now with Lloyds can be counted on one hand. A number of insurers stepped in to fill the abyss which meant brokers and clients had to deal with new policy wordings and cruising parameters. By the end of 2019 most clients were placed with new insurers.

Keeping a log of regular maintenance can be helpful. Photo: Janneke Kuysters

“A consequence of the contracting market is that marine insurers have tighter criteria and marine insurance is more difficult to secure. Older (30 years-plus), smaller (under 40ft) and low value boats (less than US$100,000) are difficult and sometimes impossible to insure. Standing rigging must be no more than 10 years old (a rig inspection and report is no longer acceptable), surveys are generally required when an insurer takes on a new risk unless the vessel is a relatively new factory production model.”

He adds: “Registration is now the key factor in securing marine insurance. Many insurers are not registered in all countries/jurisdictions so they can only offer cover to certain flags. Choosing a flag is now the decision that determines which – if any – insurers can offer terms.”

Claudia Masson, CEO of the specialised German yacht insurance broker Preuss, says Brexit has also had an impact on European brokers: “Since Brexit, it is no longer possible for us to insure a UK registered yacht with a UK owner. We’ve had to cancel all the policies of our UK clients; this has limited the amount of alternatives there are for UK boat owners.”

“Lightning, windstorm and saltwater damage to electronics and electrical systems are problematic,” adds Garlick. “Many marine insurers simply refuse to offer cover for these risks and others mitigate their exposure by offering high excesses/deductibles.”

Go uninsured?

Every year a number of cruising yacht owners decide to sail uninsured. There are several reasons for this, but usually it’s because of budget constraints or simply because they cannot find an insurer.

But there are considerable risks to going uninsured. First of all, some countries will not let you enter or leave without at least liability insurance – Panama being one example. The same applies to most harbours or marinas.

But the most important thing to consider when you sail uninsured is whether you can afford to lose your boat and equipment. Would being uninsured likely change your behaviour – would it make you less likely to issue a Mayday? In the case that you hit a reef, could you finance the cost of salvage and repairing environmental damage? Or the liability if you accidentally hit another yacht or a swimmer in the water?

“If you are considering sailing uninsured, there are insurers in the UK that will accept yachts for just the liability insurance,” says Ric De Cristofano of Topsail Insurance.

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Yacht Insurance: The Definitive Owner’s Guide

A sailing vessel’s indemnification liability coverage is provided through yacht insurance, and it covers any damage to the yacht’s body, property destruction of others, and private property damage aboard the vessel. This insurance may also cover gas supply, towing, and help if your boat gets stuck, depending on the insurance company.

Understanding The Two Parts of Yacht Insurance

Hull insurance.

Hull insurance is a direct and all-risk insurance policy that covers damage and includes an agreed amount of hull insurance. The amount settlement is done when the policy is drawn up, and the payment is in full in the event of a total loss. In addition, there’s the possibility of replacement costs insurance for partial losses. Still, sails, batteries, canvas outboards, and sometimes outdrives aren’t covered and are instead at risk of depreciation.

Indemnity and protection (P&I)

Protection and indemnity (P&I) insurance provides the most comprehensive insurance coverages for liability. Because maritime law is unique, you must have coverages specifically designed to protect you from risk-taking situations. P&I will cover any judgments against you and pay to defend you in admiralty courts.

What are the factors that can influence your yacht insurance?

Insurers consider many factors when deciding whether to offer a policy.

Almost any vessel can be insured – for a price. You should consider the following to make sure the policy you buy meets your needs:

• Age of the vessel
• Value (make sure you consider depreciation over the years of the value of your yacht)
• Speed/Power
• Type of vessel (Sailing, motor, Inboard, Outboard, utility, cruiser, offshore fishing boat)
• Custom built (boats without serial numbers can be tricky to insure)
• Location of use (which ocean are you planning to locate your boat. Make sure you let your insurance know whenever this changes over the months!)

What does yacht insurance usually cover?

Usually, the yacht insurance covers:

Liability protection: the bare minimum insurance

Property damage liability pays for damage to another person’s property caused by the accident you commit. You are covered if your yacht causes damage to individuals or damages other ships, docks, or buildings. Remember that harm or damage might occur due to direct contact with your boat or events induced by your yacht, such as during heavy wakes. In most cases, boat liability insurance covers you against covered claims and litigation involving settlements and legal expenses. To ensure that you have the right coverage, talk to your advisor regarding your needs and potential dangers.

