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How to Navigate Marine Insurance in 2021

  • By Jennifer Brett
  • Updated: June 30, 2021

Sailboat wrecked by Hurricane Matthew

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.”

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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.”

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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”

This boat in Coconut Grove, Florida, nearly sank from all the debris.

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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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.

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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:

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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.

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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:

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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.

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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.

Contact Caribbean Risk Group to Learn More About Our Services

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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Caribbean Insurers Marine Limited is a specialized unit within the Caribbean Insurers Group of companies. The personnel responsible for providing a comprehensive range of insurance plans for the protection and security of both the recreational boat owner and commercial operator have a collective experience of over 100 years in respect of all aspects of marine associated risks.

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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.

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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.

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04-01-2021, 07:14  
Boat: Bowman 57 Ketch : Searcher
coverage for yachts in the November edition of magazine. You can down load the issue, free, at . The guru Don Street and I each authored two articles on yacht .
The January issue has my article on coverage, insurance options and evacuation for and cruisers sailing outside the US.
I’d be grateful to learn of what options you’ve found for future articles.
If you are dreaming of sailing the islands of the , or are doing so now, Caribbean is full for useful and fun reading. Free paper copies are available throughout the islands, but online PDF is easier to get.
08-01-2021, 00:42  
Boat: SOLD! 2005 Lagoon, 440, owners version
. Got a link?
08-01-2021, 07:55  
Boat: Bowman 57 Ketch : Searcher
, hit the menu bar, went to the PDF download and wound up with the entire issue. My article on insurance is on page 26.
Let’s see if I can attach the text here:
Medical Insurance for Caribbean Cruisers
By David Lyman / CaribbeanCompass.com

“Kids! Help!” I shouted from the bow. “I can’t move.”
Something in my lower back had snapped. I lay flat on my back on the next to the , a sharp knife stabbing into my spine. “Roll me over,” I managed to say. “Gently.” My two , ages nine and 11, rolled me over so I could rise up into a crouch.
“What happened?” asked Renaissance, my daughter.
“I was hauling in the . I pulled too hard. Now, help me back to the .” They were helpful, if too much so, but I managed to get into a sitting position on the seat. My back gives me these spasms from time to time. An old skiing . When they come, I’m in eye-watering pain. I’d rather have a root . I need an adjustment by a chiropractor. It’s a simple maneuver. He jumps on me, twisting my hips one way and shoulders in the opposite directions. I hear and feel something in my lower back ‘snap’ and the pain is gone. I’m sore for a few days as the muscles along my spine recover and mend.
I needed a chiropractor now.
We’d been anchored in Prickly Bay on the island of for a few weeks. A search found a chiropractor in nearby Le Phare Bleu. Julie, my wife, called and made an appointment for the next day.
The got the up and secure, and we motored over, in Petit Calivigny. The helped me into the for the short ride to the marina. The doctor’s clinic was a short walk up the street. He had me sorted me out and back in shape in 20 minutes. EC$60 (approximately US$22).
A few months later the back went out again while in the shadow of the Pitons on St. Lucia. We found a chiropractor’s clinic in Rodney Bay. Again, for EC$60 I was fixed up.

Time to do some
The older I get, the more I’m at risk of hospitalization, or at least a visit to a local island clinic. What are my options? When in trouble, I tell those who sail with me, seek local knowledge.
I asked the editor of this magazine what she and her husband do for medical care, living as they do full time on Bequia. “The Bequia Hospital has been great for routine mishaps and follow-ups, and the dentist and dermatologist we see on St. Vincent, for example, are excellent and much more reasonably priced than those in the States,” she said. “But we are both covered by Medicare, so we fly to the States for anything really serious.” She added, “Why don’t you write an article on medical insurance for cruisers to follow up on the yacht insurance stories in the November issue?”
There are clinics on most islands and hospitals on the larger ones. Naturally, some are better than others, so it’s wise to ask local folks for recommendations. While treatment is generally at much less cost than back home, it will be an out of pocket expense. So, what about medical insurance — especially for a serious injury or illness?
Medical insurance for cruisers and Caribbean residents
If you are a US citizen, retired and over 65, you probably have Medicare, Part A and B. Medicare does include treatment in the USVI and , but with limited facilities there. And, even at home, Medicare does not cover all medical costs. You’re stuck paying 20 percent for an outpatient visit, and a hefty co-pay for hospitalization. If you travel outside the US, there are few situations where Medicare might reimburse your out of pocket costs. There are supplemental policies (such as MediGap) you can buy that will fill in what Medicare will not, and some plans include travel outside the States, but for only a limited time.
If you are under 65 you may already have private medical insurance, but will it cover medical expenses when cruising in the Caribbean? A hospitalization plan such as Blue Cross/Blue Shield might cost you in excess of $10,000 a year (prices in this article are given in US dollars unless otherwise specified). That’s the of a new set of , an replacement, or the entire cost of a in the Caribbean. Got any options? Sure, haul the and stay at home. Okay, I agree: lousy idea. What else? .
I’ll share what I’ve learned. This is not the complete story; it’s just my story. You’ll need to do your own research, read the fine print on various policies, chat with agents, confer with and make your own choices. It’s not easy, and it’s not inexpensive.
A few of those I chat with at beachside bars admit they self-insure their and their bodies. It’s a gamble. But, they tell me, after raising for 30 years, self- insurance has worked so far. The only times I’ve had to seek medical services in the Caribbean were those two chiropractors.
What if you stuck away $200 a month in a savings account, just for medical emergencies? Create your own insurance plan. In a year, you’d have $2,400. That’s a plane ticket home for treatment, or an outpatient visit to an island clinic.
Now, add in another wrinkle. I hear that some islands, such as , the and the Turks & Caicos, are now requiring proof of coverage on clearing in, to include Covid-related treatment.

MediGap Insurance?
If you’re a US citizen on Medicare, you might consider a MediGap policy, a supplemental policy to cover what Medicare does not.
I’m a of AARP (American Association of Retired Persons). I requested their “Supplement” brochure and received a 30-page booklet listing a dozen plans. Plans D and N looked good, as they covered travel abroad, but I had questions. I called AARP and spoke with a rep. We went through the application process, using me as the subject. At the end, if I was in perfect , which I am, with no “prior existing conditions” the supplemental “N” policy, which covers travel, would cost me $172.25 a month. It would cover me for what Medicare would not — but only for the first 60 days of being outside the US or its territories. There’s got to be a better way.
For those spending an entire year or season on their or in an island residence, Medicare, even with the supplemental plan, appears inadequate. What do you do you do after the 60 days — fly home every time you need medical attention? Many I’ve talked with do just that. Or you pay out of pocket to an island clinic.

