caribbean yacht insurance

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Serving the Needs of Boat Owners, the Charter Fishing Industry, and Cargo Companies

Boats are part of everyday life in the Caribbean. Regardless of whether your boat is used solely for recreation or it’s part of your trade, it’s essential to protect your investment from common risks. Not only can boats be damaged or destroyed in hurricanes, tropical storms, and other extreme weather events, but they may unexpectedly strike underwater objects. Unfortunately, boats can also be subject to criminal mischief such as theft and vandalism.

At Caribbean Risk Group, we assist private and commercial boat owners in safeguarding their vessels with tailored insurance policies that meet their specific needs.

Comprehensive Coverage for Boats

There are many considerations when it comes to tailoring a boat insurance policy, including the age and condition of the boat, the value of the watercraft, and where it will be operating. Specifically, these types of policies are generally divided into two parts — physical damage and liability. While physical damage coverage applies to accidental loss or damage, liability pays for damage that your boat might cause to others.

A boat insurance policy typically covers the following:

• Damage to the boat, anchors, and equipment
• Destruction caused by collision,
• Damage caused by fire, lightning, and windstorms
• Theft or vandalism
• Property damage liability
• Bodily injury liability
• Guest passenger liability
• Medical expenses

Although taking out an “all risk” policy offers a significant amount of protection, it’s critical to understand that not every type of loss is covered. In certain situations, it may be a good idea to secure additional coverage for the boat’s trailer and any accessories. Other add-ons to your policy can include salvage, towing, cruising, and consequential damage costs.

The insurance team at Caribbean Risk Group understands that your boat isn’t just a piece of property to you — your boat helps you create memories with friends and family and gives you the opportunity to explore new places. We take the time to evaluate your needs and will customize a policy that provides you with peace of mind knowing that the value of the vessel you worked hard to acquire is safeguarded.

Protecting Your Livelihood with Charter Boat Insurance

Charter boats have very specific insurance requirements that are vastly different from recreational boats. Whether you operate a charter fishing or sightseeing business, it’s crucial to have insurance coverage in place that protects your vessel — and your livelihood. Importantly, carrying passengers comes with a significant amount of responsibility and it’s vital to shield yourself from liability arising from unforeseen accidents or injuries.

Insurance coverage for charter boats can include the following:

• Protection and indemnity
• Passenger medical expenses
• Pollution liability
• Towing and emergency assistance
• Dockside liability
• Replacement vessel liability
• Shoreside liability
• Personal property and fishing tackle coverage
• Liability coverage for the employment of the captain and crew

Making sure you have adequate and affordable coverage for your charter operation should be a top priority. The coverage you need can vary, based on how many passengers your boat will be carrying, how often you will be chartering, and the type of charter operation. The experienced team at Caribbean Risk Group can help you navigate the complexities of charter boat insurance and help you select coverage that fits the needs of your business.

Safeguarding Your Goods and Cargo with Ocean and Inland Marine Insurance

Manufacturers and commodity traders have unique insurance needs — weather events, fires, and theft are just a few of the many risks associated with shipping and logistics that can threaten your business. Having the protection of a solid marine insurance policy is imperative to safeguard your investment from these exposures. While ocean marine insurance covers cargo and merchandise as it is transported over water, inland marine insurance shields you from losses in connection with transportation on land.

Marine insurance is highly specialized, and each policy must be tailored to meet the needs of your industry. At Caribbean Risk Group, we understand that there are multiple levels of risk involved when it comes to transporting goods. We skillfully assess your company’s insurance requirements and will create a comprehensive plan to ensure your assets and bottom line are protected from loss.

Contact Caribbean Risk Group to Learn More About Our Services

Caribbean Risk Group is committed to assisting boat owners, charter companies, and cargo shipping businesses with a wide variety of insurance needs. Located in St. Thomas, our team will discuss your options and help you implement cost-effective solutions for your charter, boat, and marine insurance needs. Contact us for a free quote today by calling (340) 774-2323.

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COVID-19 Quarantine Update

In regards to Covid-19,  We are reviewing the best guidelines for our city and state for how

we should conduct business and plan to update this message as soon as we can.

Please call our office(s) to get learn how we are engaging with current clients and new at this time.

