Charter cancellation insurance

[RedRascal]

We have a chartered planned for July and I'd like to get trip cancellation insurance. We are chartering in local waters so I am not concerned about medical coverage or evacuation coverage. Just looking to cover us if life happens and we need to cancel the charter. It's about a $7,000 charter.

Anyone have a company they like for this type of thing? We're in Washington state.

 

[twistedtree]

Just read the fine print in any proposed policy to be sure of the coverage it gives, and how much it will refund.

 

[BandB]

Charter companies can generally provide policies or point you to insurers. Here is a link to a large provider used by Moorings and Le Boat and others.

https://chartertravelinsurance.com/

We used them when we booked in Antigua.

 

[RedRascal]

BandB - That looks like a pretty good option, I'll be calling them on Monday. Thanks for the reference!

Twisted - Just got done reading 12 pages of fine print from the company referenced by BandB. I am always on the lookout for that 3 to 4 word phrase buried in a paragraph that gets them off the hook from paying. These guys seem pretty fair.

 

[BandB]

BandB - That looks like a pretty good option, I'll be calling them on Monday. Thanks for the reference!

Twisted - Just got done reading 12 pages of fine print from the company referenced by BandB. I am always on the lookout for that 3 to 4 word phrase buried in a paragraph that gets them off the hook from paying. These guys seem pretty fair.

They are also fairly open that fear of traveling due to Covid 19 and even government restrictions are not covered events. Now, they do note that with government restrictions you should seek a refund from the charterer. Similarly, flight restrictions from the airline. But those are not insured events. All up front on their first page.

I applaud them putting the full policy on their web site. I applaud you for reading it. Biggest mistakes in travel insurance are always people not knowing what the policy includes and excludes. People often think they can just change their mind and are covered.

 

[RedRascal]

Update on my quest for cancellation insurance. You need to read the fine print on these policies because the details can really matter. For a additional context I am trying to cover myself if my parents have a health event that needs my support which will force me to cancel my charter. Here are a couple details that apply to my situation.
-Definition of a "Trip". I am chartering a boat about 80 miles from our home and some policies state a "Trip" must be more than 100 miles from your home or needs to include air travel.
-Definition of "Pre-Existing Condition". In short if someone gets sick related to you that can be grounds for your need to cancel a trip. However there is a dividing line if that person is "booked to travel with you" or not. The plan I bought states "person is booked to travel with you." My parents are not "booked to travel with me" so that helps get rid of pre-existing condition issues.

Prices - In general going direct to the insurance company seemed like the most expensive route. For example the company Bandb tipped me off too offered coverage via the Moorings for around $171 but I couldn't buy it because I am not doing a Moorings trip. Going direct to the company costs $360. I ended up with a policy from Nationwide via a comparison website which was about $120 less than going to Nationwide directly. I ended up paying $208 to cover a $6,500 trip. The best price I found was a Nationwide policy sold through "World Nomads" for $99 BUT the in that policy a "trip" needed to be 100 miles from my home so it was a no go. I called Nationwide and they could only offer me 1 of 3 plans from their website which started out at about $330 for what I needed.

Nerdwallet had a good summary of travel insurance and a healthy lists of comparison sites that I found. Squaremouth ended up having the best Nationwide Plan for my needs. I am not connected to these guys in anyway, I am just passing on the path I wend down. https://www.nerdwallet.com/article/insurance/travel-insurance

It's always good to read these policies even if it's a bit painful, the Nationwide policy I ended up with is 24 pages.