Variables and Possibilities
What might it cost to fly back to your home country for medical attention? Less than $1,000 on a regular scheduled airline. What if the medical situation required an immediate evacuation flight to your hospital at home? I called two medevac companies based in . A flight from to Boston would take three to four hours, and would cost between $28,000 and $48,000. Ouch! There’s got to be a cheaper alternative.
I found SquareMouth.com, a helpful travel insurance comparison website. I typed in my age, resident state, length of my travels (in this case four months), and received three suggestions. I asked for medical and Covid coverage, plus evacuation coverage. I got back three quotes. One looked very attractive, at $227. It was the Safe Travelers’ Voyager plan from Trawick International Insurance. Others came in at over $1,000. The policy details were available, easily read and understood. I e-mailed Kasara at SquareMouth with a series of questions and got an immediate response.
Was the $227 quote from Trawick International Insurance, a one-time payment, or monthly? She wrote, “It will cover the four months you requested on the application. It will cover evacuation and medical and it will cover Covid.
“Travel insurance policies are dependent on three main factors,” she added, “trip length, traveler’s age and, if including trip cancellation coverage, the cost of the trip. Some policies are rated better for travelers of a certain age, or for travelers who are taking trips of a certain length.” Many of the policies I explored wouldn’t cover those over 84, 75, even 65.
When it came to the “evacuation” part, she wrote, “The policy language for a medical evacuation will vary by travel insurance provider, but in most cases, an evacuation must be ordered by a licensed physician, who certifies that the traveler requires an evacuation due to the severity of their injury or illness.”
The Gowrie Group agency in Westport, Connecticut, specializes in insurance. They insure yachts and megayachts, yacht clubs, sailing programs, professional crews, , dockyards, as well as providing medical and travel insurance.
I spoke with Rick Bagnall, an agent in their division. I couldn’t pin Rick down to a specific policy and cost. “There are too many variables and possibilities,” he said, adding he needs to talk a client through the options to find the best fit.
“I can put you in a comprehensive medical plan that’s global for less than most US carriers,” he said. I wasn’t successful in digging more out of Rick; I’ll leave that up to you should you call him. But I was impressed with the Gowrie Groups’ website (Gowrie.com), and their involvement in the marine community.
I also found Cigna ( ), a worldwide insurer with an “expat” policy for those residing in or visiting another country for an extended period. I filled in the online form with a few particulars and a reply came back instantly. I saw a US number and called. Ashley helped me through the process of getting a quote. She wanted to know my age and length of stay abroad, and walked me through the options for coverage. I wanted to be covered for sickness, or injury. I might need stitches, a cast for a broken arm, or a test if I wasn’t feeling great.
“These are all out-patient services and would be covered.”
I asked about Covid-related treatment. “Yes, it would be covered the same as any sickness.” How about a Covid test? “If you are experiencing symptoms, yes, the test is covered. If you just wanted see if you had Covid, that’s discretionary, and would not be covered.”
“Evacuation?” she asked. Yes, I wanted to consider getting flown home. “That would also cover ‘repatriation.’”
“There’s a difference?” I asked.
“Yes. Evacuation is to get you to the nearest medical facility; repatriation is to get you all the way home.”
“Do you want dental coverage?” She asked. No, I said, there are dental clinics on most of the islands, and most cost a lot less than those in the States.
“It looks like the plan you’ve requested will cost $1,870 a month,” she said when the quote arrived on her . “How much if we take away the evacuation/ repatriation coverage,” I asked. “That would bring your plan down to $1,734.” Ouch! That only saves a C-note. “If we remove coverage while in the US,” she added, “that brings your plan down to $1,402.” I wouldn’t need Cigna’s coverage once back in the States, as I’m covered by the Veteran’s Administration and Medicare.
“The outpatient part of your plan is $600 all by itself,” she added. Is that a month, I asked? “Yes, a month.” Now I have to think, what’s my best guess as to what I might need while I’m floating around in the Caribbean? The only medical attention I’ve needed in 20 years of Caribbean cruising was the of a chiropractor, and that was an out-of-pocket expense I gladly bore. While a visit to an emergency ward in the States could cost me $3,500, outpatient care in an island clinic would be a lot less. But were I to have a stroke, a heart attack, a serious liver infection, I’d need hospitalization. If it were elective surgery, I’d fly back to the States. Ashley sent me an e-mail with the final quote. The came down to $908.37 a month. That’s $10,000 a year. The policy would not cover outpatient care, but would cover: cost share with a $0 out of pocket maximum.
Inpatient day patient & accommodations costs - Paid in full for a private room. Cancer care - paid in full.

Cigna provides a card, much like a Medicare card, that you show to the care provider and they bill Cigna directly. Theirs is not a reimbursement plan. Cigna pays the provider directly, and the coverage is worldwide, except, in my case, with no coverage in the States.

What about repatriation or evacuation?
Now how about getting me stateside and to the VA or Medicare facility? I can usually fly home for less than $1,000. But if I’m unconscious, strapped to a , and in need of immediate attention I might need a medevac flight.
There are a number of plans that might cover an evacuation or repatriation flight back to the hospital at home.
DAN, Divers’ Alert , was originally for divers needing emergency evacuation for medical services or a decompression chamber. DAN now has similar service for boaters (DANBoater.org). DAN is not medical insurance. It does not cover doctors or hospitals, but they do provide a hot line where people can talk with a medical pro who can advise on stabilizing the patient and then make arrangements for transportation to a nearby medical facility, if needed. They do not provide repatriation, except if you die. Then they will ship home what’s left of you. The cost of is $60 per individual and $100 for the family for boaters.
Global has been round since 2004. They provide global medical services. You can call them on satphone from your yacht, the top of mountain or your rental and speak with a medical pro who walks you through stabilizing the patient. If more immediate medical treatment is needed, Global arranges for evacuation to the nearest “appropriate” medical facility. Once there, Global’s medical team will consult with the onsite doctor, and if agreed, Global will cover repatriation to the patient’s home hospital. Global is not medical insurance. They don’t cover doctor, emergency ward or hospitalization expenses. Their website ( . com) has an easy to complete form that gives you an immediate annual membership fee, based on the length of time you are more than 100 miles from home. When I plugged in my information, half a year’s coverage would cost me $514. A full year would be $639. Global deals with explorers, extreme skiers, mountain climbers, and sailors in far-off places. They also provide travel advisories to high-risk countries and extractions from dangerous situations. All you need is a satphone, service, or a text message device such as the inReach.

