Thursday, 25 August 2011
Sailboat Insurance for the Cruising Voyage Planning Sailor
2. When I have a claim, how much help will I get? When insurance companies handle a claim, there are two schools of thought: those that are 'hands-off' and those that are 'hands-on.' A hands-off insurance company believes you should do all of the work.
With a big claim, that could include finding a salvor, crane company, barge and trucking service on your own, and then reimbursing you. A hands-on insurance company - usually a specialty marine insurer - has access to these unique services 24/7 and wisely negotiates pricing, hires and pays these contractors for you, and can arrange for and even guarantee repairs.
3. Does the policy have 'consequential damage' coverage? In the world of boat insurance, catastrophic losses that include fire, explosion, sinking, demasting, collision or stranding are considered a 'consequence.' For example, when your boat sinks due to rusted, through-hull fitting breaking off, the sinking is a consequence of the broken thru-hull.
4. Do you want me out of harm's way? A better insurance policy will offer 24/7 emergency claims response that can immediately step in with the necessary resources to prevent further damage. And if you live in a cyclone zone, it will also share the cost of a haul-out to move your boat to high ground or pay a captain to move it to a cyclone hole.
5. What are you doing to reward me? A good insurance policy will give you credit for not having claims and reward you with things like diminishing deductibles that reduce the amount of your deductible for each year you remain claims-free.
If you're not satisfied with your insurance agent's answers to these questions, it's time start shopping around for a better policy.
From my own experience I found Pantaenius Yacht Insurance to be an excellent company to deal with. They send out the forms to you (or online), you fill out all the details and bingo! job done. No awkward questions about crew qualifications and distances off shore etc. as so many insureres insist upon - just a straight forward deal. Fortunately, I never had to call upon their services in anger so I was more than happy.
Everybody has different requirements, so the main thing is to select the company who meets your criteria the best and go with them - good hunting.
Questions courtesy Sail-World. Image Sail-World.Video courtesy YuoTube
You can read more about insurance matters and long range passagemaking in my ebook 'Voyage of the Little Ship Tere Moana' downloadable from my website www.sailboat2adventure.com