Insurance - Bahamas coverage?

[shine]

My current carrier will not even give a rider policy for a single powered 23'

I cant use Boat Us for another couple years (had them when my motor was stolen and i cant use them for a couple years after a big claim like that)

Any suggestions?

[cdavisdb]

I looked hard for coverage for our size boats, nada, except for Boat US, which would give coverage for a limited distance into the Bahamas. Doesn't cover all the area I want to go to, so I'm bare, carrying lots of safety gear and spares.

[gofastsandman]

Try Charter Lakes or Bradley.

[Fr. Frank]

Boat US covered me into the Berry Islands last time I went (back in '05)

[BA17]

I have mine through progressive. Due to the age of our boats, no one wants to insure them. I went with a stated value policy. I'm not sure if progressive would do a "Bahamas" short term policy. Another company to try would be NBOA.

[shine]

Due to the age of our boats, no one wants to insure them

book value of a 1985 23' seacraft: about $8k in great shape

Yes, i have agreed value, its the only way to go on something custom or re-built. I got them to go up to $30k by showing costs of motor. This really helped me when my motor was stolen !

I currently have policy with charter lakes and they definitively will not give a Bahamas rider, I have called and asked twice (just in case I didn't get the right answer the first time, it happens)

I really want to take the boat over later this summer, want to be covered too

[Billpotter]

Insuring older boats; and older small (less than 25' with a single engine) boats is a challenge:

Insurers have historically had bad experiences with older boats- everyone says their boat is fully restored/ well maintained/ pampered lady/ etc- I hear it all the time: Sometimes it's true, most times it's not- present company excluded.

My philosophy is to advise my clients, and set my own boats up with multiple layers of prevention/ protection: good drainage, water tight decks and plumbing, proper electrical system with redundant bilge pumping capacity, high water alarm, etc. Question: what will happen of your bilge pump(s) stop functioning, and you are taking spray over the bow/ transom? Will your boat down flood, eventually loose buoyancy and sink, or will the water flow back overboard? Something to think about.......

We've gone on vacation for the last several summers to the Berries (80 miles east of Bimini); our only practical option is to "fly without a net"- no insurance outside of our navigational limits; no coast guard, seatow, or LOCAL Towboat/US- I carry a heavy cable and lock to secure the boat; full spares, the phone number of a friend with an airplane to deliver spares, and Tow Boat/US coverage. I was told by the operator of the Fort Lauderdale operation; they'd come and get me for an additional nominal fee. It's the price I pay to go off grid.

We all say we want to go on a real adventure, well, most real adventures are adventures that no one will insure; it's one way of knowing you're going to do the real thing.

Sometimes the best adventures start off being a little scary.

[Normagain]

I just looked at my Boat U.S. renewal policy and see that it covers US and Canada coastal & inland waters only. I had insurance far into Baja Mex before through an agent, so I may need to look at other insurance pretty quick. I know they have to add a rider for that coverage but the cost wasn't that much. As for boat coverage, the price I pay for ACV right now for a year is not far off what I was paying monthly on a five year old boat. The higher value in my current policy is in coverages other than the boat and boating equipment and that's the primary reason I have it.

[shine]

Im not at all worried about my boat, its systems are all to notch, I made it to be as safe/foolproof as possible I have good safety equipment and EPIRB

I have insurance for the things I cannot do much to mitigate: theft, and liability.

Sometimes the best adventures start off being a little scary.

this is true.

On my way home from a free-dive class a couple weeks ago (got down to class limit of 70' 4 times, loved it) I stopped by a starbucks, the hipster-coolgirl behind the counter asked me if I wanted to try her french pressed chive something, i said that it sounded terrible and I just wanted my black coffee thank you though. Her response was "you should be more adventurous".

Adventurous is relative to the technology available as time we live, the ability to mitigate risk, and what you leave behind were you to encounter worst case. Is it dumb for me to head over to the Bahamas without an EPIRB? Well then, was it dumb for my grandad to sail around the Caribbean with only a sextant? I woudl say I would be taking the dumber risk vs. my grandfather.


Sorry... got off on tangent

still looking for bahamas coverage on my 23 CC if anyone has a lead....

[Billpotter]

Shine,

Perhaps I have been misunderstood-

I was not belittling the desire to insure against the perils you have mentioned. I share your concern. I have been married for over 26 years to a lawyer who is a claims manager for one of the country's largest insurers- she brings home all of the nightmares of heartache, loss and fraud; big stuff that most folks never hear about- she is in the trenches, and we live it; up close and personal. In my business, I have been close to weird, tragic, and unmentionable events that most folks wont believe-

Some further background:
We have owned a restored 45 year old Hatteras 38' convertible/ sportfish "classic vessel" for 15 years. It has been a challenge to merely keep her insured with property and causality coverage within 12 mile navigational limits of the US for a reasonable premium. Years ago, I could buy a rider for our Bahamas vacation- a few hundred extra bucks budgeted in for the summer trip- No big deal. One year, I was told that after having no claims, our insurer no longer offers a Bahamas rider. I have called and begged and pleaded, safe driver, master mariner, etc, etc, etc, they are no longer interested in Bahamas coverage. They apparently have taken a bath on the "riders", and are no longer willing to take the risk.

Here's the issue- they're premium is so reasonable, if I go anywhere else, the premium will be double ++. And there's more- insurers won't write coverage because of the age/ location of the vessel: hurricanes/ fraud.

Every marine insurance person I encounter has told me the options are few/ none without spending mega bucks. Of course, everything has it's price.

Example-
A few years back, an experience blue water captain I know brought his 30' xyz awesome center console to a settled yachting destination in the sorta out islands in the Bahamas- he was very familiar with the friendly port. One afternoon, he secured his awesome 30 xyz to a mooring in the harbour with reportedly an undersized pennant for the night. Everyone woke up the next morning to find the 30' xyz awesome washed up on the beach, sideways, half full of sand, ruined motors, gelcoat, rigging, electric, electronics, etc- a big claim from an experienced licensed captain with local knowledge- the result is that the rest of us pay.

Our final choice was to go on our own, or stay home because we couldn't get reasonable coverage: I wasn't staying home because of that.

Keep searching, and please let us know if you locate a resource- I'll be the first in line.