Medaire ( ) is a medical service company that deals with airlines, private jet clients and megayacht crews. They have a hotline, provide for yacht crews, and will assemble your medical kit. The megayacht community is their primary client, but they do have a package for the private family yacht.
So, I’m thinking... A call to a medical pro at DAN or Global might replace or augment a visit to a local clinic. If I am to treat myself, I’ll need a well-equipped first aid kit and some . My captain’s requires I have completed a CPR course. Companies like Medaire can provide training and there are companies that will help you put together a first aid medical kit, based on crew size, age, medical and .
I asked Chris, a sailing friend and registered nurse, how she handles medical emergencies. She and her husband live half of each year on a small Caribbean island. “I have medical kits here that include most of our needs for lacerations, cuts, sprains and burns, along with basic medications including antibiotics, steroid creams, and some over-the-counter pain meds. I want to be prepared to treat us for minor issues. If it were something serious, we’d fly to , , or home to .”
There are clinics throughout the islands, but their capabilities vary widely and their budgets are sometimes stretched. For $514, I’d call Global and talk with a medical pro before going ashore to a clinic that has been well recommended for the particular care I needed.

Final Thoughts
My was insured for $150,000 total loss, with a $2,000 deductible on lesser losses or damage. The annual premium? $3,500. That’s close to $300 a month.
What am I worth? Certainly more than the value of my boat.
Am I willing to gamble that fate will not saddle me with a serious ailment or injury, something I can’t fix myself? What would make me feel better about the future, a $60 membership with DANBoater.org? A $514 membership with Global ? Each of those gives me access to and, if necessary, evacuation. A $227 insurance plan with SquareMouth (Trawick) might cover the local emergency ward and attending doctor expense. And, if needed, a flight to Florida, , or home with the cost covered. Medigap is not helpful after the second month of being away. The $900 a month policy with Cigna would be helpful in my situation, as I have the VA (I’m a veteran) and Medicare covering me at home. For those of you with no medical insurance who are cruising full time, it’s either self-insurance or something like the Cigna plan.
But as Rick from the Gowrie Group said, “There are too many variables and possibilities.” I hope this article has enticed you to do your own research.
 
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  • Yachting World
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Yachting World cover

Bluewater cruising insurance – what you need to know

Yachting World

  • 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

caribbean yacht insurance

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.

caribbean yacht insurance

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.

caribbean yacht insurance

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.”

caribbean yacht insurance

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.

caribbean yacht insurance

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.

If you enjoyed this….

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caribbean yacht insurance

Yacht insurance has always been a bit of  an issue in the Caribbean and somewhat expensive but neither of these need be the case if Caribbean governments would make third party insurance compulsory and if insurance companies viewed the Caribbean as an opportunity rather than a risk.

Too often the excuse for high Caribbean premiums or refusals to write insurance is put down to hurricanes.  This excuse does not hold up to close examination. Statistics show that the risk of a hurricane hitting a Caribbean island in any one year is 2% to 3% whereas the risk of one hitting the south-east and east coast of the U.S. is 10% to 12%.  Also, with modern weather reporting, vessels in the Caribbean can head off in any one of 360 degrees of the compass whereas, storm avoidance along the U.S. coast is somewhat limited.

There are, undoubtedly, some higher risks in the Caribbean and the greatest one is the number of uninsured vessels not just transiting but also mooring in the ports, harbors and bays of Caribbean islands. These uninsured vessels pose the greatest risk particularly in times of bad weather as uninsured vessels often tend to also be the less well found vessels. The risk of damage by an uninsured vessel is the biggest single cause of higher premiums for yachts visiting the Caribbean and the reason for some yachts not including the Caribbean in their itinerary.

The problem of uninsured vessels could easily be solved by Governments legislating that all vessels entering their waters must carry a minimum level of third party insurance.  Rates for this type of cover are not high and, with an expanded market, the rates would become even lower.

Also, most regattas and sailing events do not require compulsory third party insurance. The argument is that it would deter local sailors. However, it has to be wondered how many international sailors do not enter Caribbean regattas because the hail of “No insurance” is not a joke.

Insurance for storage ashore is now relatively freely available with the improved storage facilities such as welded cradles, keel holes and properly secured tie downs.  There is no necessity to head south at the approach of the hurricane season although many do and a lot of these are uninsured and want to leave the hurricane belt.

There are other factors which increase rates but only to a minor degree. These are rogue salvagers, the loading of claims and the fairly mixed repair facilities and levels of skill. Some islands have very high skill levels but others not so. Within such a small market many insurers do not differentiate between islands.  Also, with almost all items needing to be imported, parts costs are high.

Due to the general lack of legislation relating to yacht insurance and the relative weakness of the regulatory bodies, statutory and otherwise, the Caribbean insurance market is seen as being uncontrolled by many underwriters, which affects their willingness to write insurance and, when they do, the price is inevitably higher.

Added to these factors and partly caused by them, the Caribbean is a small volume market and what the insurance companies call a ‘soft’ market. The customer is often given a ‘take it or leave it’ choice.

It is understandable that insurance companies are not particularly interested in dealing in a low volume market and, without compulsory insurance; the size of the market is unlikely to experience much growth.  The solution to the Caribbean insurance problem really lies in the hands of the governments and, maybe, with the OECS and Caricom.

John Duffy is the president of the Caribbean Marine Association .

To comment on this article, email: [email protected] 

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Having been around boats and yachts for more than 40 years, I have always had a strong passion for the water. My career has taken me to seas and oceans around the world. Beginning my career in the UK and English channel, I transitioned to spending several year in the middle east (Abu Dhabi & Dubai), and then to the Mediterranean, all with work within the marine, automotive and aviation businesses.

I spent 5 years with Marsh as the Senior VP leading the Global Yacht division.  I then started the first of my companies, Private Insurance Services.  Private Insurance Services was acquired a few years ago, allowing me to retire from the corporate world in 2021. However I discovered that retirement was not for me – thus, the birth of Yachtsafe Global, LLC based here in Ft. Lauderdale, FL. I’m honored and humbled to say that the response from former clients and industry leaders has been heartwarming.

