- Joined
- Aug 29, 2012
- Messages
- 2,680
- Location
- Good Ol' US of A!
- Vessel Name
- Pau Hana
- Vessel Make
- 1989 PT52 Overseas Yachtfisher
2019 has seen lots of changes in the stateside marine insurance arena- some good, some challenging. Programs are tightening up their underwriting criteria or simply electing to no longer offer marine coverage. Most of these changes can put the insured in tough situations, as companies are non-renewing customers on short notice or requiring navigation changes that limit the insurer’s risk- and it’s tough to insure an older vessel with a 5+ year old survey, or larger vessels with owner/operators.
It’s always a good practice to have your vessel surveyed regularly, especially if the boat is over 10 years of age. I’ve always recommended that a boat be surveyed every other regular haulout (here in Seattle, we haul out every 2-2.5 years) so the survey remains relatively fresh.
Just food for thought- I know insurance isn’t sexy or high tech, but it is an important component or our pastime to consider.
Pete
It’s always a good practice to have your vessel surveyed regularly, especially if the boat is over 10 years of age. I’ve always recommended that a boat be surveyed every other regular haulout (here in Seattle, we haul out every 2-2.5 years) so the survey remains relatively fresh.
- Companies exiting the market completely- Brit RE, American Reliable, Ironshore, Tradewinds. If you’re insured with one of these companies, expect to receive a non-renewal notice.
- Premier Marine has severely curtailed their appetite to vessels no older than 25 years of age as of 11/01 (I believe). If you’re with Premier, I strongly recommend you get your vessel surveyed soon so you can have the policy shopped.
- various London syndicates have pulled back on their Caribbean/offshore navigation offerings.
Just food for thought- I know insurance isn’t sexy or high tech, but it is an important component or our pastime to consider.
Pete