Need Help? Talk to a Broker (284) 393-8920 or (284) 393-8921

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Welcome to Caribbean Insurers Marine Ltd ("CIML")

Caribbean Insurers Marine Limited is a specialized unit within the Caribbean Insurers Group of companies. The personnel responsible for providing a comprehensive range of insurance plans for the protection and security of both the recreational boat owner and commercial operator have a collective experience of over 100 years in respect of all aspects of marine associated risks.

Whether you own and operate a single commercial vehicle, or a large fleet, you need to have the right coverage

We strive for long term relationships with our clients, advise on risk management and design programmes with the flexibility to accommodate the ever changing needs of the marine industry.

Policies and claims are handled “locally” so you can rely on our specialists to provide a prompt and efficient service at the best terms and conditions available

We are particularly proud of our claims service. Our “in house” adjustors are able to respond to a loss situation immediately, therefore limiting the consequences, and to assist the Insured in preparing and processing a claim.

Our commercial fleet insurance brokers will talk to you about your needs and outline your options, to ensure that your fleet is fully covered for vehicle damage, liability, loss of use, and more

• YACHT INSURANCE
• MARINE CARGO
• CIML SERVICES
• OTHER SERVICES

To apply for Yacht Insurance at CIML you will need to submit:

• Yacht and Motorboat Application Form
• Recent out of water condition survey and valuation (if vessel in excess of 25 ft and over 5 years of age)
• Recent photograph showing vessel name and port
• Survey Compliance Form  (completed and signed when all surveyors recommendations listed on the survey has been complied with)

A cargo insurance policy covers your business against liability for cargo you are hauling for others. In the event that your customers’ cargo gets lost or damaged during transport, your business must be insured to protect both their assets, and your business.

We are able to provide coverage and offer competitive rates for the shipment of cargo worldwide. To obtain a quotation please complete the marine cargo questionnaire.

• Marine Cargo Questionnaire
• Yachts and Powerboats (including Delivery Trips and Ocean Passages)
• Charter and Commercial Vessel Operations
• Water-sports Operations
• Marina Operators Liability
• Marine Traders Liability
• Hoists, Lifts and Equipment
• Docks, Piers and Pontoons
• Protection and Indemnity
• Comprehensive General Liability
• Business Interruption
• Marine Cargo

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Boat Insurance in the Caribbean

If you’re looking for boat insurance coverage in the Caribbean for your yacht or boat, then Admiral Marine have the experience and knowledge to put together a bespoke boat insurance quote  for your exact requirements.

Peace of mind, wherever you are

With over 30 years of experience within the UK boat insurance sector, we can tailor your sailing plans to ensure that you have the best boat insurance coverage for your yacht or boat, whether you’re sailing in the UK, Europe, Caribbean, USA or Worldwide.

We currently insure UK domiciled clients only, with boat insurance coverage to sail anywhere in the world.

As specialists in cruising boat insurance and long standing corporate members of the World Cruising Club, we can also provide exclusive cruising boat insurance for both the ARC and the World ARC sailing rallies.

Change of plans? No problem

With our combined knowledge of sailing experience, ocean crossings and our specialist contacts within the sailing community, we can provide our clients with the best boat insurance coverage that suits their sailing needs at all times.

We very much pride ourselves on our personal boat insurance service and we provide an in-house claims service to ensure that any claims are processed fast, efficiently and stress free for our clients.

Cover for Bluewater Cruising

So, whether you own a  Beneteau ,  Jeanneau ,  Hallberg Rassy ,  Cornish Crabber ,  Oyster Yacht ,  Hanse Yacht ,  Discovery Yacht  or even a  Rustler Yacht  just to name a few, then make sure that you choose Admiral Marine for your boat insurance coverage in the Caribbean.

If you would like to request a boat insurance quote , please complete our online quote request form and our experienced and friendly team will get back to you. Alternatively, if you would like to call or email us please contact Admiral Marine .

Frequently Asked Questions

Our standard policy allows you to take part in any race or regatta, but does not cover for the rig unless it is damaged by collision, stranding, sinking or fire. The hull is covered, but with double excess during racing.

