We are getting ready to ship our boat to St Thomas as part of our relocation on August 13th. I currently have Geico insurance on my boat but I just found out they will not cover my boat in the USVI. Can anyone recommend an insurance company that covers boats in STT? Thanks in advance.
You are in for a dose of VI reality when it comes to insurance for such things. You do not have the choices of different insurers like you do in the states.
Lloyds of London is the only insurer even though various local insurance agencies have different names, they all represent Lloyds of London.
I would look at Boat US, too.
Lloyd's is underwritten by corporations but also by rich individuals in the UK.
Here is my personal experience with Lloyd's (through Tunick) post-Hurricane Marilyn.
It was most difficult to receive payment for a 100% loss of a sailboat. I was told that underwriters had to sell personal property before the claim could be paid. I was just another poor sucker in line waiting for the Bentley to be sold. It took nearly a year to be compensated and, ultimately, I was paid because I threatened to sue Tunick and he believed I would follow through.
Many boat owners did not persevere as I did and never were compensated for their losses following Marilyn. The worst were claims that involved two or more Lloyd's insured boats - such as your boat became lose in the harbor and smashed my boat.
The surveyor who handled the claim allowed me to hand the boat's title directly to IBY where the boat was because he knew Lloyd's would never pay the yard bill. He also knew that the Lloyd's claims processes were so screwed up no one would notice.
BTW - my boat was on the hard in the IBY but was knocked off its jacks by floating cars from the parking lot.
I remember after Marilyn sent in adjusters/ assessors from Canada and other places.
They had no clue what things cost here and how much more expensive everything was compared to where they were from, whatsoever.
I kept refusing to settle until I got what was necessary and fair.
(This was for homeowners insurance.)
Also, figure rates at least seven times higher than you pay now. And, no coverage if your boat is damaged while in the water during a named weather event. Almost any weather irregularity these days has a name attached to it.
You will soon notice most live-boards either leave the Caribbean area, or move off the boat and put it on-the-hard, during the June - November hurricane season.