Back in April, we reported that a U.S. insurance underwriter had started to provide vessel insurance to U.S. boaters engaging in authorized activity in Cuba. Kerry Gonzalez of Maritime Insurance International said the company was offering a new annual policy from this carrier for a flat additional fee for vessels insured with a regular policy from the same company. That company is Falvey Yacht Insurance.

Jack Falvey, Shawn Kucharski and Kathy McKeon at Falvey Yacht Insurance have offered coverage programs that include insurance for private yachts between $75,000 and $50 million, cargo insurance, and a special division for bareboat and captained charters. “We can provide a worldwide solution as well as being able to adjust the coverages for each specific risk – we’re never just boilerplate or cookie-cutter in all of our solutions,” said Falvey. 

Falvey Yacht Insurance can add a Cuba navigation endorsement for a flat premium charge of $550, said Gonzalez – “Again, leaders in the industry.”  

Does your vessel and journey qualify?

1) The vessel must be in compliance with current OFAC (Office of Foreign Asset Control), BIS (Bureau of Industry and Security) and U.S. Coast Guard regulations. Falvey must have proof of this compliance as referenced on its white paper. 

2) The vessel must meet the underwriting guidelines and consideration of Falvey Insurance, including:  

a) A vessel 10 years or older must have a current-valued hauled, out-of-water survey by a NAMS or SAMS surveyor and there must be compliance with the recommendations on said survey
b) As a general rule, the vessel should be valued over $75,000
c) The vessel should be under 27 years of age
d) The vessel should be over 27' in length (Sail or Power)
e) Operators and crew should have adequate experience and ownership history
f) If moored primarily in Florida, the vessel should be 10 years of age or newer.
g) At the current time, hull deductibles will increase in Cuban waters to 5% and Windstorm/Named Storm deductibles to 10%.
h) Falvey will pay claims in compliance with the Office of Foreign Asset Control (OFAC); if a claim transpired today, this means that Falvey could not pay for repairs in Cuba or to a Cuban national. 

U.S. companies are currently not permitted to offer insurance coverage solely for Cuba navigation, so “rider policies” cannot be issued. 

To apply for a policy with Maritime Insurance International which includes coverage for visiting Cuba, visit: https://fs24.formsite.com/maritimeinsurance/form26/index.html

Read other Waterway Guide articles on Cuba insurance options:

• New Cuba insurance options offered by IMIS
• U.S. yacht insurer announces Cuba coverage (Pantaenius America)
• U.S. insurers can now cover Cuba-bound vessels (MII)