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perfect landing
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Posted: Mon Oct 19th, 2009 05:46 pm |
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| So is it normal practice for most of you with fishing/sailing vessels to have full coverage insurance while operating in Mexican waters ie San Carlos or just liability?
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bartmanaz
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Posted: Mon Oct 19th, 2009 10:15 pm |
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Think the answer depends on the individual's tolerance for risk versus the amount invested. Unless the individual has pretty deep pockets, hard for me to imagine someone with a boat worth north of 6 figures that is not fully insured. And there are lots of those in SC. Mine is not worth that much but is fully insured.
Bart
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perfect landing
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Posted: Mon Oct 19th, 2009 11:13 pm |
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| Thanks for the reply. Do you use some ins. group out of SC or??
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bartmanaz
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Posted: Tue Oct 20th, 2009 03:51 am |
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No. My agent is Mariners General out of Newport Beach, CA. Carrier is Zurich NA. I had coverage thru Hambone in SC but did not renew with them due to vagaries in the coverage.
Bart
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hunter2
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Posted: Tue Oct 20th, 2009 03:38 pm |
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| don't know what type of boat you have, but Progressive insurance will cover the boat for physical damage while in mexico. if you have a homeowners policy you need to check with your agent to see if liability off of your homeowners can be extended to mexico. a lot of major insurance carriers will do this. This is one of the least expensive ways to insure your boat if it's not over 27 feet.
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bartmanaz
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Posted: Wed Oct 21st, 2009 03:01 am |
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The problem with these policies is that there is no way to get a US based policy or rider adjusted in Mexico. They may say they cover you but read these very carefully. Many will cover you while in transit on the trailer but are worthless once the boat is launched. And you need to return to the US to get adjusted. The only way to get full coverage including hull, contents, environmental, liability, etc is to get a yacht policy that is written and underwritten for Mexico. These include Mexican underwriters and Lloyds of London. The rest is just hooey.
I've had 3 policies on our 27' Tiara since we took her to Mexico in 2000. First was a Lloyds policy but they would not renew due to our small size. We then went to Hambone in SC but cancelled them when we finally figured out our liability coverage was the same dollar value as the hull coverage. So if they say the boat is worth $30K, that is the liability limit. Strange but true. With our current policy we have adequate liability and full coverage on the hull, trailer, contents, etc. The owners of Matrix, Predator, Deal Maker and other large expensive vessels that we share the marina with sleep better....so do I.
Like so many things you get what you pay for. Our policy runs about $1200/year. If someone tells you they are going to insure your boat for full coverage, including on water, under way and do not demand a current survey and do not exclude certain geographic areas and times of year, watch out. You are about to be underinsured.
Ask yourself this question: If it sinks and is not recoverable or salvageable can you stand the loss? If so, you can probably get away with liability only. If not-we've already answered that question. If you plan to go with zero insurance, including no liability you are foolish and should probably read the thread by Just Jim to see the fairly long term financial impacts of that decision. And tell all of us who you are so we can stay way away from you.
Bart
Last edited on Wed Oct 21st, 2009 03:04 am by bartmanaz
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rcarlson
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Posted: Wed Oct 21st, 2009 03:59 pm |
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| I had a progressive agent tell me the same thing,when asked to show me in the policy where it specificly stated I would be covered in mexican waters he couldn't.the best he could find was "coverage in coastal waters within 50miles of the US border"he then suggested i launch in rocky point and every thing would be covered since its within 50miles.I said no thanks.These agents will say whatever it takes to get them a commision don't trust their word, you can't cash that at any bank.My boat is trailable 26', I tow to san carlos 1-2 a year for a week.I get a mex liability thru vagabundos del mar, and hull coverage thru Boat US which gives a rider to my yearly policy for a charge of 50 dollars a week while in mexico, and you have to call before each trip as if there's a hurricane or big storm they won't approve coverage until the weather is clear.
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hunter2
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Posted: Wed Oct 21st, 2009 10:37 pm |
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| there aren't any real progressive agents. any licensed p and c agent can get a contract with them. their insurance agreement (pg 20) states that physical damage coverage will extend to any state, territory of possession of mexico within 75 miles of its coast. repairs to the boat made in mexico, in order to be returned to the states, will be covered up to the reasonable cost for such repairs. which means that adjustments and claims have to be made in the states. since you are only 250 miles from the U.S. border, this might be worth the low premium. like I said before, no liability is afforded on a progressive policy for Mexico. this has to come from a homeowners policy or a comprehensive personal liability policy.
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perfect landing
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Posted: Thu Oct 22nd, 2009 03:43 pm |
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| Thanks for all the replies and thoughts. I made several calls and found Progressive does not offer any comprehensive coverage in Mexico. Found the same is true for many others. Nothing on the SC net offered anything but liability. I tried Lewis and Lewis last year and although they did finally come back with a quote for comprehensive etc. , it took them five or six weeks to get back to me and I was already operating in the waters of SC. I had liability but worried every time we were on the water. So.......... I finally contacted International Gateway and Mac & Edwards (after much time spent on the phone). They offer all that is necessary for insurance in Mexican waters. Both sent me apps within the day and were attentive to my needs. I'm now waiting on quotes from each and both indicated they would get back to me in two days. Does that mean the price will be affordable? We'll see. But the total loss or damage to my boat without any coverage at all is not good thought either! I'll report back when I get the quotes.
