OCC Forums

Global Yacht Cover Insurance

https://forum.oceancruisingclub.org/Topic5760.aspx

By lawrenceclough - 16 Mar 2020

GEICO is not renewing our policy on our US flagged 46 foot cutter Katahdin which is based in Grenada.   It is laid up there for the summer below the traditional hurricane box in the Caribbean. 

We have a proposal from Global Yacht Cover through Fasnet Marine Insurance Services in Southhampton, said to be underwritten by ERGO Versicherung AG, an affiliate of Munich RE.   

The premium is favorable as are the deductibles.  The local agent advises that it has used Global for many years and has not had issues.

Does anyone have any experience with Fasnet Marine Insurance Services or Global Yacht Cover?
By DariaBlackwell - 23 Mar 2020

 
lawrenceclough - 3/16/2020
GEICO is not renewing our policy on our US flagged 46 foot cutter Katahdin which is based in Grenada.   It is laid up there for the summer below the traditional hurricane box in the Caribbean. 

We have a proposal from Global Yacht Cover through Fasnet Marine Insurance Services in Southhampton, said to be underwritten by ERGO Versicherung AG, an affiliate of Munich RE.   

The premium is favorable as are the deductibles.  The local agent advises that it has used Global for many years and has not had issues.

Does anyone have any experience with Fasnet Marine Insurance Services or Global Yacht Cover?

No, sorry no experience, but if you want a competitive quote, try Topsail. They provide OCC members with a discount.
By Sandy.Garrity - 24 Mar 2020

Perhaps not relevant, but Topsail don't offer single handed cover.  
By lawrenceclough - 24 Mar 2020

I have been in touch with Topsail. Thanks for that. Singlehanded coverage is not a concern for me.

No further response from Global even though it has had my survey for 2 weeks now so my question may resolve itself.

Unfortunately the only US based insurer that was willing to quote for Caribbean coverage has a 5% standard deductible and a 15% named storm deductible, plus a premium of 2.25% of the insured value even though I have had only 1 minor claim 15+ years ago out of 40+ years of sailing in Maine, the Canadian Maritimes and the Caribbean . Perhaps that is the new normal.