Hull and machinery coverage

Hull insurance will cover any physical injury to your boat, including motors, trailers and equipment, and even accessories in many instances. Damage from wind and fire are typical claim types.

Uninsured boater coverage

Indemnifies bodily injured passengers of the insured watercraft who suffer injuries due to the uninsured owner of a different vessel.

Search and rescue

The maximum amount is $10,000 for costs that an insured incurs to a government entity like the United States Coast Guard (USCG), which provides emergency assistance and is covered at absolutely no cost.

Marine environmental damage and pollution coverage

This protection is available up to $10,000 in penalties and fines in the event of marine environmental damage as per the policy’s conditions. This coverage is added to the insurance company’s liability and OPA limit.

Agreed value coverage or actual cash value coverage

A cash value policy offers lower coverage than an agreed value insurance policy, however, generally with a lower cost. ACV policies provide coverage up to the value of the vessel. ACV policy would protect up to the price of the market for the boat if there was a complete loss, including depreciation and conditions of the vessel when it suffered the loss.

Crew medical and personal coverage

Reasonable medical and related costs are covered for all onboard passengers leaving or boarding the vessel. These benefits are granted per person instead of per event.

If your vessel gets damaged by accident, collision insurance is an optional insurance policy that covers the cost of fixing and replacing the damaged part with less deductible.

Sinking and wreck removal

Insurance for boats generally can cover sinking. However, there are some critical policy limitations. In general, insurance for boats should protect your boat if it sinks due to any covered risk. The policy could reimburse you for the cost of salvage or removal.

What is usually excluded from yacht insurance policies or comes as an extra?

War coverage

Damages caused by acts of war can turn out to be too great to insure, making the repayment too astronomical to be true.

Hurricane insurance

Your boat insurance provider may be able to pay for damages to your vessel caused by wind and hail from a storm in the event of a hurricane unless stated explicitly in the policy. Contact your boat insurance provider to find out what coverage you have during a storm.

Marine life encounters

Most insurance for boats doesn’t provide coverage for marine-related damage such as sharks, whales, and many other species. If you frequently sail in water full of marine creatures, it is possible to discuss a supplemental insurance policy with your insurance provider.

Insects and mold

The majority of yacht insurance policies do not cover insects and mold. It is essential to take the necessary steps to safeguard yourself against any pests on your vessel. So, this means that you must wash, drain, and dry your boat’s equipment after use.

Toys and PWC onboard

The PWC onboard may need to have a separate insurance policy as it is an expensive purchase.

Negligence or criminal acts

No insurance company is accountable for paying for the illegal actions of other people. Damage or loss due to reckless negligence and incompetence is also not acceptable.

Most insurance coverage for boats won’t cover certain events, such as racing on a yacht. Suppose you plan to use your boat to compete. In that case, you might want to consult your insurance representative about supplemental insurance, precisely the possibility of additional liability insurance if there’s a crash in the course.

Kidnapping and ransom

Because of the high stakes involved – human life and assets such as vessels and cargo — as well as the criminal character and challenging legal context, resolving a hijacking or abduction for ransom is a difficult task. Hence, kidnapping and ransom are not included in yacht insurance.

What do you need to know before picking a yacht insurance policy?

When evaluating physical damage cover, the most significant question is whether the insurance is focused on “agreed value” or “actual cash value” damage payout. If there is a complete loss, most agreed value coverage covers the amount shown on the insurance contract. After depreciation, you will receive compensation.

The actual cash value coverage offers protection up to the vessel’s present market worth at the moment of complete loss, after depreciation and the deductibles.

Although the coverage is smaller in an actual cash value insurance than in agreed value insurance, the policy is generally inexpensive.

The next thing you want to consider while choosing your insurance is the deductible and premium.

The amount you self-insure in the case of a loss is your yacht insurance deductibles. Put another way, it is the amount you spend on claims before your insurance comes in.

The next is premium. Choose insurance that can fit your budget to pay your premium on time without fail. 