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Lockes
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Posted: Fri Oct 23rd, 2009 04:25 am |
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Hello everyone. My boat was a bit crushed in the Marina Seca flood. My Mexican insurance turned out to be on the road insurance only. I had my boat scheduled on my homeowners policy as well with Encompass Insurance. I made a claim with them and I just recieved my settlement. I was surprised because I admit that I did not investigate my coverages very well until after my incident, but am very well versed now. It turns out that they covered my boat just about anywhere while on land,(where my incident occured), but not in the San Carlos area waters. They cover on the water within the 50mi limit of the US and Canada, but only north of the 30th paralell in the Sea of Cortez. I was only covered because I was on land during the storm. I checked into things and I believe that I can ask for a 50 mi radius from Guaymas and plan to do that when I find another boat.
Hope this helps
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perfect landing
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Posted: Fri Oct 23rd, 2009 03:27 pm |
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| Interesting info. I'm a little unclear, however, as to which company covered your loss. And, how does Encompass enter into the picture? Sorry if I'm a little "dense". Thanks
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Lockes
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Posted: Sat Oct 24th, 2009 07:04 pm |
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| The boat ended up being a total loss. Our U.S. insurance is through Encompass and they did cover us and (almost) fully maxed out our coverage. It is most noteworthy because we had assumed all these years that we had no coverage in Mexico at all: because that is what our Insurance Agent had stated. It was a very nice surprise.
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JZ
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Posted: Mon Oct 26th, 2009 05:30 am |
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rcarlson wrote: I had a progressive agent tell me the same thing,when asked to show me in the policy where it specificly stated I would be covered in mexican waters he couldn't.the best he could find was "coverage in coastal waters within 50miles of the US border"he then suggested i launch in rocky point and every thing would be covered since its within 50miles.I said no thanks.These agents will say whatever it takes to get them a commision don't trust their word, you can't cash that at any bank.My boat is trailable 26', I tow to san carlos 1-2 a year for a week.I get a mex liability thru vagabundos del mar, and hull coverage thru Boat US which gives a rider to my yearly policy for a charge of 50 dollars a week while in mexico, and you have to call before each trip as if there's a hurricane or big storm they won't approve coverage until the weather is clear.
Progressive covers you in MX for damage to your boat in the water or while it is trailered. Read the actually policy. It doesn't cover liability in MX, for that you need a Mexican carrier.
I wouldn't go with Vagbundos. That's a big mistake. Their liability limits are very low.
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JZ
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Posted: Mon Oct 26th, 2009 05:33 am |
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perfect landing wrote: Thanks for all the replies and thoughts. I made several calls and found Progressive does not offer any comprehensive coverage in Mexico.
This a 100% false statement.
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JZ
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Posted: Mon Oct 26th, 2009 05:52 am |
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hunter2 wrote: there aren't any real progressive agents. any licensed p and c agent can get a contract with them. their insurance agreement (pg 20) states that physical damage coverage will extend to any state, territory of possession of mexico within 75 miles of its coast. repairs to the boat made in mexico, in order to be returned to the states, will be covered up to the reasonable cost for such repairs. which means that adjustments and claims have to be made in the states. since you are only 250 miles from the U.S. border, this might be worth the low premium. like I said before, no liability is afforded on a progressive policy for Mexico. this has to come from a homeowners policy or a comprehensive personal liability policy.
This is basically correct. Except, the last part about liability. Liability insurance needs to come from a Mexican carrier.
What you need:
1. Progressive policy or Boat US policy w/MX endorsement (covers damage / loss of the boat in the US, Canada, and Mexico)
2. Endorsement to your MX auto policy to cover the boat/trailer while it is being towed (BajaBound.com is very good for this and offers high liability limits; ask for Geoff, he is very knowledgeable about MX insurance)
3. On the water Mexican liability insurance
This is a good way to go for boats smaller than 30-35ft, that can be trailered. If they are bigger, the reference Bart gave to Mariners General starts to become an alternative.
Last edited on Mon Oct 26th, 2009 04:37 pm by JZ
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JZ
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Posted: Mon Oct 26th, 2009 06:04 am |
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bartmanaz wrote: No. My agent is Mariners General out of Newport Beach, CA. Carrier is Zurich NA. I had coverage thru Hambone in SC but did not renew with them due to vagaries in the coverage.
Bart
I called them a couple years ago. I can't remember the exact details, but you got in just before they changed their policies. I believe they started only insuring larger boats. You probably got grandfathered in.
Agree on Hambone. I used them for a couple years. But they max out liability based on the value of the boat. Agree with you that seems totally arbitrary.
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bartmanaz
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Posted: Mon Oct 26th, 2009 01:07 pm |
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I don't know what they are currently insuring-have kept my policy in force so no reason to ask them. Figure worst they can say is no.
Bart
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hunter2
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Posted: Thu Oct 29th, 2009 12:31 am |
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| the extension of liability from a comprehensive personal liability policy or a homeowners policy can be extended to mexico. however, there are only a few companies willing to do this to conform with mexican liability law. the major one is hartford through AARP. You have to buy this extended coverage. This is the one i use and have known a couple of people with claims that were settled properly. personally, i would rather use a mexican based company for liability if it was reasonable. but like all insurance policies read what you are buying. their coverages are not as extensive as we know in the states.
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bartmanaz
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Posted: Thu Oct 29th, 2009 12:59 am |
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For liability only, check rates for Watercraft, Boat & Yacht Coverage insurance at http://www.sancarlosmexico.com/insure.html
Bart
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perfect landing
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Posted: Thu Oct 29th, 2009 03:11 pm |
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| A Progressive rep via telephone told me they offer no coverage in Mexico. If you have different info, I'd like to have it. Thanks
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