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Meet Dylan, a seasoned yacht insurance underwriter with a decade of experience in the industry. Dylan specializes in both private pleasure and commercial risks and is dedicated to providing comprehensive coverage solutions to clients with a deep understanding of the unique challenges facing yacht owners and operators. Dylan is known for his expertise in risk assessment and mitigation, providing personalized insurance solutions tailored to each client’s individual needs. Dylan has a proven track record of exceptional service, ensuring clients are protected against potential risks and liabilities, making him a trusted advisor in the yacht insurance market. Contact Dylan today to learn more about his yacht insurance services.

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Horizon places yacht insurance for Owners on over one hundred privately managed yachts and powerboats.

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Contact Horizon for a competitive yacht insurance quote, or if you have another enquiry.

Please complete the form on our Contact Us page .

Alternatively, you can call us today on  +1 844 494 8787  or email us at  [email protected] . Our staff are always happy to help and have years of experience in all facets of yacht management.

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Boat insurance helps you protect your boat or personal watercraft (PWC) investment. So if you travel across lakes, rivers, or ocean waters of the United States we can help keep your peace of mind afloat. Whether you're looking for a new boat insurance policy or just to save money, we can help you get started with a free boat insurance quote.

Make boating better, together. Experience and a name you can trust go a long way when you're shopping for boat insurance. That's why the GEICO Marine Insurance Company has teamed with BoatUS , the nation's largest group of recreational boat owners. Since 1966, BoatUS has been helping to make boating safer, more affordable, and fun. Together, we share a passion for all things boating.

We all want cheap boat insurance rates, but customer service matters too. Protect your investment with boat insurance you can count on and get your free online boat insurance quote today.

Why do you need boat insurance?

A boat insurance policy helps protect you and your boat. If you don't have a separate boat insurance policy, you're probably underinsured. This could mean paying a lot out of pocket for accidents outside your control. Many homeowners policies cover minor boating risks but don't cover your needs sufficiently due to:

  • Size restrictions
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  • Limits on damage coverage

Check out our "boating insurance explained" video and article here for more reasons why boat insurance is a smart idea.

Boat insurance can provide coverage for:

  • Damage to your boat including hull, sails, equipment, and more.
  • New boat replacement
  • Fuel spill liability
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  • Medical coverage for you and persons in your boat.
  • Wreckage removal

What types of watercraft are covered by boat insurance?

All boats aren't the same. You need to customize your boat insurance to meet your needs and provide your watercraft with the proper coverage. Here is a list of the most common types of watercrafts.

  • Pontoon boats are one of the most popular inland water boats. They are a flattish boats that rely on floats to remain buoyant. Their wide and spacious area is great for many passengers to enjoy the ride.
  • Personal watercraft (PWC) are powered by a water jet pump and the rider generally sits, stands, or kneels on it. There are many types of PWCs which include WaveRunners, Sea-Doos and more.
  • Fishing and bass boats are designed and equipped for fishing. Most are powered by an outboard motor and are equipped with power poles, trolling motors, etc.
  • Powerboats are the most popular type of boat used for cruising, watersports, and so much more.
  • Sailboats are propelled partly or entirely by sails.

If you don't see your watercraft listed and are looking for more information on different types of boats and insurance for boats, check out our boat FAQ page .

What does boat insurance cover?

A policy insures your boat against damage and loss caused by common risks, such as collision, fire, storms, and theft. Boat insurance may also help protect you if you accidently injure someone or damage their property with your boat.

Service and Claims

When you choose GEICO Boat Insurance, you have access to:

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GEICO Marine Insurance Company has teamed with TowBoatUS, the nation's largest towing fleet to provide:

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Personal Watercraft (PWC) Insurance Coverage

You can get a boat policy for your PWC. Typical PWC insurance coverage includes:

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How much does boat insurance cost?

Boat insurance is based on the type of boat, length, number of engines and horsepower, how you use it (recreation, commercial charter, racing, etc.), and how and where it will be stored. All of these factors, including the experience and claims record of the owner will factor into the cost of boat insurance.

You could save even more with these boat insurance discounts.

We know discounts and our watercraft insurance agents can help you get them to help you save on your boat insurance quote.

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Boat Insurance: Get the answers you're looking for.

  • Is boat insurance required? Boat insurance liability coverage is only mandated in a few states, so always check insurance requirements for the state you're boating in. Physical damage coverage is required by your lender if you're financing your boat or watercraft. If you keep your boat at a marina, the marina may require you to have liability coverage.
  • Liability to pay for damages and injuries you cause if you accidentally hit another boat, person, or dock

There are some types of watercraft that can't be added to a new or existing GEICO boat policy:

  • Airboats, amphibious land boats or hovercraft
  • Boat with more than 4 owners
  • Boats over 50 feet in length
  • Boats over 40 years old
  • Boats valued over $2,500,000
  • Floating homes
  • Homemade boats
  • Houseboats that do not have motors
  • Steel hulls
  • Wooden hulls
  • Watercraft previously deemed a constructive total loss
  • Does boat insurance cover theft? Our Ageed Hull Value, and Actual Cash Value policies protect against damage to your watercraft from incidents out of your control, including theft.
  • How do I make a payment or manage my boat insurance policy? Managing your boat insurance policy and making payments is easy in the BoatUS app. You can also manage your policy or make payments online , or by calling (800) 283-2883 .
  • How do I report a claim on my boat insurance policy? You can report your claim through the BoatUS app. Claims can also be reported online , or by calling (800) 937-1937 .

GEICO has teamed up with its subsidiary, BoatUS, to bring boaters a policy developed by specialists, with the great service you expect from GEICO. Policies are underwritten by GEICO Marine Insurance Company. BoatUS—Boat Owner's Association of The United States—is the nation's largest association for recreational boaters providing service, savings and representation for over 50 years.

The above is meant as general information and as general policy descriptions to help you understand the different types of coverages. These descriptions do not refer to any specific contract of insurance and they do not modify any definitions, exclusions or any other provision expressly stated in any contracts of insurance. We encourage you to speak to your insurance representative and to read your policy contract to fully understand your coverages. Some discounts, coverages, payment plans, and features are not available for all customers, in all states, or in all locations.

*Boat and PWC coverages are underwritten by GEICO Marine Insurance Company. The TowBoatU.S. Towing Coverage Endorsement is offered by GEICO Marine Insurance Company, with towing services provided by the BoatU.S. Towing Program. Towing coverage only applies to the insured watercraft.