Another thing to consider is the Intended cruising area. Some policies put restrictions or have a defined area while cruising. So, choose an insurance policy that suits your cruising area so that in case of mishaps, you can get coverage.

Yacht Insurance Requirements

Is yacht insurance mandatory?

While it’s not usually a legal necessity, it is always a good idea. It’s unlikely to cost much, but it might save you a lot of money in a disaster. Even if you or your captain are the finest sailor on the planet, you must consider what would happen if someone else collides with your yacht.

Changing weather may damage your boat, yet you usually have little control over it. Fortunately, most yacht insurance policies aren’t too costly, and the modest additional cost may provide comfort while cruising on the sea.

Does the bank require insurance while you finance the yacht?

Yes, your bank may require proof of yacht insurance if you want to finance the yacht.

Do ports and marinas need your yacht insurance?

For utilizing their facilities, numerous ports and marinas will need you to have boat insurance.

Does renting the yacht require insurance?

If you intend to rent out your yacht, you must have coverage to safeguard your asset, and yacht insurance can be highly beneficial. If you want to rent your yacht, you must get boat insurance to protect yourself from liability hazards, and the insurance covers the majority of liability concerns.

Read also : The yacht charter experience ladder

How much does a yacht insurance cost?

Usually, yacht insurance costs between 1% and 5% percent of the yacht’s value. For instance, you may spend around $2,500 annually to insure a boat worth $100,000.

However, similar to other types of insurance, the cost of your boat insurance depends on you and your vessel. The higher the value of a boat, the greater the insurance cost. Yacht insurance is often costlier than floating insurance since yachts are more expensive. High-powered boats are riskier. Thus, insurance companies consider the kind of engine (inboard or outboard, amount of horsepower, and so on).

How can I lower my yacht insurance cost?

Here are a few steps that you can take to lower your insurance cost.

Limit the cruising area of your yacht

There are navigational restrictions in marine rules, meaning you may only sail inside a specified region. The premiums will be less the smaller and securer the area is.

Have good training and driving records

Insurance companies are interested in your expertise on the water. The completion of a boating course demonstrates proficiency, which reduces your risk. Most insurance companies would consider boating lessons, but they may even provide a rate reduction. Contact your agent to determine whether safety-related boating classes impact your premium rates.

Lower the liability limits

Most insurance companies will require your credit score to establish suitable premiums. Maintaining a good credit score has several advantages, including cheaper insurance prices. To lower your liability limits, consider working on your credit score.

Pick a higher deductible to reduce the premium of your insurance

A greater deductible implies that the policyholder will be responsible for a percentage of the claim, hence decreasing the occurrence of claims. You choose to pay a part of the claim by raising your deductibles out of your cash, and the company will eagerly reduce your premium.

Choose seasonal insurance during the offseason

Fire, theft, vandalism, and winter storms can all cause significant damage and financial burden. You won’t be insured for any winter tragedy that strikes your yacht during the off-season if you don’t have insurance. You’ll be responsible for possibly astronomical expenditures.

Pick a modern boat rather than an old one

A new yacht will cost less to insure than an older one. This is because older ones are susceptible to acquiring defects, while newer ones are not. Further, you can take several steps to improve your yacht’s safety, contributing to lowering your cost. Like, installing an autonomous fire control system may decrease the danger of fire damage and make you eligible for a premium reduction. Additionally, safety devices like radar, depth finders, first aid kits, GPS, emergency kits, and EPIRBs may reduce the danger.

Our advice to find the best insurance broker at the best cost for a yacht

Avoid using your home and car insurer for yachts above 27”.

Usually, boat insurance is meant for vessels less than 26 feet long. Yachts are generally longer than 27 feet, have far more powerful engines, and cost more than smaller vessels.

Yachts typically go greater distances and deeper seas, transport more passengers, need a crew and have several equipment and personal possessions. These variables result in distinct risk exposures and need particular insurance policies, coverage choices, and deductibles.

Maritime law governs rather than state or federal law in deeper seas, which may be more complex. If your boat has a crew, you might be obliged to have Harbor workers and Longshoreman’s covers.

