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Hello,
I wanted to provide everyone with an update on my search for insurance for my planned trip to Bermuda June 20th.
The only carier that would insure me without requiring Bermuda experienced crew was Travelers. The policy compares favorable to my existing policy, but with a greater coverage area (Maine to FL, including the Bahamas) for $1237. I was able to purchase a special trip endorsement for $750. The good news is that they are not requiring me to re-survey the boat (the current one is from 2006) and do not require a change in my crew.
Markel would not cover the trip because I would have to be with them for 1 year before covering. Osprey/Great Lakes wanted 3,185 and 3 blue water experience crew. Others refused quote.
The lesson here is to start at least a year before your planned trip (or you options will be very limited). I have a 50 ton masters license, I suspect that without that, no one would have insured me (even though I have never made a claim). My previous insurer was unable to offer blue water insurance….another lesson there; think about your future cruising plans when picking an insurer so you don’t have to scramble around at the last hour to find an insurer.
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John,
Glad you were finally able to get coverage. Things have certainly tightened up. When I went with Markel in 2005 I did have to have a survey (previous one was in 2000), but there was no issue with time under coverage for a blue water voyage. I left for Europe 2 months after starting coverage with Markel. I was never asked for my experience or my crew's experience.
One reason things may have changed came up in a conversation I had with Al Golden last year. In 2007 Markel had a claim rate of over 40%. That is over 40% of the policies in force that year had a claim on one sort or another. Sounds like they have tightened up their underwriting since then.John
On Fri, Apr 17, 2009 at 10:47 AM, Indulgence wrote:
Hello,
I wanted to provide everyone with an update on my search for insurance for my planned trip to Bermuda June 20th.
The only carier that would insure me without requiring Bermuda experienced crew was Travelers. The policy compares favorable to my existing policy, but with a greater coverage area (Maine to FL, including the Bahamas) for $1237. I was able to purchase a special trip endorsement for $750. The good news is that they are not requiring me to re-survey the boat (the current one is from 2006) and do not require a change in my crew.
Markel would not cover the trip because I would have to be with them for 1 year before covering. Osprey/Great Lakes wanted 3,185 and 3 blue water experience crew. Others refused quote.
The lesson here is to start at least a year before your planned trip (or you options will be very limited). I have a 50 ton masters license, I suspect that without that, no one would have insured me (even though I have never made a claim). My previous insurer was unable to offer blue water insurance….another lesson there; think about your future cruising plans when picking an insurer so you don't have to scramble around at the last hour to find an insurer.
John Sommer
Indulgence #179
Portland, ME—
Regards,
John Stevenson
http://www.svsarah.comPost generated from Pearson424 Forum using Mail2Forum
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