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Progressive simplifies boat insurance

We give you the freedom to boat wherever you'd like on any lake or river in the U.S. and Canada, plus ocean waters within 75 miles of their coasts. And, we drop the common requirements and restrictions other insurers may force on you. For example, we don't require a marine survey to purchase your policy, which could cost around $600 for a 30-foot boat. Get a boat insurance quote from Progressive so you have the protection you need to get on the water right away.

We insure over 1 million watercraft, and we can help insure yours, too

With over 35 years of boat insurance experience, we know how to keep you afloat. So, as long as your boat or personal watercraft (PWC) is valued at no more than $500,000 and is up to 50 feet long, we’ll most likely insure it. †† Don’t see your watercraft listed here? Call us at 1-855-347-3939 and we’ll do what we can to get you covered.

Bass & fishing boats

Boats built specifically for fishing, with features like trolling motors, power poles, etc.

Pontoon boats

Boats built on hollow metal cylinders for cruising on lakes and rivers

The most popular type of boat, used for fishing, cruising, watersports, and more

Personal watercraft (PWC)

These include Jet Skis, Sea-Doos, WaveRunners, and similar watercraft meant for one to three people

Boats that use at least one sail for power, although they may also have a motor

Ways to save

A boat insurance policy that offers more in savings

See why we're way above water when it comes to boat insurance discounts. Get a boat insurance quote online and we'll automatically apply each discount you're eligible for.

Multi-policy

Is your home, car, motorcycle, or RV insured with us? You could save even more on boat insurance if you have another Progressive policy.

You’ll earn a discount for having more than one watercraft on your policy.

Original owner

One of the easiest ways to save! If you are the original owner of your watercraft, we’ll give you a discount.

Safety course

Anyone can save. Just complete any state-approved safety course to save even more on your boat insurance policy.

Boat insurance that covers those choppy waters

We automatically include liability to pay for damages and injuries you cause if you hit another boat, person, dock, buoy, or something else. Plus, we offer comprehensive and collision to pay for damage to your boat in addition to other protections and benefits that you may not get with every insurer.

Some of our coverages

Sign & Glide® on-water towing †

If you run out of gas or your boat breaks down on the water, Progressive’s optional Sign & Glide coverage pays for on-water towing, fuel delivery, ** soft ungroundings, and jump starts. We even arrange for the tow and pay the tow operator directly (in most cases). Simply download our Sign & Glide app on your smart phone and you’ll never worry about an on-water breakdown. More on Sign & Glide .

Example: You run out of gas in the middle of a lake. If you added this protection, just call our dispatch center (number included on your policy card) or contact us through the Sign & Glide app. We’ll then deliver fuel and/or tow you to the nearest shore.

Full replacement cost

When your watercraft needs to be repaired, we always bring your boat back to its previous condition or better, and never depreciate the value of any of your parts.

Example: Four seats are damaged on your 10 year-old boat. They’re older and only worth $50 each, so some insurers may only give you $200 ($50 per seat). But, you need new ones that cost $250 each. We’ll pay the full $1,000 for all new seats. That's an $800 difference!

Propulsion Plus®

Add Propulsion Plus and we repair or replace the lower unit of an outboard motor, or upper and lower units of an inboard/outboard motor, if you have a mechanical breakdown—even if it’s caused by wear and tear. Propulsion Plus is optional and starts at just $38/ per year. Compare that to the thousands you could pay out of pocket to fix it on your own.

Example: Your lower unit is 10 years old and simply runs its course and dies on you. Typically, normal wear and tear wouldn’t be covered by insurance. But if you add Propulsion Plus coverage, we pay to repair or replace your lower unit.

Wreckage removal & fuel spill

Wreckage removal and fuel spill coverages are automatically included in every Progressive boat insurance policy. If your boat sinks or you’re responsible for a fuel spill, we cover the bills all the way up to your policy’s property damage liability limits. We only remove your sunken boat if it’s legally required.

Example: Your old boat sinks while docked. The Coast Guard may require you to remove the wreckage and address any fuel spills. Just contact us to file the claim, and we cover the costs.

Insurance limitations for boats and PWCs

When it comes to boat insurance, Progressive boasts some of the broadest acceptability in the business. But there are some types of vessels that can’t be added to a new or existing Progressive policy:

  • Boats 0-10 years old and worth more than $500,000
  • Boats 11-20 years old and worth more than $350,000
  • Boats more than 20 years old and worth more than $75,000
  • Boats used as a primary residence (live aboards)
  • All houseboats
  • Homemade boats without a hull identification number
  • Boats with more than two owners
  • Boats with steel or wood hulls
  • All amphibious land boats, hovercraft, or airboats
  • PWCs worth more than $27,000
  • Boats that do not meet published U.S. Coast Guard standards

We also cannot insure boats over 50 feet in length. In some hurricane-prone states, the limits can be 35 feet and $175,000 in value.

Common questions about boat insurance

How much is boat insurance?

Your price for boat insurance is based on numerous factors, including:

  • Location: Watercraft insurance is generally more expensive if you boat in a coastal state. You may pay less for boat insurance in states where boating is not a year-round activity.
  • Boat type: The year, make, and model of your watercraft will affect your policy’s cost.
  • Boating history: Experienced boaters are less likely to have an accident on the water and will often pay less for boat insurance compared to inexperienced boaters.
  • Prior claims: If you have a history of boat insurance claims, you could pay more to insure your boat and for liability protection.

Boat insurance policies are generally affordable. Nearly 75% of Progressive’s boat insurance customers pay their policies in full. Find out more about the cost of a boat policy and learn ways to attain cheap boat insurance .

Is boat insurance required?

Boat insurance is mandated in only a few states but, if you're financing your watercraft, you're typically required by your lender to carry comprehensive and collision coverage. Additionally, if you dock your boat, your marina may require you to show proof of liability coverage. Find out the boat insurance requirements in your state .

Does boat insurance cover theft?

Comprehensive coverage protects against damage to your watercraft from incidents out of your control, including theft .

Does boat insurance cover the boat trailer?

Damage to your boat trailer is typically covered if you add your trailer to your boat insurance policy. You're protected against damage to your boat trailer even if your boat isn't on the trailer at the time of the incident. Learn more about boat trailer insurance .

CHECK OUT WATERCRAFT EQUIPMENT FROM LEADING BOAT DEALERS

Come see us at an upcoming boat show and browse equipment for any lifestyle, activity, or budget.