Partnering with an advisor who knows the worth of your boat and how you intend to use your boat can assist you in getting the necessary coverage for any potential catastrophes. You will also need specific insurance coverage if you own a high-performance boat due to the increased risk.

Pick a trustable company with expertise in marine insurance

You can choose your regular insurance provider to get your marine insurance. There are several maritime governing rules when you decide to sail on the sea or plan to sail overseas. Additionally, it is essential to engage with a provider that has a deep understanding of boat and yacht coverage. This is vital at the time of insurance application and in the severe case of a claim.

Special needs might require custom policies

If you have any special needs, additional coverage choices are available for medical costs, private possessions, the boat’s transportation equipment, and more that may be added to any plan. However, that relies on the type of insurance provider you choose.

Optional coverage extensions:

• Trip disruption
• Private property
• Trailer Coverage
• Towing and Emergency Roadside Service
• Uninsured Watercraft
• Individual Liability

Get an experienced yacht broker to help you navigate policies.

You may have 100 policies in front of you and many lucrative offers claiming several things. Yet, making the right insurance takes time and a better understanding of all the coverage. So, an experienced broker can help you navigate all these policies and select one that fits your budget and particular situation.

The best companies for yacht insurance

Many insurance firms provide boat insurance at affordable prices. Shop around to ensure that you receive the necessary information to make an educated selection. Also, there are several websites that offer evaluations of various insurance providers and are excellent starting points for your study.

Communicate with other sailors; determine which aspects they value and why. You would be in a position to make the most excellent option for your requirements when you analyze the services of various companies.

Being on the ocean is a feeling of serenity, tranquility, and impending new experiences. So, this is an encounter you want to go on forever. Further, your sailing boat is a significant investment. Hence, consider having your luxury boat insured to cherish the best of life and keep your investment safe.

Don’t take chances with your yacht, act now and ensure a safe and worry-free sailing experience

Now that you understand the importance of yacht insurance, don’t wait any longer to protect your valuable asset. Contact us today to get a quote and secure peace of mind on the water. Our team of experts will guide you through the process and help you choose the best coverage for your needs.

Frequently Asked Questions

All ship and yacht owners are obliged to have marine insurance, mainly when the vessels will be utilized for commercial or transit reasons and move people, labor, or goods overseas.

our yacht insurance usually protects your yacht against frequent dangers such as drowning, storm, fire, collisions, and theft. You may also be protected by boat insurance if you accidentally harm somebody or destroy their property. Your coverage may cover the following boat components: machinery, attached equipment, hull.

The exclusions from yacht insurance policies include: criminal actions of others, insect infestations, lack of due diligence on the part of the assured or managers, common wear and tear, loss resulting from delay, and intentional wrongdoing by the captain or crew.

The typical cost of boat coverage is between $200 and $500 per year. However, insurance may cost between 1 and 5 percent of the boat’s worth for a yacht or sailboat. For instance, you may spend around $2,500 annually to insure a boat worth $100,000.

Sailboat owners often spend between $250 and $1,500 annually to protect their yachts. This price varies depending on various criteria, including insurance type and insurance amounts, and sailboats usually are less costly to cover than powerboats.

Annual insurance on the yacht will range at roughly 1.5 percent of the boat’s value. The cost to insure a catamaran depends on hull valuation, location, and the boat’s operation.

The insurance coverage of a mega yacht or a super yacht can be around $240,000.

To reduce the cost of yacht insurance, you can take the following steps: installing safety equipment, demonstrating better boat riding skills by undertaking a boating course, considering your deductibles, limiting your sailing area or working on credit scores.

Hull relates to the vessel’s body. The insurance will cover unexpected damage or loss to the boat anywhere inside the policy’s specified maritime boundaries.

Usually, classic boat insurance is provided by specialized insurance firms who specialize or have experience in protecting classic and antique vessels. For covering your old boat, get a quotation from a specialized insurer and verify that your policy provides the protection you want for a sense of security.

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How to Sell Yacht Insurance Amidst a Rising Tide

The market for yacht insurance has hardened in recent years, due to the frequency and severity of catastrophic (CAT) claims. Widespread losses incurred along the West Coast of Florida and the Atlantic Coast from Hurricane Ian in 2022, for example, resulted in more than $112 billion in damages. Because of catastrophes such as Ian, many watercraft insurance carriers – both admitted and non-admitted – have pulled out of the market in coastal areas.

