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Need help with Charter Insurance, Charleston SC.

Discussion in 'General Yachting Discussion' started by Steve Hubbard, Sep 17, 2023.

  1. Steve Hubbard, Sep 17, 2023
    #1
    Steve Hubbard

    Steve Hubbard New Member

    Joined:
    Jun 2, 2020
    Messages:
    18
    Location:
    Michigan,South Carolina
    Greeting fellow yachtforum'ers, im more a lurker than a poster, but could use some help obtaining a reasonable charter yacht policy for my 2002 Cape Horn 74 Steel Trawler. I was previously with Yacht Insure through Maritime International, and had renewed my charter policy (3 hr harbor tours, 6 pax) this month. Shortly thereafter I made the mistake of submitting a new survey (to increase the insured value which was grossly underinsured at about 30% of actual value), and was promptly dropped. They kindly gave me 10 days to find a new policy. I have contacted many other brokers (Gallager, Jack Martin, Hogan) but to date have not had any reasonable quotes tendered. I have received one quote for ~30k which is a charter business killer. Any help would be appreciated. Cheers!
  2. Capt J, Sep 17, 2023
    #2
    Capt J

    Capt J Senior Member

    Joined:
    Jul 11, 2005
    Messages:
    14,593
    Location:
    Fort Lauderdale
    $30k is about the right amount for insurance to cost if it's for the correct value of your vessel.
  3. Norseman, Sep 17, 2023
    #3
    Norseman

    Norseman Senior Member

    Joined:
    Feb 24, 2005
    Messages:
    3,166
    Location:
    Ft. Lauderdale
    I had a charter business since 2016 and averaged about $2,100 a year for $1 mill liability and agreed value on the boats. (27’ and 28’ boats with 6 pax for sightseeing, no fishing, no diving)
    Primarily Charter Lakes Insurance.
    Now I downsized to a 23’ cc, but brand new boat, $850 a year with Geico, $500k liability.
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