More questions about boat insurance? We have Answers

Want to learn more about boat insurance before casting off? Use Progressive Answers boat insurance resources to find all the information you need .

Boat insurance 101

Learn how boat insurance works and what a standard policy covers.

Find out the average cost of insuring a boat and how much it varies by region.

What is collision insurance?

Discover how collision coverage can protect your boat if it collides with another object.

Bundle and save

See how you can combine boat insurance with another policy to save an additional 5%.

Quote boat insurance and be covered for as low as $100/year *

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Russian warships leave Havana’s port after a 5-day visit to Cuba

A fleet of Russian warships left a port in Cuba on Monday.

The nuclear-powered Russian submarine Kazan leaves the port of Havana, Cuba, Monday, June 17, 2024. A fleet of Russian warships arrived in Cuban waters last week ahead of planned military exercises in the Caribbean. (AP Photo/Ariel Ley)

The nuclear-powered Russian submarine Kazan leaves the port of Havana, Cuba, Monday, June 17, 2024. A fleet of Russian warships arrived in Cuban waters last week ahead of planned military exercises in the Caribbean. (AP Photo/Ariel Ley)

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The Russian Navy’s Admiral Gorshkov frigate leaves the port of Havana, Cuba, Monday, June 17, 2024. A fleet of Russian warships arrived in Cuban waters last week ahead of planned military exercises in the Caribbean. (AP Photo/Ariel Ley)

HAVANA (AP) — A fleet of Russian warships, including a nuclear-powered submarine , left Havana’s port on Monday after a five-day visit to Cuba following planned military drills in the Atlantic Ocean. The exercise has been seen by some as a show of strength by Moscow against the backdrop of tensions as U.S. and other Western nations support Kyiv in Russia’s war on Ukraine.

The submarine, a frigate, an oil tanker and a rescue tug slowly departed from the port on Monday morning.

It’s unclear what the fleet’s next destination is or where it will dock next in the Caribbean, although U.S. officials said days ago that the vessels could possibly also stop in Venezuela.

Officials with the Biden administration said last week that they were monitoring the vessels and confirmed that they did not pose a threat to the region or indicate a transfer of missiles. Still, the United States docked a submarine , the USS Helena, at its Guantanamo Bay Naval Base in Cuba.

The American naval base, located in the southeastern part of the island about 1,000 kilometers (625 miles) from the capital of Havana, is considered by the Cuban government to be illegally occupied territory.

The nuclear-powered Russian submarine Kazan leaves the port of Havana, Cuba, Monday, June 17, 2024. A fleet of Russian warships arrived in Cuban waters last week ahead of planned military exercises in the Caribbean. (AP Photo/Ariel Ley)

The nuclear-powered Russian submarine Kazan leaves the port of Havana, Cuba, Monday, June 17, 2024. (AP Photo/Ariel Ley)

Cuban musician Silvio Rodriguez looks on during an interview with The Associated Press in Havana, Cuba, Thursday, June 6, 2024. Rodríguez, 77, one of Latin America's most famous musicians, has released a new album, his first in three years. (AP Photo/Ariel Ley)

Last week, the Russian ships arrived at the port after the Russian Ministry of Defense reported that the fleet successfully conducted military drills in the Atlantic Ocean, simulating a missile attack on targets that could be more than 600 kilometers (375 miles) away.

The fleet, made up of the frigate “Gorshkov,” the nuclear-powered submarine “Kazan,” the tanker “Pashin,” and the tug “Nikolai Chiker,” was received in Havana with a 21-gun salute.

Cuban President Miguel Díaz-Canel visited the frigate on Saturday and interacted with the sailors, according to a post by the president on the social media platform X, formerly known as Twitter.

Meanwhile, Cuban Deputy Foreign Minister Carlos Fernández de Cossío rejected the presence of the American submarine at Guantanamo Base, stating it was unwelcome and uninvited.

A State Department spokesperson said last week that Russia’s port calls in Cuba are “routine naval visits” and do not pose any danger .

On Thursday, a day after arriving, hundreds of people lined up to visit the frigate. The ship was also open to the public on Saturday, which is a common practice when vessels arrive at the port.

Canada’s navy patrol boat Margaret Brooke entered the Havana harbor on Friday.

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Russian warships reach Cuban waters ahead of military exercises in the Caribbean

H AVANA (AP) — A fleet of Russian warships reached Cuban waters on Wednesday ahead of planned military exercises in the Caribbean that some see as a projection of strength as tensions grow over Western support for Ukraine.

The fleet, made up of a frigate, a nuclear-powered submarine, an oil tanker and a rescue tug, crossed into Havana Bay after drills in the Atlantic Ocean. The flagship frigate, adorned with the Russian and Cuban flags, was greeted by a 21-cannon salute.

Russian sailors aboard the frigate stood in military formation as they approached the island. Some Cuban residents stopped to take pictures of the arriving ships.

U.S. officials expect the Russian ships to remain in the region through the summer and possibly also stop in Venezuela.

Russia is a longtime ally of Venezuela and Cuba, and its warships and aircraft have periodically made forays into the Caribbean. But this mission comes less than two weeks after President Joe Biden authorized Ukraine to use U.S.-provided weapons to strike inside Russia to protect Kharkiv, Ukraine’s second-largest city, prompting President Vladimir Putin to suggest his military could respond with “asymmetrical steps” elsewhere in the world.

“Most of all, the warships are a reminder to Washington that it is unpleasant when an adversary meddles in your near abroad,” said Benjamin Gedan, director of the Latin America Program at the Washington-based Wilson Center think tank, referring to the Western involvement in Russia’s war in Ukraine.

“It also reminds Russia’s friends in the region, including U.S. antagonists Cuba and Venezuela, that Moscow is on their side,” he said.

Although the fleet includes a nuclear-powered submarine, a senior U.S. administration official told The Associated Press that the intelligence community has determined no vessel is carrying nuclear weapons. The official, who spoke on condition of anonymity to provide details that had not been announced publicly, said Russia’s deployments “pose no direct threat to the United States.”

Russian ships have occasionally docked in Havana since 2008, when a group of Russian vessels entered Cuban waters in what state media described as the first such visit in almost two decades. In 2015, a reconnaissance and communications ship arrived unannounced in Havana a day before the start of discussions between U.S. and Cuban officials on the reopening of diplomatic relations.

A State Department spokesperson told the AP that Russia’s port calls in Cuba are “routine naval visits,” while acknowledging its military exercises “have ratcheted up because of U.S. support to Ukraine and exercise activity in support of our NATO allies.”

