Insurance

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Evan_Gatehouse
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Joined: Tue Aug 27, 2002 1:00 am
Location: Vancouver, BC, Canada

Re: Insurance

Post by Evan_Gatehouse »

My wife writes about marine insurance every few years for a local boating magazine so I have some knowledge of the industry. A few facts

- it's a very small market (compared to many other forms of insurance)
- risks are generally pooled worldwide. That means your fishing boat in eastern US is in the same pool of risks as cruising boats in the Caribbean (they pay higher premiums however; just the same company is insuring both)
- in 2017 / 2018 the insurers took HUGE losses due to Caribbean hurricanes and hundreds of very expensive boats lost
- so many insurers got out of marine insurance, leaving fewer underwriters available
- boats are aging and losses are increasing. Lots of boats built in the 1970s/80s are still around
- SO...marine insurance is getting harder to find. It's not just home built boats (tip - use the word "Custom" in applying for insurance :) - it's all pleasure boats

Anecdotally

- my local sailing co-op fleet with 6 sailboats (mid 70-mid 80 age), no losses for 20 yrs, just had our hull insurance premium doubled and deductible increased by 3x
- one of our local marinas just said they would no longer accept boats >30 years old, probably their insurers requiring this
designer: FB11/GV10,11,13/ HMD18/
SK17,MM21/MT24

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