Next message: Maurice Sabourin: "lv-ab: Help with my Head!"
hey mike,
I just crewed from Bermuda to the Azores. There were no insurance requirements for hanging off the hook in either location. Bill (the captain) will be continuing on up the English Channel later. Bill has been sailing around the world for many years without insurance as many others do. I know my marina requires me to have liability insurance to moor my boat here (I would think that this is common to most marinas) but I haven't heard of a port/marina requiring proof of liability insurance from visiting boats although I can forsee this happening across North America in the future.
dwight yachuk
-----Original Message-----
From: [mailto:]On Behalf Of mpr
Sent: Wednesday, June 30, 2004 6:38 PM
To: ; ; ;
Subject: Re: lv-ab: West Insurance Premium
Joe,
I'm planning to cross the pond next spring and I've heard that some marinas/ports require proof of liablility insurance.
Sailing a 33' Cape Dory, I've experienced the "your to small a fish gig" already when trying to obtain quotes for the EU.
What would be my cheapest method for covering the need for a cert of ins for the liability. Think its $1,000,000 USD plus oil spill coverage.
thanks,
mike
----- Original Message -----
From:
To: ; ; <mailto:>
Sent: Wednesday, June 30, 2004 5:50 PM
Subject: Re: lv-ab: West Insurance Premium
I used to be an insurance underwriter for 22 years, so I have an insiders perspective on what they're doing.
During the 70's and 80's when I had that soul-draining job, the insurance companies would write the insurance at a loss and make up the difference with investments. Now that investments have gone south, it's more important to make an underwriting profit with premiums covering all losses, reinsurance, expenses and profits.
Catastrophic events like Hurricane Andrew and 9/11 impact us because Lloyds of London gets burnt and raises prices for reinsurance on every smaller company they cover.
Insurance companies don't like to write small accounts. They want a package customer who will make it worth their while.
We're soon to go offshore for several years and may have to go bare. A sinking will hurt, but we'll be less likely to get anywhere near a reef. If we get into a terrible storm, there's no way we'll call home invasion security to rescue us and sink our boat. If at all possible, we'll stay on board until we have to climb up to the liferaft.
For domestic insurance, $500 to $1000 annually probably isn't bad.
Joe Dinan
s/v Moon Goddess
Ft. Lauderdale
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