On Wednesday, Russian Foreign Minister Sergey Lavrov hosted his Cuban counterpart, Bruno Rodríguez, for talks in Moscow. Speaking to reporters after the talks, Lavrov thanked the Cuban authorities for their position on Ukraine.

“From the very beginning, Havana gave an assessment of what was happening outlining the absolutely correct, true reasons for what was unfolding (in Ukraine), and what was being prepared by the West for many years,” Lavrov said.

Russian military and defense doctrine holds Latin America and the Caribbean in an important position, with the sphere seen as under U.S. influence acting as a counterweight to Washington’s activities in Europe, said Ryan Berg, director of the Americas Program at the Washington-based Center for Strategic and International Studies.

“While this is likely little more than provocation from Moscow, it sends a message about Russia’s ability to project power into the Western Hemisphere with the help of its allies, and it will certainly keep the U.S. military on high alert while they are in theater,” Berg said.

The timing of this year’s mission may serve Russia’s purposes, but it is also raising questions of whether Venezuela’s government may use it as an opportunity to shore up President Nicolás Maduro’s bid for a third term in the July 28 election.

Venezuela’s chief opposition coalition is threatening the ruling party’s decadeslong grip on power, and engineering a crisis built on simmering tensions with Guyana is among the scenarios that analysts believe Maduro’s government could use to delay or cancel the vote.

“It is almost unthinkable that Maduro will risk actually losing power,” said Evan Ellis, Latin America research professor with the U.S. Army War College.

“The most obvious alternative, consistent with Venezuelan military’s recent moves ... is to fabricate an international crisis that would provide an excuse for ‘postponing’ Venezuela’s election,” he continued. “The presence of Russian warships in the vicinity would greatly add to the escalation risk of any such crisis that Maduro would fabricate, which is possibly the point.”

Venezuelan voters approved a referendum in December to claim sovereignty over the Essequibo territory, which accounts for two-thirds of Guyana and lies near big offshore oil deposits. Venezuela argues it was stolen when the border was drawn more than a century ago.

Guyana is awaiting a decision regarding Venezuela’s claim from the International Court of Justice, but Maduro’s government does not recognize its authority. The two countries squared off there on Tuesday, with Guyana strenuously objecting to a request from Venezuela for 12 more months to submit additional pleadings.

The U.S. supports Guyana in the ongoing dispute and assisted it with surveillance flights late last year when Venezuela had threatened to invade the country. Guyana’s government last month gave permission for the U.S. military to fly two powerful F/A-18F Super Hornet jets over its capital in a demonstration of close cooperation.

Guyana’s Vice President Bharrat Jagdeo on June 6 acknowledged that the Russian fleet does not represent “a direct threat.”

“Nevertheless, we’re vigilant, and we’re keeping this issue firmly in our policy radar,” Jagdeo said in a press conference.

Garcia Cano reported from Caracas, Venezuela. Salomon reported from Miami. Associated Press writers Bert Wilkinson in Georgetown, Guyana, and Joshua Goodman in Miami contributed to this report.

People watch the Russian Navy Admiral Gorshkov frigate arrive at the port of Havana, Cuba, Wednesday, June 12, 2024. A fleet of Russian warships reached Cuban waters on Wednesday ahead of planned military exercises in the Caribbean. (AP Photo/Ariel Ley)

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Moscow International Boat & Yacht Show

The international exhibition of yachts and boats - the moscow boat show - usually takes place at the crocus expo iec, moscow, russia.

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An important date on the international yachting calendar, the show is a place to showcase new yachts for sale and new luxury yacht ideas and designs.  Moscow International Boat & Yacht Show is a great success and every year the event is promising to be even better. The most up-to-date yachts and products will be exhibited by the top names in yachting such as Benetti , Azimut , Beneteau , Popilov Yachts , Sunreef Yachts , Ferretti among many others.

The exposition space is spread over 45 000 sq m. More than 350 companies from Germany, Greece, Denmark, Spain, Italy, Latvia, Ukraine, the USA, Finland, Holland, Turkey, France, Croatia, Poland and China, and also Russian participants from Moscow, St. Petersburg, Sochi, Vladivostok, Kazan, the Republic of Karelia, Nizhny Novgorod, Novosibirsk, Izhevsk, Novorossiysk, Tolyatti, Sevastopol, Rostov-on-Don, Samara, Saratov, Sverdlovsk, Yaroslavl and the Moscow region will participate in the show. The scale of the project confirms confident positions of its positive development. 

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Watch CBS News

Russian warships depart Cuba after visit following military exercises

June 17, 2024 / 5:02 PM EDT / AP

A fleet of Russian warships, including a nuclear-powered submarine, left Havana's port on Monday after a five-day visit to Cuba following planned military drills in the Atlantic Ocean . The exercise has been seen by some as a show of strength by Moscow against the backdrop of tensions as U.S. and other Western nations support Kyiv in Russia's war on Ukraine.

The submarine, a frigate, an oil tanker and a rescue tug slowly departed from the port on Monday morning.

It's unclear what the fleet's next destination is or where it will dock next in the Caribbean, although U.S. officials said days ago that the vessels could possibly also stop in Venezuela.

Officials with the Biden administration said last week that they were monitoring the vessels and confirmed that they did not pose a threat to the region or indicate a transfer of missiles. Still, the United States docked a submarine, the USS Helena, at its Guantanamo Bay Naval Base in Cuba.

The American naval base, located in the southeastern part of the island about 1,000 kilometers (625 miles) from the capital of Havana, is considered by the Cuban government to be illegally occupied territory.

Last week, the Russian ships arrived at the port after the Russian Ministry of Defense reported that the fleet successfully conducted military drills in the Atlantic Ocean, simulating a missile attack on targets that could be more than 600 kilometers (375 miles) away.

The fleet, made up of the frigate "Gorshkov," the nuclear-powered submarine "Kazan," the tanker "Pashin," and the tug "Nikolai Chiker," was received in Havana with a 21-gun salute.

Cuban President Miguel Díaz-Canel visited the frigate on Saturday and interacted with the sailors, according to a post by the president on the social media platform X, formerly known as Twitter.

Meanwhile, Cuban Deputy Foreign Minister Carlos Fernández de Cossío rejected the presence of the American submarine at Guantanamo Base, stating it was unwelcome and uninvited.

