- Joined
- Aug 29, 2012
- Messages
- 2,680
- Location
- Good Ol' US of A!
- Vessel Name
- Pau Hana
- Vessel Make
- 1989 PT52 Overseas Yachtfisher
I’m writing this from our home (M/V Pau Hana) dockside here in Seattle, playing by the current rules of “Stay Home, Stay Healthy”. I hope this finds all of you well and, like Kathy and I, eager to get out on the water to cruise, fish, and simply enjoy our passion.
Like the Covid situation, the opening months of 2020 have seen vessel insurance enter uncharted new territory. As I alluded to in the Fall 2019 insurance update, things have changed dramatically here stateside, as well as for our offshore cruising friends.
Lest I seem all doom and gloom, I’ve very optimistic that the vessel insurance carriers that remain standing will be better and stronger for their customers. Many of the companies that have exited the market had unsustainable, artificially low rates- which led to their demise. I can see potential rate changes, as well as a relaxing of some insuring criteria as things settle out.
We’re taking this time to complete boat projects that have been on the table too long, and looking forward to a great summer on the water with friends. More later in the summer update!
Like the Covid situation, the opening months of 2020 have seen vessel insurance enter uncharted new territory. As I alluded to in the Fall 2019 insurance update, things have changed dramatically here stateside, as well as for our offshore cruising friends.
- Domestically, a very large Pacific Northwest insurance carrier, Premier Marine Insurance, has apparently completely vacated the market. I’ve had numerous boating friends and neighbors report that they have received notice from Premier stating that their coverage has been non-renewed, and they must secure new coverage immediately.
- Pantaeneius USA has departed the market.
- GEICO Marine has capped the age of new business to vessels no older than 50 years of age.
- The number of insurance carriers catering to those wishing to cruise offshore (Trans-Atlantic, Trans-Pacific, South Pacific) have dwindled to but a handful- and the criteria to obtain said coverage has become extremely stringent (experience, crew complement, vessel parameters, and more).
Lest I seem all doom and gloom, I’ve very optimistic that the vessel insurance carriers that remain standing will be better and stronger for their customers. Many of the companies that have exited the market had unsustainable, artificially low rates- which led to their demise. I can see potential rate changes, as well as a relaxing of some insuring criteria as things settle out.
We’re taking this time to complete boat projects that have been on the table too long, and looking forward to a great summer on the water with friends. More later in the summer update!