Tuesday, August 13, 2013

Boat and travel insurance

We would like to ask all of you who are living aboard, full time or for prolonged periods with families, what is your opinion about insurances.
This topic has divide the entire community of sailors, some opting not to have any type of insurance (self insurance as they call it), whether for health or for the boat, while others only need it for health related issues and others just need insurance for the boat.
We are now trying to decide what kind of insurance and when to do it.
Our first choice, we been up to this point checking it with several friends who work with insurances, is to have a health family insurance/travel to cover medical needs to the three of us and one more insurance for full coverage of the sailboat while traveling around the world.
The policies are all annual and will have to be renewed at the end of each year. Since for the boat insurance will depend on the area you will be sailing, with the route being important for the value of the premium! As for health and travel, if we didn't had major problems in the previous year or our health didn't deteriorated, little will change.
At the moment, after analyzing two companies for health/travel insurances, AIA and Manulife, we learned that there is little different between them and that the prices charged are identical. And that they don’t offer family insurances, being necessary to purchase a policy for each family member. A pile of paperwork that has to be renewed every year! For all these reasons we are inclined to use the insurance offered by Bupa International (World Nomads), the only company we could find that offers tailor made services for those who travel full time and visit several countries each year. The price of this company is far more appealing and the policy it’s for a family insurance.
To insure the boat we probably will be working with Edward William Marine Services, getting our "home" covered for the amount of $ 150,000. In the second year, depending on our itinerary, we will have to see if the same company will cover it or if we need to find another one.
The amounts involved are very high. For the family insurance we expect to pay about U.S. $ 4000 per year and around the same value for the boat!
We would like you to leave your opinion and share your experience.


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