A State Department spokesperson said last week that Russia's port calls in Cuba are "routine naval visits" and do not pose any danger.

On Thursday, a day after arriving, hundreds of people lined up to visit the frigate. The ship was also open to the public on Saturday, which is a common practice when vessels arrive at the port.

Canada's navy patrol boat Margaret Brooke entered the Havana harbor on Friday.

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Armenian leader announces plan to leave Russia-dominated security alliance as ties with Moscow sour

The leader of Armenia has declared his intention to pull out of a Russia-dominated security alliance of several ex-Soviet nations as tensions rise between the two allies

YEREVAN, Armenia -- The leader of Armenia on Wednesday declared his intention to pull out of a Russia-dominated security alliance of several ex-Soviet nations as tensions rise between the two allies .

Armenian Prime Minister Nikol Pashinyan said his government will decide later when to leave the Collective Security Treaty Organization, or CSTO , a grouping that includes Russia and the former Soviet Central Asian nations of Kazakhstan, Kyrgyzstan and Tajikistan.

Amid the widening rift with Russia, Armenia earlier froze its participation in the alliance, canceled its involvement in joint military drills and snubbed CSTO summits.

Pashinyan said Wednesday for the first time that Armenia will leave CSTO altogether. He spoke during a question-and-answer session in parliament, saying that the government will decide later when to make the final move.

“We will leave,” Pashinyan said. “We will decide when to leave. We won't come back, there is no other way.”

Shortly after, in an apparent attempt to soften the blow to Moscow, Armenia's Foreign Minister Ararat Mirzoyan emphasized that Pashinyan hadn't announced the full withdrawal yet.

“Those who assert that the prime minister said that Armenia is withdrawing from the CSTO are mistaken,” Mirzoyan said.

There was no immediate comment from Moscow.

Armenia’s ties with Russia, its longtime sponsor and ally, have grown increasingly strained after Azerbaijan waged a lightning military campaign in September to take the Karabakh region, ending three decades of ethnic Armenian separatist rule there.

Armenian authorities accused Russian peacekeepers who were deployed to Nagorno-Karabakh after a previous round of hostilities in 2020 of failing to stop Azerbaijan’s onslaught. Moscow, which has a military base in Armenia, rejected the accusations, arguing that its troops didn’t have a mandate to intervene.

Speaking to lawmakers Wednesday, Pashinyan denounced the CSTO for its failure to offer protection to Armenia and alleged that some of its members sided with Azerbaijan.

“It turned out that its members failed to fulfill their obligations under the treaty and planned the war against us alongside Azerbaijan,” he said, without elaborating.

Russia has engaged in a delicate balancing act, trying to preserve close relations with Armenia while also maintaining warm ties with Azerbaijan and its main ally Turkey, a key economic partner for Moscow amid Western sanctions.

The Kremlin has been angered by Pashinyan’s efforts to deepen Armenia's ties with the West and distance his country from Moscow-dominated alliances. Russia was particularly vexed by Armenia's decision to join the International Criminal Court, which last year indicted Putin for alleged war crimes connected to Russian actions in Ukraine.

Moscow, however, has sought to downplay the differences as it focused on the war in Ukraine that has dragged into a third year.

Pashinyan’s move comes as he faces a wave of large protests demanding he step down over his government’s decision to turn over four border villages to Azerbaijan as part of an effort to negotiate a peace agreement with its longtime adversary.

Violent clashes erupted Wednesday when thousands of protesters gathering outside the parliament building tried to break through police cordons. Demonstrators threw bottles and stones at police, who used stun grenades to ward off the crowds. About 100 people, including 17 police officers, were injured and 98 demonstrators were detained by police, officials said.

There were at least 10 journalists among the injured, and the country's Union of Journalists issued a statement condemning what it described as unproportionate police response and demanding to prosecute the culprits.

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    Freshly-caught fish go straight from the boat to the kitchen. Orient Bay Beach is the most popular nude beach in the Caribbean. Children or general animal-lovers will enjoy the Butterfly Farm (Le Ferme des Papillons). ... Eastern Caribbean Travel Insurance. We highly suggest that part of your travel preparation include purchasing travel health ...

  23. He fell ill on a cruise. Before he boarded the rescue boat, they handed

    After being treated for epileptic seizures aboard a Royal Caribbean cruise to the Bahamas, Vincent Wasney was billed $2,500 by the medical facility of the ship which does not accept "land-based ...

  24. Russian warships leave Havana's port after a 5-day visit to Cuba

    HAVANA (AP) — A fleet of Russian warships, including a nuclear-powered submarine, left Havana's port on Monday after a five-day visit to Cuba following planned military drills in the Atlantic Ocean. The exercise has been seen by some as a show of strength by Moscow against the backdrop of tensions as U.S. and other Western nations support ...

  25. Russian warships and aircraft enter the Caribbean for military exercises

    HAVANA (AP) — A fleet of Russian warships reached Cuban waters on Wednesday ahead of planned military exercises in the Caribbean that some see as a projection of strength as tensions grow over ...

  26. Caribbean Charter Boat Insurance

    If you are ready to get on the water, first give us a call at (561) 743-3442 or head over to our contact page and fill out your information and we will get in contact with you. Unveil the best Caribbean charter boat insurance with BluewaterYacht Insurance. Call us now for reliable and comprehensive coverage.

  27. Moscow International Boat & Yacht Show

    Moscow International Boat & Yacht Show is a great success and every year the event is promising to be even better. The most up-to-date yachts and products will be exhibited by the top names in yachting such as Benetti, Azimut, Beneteau, Popilov Yachts, Sunreef Yachts, Ferretti among many others. The exposition space is spread over 45 000 sq m ...

  28. Russian warships depart Cuba after visit following military exercises

    A fleet of Russian warships, including a nuclear-powered submarine, has left Havana's port after a five-day visit to Cuba following planned military drills in the Atlantic Ocean.

  29. New 2024 Absolute 60 Fly, 98101 Seattle

    Check out this New 2024 Absolute 60 Fly for sale in Seattle, WA 98101. View this Motor Yachts and other Power boats on boattrader.com. ... Caribbean and more. ... Boat Insurance; Boat Transport; Boat Warranty; Boat Documentation; Boat Rental; Become a Member;

  30. Armenian leader announces plan to leave Russia-dominated security

    The leader of Armenia has declared his intention to pull out of a Russia-dominated security alliance of several ex-Soviet nations as tensions rise between the two allies YEREVAN, Armenia -- The ...