Insurance

Hello to all -

I could use some help.  I insure my boat with National Marine Underwriters out of Annapolis, I have used them for the last 13 years.  Presently, my cost for my 411, limited to the Great Lakes, at 300k liability and 170k value is 1,300.00 per season. 

Since I have done a lot of work that might have increased her value, I asked how the price would change for higher value, they said essentially linear and proportional, but I need a survey to confirm the new valuation, which is fine.  Then I asked how the rate would change if I kept her in Rhode Island and sailed the near shore waters around New England. I knew it would be higher, as I came from there 10 years ago, but I was not prepared for how much higher - they said 4 grand (three times the price out here), and furthermore, they would not even offer to insure me if I sail her to the Med. 

Can anyone recommend a good company who gives good service, etc, but has better rates, and covers long distance passages?

Thanks, and Fair Winds -

Geoff

Corazon, 411 #41

Dear Geoff,

Pantaenius is a very good insurance company and they quote special rates for S&S Swan!

Fair winds!

Matteo (37/067 Only You)

Thanks Matteo:

I sent them a request for quote right away, I will be very interested to see what they come back with. Thanks very much for the lead.

Geoff
Corazón 411 #41

Geoff, I agree with Matteo's recommendation. Pantaenius are a long established firm with masses of experience of insuring Swans, and the firm's owner Harold Baum is a very good Swan sailor who currently owns a Swan 48 called Elan by S&S and before that a Swan 44 from the same designers and same name. He won the Swan European regatta in Guernsey back in 1987!

They may not be the cheapest but their coverage is good.

Gavin

If Pantaneus prove to be too expensive try Top Sail insurance, they are the brokers used by World Cruising Club (ARC etc) and have a good understanding of long distance cruisers, we have halved premiums by using them and got cover for all regions but I too hear that Pantaneus are very good and the new for old policy is very valuable.

Dear Geoff,
I too use Pantaenius, and as you know I fly the stars and stripes, and pay extra for having paying guests on board and still find the price very competitive. I have limited my cruising grounds to the Med at the moment, and have to be in command of the boat, and pay for regattas one at a time instead of the full year coverage which I don't need. I can also change my cruising grounds at any time during the coverage year with a correction to the policy cost. but that's ok for now. I have moved to the USA offices as their offer was the best. I'm not sure who you asked for a quote from, but the US office is not the same as asking through Europe. (was formerly through Europe)
Hope this helps and good luck.

Ciao for now.
Jayne Aorangi 47/047

Patraenius at first declined to cover my boat, first for the age of the boat, then for the condition (which was strange, because the survey report was not bad at all, but I think the discussion about the blisters might have scared the underwriters). In any case, I appealed their decision on the basis that the survey was good, and more over I have had the bottom peeled and barrier coated anyway, in addition to other work, and finally that they cover many old Swans. So hopefully they are going to give me another look. I had scheduled another survey to support a higher valuation now that I have had all this work done, so I think they will wait for the new survey to see what they say.....

Geoff
Corazon 411 #41

When you're at sea in a small boat, all the insurance in the world isn't going to do you one damned bit of good. Somehow or other, they've intimidated us all into a culture of fear. So, on your way to the Med, sail her straight! God damn it! 

When you're at sea in a small boat, all the insurance in the world isn't going to do you one damned bit of good. Somehow or other, they've intimidated us all into a culture of fear. So, on your way to the Med, sail her straight! God damn it! 

I like your post and agree. Insurance is a necessary evil mostly - last summer I was aboard dockside and watched in horror as an inexperienced guy sailed a 32 footer smash right into the dock next to me. He might have just as easily have taken out my entire stbd freeboard - he had run out of fuel for his auxiliary, and was not good enough to sail her in, and more over was in total panic. So I have insurance because there are guys like that around, plus you could have some other catastrophe, but you're right about the mid ocean. I like reading the policies now, and the pages of explanations of when they won't cover you - my favorite - nuclear attack damage. I think if my boat takes a direct hit by a nuke, I will have other problems besides trying to settle up on the boat...

In the end if I have to pay 4-5 grand for a one year policy, I will invest the money elsewhere and take my chances. I've never filed a claim in twenty years of sailing my own boats - I would not mind having my premiums in the market, it would be a nice little bundle by now....

Geoff
Corazón 411 #41

bottom job all done picture from last spring att'd. I will document that job and my toe rail replacement job in the maintenance section soon.