Just heard this morning that my insurance premium wire transfer cleared, so now the boat is insured for the next year. I got quotes from a couple insurers, and landed on QBE Thailand, which interestingly enough was the one recommended by my broker. The boat is insured for its market value per the pre-purchase survey, with an additional US$1M liability insurance. The quote I got from a Singapore insurer wasn’t even in the same ballpark: they gave me liability equivalent to the market value of the boat and no more (!), with a smaller cruising ground (!!), at a higher premium than QBE (!!!).
Regardless of the insurer, though, marine insurance appears to be kind of a pain in the butt, as you’re generally restricted to a particular set of navigation areas outside of which your coverage ceases. If you want to go somewhere else, you need to get it added to your policy.
My insured navigation area for now is:
- West coast of Thailand and Malaysia, at most 50 nm offshore
- Singaporean waters, at most 50 nm offshore
At least that covers the trip down from Langkawi and plenty of short trips around here. I suspect I may want to add the East coast of Malaysia before the year is up, but we’ll see.
Interestingly the premium is pretty cheap — just a little more than I was paying for my car insurance in MA.