Contact us as soon as possible to inform us of any changes. We’re happy to accommodate changes at any time during your year, whether that be changing contact details or an aspect of your policy. Adjustments may result in an additional premium, but we never charge administrative fees for mid-term changes.

On occasion. For instance, for participants of a long distance rally such as World ARC, we prefer a 1st January renewal date allowing for boats to be in St Lucia at the start of the policy and in South Africa when the policy is due for renewal.

We have chosen to remain a specialist insurer and can’t quote for commercial vessels or boats valued over £1million. However we can refer you directly to Hayes Parsons Insurance Brokers, our award-winning parent company, who may be able to help.

Yes. We’re happy to accommodate changes to cruising area or any other aspect of your policy at any time during the year. Adjustments may result in an additional premium, but we never charge administrative fees for mid-term changes.

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Admiral Marine is a trading name of Admiral Marine Limited which is authorised and regulated by the Financial Conduct Authority (FRN 306002) for general insurance business. Registered in England and Wales Company No. 02666794 at Beacon Tower, Colston Street, Bristol BS1 4XE. 

If you wish to register a complaint, please contact the Compliance and Training Manager on  [email protected] .  If you are unsatisfied with how your complaint has been dealt with, you may be able to refer your complaint to the Financial Ombudsman Service (FOS).  The FOS website is  www.financial-ombudsman.org.uk

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Yacht insurance has always been a bit of  an issue in the Caribbean and somewhat expensive but neither of these need be the case if Caribbean governments would make third party insurance compulsory and if insurance companies viewed the Caribbean as an opportunity rather than a risk.

Too often the excuse for high Caribbean premiums or refusals to write insurance is put down to hurricanes.  This excuse does not hold up to close examination. Statistics show that the risk of a hurricane hitting a Caribbean island in any one year is 2% to 3% whereas the risk of one hitting the south-east and east coast of the U.S. is 10% to 12%.  Also, with modern weather reporting, vessels in the Caribbean can head off in any one of 360 degrees of the compass whereas, storm avoidance along the U.S. coast is somewhat limited.

There are, undoubtedly, some higher risks in the Caribbean and the greatest one is the number of uninsured vessels not just transiting but also mooring in the ports, harbors and bays of Caribbean islands. These uninsured vessels pose the greatest risk particularly in times of bad weather as uninsured vessels often tend to also be the less well found vessels. The risk of damage by an uninsured vessel is the biggest single cause of higher premiums for yachts visiting the Caribbean and the reason for some yachts not including the Caribbean in their itinerary.

The problem of uninsured vessels could easily be solved by Governments legislating that all vessels entering their waters must carry a minimum level of third party insurance.  Rates for this type of cover are not high and, with an expanded market, the rates would become even lower.

Also, most regattas and sailing events do not require compulsory third party insurance. The argument is that it would deter local sailors. However, it has to be wondered how many international sailors do not enter Caribbean regattas because the hail of “No insurance” is not a joke.

Insurance for storage ashore is now relatively freely available with the improved storage facilities such as welded cradles, keel holes and properly secured tie downs.  There is no necessity to head south at the approach of the hurricane season although many do and a lot of these are uninsured and want to leave the hurricane belt.

There are other factors which increase rates but only to a minor degree. These are rogue salvagers, the loading of claims and the fairly mixed repair facilities and levels of skill. Some islands have very high skill levels but others not so. Within such a small market many insurers do not differentiate between islands.  Also, with almost all items needing to be imported, parts costs are high.

Due to the general lack of legislation relating to yacht insurance and the relative weakness of the regulatory bodies, statutory and otherwise, the Caribbean insurance market is seen as being uncontrolled by many underwriters, which affects their willingness to write insurance and, when they do, the price is inevitably higher.

Added to these factors and partly caused by them, the Caribbean is a small volume market and what the insurance companies call a ‘soft’ market. The customer is often given a ‘take it or leave it’ choice.

It is understandable that insurance companies are not particularly interested in dealing in a low volume market and, without compulsory insurance; the size of the market is unlikely to experience much growth.  The solution to the Caribbean insurance problem really lies in the hands of the governments and, maybe, with the OECS and Caricom.

John Duffy is the president of the Caribbean Marine Association .

To comment on this article, email: [email protected] 

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