Yacht Insurance special: Why is it so expensive.. and do you need it?

Yacht insurance is becoming increasingly difficult to find. Many insurers are leaving the pleasure yacht sector and prices seem to be going up, or restrictions becoming prohibitive, for those who are left. We are more often asked about insurance, by viewers, than anything else. And that includes where to sail and which boat is best! We've changed insurers 3 times in the last 3 years. We couldn't find affordable insurance for our Atlantic crossing (we went with 3rd party insurance only). Not only would we have had to have a full survey but also at least one other person with ocean crossing experience onboard. On reaching the Caribbean we thought we would find insurance locally at a cheaper rate but couldn't. Our previous insurer wanted 5 times the amount we were paying in the Mediterranean and they also wanted an out of water survey (something that is often asked for every 5-10 years Stateside). Fortunately we found Velos who had a more reasonable premium and didn't insist on an out of water survey. This was because they took the time to know who we are as cruisers and that we live aboard and maintain our boat well (fortunately, filming our regular maintenance for YouTube has documented this quite well). But the point is, Velos is a yacht broker who wants to get to know their customers and we have to thank Velos (specifically, Kel) for coming up with a quote that is affordable for us in the Caribbean and (Stephan) for agreeing to be interviewed for this report when no one else would (we asked several brokers to take part). If you want to get a quote from Velos, then please visit their website (https://velosinsurance.co.uk/) and hit the “Get a Quote” button, follow the prompts and then complete the form. This will collate all the information they need in a format approved by insurers and once they have it, Kel will go through any questions you may have. email : insurance@velosgroup.co.uk phone: +44 (0) 20 7929 4058 (option 2 and ask for Kel) website: https://velosinsurance.co.uk And remember if you are in the difficult position of being a US flagged vessel wanting to sail outside US waters then Velos can do that. They can also write business for EU flagged vessels. ------------------------------------------------------------------------------------------------------ PLEASE DO SUBSCRIBE - IT COSTS YOU NOTHING AND HELPS US OUT WITH THE YOUTUBE ALGORITHM ----------------------------------------------------------------------------------------------------- PATREON: We couldn't make these videos without the support of you, our patrons. You are our first line of feedback, our team, our support and our friends. We are really grateful and it means we can keep the videos coming! If you would like to join us you get to see (and comment on, which really helps us) the current videos with no ads at all before they get released to the public. There are also lots of extra videos available on Patreon and you can contact us directly on board. Ask us anything! We have regular ZOOM sessions and a WhatsApp group where we talk about boats, passages and life onboard. Join us! https://www.patreon.com/sailingfairisle