MCA compliance / GL class & insurance

Is it really true that being classed as a yacht or have proof of MCA compliance really takes a big bite out of the insurance premium?

We're converting a trawler into an expedition yacht and I have asked some insurance companies but they said either it would make no difference or didn't know what I was talking about.

Of course, I have to explain I'm in Panama, hardly the center of yacht insurance but, an increasing # of yachts are under Panamanian flag.

Are there any insurance companies that have a more global approach to yacht insurance and understand the value of a vessel being under class?

Regards,

Thorwald Westmaas

 

It would probably make a difference in the UK or Commonwealth countries, but in Panama? I don't think so. I don't know if Panama even has a standards organization for yachts, or any requirement that you build to a specific standard. If they do and if they will then accept MCA as meeting their standard, then maybe insurance companys in Panama will give you a break. Otherwise register it in the British Virgin Islands and insure it there. They require yachts to be classed and meet MCA.

 

Hi Peter,

Thanks for the feedback. I doesn't really matter for Panama. the rules here are, well, let's just say it's Panama. Our goal to be MCA compliant is more born out of our desire to have a safe vessel and increae its resale value than to meet any specific insurance requirements.

But we'll have a lot of practical advantages under Panamanian flag if we spend most of our time there.

Thorwald

 

Try an European insurance company like Pantaenius or better, a British one like Lloyds. They shoud know what is MCA.