For carriers that continue to provide coverage in hurricane-prone states, premium costs have doubled or tripled. The increased coverage costs and the difficulty in securing boat coverage has deterred some from purchasing them – but not all. Brokers today are challenged with securing coverage for their high-net-worth clients even in high-risk areas.

In this market segment, there are three tiers of coverage for high-end boats, based on cost and size of the boat:

• Top tier boats have values of $2 million or greater, are at least 65-feet long or larger and must have a full-time captain.
• Middle tier boats are valued between $350,000 and $2 million and are between 35-feet and 65-feet long and the owner-operator is typically the full-time captain.
• First tier boats cost up to $350,000 and are 15-feet to 35-feet long.

Incidentally, middle tier boats are the most difficult to secure coverage for, due to the number of high claims filed and the types of boats covered within this tier. Premiums can run comparatively higher than other tiers as a result.

What can brokers do to help their insureds?

Much of your focus when searching for yacht coverage for clients should begin with a discussion on the age of the craft. Advise your clients that older boats – especially those 10 years and older – are more costly to cover and are harder to insure.

Here are six tips to help guide brokers as they advise boat-owning clients on how to mitigate risk and secure coverage.

• Don’t jump ship.

Sometimes the purchase of a larger or more expensive boat can make obtaining coverage difficult. If a client considers upgrading from a 25-foot craft to a 40-foot one, for example, it’s prudent for you to let them know that they will need a captain’s sign off and premium costs will increase. That is, if the carrier accepts the risk in the first place.

• Be proactive about obtaining insurance.

Advise clients to start looking for insurance the day they begin shopping for a boat. Other than first-tier purchases, same day quote-and-bind processes are a thing of the past. Securing coverage for middle- and top-tier crafts can now take up to a week.

In addition, inform boat owners that many insurers require them to hire a captain for 50 hours of training if piloting a craft larger than 10 feet to 12 feet in size, or depending on the size of the boat, they may have to hire a full-time captain to place coverage.

• Have a hurricane plan in place.

Most carriers require boat owners have a plan should a hurricane occur. Advise owners they may have to move their boats inland or to a facility that’s rated to withstand hurricanes. If domiciled in a hurricane-prone state, owners may have to store their boats in a CAT-4 or CAT-5 rated facility when not in use.

• Don’t be an absentee owner.

Advise clients about the perils associated with absentee ownership. Clients who live in a state other than where the boat is stored are considered absentee owners. In the current market, this significantly limits the number of carriers that will actually extend coverage to out-of-state boat owners.

• Stay mindful of wind coverages and exclusions.

In the past year or so, carriers have begun to exclude some wind coverage; an exclusion that applies to named hurricanes or tropical storms. In the case of routine storms, wind coverage does apply. Marine coverage is not needed for those without bank loans. However, financing boat purchases will require owners to carry wind coverage and proof of such protection before closing.

• Maintenance matters more than ever.

Inform clients that regular maintenance is imperative for reducing risk and should be considered a part of their insurance strategy. Scheduled oil changes are vital but inboard motors require a closer inspection of parts such as impellers. A worn impeller can cause overheating and a failure to follow scheduled maintenance requirements can result in a denied claim. Along similar lines, fire and safety equipment should be evaluated to ensure those systems are in proper working order.

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Written By Josh Giordano

Giordano is a yacht insurance specialist and advisor for HUB Private Client.

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3 escaped inmates from Grenada charged with murder after US sailing couple vanishes

Police transport escaped prisoners Atiba Stanislaus, far left, and Trevon Robertson who are handcuffed together in Kingstown, St. Vincent and the Grenadines, Monday, March 4, 2024. The men had escaped from a police holding cell in Grenada on Feb. 18 and are suspected of hijacking a catamaran while Ralph Hendry and Kathy Brandel, who disappeared, were aboard. (AP Photo/Kenton Chance)

The yacht “Simplicity”, that officials say was hijacked by three escaped prisoners with two people aboard, is docked at the St. Vincent and the Grenadines Coastguard Service Calliaqua Base, in Calliaqua, St. Vincent, Friday, Feb. 23, 2024. Authorities in the eastern Caribbean said they were trying to locate two people believed to be U.S. citizens who were aboard the yacht that was hijacked by the three escaped prisoners from Grenada. (AP Photo/Kenton X. Chance)

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SAN JUAN, Puerto Rico (AP) — Three escaped inmates from the eastern Caribbean island of Grenada were charged in the killing of a U.S. couple whose catamaran they hijacked, police said Thursday.

Ron Mitchell, a 30-year-old sailor; Atiba Stanislaus, a 25-year-old farmer; and Trevon Robertson, a 23-year-old unemployed man, were charged with capital murder, escaping lawful custody, housebreaking, robbery and kidnapping. Stanislaus also was charged with one count of rape, according to a statement from the Royal Grenada Police Force.

The men appeared in court on Thursday and were ordered held in prison until their hearing in late March.

They were accused of escaping from a police holding cell on Feb. 18 and hijacking a catamaran owned by Ralph Henry and Kathy Brandel while they were aboard. Authorities said they believe the couple was thrown overboard as the suspects sailed to nearby St. Vincent, where they were arrested on Feb. 21.

The three men were ordered deported from St. Vincent on Monday.

The nonprofit Salty Dawg Sailing Association described Hendry and Brandel as “veteran cruisers” who participated in last year’s Caribbean Rally from Hampton, Virginia, to Antigua, and had planned to spend the winter cruising in the eastern Caribbean.

Their bodies have not been found.

Official Opening of Moscow Boat Show 2013 on March 12

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Written by Zuzana Bednarova

March 12 at 01:00 p.m. saw the official opening ceremony of the largest exhibition of boats as well as yachts, the  Moscow Boat Show , taking place in the lobby of the third pavilion Crocus Expo IEC.

Official Opening Ceremony of Moscow Boat Show 2013

Moscow Boat Show is rightfully called the main event in the Russian world of boats and yachts. The largest in Russia event has for the sixth time already incorporated the most impressive representatives of the yachting world and fans of this spectacular sport!

Last year the exhibition was granted the status of “UFI Approved Event” and it was listed in the calendar of International Boat Industry (IBI), which includes all exhibition events of international level in the yachting industry.

Moscow Boat Show provides the perfect platform from which to preview new products, evaluate market trends, and establish long-lasting and commercially profitable partnerships. Despite the dynamic changes taking place in Russia and the rapid growth of the yachting sector, the show continues to complement and reflect the industry’s demand and is a promotional opportunity not to be missed!

The exposition space has increased up to 45 000 sq m in 2013. More than 350 companies from Great Britain , Germany , Holland , Greece , Spain , Italy , Cyprus , China , Latvia , New Zealand , United Arab Emirates , Poland , Slovenia , USA , Sierra Leone, Turkey , Ukraine , Finland , France , Croatia , Montenegro and, of course, Russia (17 regions) participated in the show. The scale of the project confirms confident positions of its positive development.

Moscow Boat Show 2013

Arcady Zlotnikov, Deputy Director General ZAO CROCUS INTERNATIONAL, was traditionally the first to take the floor at the official opening ceremony. He greeted warmly exhibitors, guests and visitors of Moscow Boat Show 2013 and presented high ranking guests of the ceremony.

Nikolay Krjuchek, Deputy Chief of the State Inspectorate for Small Vessels (SISV) of the Ministry for Emergency Situations of Russia, congratulated everybody with the opening of the show, noted it high status, significance and perfect prospects of development.

Vladimir Silkin, President of the Russian Yachting Federation (VFPS), joined the previous speaker and added that the show had become the major event in the Russian world of boats and yachts.

Ekaterina Grishechkina, Director of exhibition Moscow Boat Show, spoke about organizer’s work and expressed her gratitude to all participants of the show.

All speakers noted dynamic development of the branch which leads to the intensive growth of the exhibition.

Having wished to exhibitors and visitors productive work and conclusion of new contracts, guests of honor of the Moscow Boat Show 2013 cut red ribbon and invited everybody to the exposition.

Please contact CharterWorld - the luxury yacht charter specialist - for more on superyacht news item "Official Opening of Moscow Boat Show 2013 on March 12".

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